"What’s Love Got to Do with It? Diamonds and the Accumulation of De 
Beers, 1935-55
by DT Cochrane
Unpublished PhD Dissertation, Graduate Program in Social and Political 
Thought, York University, December 2015

ABSTRACT: What is accumulation? Visibly, accumulation is a quantitative 
process, demarcated in financial quantities. However, what is the 
meaning of those quantities? This question has been the subject of great 
debate within political economic thought. A new theory of accumulation, 
capital as power (CasP), argues that the financial quantities of 
accumulation express the distribution of power among the owners of 
capital over the qualitatively diverse, complex and mutating social 
order. With this dissertation, I explore the relationship between the 
quantities and qualities of accumulation by examining the De Beers 
diamond cartel, focusing on the period 1935-55. What does it mean to say 
‘capital is power’ in the specific setting of the global diamond 
assemblage? Research and analysis led me to focus on four important 
relationships that De Beers had to establish, maintain and transform in 
its struggle for differential accumulation: with diamonds themselves; 
with potential and actual diamond buyers; with governments; and, with 
families, especially the Oppenheimer family that controlled De Beers for 
over 80 years.

FULL TEXT: http://bnarchives.yorku.ca/469/

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Jonathan Nitzan
Political Science || Social and Political Thought
York University
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