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The Power Resources Approach (PRA) has become a key framework for analysing workers’ collective power, yet it has rarely been applied to the capitalist class. This paper develops a parallel extension of the PRA to map the structural, associational, institutional, and societal power resources of dominant capital fractions. Empirically, we examine Argentina between 2016 and 2026, a period spanning three contrasting political projects: the neoliberal Cambiemos government (2016–2019), the structurally constrained national-popular Frente de Todos (2020–2023), and Milei’s radical free-market programme (2024–present). Drawing on national accounts, sectoral data, capital flight records, and discourse analysis, we demonstrate how large-scale capital deployed mutually reinforcing power resources to impose regressive redistribution, consolidate anti-populist hegemony, and, under Milei, translate longstanding discursive demands into sweeping institutional reform. The peripheral condition amplifies class power from above through dependency-enhanced structural mechanisms.
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Emiliano López (2026) studied this question.
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