This chapter contains sections titled: References.

State capitalism has recently come to the fore as a transversal research object in the social sciences. Renewed interest in the notion is evident across several disciplines, in scholarship addressing government interventionism in economic life in major developing countries. This emergent field of study on state capitalism, however, consistently bypasses the remarkable conceptual trajectory of the notion from the end of the 19th century to the present. This article proposes an intellectual-historical survey of state capitalism’s (...) many lives across different ensembles of writing: early Marxist pronouncements on state capitalism at the time of the Second International; theories of state capitalism evolved in the first half of the 20th century in response to the European experience of war and fascism; dissident portrayals of the Soviet Union as state-capitalist; post-Second World War theories of state-monopoly capitalism in the Western Bloc; examinations of state capitalism as a development strategy in ‘Third World’ nations in the 1970s and 1980s; and finally, today’s scholarship on new patterns of state capitalism in emerging economies. Having contextualized each of these strands of writing, the article goes on to interrogate definitional and conceptual boundaries of state capitalism. It then maps out essential institutional features of state-capitalist configurations as construed in the literature. In sharp contrast to 20th-century theories of state capitalism, present-day scholarship on the topic tends to retreat from the integrated critique of political economy, shifting its problematics of state-market relations to meso- and micro-levels of analysis. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Buddhist-Christian Studies 22 (2002) 47-60 [Access article in PDF] Economic Aspects of Social and Environmental Violence from a Buddhist Perspective Sulak Sivaraksa Pacarayasara I have been asked to write on some economic aspects of social and environmental violence, approaching the subject from a Buddhist perspective. Indeed this invitation offers a wide range of choices, but I shall try to keep my subject matter fairly general and straightforward. (...) The present economic reality, widely known as neoliberal capitalism, prizes the accumulation of profits over human well-being and environmental sustainability. As such, it is criminal and hence definitely not the way to regulate or organize the global society. The present trend, however, is increasingly giving the agents and institutions of capital a free hand to do so.The main beneficiaries of this violent and highly unjust system are invariably transnational corporations (though some critics prefer to call them transnational tyrannies), big financial investors, and their supporters. Roughly two-thirds of what is known today as world trade are simply intrafirm or interfirm trade. Small wonder that they are virtually the present-day "masters of the universe," increasingly accumulating special rights, influence, and power vis-à-vis the mass of humanity. An open secret is that the wealthiest 20 percent of the world's population receive 83 percent of the world's total income—a fact that no longer creates consternation or moral outrage in the mainstream; rather, it is taken as a healthy phenomenon that will contribute to human progress. Moreover, the environment is being plundered to quench the greed—which happens to be a bottomless pit—of the few. Inevitably, this creates a two-tiered system both within and between countries; a small opulent minority builds their castles on the suffering and impoverishment of the absolute majority of humanity. A large segment of humanity enjoys freedom with no opportunities and has the freedom to starve but does not enjoy freedom from poverty. Everyday thousands of children are dying from easily preventable disease. Millions more are malnourished or starving. It is against this backdrop that we need to discuss some of the economic aspects of social and environmental violence from a Buddhist perspective.Let us first deal with the production side of the capitalist equation. What is its main driving force and value system? How do they impact social organization and the environment? [End Page 47] Undeniably, the fuel that keeps the capitalist engine running is profit: the more of it, the better, the argument goes. Hence, corporations must be free to pursue it at all costs. The ends justify the means. It is also argued that the profit generated by the system will eventually trickle down to benefit the mass of humanity. The available evidence points otherwise. To be fair, capitalism does generate some benefits to humanity, but they are largely unintended by-products of the system.In the mainstream discourse, profit is said to derive solely from entrepreneurship —a concept that acts as a bicarbonate of soda for intellectual and moral indigestion. In reality, the easiest and cheapest way to reap massive profit is exploitation or ostracism: One is rich by keeping or making others poor, directly or otherwise. The masters then seek solace in the tenuous assumption that the global economy utilizes the best and disposes the rest. Furthermore, the environment is seen as a subsystem of international capitalism, not vice versa. Hence it is to be raped in order to lubricate the wheels of the capitalist machine. Put differently, the insatiable quest for profit upheld by capitalism really reflects greed, hatred, moral callousness, and wanton criminal negligence toward the well-being of the people and environment. The name of the game is getting ahead even at another's expense, to rise to the top of the pecking order. If one frequents any bookstore, one is likely to find business books with interesting titles such as Divide and Rule and Colonizing the Market. This nefarious aggressiveness is benignly known as "free competition" in mainstream parlance. Those who succeed to the top are lauded as "efficient." If allowed to have a firm... (shrink)

Although both books discussed in this review essay address problems with relevance to our present day and its dilemmas, they have different chronological scopes and employ different methods of interpretation. Robertson focuses exclusively on the era of the “Enlightenment” (c. 1680–1790), eschewing overt “presentism” to treat a wide range of authors and works as they addressed one another in the context of the events and developments of the period, mainly in Britain, France, and Germany. Friedman's aim, emphasizing the role of (...) “religious” thought, is to explore the roots of present-day “thinking” about economics as a “science” and debates about economic policy. His book, beginning its coverage in Western Europe in the later 17th century and, following a “history of ideas” approach, gives pride of place to Adam Smith's ideas in the formulation of a “coherent” economic theory, and then in a linear account, centered on America, describes the key steps that he argues led from Smith to the present. This review essay, concentrating on what each book has to say about the Enlightenment, juxtaposes their accounts of the era and offers critical judgment of their differing treatments of its character and accomplishments. (shrink)

Transition to the market economy in post-socialist Ukraine, followed by the destruction of the ‘working mother’ gender contract, has led to the emergence of new forms of women’s identities. But the formation of new identities in the transformational period appeared to be mediated by free market ideology, linked to the development of consumer capitalism and dissemination of western consumer standards and lifestyles. The seeming diversity of the new identities promised by the ‘free market’ turned out to be reduced (...) to two models: housewife and businesswoman. Imported along with western mass culture, they can easily be inscribed onto the Ukrainian cultural context. At the same time, the everyday practice of economic survival through informal business and the difficulties of adaptation to the market economy have a profound impact on women’s identity formation. (shrink)

This article explores the changing nature of twenty-first-century capitalism with an emphasis on illuminating the political coalitions and institutional conditions that support and sustain it. Most of the existing literature attributes the changing nature of the firm to developments in markets and technology. By contrast, this article emphasizes the political forces that have driven the transformation of the twentieth-century consolidated firm through the firm as a “network of contracts” and toward the platform firm. Moreover, situating the United States in (...) a comparative perspective highlights the distinctive ways US political-economic institutions have facilitated that transformation and exacerbated the associated inequalities. (shrink)

Amongst intellectuals and activists, neoliberalism has become a potent signifier for the kind of free-market thinking that has dominated politics for the past three decades. Forever associated with the conviction politics of Ronald Reagan and Margaret Thatcher, the free-market project has since become synonymous with the 'Washington consensus' on international development policy and the phenomenon of corporate globalization, where it has come to mean privatization, deregulation, and the opening up of new markets. But beyond its utility as a protest (...) slogan or buzzword as shorthand for the political-economic Zeitgeist, what do we know about where neoliberalism came from and how it spread? Who are the neoliberals, and why do they studiously avoid the label? Constructions of Neoliberal Reason presents a radical critique of the free-market project, from its origins in the first half of the 20th Century through to the recent global economic crisis, from the utopian dreams of Friedrich von Hayek through the dogmatic theories of the Chicago School to the hope and hubris of Obamanomics. The book traces how neoliberalism went from crank science to common sense in the period between the Great Depression and the age of Obama. Constructions of Neoliberal Reason dramatizes the rise of neoliberalism and its uneven spread as an intellectual, political, and cultural project, combining genealogical analysis with situated case studies of formative moments throughout the world, like New York City's bankruptcy, Hurricane Katrina, and the Wall Street crisis of 2008. The book names and tracks some of neoliberalism's key protagonists, as well as some of the less visible bit-part players. It explores how this adaptive regime of market rule was produced and reproduced, its logics and limits, its faults and its fate. (shrink)

Viewing the development of French trade and manufacturing between 1650 and 1820, Jeff Horn underscores their great success based largely on overseas markets. His evidence supports the view of Friedrich Engels and Perry Anderson that capitalism developed within the pores of the Old Regime. Yet Horn attempts to deny the leading role of the bourgeoisie in this advance. He claims that it was through the Old Regime system of economic privileges rather than the agency of bourgeois capital (...) accumulation that such progress was made. This article rejects Horn’s exclusive preoccupation with the positive economic role of the privileges granted by the state. It reasserts the importance of the agency of the bourgeoisie in furthering economic development. Moreover, it contends that for all the economic gains made by the system of state privileges, such privileges were more than offset by the weight of rents on the peasantry and to the benefit of the nobility and Church imposed by this same regime of privileges. The distorted development that privileges imposed on economic and social life became an important factor behind the outbreak of the Revolution. (shrink)

One prominent aspect of recent developments in science studies has been the increasing employment of economic concepts and models in the depiction of science, including the notion of a free market for scientific ideas. This gives rise to the issue of the adequacy of the conceptual resources of economics for this purpose. This paper suggests an adequacy test by putting a version of free market economics to a self-referential scrutiny. The outcome is that either free market (...) economics is self-defeating, or else there must be two different concepts of free market, one for the ordinary economy, the other for science. Both conclusions will impose limits on the applicability of the ordinary economic concept of the market to the study of science. (shrink)

_Nomad Citizenship_ argues for transforming our institutions and practices of citizenship and markets in order to release society from dependence on the state and capital. It changes Deleuze and Guattari’s concept of nomadology into a utopian project with immediate practical implications, developing ideas of a nonlinear Marxism and of the slow-motion general strike. Responding to the challenge of creating philosophical concepts with concrete applications, Eugene W. Holland looks outside the state to analyze contemporary political and economic development using (...) the ideas of nomad citizenship and free-market communism. Holland’s nomadology seeks to displace capital-controlled free markets with truly free markets. Its goal is to rescue market exchange, not perpetuate capitalism—to enable noncapitalist markets to coordinate socialized production on a global scale and, with an eye to the common good, to liberate them from capitalist control. In suggesting the slow-motion general strike, Holland aims to transform citizenship: to renew, enrich, and invigorate it by supplanting the monopoly of state citizenship with plural nomad citizenships. In the process, he offers critiques of both the Clinton and Bush regimes in the broader context of critiques of the social contract, the labor contract, and the form of the state itself. (shrink)

This volume analyses contemporary capitalism and its crises based on a theory of capitalist evolution known as the social structure of accumulation theory. It applies this theory to explain the severe financial and economic crisis that broke out in 2008 and the kind of changes required to resolve it. The editors and contributors make available new work within this school of thought on such issues as the rise and persistence of the 'neoliberal' or 'free-market' form of (...) class='Hi'>capitalism since 1980 and the growing globalization and financialization of the world economy. The collection includes analyses of the US economy as well as that of several parts of the developing world. (shrink)

Despite creating vast inequalities and propping up reactionary world regimes, capitalism has many passionate defenders—but not because of what it withholds from some and gives to others. Capitalism dominates, Todd McGowan argues, because it mimics the structure of our desire while hiding the trauma that the system inflicts upon it. People from all backgrounds enjoy what capitalism provides, but at the same time are told more and better is yet to come. Capitalism traps us through an (...) incomplete satisfaction that compels us after the new, the better, and the more. Capitalism's parasitic relationship to our desires gives it the illusion of corresponding to our natural impulses, which is how capitalism's defenders characterize it. By understanding this psychic strategy, McGowan hopes to divest us of our addiction to capitalist enrichment and help us rediscover enjoyment as we actually experienced it. By locating it in the present, McGowan frees us from our attachment to a better future and the belief that capitalism is an essential outgrowth of human nature. From this perspective, our economic, social, and political worlds open up to real political change. Eloquent and enlivened by examples from film, television, consumer culture, and everyday life, Capitalism and Desire brings a new, psychoanalytically grounded approach to political and social theory. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:A Hypothesis on the Origin of TradeThe Exchange of Lives for Sacrifice and SexPablo Díaz-Morlán (bio)introductionThe primary objective of this study is to propose a hypothesis regarding the origin of trade that will help to solve the enigma of why human groups, normally each other's enemies, stopped exchanging blows in order to exchange things. The complexity of this crucial step forward in the relationships between hostile primitive groups can (...) be summarized as follows. In order for an exchange to take place, both parties must take part in it voluntarily because they see a mutual benefit in doing so. In turn, both parties should be aware that in order to obtain what interests them, which is closely guarded by the other party, in return, they must hand over what the other party is interested in. The perception of the interest of the other plays a crucial role in trade, both today and in its origins. The next step to be taken after a successful initial exchange was its consolidation, after it had been proved that it mutually benefited groups who had, until then, been enemies. Once established, this pacific exchange would have diversified considerably and its complexity would have increased significantly. An added [End Page 165] advantage, which was unexpected but real, was that its subsequent usefulness in curbing violence contributed to its growing expansion. The emergence of a comparative advantage in the groups that adopted trade would have guaranteed their future progress with respect to those that continued to systematically adopt violent conduct toward their neighbors.1Throughout this study, we will come across the old idea that the market prevents war. Without a doubt, trade and war between individuals and groups are closely connected, but the boundaries between them are fuzzy and their demarcation has proven elusive to researchers. Albert Hirschman studied the intellectual climate in the seventeenth and eighteenth centuries in favor of trade and the express declaration of Montesquieu that "peace is the natural effect of trade."2 Since then, this idea has gained ground among researchers of economics and other fields of knowledge. In L'enfer des choses and subsequent works, Jean-Pierre Dupuy and Paul Dumouchel defend that the economy (the market) is a substitute for the sacred, containing violence through violent means. The market contains violence in the two senses of the term contain: It holds it and curbs it; it is both the poison and the remedy. The consumer society makes all objects available to everyone and in this way deactivates mimetic rivalry, deferring violent conflicts. But it is only a temporary remedy. In the words of Girard, "It is always necessary to find new toys."3Following the path initiated by Dumouchel and Dupuy, with their criticism of the free market economy and their proposal for a new notion of scarcity, in his text The Empire of Value, André Orléan claims that money is at the origin of the market. My analysis alludes to a moment prior to that established by Orléan. He maintains that he does not contemplate the historical origin of money but instead uses the expression "the conceptual origin of money." In fact, when he defends the essential monetary base of the market, he refers to an already developed market system, that is, an economic system for which the operation is structured around the institution of the market.4 Mark R. Anspach also criticized the market system in his book À Charge de Revanche. This author proposes the transcending of the perverse logic of vengeance that defines both war and the market that transforms it into a positive reciprocity based on the gift. This constitutes a type of shift away from looking at the past (settling old accounts) to looking toward the future, embracing gratitude, which gives rise to the initial gesture of giving.5 This study analyzes a time prior to that examined by Orléan and Anspach. It was the moment of hominization, that is, mimicry, the subsequent violence that threatened the survival of human groups and, as we will seek to explain, the market as an institution that has accompanied humankind since its conformation as a species... (shrink)

The US is facing enormous challenges as it enters the second decade of the twenty-first century. Some of these major issues are environmentalism and its claim of global warming; the danger from terrorism generated by Islamic fundamentalism; and affordable, quality health care. Additionally, education in America remains an unresolved dilemma contributing to America's lack of economic competitiveness. Andrew Bernstein argues that the US government is pushing the nation toward socialism in its attempt to resolve America's problems. The government's increasing (...) control of the banking industry, its massive bailouts of auto makers, and its proposal of emissions legislation are also examples of the expansion of government's power. Bernstein argues that whatever the intentions of the government, or its illusions about the workability of its proposals, morally upright and practical solutions can only come from moving to the opposite end of the political-economic spectrum: the establishment of laissez-faire capitalism. In Atlas Shrugged, and in her non-fiction works, Ayn Rand developed a systematic body of thought, a comprehensive philosophy she dubbed "Objectivism." This philosophy has been neglected by most professional intellectuals, but it is now beginning to be seriously studied in academic philosophy departments. Objectivism provides the moral and philosophic validation of the political-economic principles of individual rights and free markets. Analysis of today's gravest social and political issues within this philosophic framework, as undertaken by Bernstein in this volume, constitutes a unique way of identifying rational solutions to these pressing issues. of laissez-faire capitalism. In Atlas Shrugged, and in her non-fiction works, Ayn Rand developed a systematic body of thought, a comprehensive philosophy she dubbed "Objectivism." This philosophy has been neglected by most professional intellectuals, but it is now beginning to be seriously studied in academic philosophy departments. Objectivism provides the moral and philosophic validation of the political-economic principles of individual rights and free markets. Analysis of today's gravest social and political issues within this philosophic framework, as undertaken by Bernstein in this volume, constitutes a unique way of identifying rational solutions to these pressing issues. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Capitalism in “Wealthy Hellas”? PETER W. ROSE Josiah ober has taken on the very ambitious task of analyzing a vast swath of ancient Greek history— precisely the periods—as his opening quotation from Byron (1) implies—most admired by those who have devoted any time to the study of Greek antiquity: Fair Greece! sad relic of departed worth! Immortal, though no more! Though fallen, great!1 At the same time, again (...) as suggested by the repetition of Byron’s lines (206, also mentioned on 293), Ober’s book falls within the large category of celebratory works about ancient Greece—like Werner Jaeger’s once popular three volumes of Paideia or, at the outset of the twentieth century, Alfred Zimmern ’s The Greek Commonwealth.2 It does not, on the other hand, fit in with a plethora of relatively recent, relatively short (as opposed to George Grote’s twelve volumes) histories of Greece aimed at the potentially lucrative textbook market for general more comprehensive overviews of Greek civilization.3 As such, the basis on which Ober celebrates ancient Greece merits close scrutiny. history and the overriding thesis ober’s conception of “history” here is heavily weighted towards the theoretical elaboration and justification of an Josiah Ober, The Rise and Fall of Classical Greece (Princeton University Press 2015), hardback, 415 pages. A truncated, arbitrarily reorganized version of this review appeared in New Left Review 103 (2017) 139–49. Thanks to Daniel Tompkins for full comments on an earlier version, and to Peter Green and Stephen Hodkinson for clarifications on specific points. arion 26.3 winter 2019 overriding thesis. Five initial chapters of a total of eleven are devoted to that task before five chronologically focused chapters, which offer a cursory romp through Greek history from ca. 1000 BCE to 334 BCE and some brief suggestions about the period down to the decisive takeover of Greece by Rome, usually dated to 31 BCE. The volume is capped by a final summary and overview chapter. Ober is admirably forthright about his agenda. Immediately in his preface he declares, “in states where citizens keep rulers in check, public authority protects individual rights and the rule of law pertains most of the time. These political conditions promote economic growth. The conjunction of democratic politics and a strong economy is, in practice, available only to affluent citizens of highly developed countries.... Democracy and growth define the normal, although not yet the usual, conditions of modernity” (xiii, my emphasis).4 This somewhat utopian conception of the present-day interface of democratic institutions and economic growth—posited as an unquestioned desideratum in sublime disregard of “ecology” in the literal sense5—underlies Ober’s whole project. While acknowledging the obvious negatives of ancient slavery,6 “denial of rights to women, and glorified war,” he argues “if we are interested in the conjunction of political and economic exceptionalism, we must start somewhere, and classical Greece was the society in which the wealth-and-democracy package first emerged in a form that can be studied in depth” (xv). Athenian democracy has been at the center of Ober’s impressive scholarly career at least since the publication of his study of fourth-century BCE Athenian rhetoric, Mass and Elite in Democratic Athens (Princeton 1989). “Athens” or “democracy” have featured in the titles of all his subsequent book publications7—not to mention the extraordinary output of more specialized essays in multiple venues. One overriding question about his latest book is whether the unique phenomenon of Athenian democracy is being unduly generalized to “Classical Greece.” 142 capitalism in “wealthy hellas”? The special focus of his interest here in ancient Greece, the “conjunction of political and economic exceptionalism,” is further clarified in his opening chapter which begins with the quotation from Byron cited above: “Byron’s vision of greatness was inspired by ancient Greek cultural and intellectual achievement: art and architecture, literature, visual and performance art, scientific and moral thought.... Hellas was great because of a cultural accomplishment that was supported by sustained economic growth. That growth was made possible by a distinctive approach to politics” (1–2). Greek cultural achievements, however, are bracketed (and in practical terms dismissed)8 in favor of the “wealth-anddemocracy... (shrink)

The big economic story of our times is not the Great Recession. It is how China and India began to embrace neoliberal ideas of economics and attributed a sense of dignity and liberty to the bourgeoisie they had denied for so long. The result was an explosion in economic growth and proof that economic change depends less on foreign trade, investment, or material causes, and a whole lot more on ideas and what people believe. Or so (...) says Deirdre N. McCloskey in _Bourgeois Dignity_, a fiercely contrarian history that wages a similar argument about economics in the West. Here she turns her attention to seventeenth- and eighteenth-century Europe to reconsider the birth of the industrial revolution and the rise of capitalism. According to McCloskey, our modern world was not the product of new markets and innovations, but rather the result of shifting opinions about them. During this time, talk of private property, commerce, and even the bourgeoisie itself radically altered, becoming far more approving and flying in the face of prejudices several millennia old. The wealth of nations, then, didn’t grow so dramatically because of economic factors: it grew because rhetoric about markets and free enterprise finally became enthusiastic and encouraging of their inherent dignity. An utterly fascinating sequel to her critically acclaimed book _The Bourgeois Virtues, Bourgeois Dignity_ is a feast of intellectual riches from one of our most spirited and ambitious historians—a work that will forever change our understanding of how the power of persuasion shapes our economic lives. (shrink)

Both modern political economy and capitalism rest on the separation of economics from ethics, which in turn can be traced to a number of shifts within philosophy and theology – notably the move away from practices of reciprocity and the common good towards the sole pursuit of individual freedom and self-interest. In his latest book, Luigino Bruni provides a compelling critique of capitalist markets and an alternative vision that fuses Aristotelian-Thomist virtue ethics with the Renaissance and Neapolitan Enlightenment (...) tradition of ‘civil economy’. The book develops three broad yet closely intertwined theses. First, that Greco-Roman Antiquity and the Christian Middle Ages invented models of civil life that transcended tribalism and political absolutism but produced sacral communities wherein the power and privilege of the ‘few’ denied freedom and equality to the ‘many’. Second, that modernity inaugurated the primacy of free and equal individuals over communities but that it undermined and destroyed the social bonds on which societies ultimately depend. Just as in Antiquity and the Middle Ages we had communities without individuals, so in the modern era we have individuals without communities. Beyond these two similarly undesirable conditions, Bruni proposes the ‘civil economy’ model as the most radical alternative – the book’s third and most important thesis. Accordingly, the ‘civil economy’ alternative combines the relationality and sociability of all human beings with the flourishing of each and everyone by fusing self-interest with wider social benefit. Crucially, the ties of public faith (fides) and friendship (philia) can overcome the false divide between egoism and altruism in the direction of a moral market that is governed not just by the pursuit of profit but also by the practice of virtue. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:The Success and Malaise of CapitalismA Mimetic View of the MarketPablo Díaz-Morlán (bio)INTRODUCTIONThis article seeks to contribute to the knowledge that we have on the market as the central institution of capitalism, according to Girard's perspective. Mimetic theory (MT) can explain both the success and malaise caused by the market. Success is measured by the spread of desire, and malaise by the mimetic resentment caused by this spread (...) of desire.In 1979, Paul Dumouchel and Jean-Pierre Dupuy applied René Girard's mimetic theory for the first time to economics in their book L'Enfer des Choses.1 Both authors defended the need to advance toward the construction of a mimetic economic science placing at the center of the analysis the mimetic nature of the human being. They pointed out that the liberal conception of the individual as a being who makes decisions of maximum utility and autonomously is wrong. In short, the point was that the traditionally accepted homo economicus has been replaced with the homo mimeticus.2 In his contribution [End Page 275] to the book, "L'ambivalence de la rareté," Dumouchel establishes that scarcity emerges or is born as traditional bonds of solidarity are abandoned by members of a society that, until then, had ensured that everyone was assisted in case of need. In primitive human society, reciprocal bonds of solidarity prevailed. There was no scarcity, and this internal solidarity limited violence between the members of the group and expelled it to the outside. Scarcity was invented after the creation of the vicious cycle of individualism and the commercialization of social relations: a social institution established by the modern world after the solidarity mechanisms that protected the group against violence were abandoned.3 For both authors, the market arose as the institution that replaced the sacred, containing the violence, in both senses of the word "contain": On the one hand it held the violence within, and on the other it limited the violence.From its publication, L'Enfer des Choses was adopted as the founding treaty of the mimetic economy, even by Girard himself, who referred to it on several occasions when discussing economic issues.4 Both Dumouchel and Dupuy have gone into greater depth with their findings in other subsequent studies that have taken different courses. Dumouchel has clarified his concept of scarcity and has analyzed the relationship between envy and mimetic resentment through the study of Helmut Schoeck's famous envy theory.5 Meanwhile, Dupuy defends that many developments of modern economic science are merely the evolution of homo economicus to homo mimeticus because the autonomous subject is abandoned, giving rise to one that takes into account the behavior of others (game theory, adaptive expectations theory, speculation theory, etc.). Dupuy insists on the concept of the market as an institution that effectively delays the mimetic conflict. However, he adopts a pessimist position, as capitalism, due to its very evolution, has ended up surpassing its own limits (controlling politics), and as a result, it is increasingly more difficult for capitalism to carry out its function of containing violence.6Using the work of Dumouchel and Dupuy as a base, different authors have made contributions to economics from the perspective of MT. Several studies have been conducted on money, trade, and speculation, highlighting the theory of money of Michel Aglietta and André Orléan.7 Although there are differentiating nuances among the authors, they all assume that the money and market institutions are essentially violent and sacrificial. Other examples of this school of thought are Andrew Lascaris (1987), Erich Kitzmüller (1995), Anthony W. Bartlett (2002), John Daniels (2008), and Daniel M. Bell, Jr. (2012).8 Byrne Hobart and Tobias Huber have successfully applied MT to the study of financial bubbles in an economic history study, with promising results.9 And in the criticism of the market system in his book À Charge de Revanche, Mark R. Anspach [End Page 276] favors the need to overcome the perverse logic of revenge that defines both war and the market, transforming it into a positive reciprocity based on gifts.10 Except for Hobart and Huber, the cited authors overwhelmingly and explicitly reject... (shrink)

David Hume's contributions span every branch of human inquiry: ethics, epistemology, metaphysics, political philosophy, aesthetics, religion, and economics. While reams of scholarship have been devoted to Hume's thought, his work on economics is still relatively unexplored. In this book, philosopher Margaret Schabas and intellectual historian Carl Wennerlind provide the definitive account of Hume's "worldly philosophy." Hume, they show, was intent on getting out of the armchair and ensuring that his philosophy had practical implications-to subdue superstition, soften religious (...) zealotry, and promote harmonious relations in modern society. Part of this endeavor involved material betterment, and Hume brought to his economic thought a richly astute understanding of human agency, of how our minds work and prompt our actions. The authors paint him as the quintessential proponent of liberalism and a dedicated supporter of commercial modernization. However, they note that he was not an unqualified enthusiast-he saw the potential of modern commerce to increase debt, fuel runaway inflation, and feed factionalism in political rule, for example, and he fretted over the potential for international conflicts to spiral out of control. Given Hume's friendship with Adam Smith, and his influence over nineteenth-century thinkers as prominent as Thomas Malthus, John Stuart Mill, and Karl Marx, a serious appraisal of this side of his oeuvre is long overdue. As two of Hume's closest readers, Schabas and Wennerlind offer just that in this delightfully wide-ranging exploration of the history of philosophy and modern economic thought. (shrink)

Henryk Grossman's discussion of economic crises was designed to complement his Leninist understanding of politics. For Grossman, as for Marx, the fundamental contradiction of capitalist production is between the unlimited scope for expanding the output of use-values and restrictions imposed by the framework of producing profits. The increasing weight of capitalists' outlays on dead compared to living labour, which is the only source of new value, gives rise to the system's tendency to break down and, hence, to (...) class='Hi'>economic crises. Deep financial crises can only be understood in the context of developments in production and particularly movements in the rate of profit. The initial widespread hostility to Grossman's development of Marxist economics can mainly be explained in terms of the logics of Social-Democratic and Stalinist politics. In contrast to dominant views on the Left today, the Marxist tradition in which Grossman stood places the construction of organisations capable of assisting the working class' conquest of political power at the heart of the responsibility of socialists. Grossman's political practice expressed his understanding of the close relationship between capitalism's breakdown tendency and the importance of building a revolutionary party. (shrink)

The average annual profits before fees of the $10 billion plus Renaissance Technologies’ hybrid Medallion “Leveraged, High Frequency, Artificial Intelligence ” trading hedge fund between 1988 and 2019 were about 66 percent. Total trading profits during this period were over $100 billion. The fund has never had a losing year. The fund is not open to the general public. First, distinctions among, in more or less historical order, the traditional market-maker trading model, the hedge fund trading model, the artificial intelligence (...) trading model, and the hybrid LHFAI trading model are discussed. Second, the micro components of the LHFAI trading model are explained in the context of Renaissance Technologies’ Medallion Fund. Third, key positive contributions of the model with respect to profitability, low annual volatility, market liquidity, and intellectual property development; negative ethical issues concerning exclusive access, tax fairness, financial transparency, shared responsibility for losses and systemic risk, and short vs. long-term capital allocation are discussed. Potential reforms that retain the positives, reduce the negatives, and that could positively transform the model are discussed. Fourth, potential impacts that the potential reforms might have on the macro LHFAI form of finance capitalism and the larger finance capitalism political-economic system are considered. Fifth, conclusions are offered and discussed. (shrink)

The essays in this book discuss human behavior and the institutions of capitalism. The essays are non-technical and are written so as to be accessible to students of all disciplines and to all other persons interested in capitalism and in economic behavior. They often present unconventional views of the topics they discuss. Those containing unconventional views discuss self-interested behavior, selfish gene theory, the meaning and social function of private ownership, the externality problem, the nature of the firm (...) and the rise of capitalism. The essays are not meant to be a textbook, but they offer a useful supplementary reading source for courses in business, economics and law that deal with human behavior in the marketplace and with capitalism, ownership, markets and firms. (shrink)

By a "developed" economy, people roughly mean ones with a high, persistently-growing per-captia income which is not simply based on resource extraction (i.e., oil) or remittances or rentierism — an industrial (or, if there is such a thing, post-industrial) economy which makes most of its participants reasonably and increasingly prosperous. While there are of course differences among them --- the United States is not New Zealand, which is not Belgium, which is not Finland, which is not Japan --- they are (...) all more similar to each other than they are to the vast variety of "undeveloped", "under-developed", or (most optimistically) "developing" economies across the world. (Some people refer to the developed countries as "the North" and the others as "the South"; this drives me up the wall, if only from looking at where China and Australia are on the map.) Economies in the first category tend to stay there; so, sadly, do countries in the second. Development economics is the sub-discipline of economics which attempts to study how economies which have not attained this happy condition can be made to do so, and the factors which hold others back. (shrink)

The role of the state has occupied centre stage in the development of economics as an independent discipline and is one of the most contentious issues addressed by contemporary economists and political economists. The immediate post-war years saw a swing in economic theory towards interventionism, motivated by the urgent need for reconstruction in advanced capitalist countries, the establishment of socialism in parts of Asia and Eastern Europe, and the liberation of many developing nations from colonialism. After a (...) quarter of a century of interventionist policies, a vigourous backlash against state intervention began with the discrediting of welfare statism in advanced capitalist countries, grew through the spread of liberalisation programmes among developing nations during the 1980s, and culminated in the dismantling of socialist central planning since 1989. In this volume, ten distinguished contributors examine patterns of interventionism and anit-interventionism in a wide variety of historical, political and institutional contexts and within different theoretical traditions. Their primary focus is on the internal factors which shape the role of the state and determine its effectiveness in promoting economic change. They explain the growing disenchantment with the Neo-Liberal, anti-interventionist programme--even in Eastern Europe and the former USSR, where the initial optimism in the efficacy of the free market is fading fast. The overall conclusion of the empirical and theoretical analysis is that the simplistic notion of politics fundamental to Neo-Liberal arguments makes them at best misleading and at worst deceitful. Although one can talk of certain general principles, there is no hard and fast rule to determine the optimal degree and the desirable areas of state intervention, which can only be determined in the concrete historical, institutional, and geographical context. The challenge is to form a new synthesis in which the valid insights of Neo-Liberalism are stripped of their ideological baggage and intergrated into a wider and more objective intellectual framework. (shrink)

The history of economic thought has always attracted some of the brightest minds in the discipline. These chroniclers of development have helped form our current views, and it is no surprise that many among them have been at the forefront of new movements in the history of ideas. This notable collection summarizes the work of these key historians of economics and attempts to quantify their impact. Some of the writers covered, such as Friedrich Hayek and Joan Robinson, (...) are already assured of their place among the greatest economists of the twentieth century, but the collection also stresses the influence of those still active in shaping our perceptions - including Mark Blaug, Samuel Hollander and Donald Winch. Written by an impressive roster of contributors, many of whom are themselves well-known in the history of economic thought, this key book features writings from John Creedy, Roger Blackhouse and Neil De Marchi, as well as the editors of the collection as a whole, Warren J. Samuels and Steven Medema. (shrink)

In today’s society, a peculiar understanding of distributive justice has developed which holds that “social justice must be distributed by the coercive force of government.” However, this is a perversion of the ideal of distributive justice. The perspective of distributive justice which should be considered is one with its roots in the school of thought referred to as self-actualization ethics or eudaimonism, which holds that each person is unique and each should discover whom he or she is—to actualize his or (...) her true potential and to live the “good life” within the congeniality and complementarity of personal excellences of his or her fellow members of community. When a eudaimonistic perspective is considered, a definition of distributive of justice could be “the allocation of goods and utilities via the voluntary ubiquitous human interaction of self-actualizing individuals who not only recognize the human dignity of the self and other and the rights which flow from and guarantee it, but also actively will goods and utilities toward the self and other so as to manifest human dignity.” Therefore, with a eudaimonistic understanding of distributive justice, one can argue that the free market is the ubiquitous interactions of self-actualizing individuals who are giving and receiving goods and utilities for one and another’s own “happiness,” i.e. the free market is the socio-economic mechanism by which distributive justice operates. In this paper I first will overview the philosophical foundations of distributive justice. Next, I will propose a eudaimonistic definition of distributive justice. Finally, I will highlight examples of distributive justice operating in a free market economy. (shrink)

The debate on sustainable globalized development rests on two clearly stated economic assumptions: that "development" proceeds, solely and inevitably, through industrialization and the proliferation of capital intensive high-technology, towards the creation of service sector economies; and that globalization, based on a neoliberal, capitalist, free market ideology, provides the only vehicle for such development. Sustainability, according to the proponents of globalized development, is merely a function of market forces, which will generate the solutions for all problems (...) including the environmental dilemmas that loom over the globe today. The social focus of globalized development is clearly the "individual" and the much-touted goal of development in the context of these debates, is the emancipation of the individual from want. This glorification of the individual, so characteristic of the Enlightenment, has defined all aspects of modernity, leading to approaches that are self-focused and that give little thought to the needs of society or even the social context. The increasing impoverishment of human life and the growing environmental degradation, however, provide a poignant counterpoint to this onrush of capital interests, demanding a reassessment of sustainability separate from the logic of industrialization and globalized development. This paper examines the unfolding of the logic of capitalism, which underlies the structure of the Rostowian model of development and the problems in the assumptions underlying today''s globalized development process. The evident impossibility of sustainability in the current growth-based market system leads to the examination of alternatives including a reflexive understanding of the choices and the inclusion of opportunity costs, related to the social, environmental and economic aspects of decision making. The integration of all factors of production into the logic of development provides a sustainable alternative to the current system. (shrink)

This paper develops a psychological and ethical ecofeminist position and then compares ecofeminism to corporate and free market capitalism in terms of effects along four scales of well-being: democracy/human rights, environmental health, psychological health, and cruelty toward animals. Using aspects of symbolic interactionism and Antony Weston's self-validating reduction model, it is demonstrated that an ecofeminist belief system tends to promote moral and psychological health whereas the discussed forms of capitalistic thinking militate in the other direction. Ecofeminism is not, however, (...) incompatible with all forms of capitalism, and toward the end of supporting this thesis the rudiments of an ecofeminist capitalism are provided, a capitalism radically divergent from traditional forms yet nevertheless respectful of certain key principles. (shrink)

This article challenges conventional readings of Michel Foucault by examining his fascination with neoliberalism in the late 1970s. Foucault did not critique neoliberalism during this period; rather, he strategically endorsed it. The necessary cause for this approval lies in the broader rehabilitation of economic liberalism in France during the 1970s. The sufficient cause lies in Foucault's own intellectual development: drawing on his long-standing critique of the state as a model for conceptualizing power, Foucault concluded, during the 1970s, (...) that economic liberalism, rather than “discipline,” was modernity's paradigmatic power form. Moreover, this article seeks to clarify the relationship between Foucault's philosophical antihumanism and his assessment of liberalism. Rather than arguing that Foucault's antihumanism precluded a positive appraisal of liberalism, or that the apparent reorientation of his politics in a more liberal direction in the late 1970s entailed a partial retreat from antihumanism, this article contends that Foucault's brief, strategic, and contingent endorsement of liberalism was possible precisely because he saw no incompatibility between antihumanism and liberalism—but only liberalism of the economic variety. Economic liberalism alone, and not its political iteration, was compatible with the philosophical antihumanism that is the hallmark of Foucault's thought. (shrink)

Innovatively combining existentialist philosophy with cutting edge post-structuralist and psychoanalytic perspectives, this book boldly reconsiders market freedom. Bloom argues that present day capitalism has robbed us of our individual and collective ability to imagine and implement alternative and more progressive economic and social systems; it has deprived us of our radical freedom to choose how we live and what we can become. Since the Great Recession, capitalism has been increasingly blamed for rising inequality and feelings of mass (...) social and political alienation. In place of a deeper liberty, the free market offers subjects the opportunity to continually reinvest their personal and shared hopes within its dogmatic ideology and policies. This embrace helps to temporarily alleviate growing feelings of anxiety and insecurity at the expense of our fundamental human agency. What has become abundantly clear is that the free market is anything but free. Here, Bloom exposes our present day bad faith in the free market and how we can break free from it. (shrink)

The nationally embedded and relatively broad-based economies characteristic of developed industrial countries are usually seen as the incarnation of a modern economy. These economies are largely internally oriented and are based, to a relatively great extent, on production and services based on local and national needs. Their provenance is generally assumed to have been processes of development that began in the sixteenth century and that, in the nineteenth century, accelerated with the expansion of industrial production and the growth of (...) global trade. This article challenges that assumption. It argues that today’s modern economies represent, not the culmination of long-term processes, but a recurring phenomenon within capitalism. It argues that, in the history of capitalism, there have been phases of nationally embedded and global free market capitalism – periods when capital is relatively more, and relatively less, free from the regulation of nation state. Today’s nationally embedded economies represent, not a further point along a unilinear developmental trajectory, but a return to features of the moral economies that characterized both European and non-European societies before the nineteenth century. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Reviewed by:Just Capitalism: A Christian Ethic of Economic Globalization by Brent WatersNicholas Aaron FriesnerJust Capitalism: A Christian Ethic of Economic Globalization Brent Waters LOUISVILLE: WESTMINSTER JOHN KNOX PRESS, 2016. 260 pp. $40.00In Just Capitalism, Brent Waters offers a wide-ranging defense of economic globalization, the market state, and the pursuit of affluence, which together provide a means to spread human flourishing around the globe. (...) For Waters, the free-flowing economic exchange enabled by globalization does not inherently conflict with Christian tradition, and it can be harnessed in a responsible manner to share and communicate the goods of creation. He argues that breaking down global barriers to market participation expresses a preferential option for the poor and provides a means for achieving the work of the Spirit by spreading the materials goods that lift people out of poverty and alleviate suffering. The book's primary contribution is its broad explanation of recent work on the economics of globalization and Waters's ability to put this literature into a theological conversation. The argument is particularly timely for Christian ethicists who are concerned with developing the tools to respond to expanding movements toward isolationism and economic protectionism in the United States and Europe.Part 1 of Just Capitalism claims that moral theology has not properly interrogated the common view that affluence fundamentally conflicts with the Christian tradition. By contextualizing both the biblical sources and the traditional theological voices that support this view, Waters shows that these sources assumed an economic model in which resources are scarce and wealth is built by exploiting the poor. Instead, Waters argues that our present economic system is based on increasing productivity, and therefore wealth is not necessarily exploitative. In fact, he claims that the pursuit of affluence can be beneficial for helping to lift people out of poverty. Rather than retreating from engagement with wealth and the market, Christians should recognize that free exchange is a necessary, though not sufficient, condition for human flourishing (15). [End Page 213]In part 2, Waters develops a notion of koinonia, whereby human flourishing depends on communicating the goods of creation in the associations of civil society. Responding to worries about the homogenizing forces of market economies that make individuals into producers and consumers, Waters offers the church as a communicative association that stands in tension with capitalist markets by cultivating reciprocity instead of consumption, breaking down barriers in a gathering community, and being nonterritorial in its scope (150–51). Because communicative associations like the church are essential to the vitality of civil society, the challenge is to "embrace the dynamism of global markets in order to promote more widespread prosperity," while establishing the requisite political stability that allows these associations to exist (159).Nevertheless, Waters does not spend much time elaborating on specific moments when the church should come into conflict with capitalism—he notes that his reservations only give him "two-and-a-half-cheers" for globalization, rather than three (14–15). In his desire to show compatibility with globalization, he neglects to give a sense of when communicative associations could justifiably remove themselves from the system of exchange. This relates to Waters's final chapter on capitalist responses to environmental devastation, which relies on his earlier development of a stewardship model, one that seems to reduce creation to its instrumental value for human "delight" (89–90, 92, 111, 115). Waters admits that the pursuit of affluence requires short-term environmental damage, especially in developing countries; nevertheless, he thinks that affluent societies will better preserve the environment (through "national parks and wildlife preserves") (217), and some environmental exploitation is needed to form these affluent societies. This will probably be insufficient for environmental ethicists who resist the notion that creation's purpose is to be ordered to promote human flourishing (204). He is clear, however, that "Eden is a garden, and not a wilderness" (203).Nicholas Aaron FriesnerBrown UniversityCopyright © 2018 Society of Christian Ethics... (shrink)

This paper analyses the impact of the Law and Economics movement on legal decision making. Focussing on the position of the leading intellectual figure of this movement, Richard Posner, the author shows how his theories imply a silent revolution in American jurisprudence. Starting from the criteria of economic efficiency and wealth maximization, seen in the light of American pragmatism, Posner upholds anti‐formalist interpretation of statutor law by judges based on the principles of free market economics. His (...) theory starts from the assumption that statutor law has become more and more ambiguous and open‐ended and thus, as in the case of antitrust law, judges can freely interpret legal provisions on the basis of free market postulates. This position has broader implications in the debate about the meaning of the rule of law: Posner's position implies abandoning the emancipatory core of the liberal tradition. (shrink)

Foundations of a Free Society brings together some of the most knowledgeable Ayn Rand scholars and proponents of her philosophy, as well as notable critics, putting them in conversation with other intellectuals who also see themselves as defenders of capitalism and individual liberty. United by the view that there is something importantly right—though perhaps also much wrong—in Rand’s political philosophy, contributors reflect on her views with the hope of furthering our understandings of what sort of society is best and (...) why. The volume provides a robust elaboration and defense of the foundation of Rand’s political philosophy in the principle that force paralyzes and negates the functioning of reason; it offers an in-depth scholarly discussion of Rand’s view on the nature of individual rights and the role of government in defending them; it deals extensively with the similarities and differences between Rand’s thought and the libertarian tradition (to which she is often assimilated) and objections to her positions arising from this tradition; it explores Rand’s relation to the classical liberal tradition, specifically with regard to her defense of freedom of the intellect; and it discusses her views on the free market, with special attention to the relation between these views and those of the Austrian school of economics. (shrink)

This paper discusses the economic, legal, moral, and political difficulties in developing drugs for the developing world. It argues that large, global pharmaceutical companies have social responsibilities to the developing world, and that they may exercise these responsibilities by investing in research and development related to diseases that affect developing nations, offering discounts on drug prices, and initiating drug giveaways. However, these social responsibilities are not absolute requirements and may be balanced against other obligations and commitments in light (...) of economic, social, legal, political, and other conditions. How a company decides to exercise its social responsibilities to the developing world depends on the prospects for a reasonable profit and the prospects for a productive business environment. Developing nations can either help or hinder the pharmaceutical industry’s efforts to exercise social responsibility through various policies and practices. To insure that companies can make a reasonable profit, developing nations should honor pharmaceutical product patents and adhere to international intellectual property treaties, such as the Trade‐Related Aspects of Intellectual Property Rights agreement. To insure the companies have a good business environment, developing nations should try to promote the rule of law, ethical business practices, stable currencies, reliable banking systems, free and open markets, democracy, and other conditions conducive to business. Overall, this paper advocates for reciprocity and cooperation between pharmaceutical companies and developing nations to address the problem of developing drugs for the developing world. In pursuing this cooperative approach, developing nations may use a variety of other techniques to encourage pharmaceutical companies to act responsibly, such as subsidizing pharmaceutical research, helping to design and implement research protocols, providing a guaranteed market, and bulk buying. (shrink)

In an increasingly globalised world, economic and cultural imperatives can be seen as two of the most powerful forces shaping human behaviour. This book considers the relationship between economics and culture both as areas of intellectual discourse, and as systems of societal organisation. Adopting a broad definition of culture, it explores the economic dimensions of culture, and the cultural context of economics. The book is built on a foundation of value theory, developing the twin notions (...) of economic and cultural value as underlying principles for integrating the two fields. Ideas of cultural capital and sustainability are discussed, especially as means of analysing the particular problems of cultural heritage, drawing parallels with the treatment of natural capital in ecological economics. The book goes on to discuss the economics of creativity in the production of cultural goods and services; culture in economic development; the cultural industries; and cultural policy. (shrink)

Over the past century, the rise and fall of economic policy orders has been shaped by a paradox, as intellectual and institutional stability have repeatedly caused market instability and crisis. To highlight such dynamics, this volume offers a theory of economic ideas in political time. The author counters paradigmatic and institutionalist views of ideas as enabling self-reinforcing path dependencies, offering an alternative social psychological argument that ideas which initially reduce uncertainty can subsequently fuel misplaced certainty and (...) crises. Historically, the book then traces the development and decline of the progressive, Keynesian, and neoliberal orders, arguing that each order's principled foundations were gradually displaced by macroeconomic models that obscured new causes of the Great Depression, Great Stagflation, and Global Financial Crisis. Finally, in policy terms, Widmaier stresses the costs of intellectual autonomy, as efforts to 'prevent the last crisis' have repeatedly obscured new causes of crises. (shrink)

The interrelations of science and technology as an object of study seem to have drawn the attention of a number of disciplines: the history of both science and technology, sociology, economics and economic history, and even the philosophy of science. The question that comes to mind is whether the phenomenon itself is new or if advances in the disciplines involved account for this novel interest, or, in fact, if both are intercon nected. When the editors set out to (...) plan this volume, their more or less explicit conviction was that the relationship of science and technology did reveal a new configuration and that the disciplines concerned with 1tS analysis failed at least in part to deal with the change because of conceptual and methodological preconceptions. To say this does not imply a verdict on the insufficiency of one and the superiority of any other one disciplinary approach. Rather, the situation is much more complex. In economics, for example, the interest in the relationship between science and technology is deeply influenced by the theoretical problem of accounting for the factors of economic growth. The primary concern is with technology and the problem is whether the market induces technological advances or whether they induce new demands that explain the subsequent diffusion of new technologies. Science is generally considered to be an exogenous factor not directly subject to market forces and, therefore, appears to be of no interest. (shrink)

One of Hume's early biographers, John Hill Burton, described Hume's Political Discourses as "the cradle of political economy".1 "As much as that science has been investigated and expounded in later times," Burton argued, "these earliest, shortest, and simplest developments of its principles [in the Political Discourses] are still read with delight even by those who are masters of all the literature of this great subject."2 In their recent book, Margaret Schabas and Carl Wennerlind do much to vindicate Burton's claim, illustrating (...) the genius, breadth, and lasting influence, across various schools of thought, of Hume's economics.Through a careful exposition of Hume's reflections on the methodology of... (shrink)

‘Creative destruction’ is one of the most important analytical tools, taking into consideration both the economic and sociological characteristics of capitalist society. According to Schumpeter, in the long term, evolution gives rise to economic development resulting from batches of innovative solutions, leading to improvements in the standard of living. The innovation activity of firms is based on supply-side factors, hence it is large enterprises that excel in innovation since they strive to achieve a monopoly market position (...) and above-average profits. Schumpeter attempts to combine two elements: the spread of monopolies and the continuation of economic development, both occurring through innovation, which is far more important than price competition. The Schumpeterian ‘creative destruction’ permeates the main aspects of macroeconomic activity, not only in the long term, but also in the area of economic fluctuations, structural changes, or the functioning of markets. As a result, it becomes a factor determining changes in the economic order. The purpose of this paper is to analyse the role of territories in the process of creating and using knowledge and its impact on the economic efficiency of the companies which function within their boundaries. Regional cooperation increases the involvement of business entities in innovation activities, which translates into higher competitiveness of firms. Moreover, the awareness of the necessity of cooperation and use of innovation capital tends to grow. (shrink)

This paper presents a systematic discussion, mainly for non-economists, on economic approaches to the concept of sustainable development. As a first step, the concept of sustainability is extensively discussed. As a second step, the argument that it is not possible to consider sustainability only from an economic or ecological point of view is defended; issues such as economic-ecological integration, inter-generational and intra-generational equity are considered of fundamental importance. Two different economic approaches to environmental issues, i.e. (...) neo-classical environmental economics and ecological economics, are compared. Some key differences such as weak versus strong sustainability, commensurability versus incommensurability and ethical neutrality versus different values acceptance are pointed out. (shrink)

This paper seeks to examine the relationship and the interaction between institutions, policy and the labour market in the light of the ideas of the first generation of institutional economists, who, in contrast to neoclassicals, conceived of the economy as a nexus of institutions, underlining, therefore, the significant role of institutional and non-market factors in the functioning of an economic system. They also criticised those who define (economic) welfare only in terms of efficiency and satisfaction of consumer interests; (...) institutionalists instead focus on issues related to justice, human self-development and labourers' welfare. In addition, early institutionalists paid considerable attention to the institutional framework of the labour market. In particular, the first generation of institutional economists highlighted the importance of institutions and other non-market parameters in determining the level of wages and employment (e.g. the role of the bargaining power of workers and employers). Furthermore, they made substantial contributions towards the field of labour policy and they were pioneers in the formulation of economic and social policy. Specifically, various modern institutions and labour market policies, such as unemployment benefits, industrial training and active employment policies, were implemented in the US, during the first decades of the 20th century, after the recommendation of the institutional labour economists. Therefore, their ideas, besides being interesting from a historical point of view, may also be useful in today's analysis of workers' problems and the functioning of modern labour markets. (shrink)

In contemporary scholarship on Chinese ideological debates, both pro-system Chinese intellectuals and Western-based academics present China’s future as a binary choice between a “China Model” of authoritarian statism and a “Western” vision of democratic liberalism. This article deconstructs this dichotomy by proposing a new heuristic for conceptualizing ideological cleavage. Informed by interviews with twenty-eight leading Chinese intellectuals, the case is made for a two-dimensional spectrum allowing for ideological co-variation, on one axis, between two contending socioeconomic roads of national revival, (...) class='Hi'>capitalism and socialism, and on the other axis between paternalism and fraternalism as conflicting ideals for the political system. This model not only resonates with Chinese intellectual history, but also allows us to uncover two crucial ideological tendencies that disappear with the China Model/western Path dichotomy: (i) the emerging hybrid of Confucian politics and free market economics, and (ii) the tabooed fraternalist-socialist legacy of the 1989 movement. (shrink)

Economics is privileged in contemporary government policy such that all human transactions are seen as economic forms of exchange. Education has been discursively restructured according to the logic of the market, with education policy being increasingly colonised by economic policy imperatives. This paper explores some of the consequences of this reframing which draws upon metaphors from industrial and business domains. This paper examines a significant dimension of teaching that currently has marginal presence in official discourse: social contingency. (...) We argue that social contingency is characterised by a variety of distinctive features that include unpredictability, relationality and ethical demands. The significance of social contingency is highlighted by a comparison with industrial production, which is organisationally contingent, and craft production, which is characterised as materially contingent. We argue that the different nature of contingency in these domains makes them inappropriate as metaphors for teaching. We explore the nature of social contingency and some of the practical and ethical consequences of the failure to articulate this in official discourse. Its absence in such discourse is illustrated by consideration of competence statements in the Initial Teacher Education context. We argue that the neglect of social contingency is founded on assumptions of teacher sovereignty that are both philosophically and ethically unsustainable. (shrink)

As has often been observed, neither the thinkers of antiquity nor those of the Middle Ages exhibited a great theoretical interest in the social value or even the ethical significance of labour. Throughout this long period of history, the labour an individual had to carry out to make a living, and thus under compulsion, was understood more or less solely as a heavy burden. It signified daily toil and the state of personal dependency attaching to a lowly social rank. Consequently, (...) there was no cause to subject it to any kind of moral consideration. Indeed, as Moses Finley reports (1999, p. 81) ‘[n]either in Greek nor Latin was there a word with which to express the general notion of ‘labour’ or the concept of labour as a general social function’ (see too Arendt, 2013 [1958], pp. 81 ff.). Famously, with the advent of modernity, the very opposite begins to become the case. In this period, in the wake of various intersecting processes of cultural revaluation and economic transformation, labour developed into a positive credential of free existence and a presupposition of social integrity: the Protestant ethic led to a gradual upgrading of the value of labour, because it was interpreted as a sign that one possessed a capacity for inner-worldly asceticism. In the course of the establishment of capitalist economic practices, the liberation of labour from personal dependency in legal terms gave rise to the idea that gainful work could henceforth be proof of a free decision, and it thus provided the precondition of individual independence. And over time, the more the intellectual union between these two revolutions was strengthened, the more it would go on to influence the cultural self-understanding of modern societies in the capitalist west: what was previously the sheer necessity of earning a daily crust was now understood as proof of social emancipation and freedom. Nobody provided a better conceptualisation of this transformed self-conception than Georg Wilhelm Friedrich Hegel, who devoted an entire chapter of his ‘Philosophy of Right’ of 1821 to the emancipatory value of labour; here, he tells us that every (male) member of civil society ‘is somebody’ through ‘his competence’ and his ‘regular income and means of support’, i.e. possesses the social status of a full-fledged citizen, and will find ‘his honour’ in this recognised existence as a professional (Hegel 1991 [1821], § 253). (shrink)

This study aims to evaluate the ideas on the scope and method of economics of Joseph Schumpeter who is one of the important economists of the 20th century. The study consists of four sections: In the first section we underline the interesting points of his life to understand the roots, background, or 'vision' of his thought system. In the second section, we will examine his methodological views that he asserted in his first (but translated into English only in 2010) (...) book. Third section will be concerned with his 'analysis of economics' which refers to his critics of Leon Walras's general equilibrium analysis (as static) and his own alternative (dynamics analysis of capitalist economies) about the central subject matter of economics. In the fourth section we will treat his approach about the development/evolution process of economic thought in time. The study concludes with a brief assessment: Schumpeter is one of the rare economists who can build his own thought system in the history of economics, and he embraced a pluralist perspective in the field of the methodology of economics. (shrink)

This essay draws political theory into dialogue with recent work in economic history and the history of capitalism to develop an account of the unique injustice produced by capitalist slavery in the antebellum United States. Prevailing approaches to thinking about slavery in political theory tend to disembed it from its broader socioeconomic context, which has led theorists to overlook some of the distinctive horrors associated with capitalist slavery in particular. In response, I develop a theory of capitalist slavery (...) as expropriation, conceived as violent domination harnessed to the imperatives of capital accumulation. Capitalist slavery-as-expropriation encompasses two analytically distinct moments: the moment of confiscation, in which human lives and capacities are enclosed via commodification, and the moment of conscription, in which enslaved labor is mobilized via routine violence. Though enslaved people were not market subjects, this framework reveals the extent to which they were nevertheless subject to the market. (shrink)

Is economics always self-corrective? Do erroneous theorems permanently disappear from the market of economic ideas? _Intellectual Path Dependence in Economics _argues that errors in economics are not always corrected. Although economists are often critical and open-minded, unfit explanations are nonetheless able to reproduce themselves. The problem is that theorems sometimes survive the intellectual challenges in the market of economic ideas even when they are falsified or invalidated by criticism and an abundance of counter-evidence. A (...) key question which often gets little or no attention is: why do economists not reject theories when they have been refuted by evidence and falsified by philosophical reasoning? This book explores the answer to this question by examining the phenomenon of intellectual path dependence in the history of economic thought. It argues that the key reason why economists do not reject refuted theories is the epistemic costs of starting to use new theories. Epistemic costs are primarily the costs of scarcity of the most valued element in academic production: time. Epistemic scarcity overwhelmingly dominates the evolution of scientific research in such a way that when researchers start off a new research project, they allocate time between replicable and un-replicable research. This book is essential reading for anyone interested in the methodology, philosophy and history of economics. (shrink)

Belief in the benevolence of free markets has become a fundamental credo of professional experts, economists, business people and politicians. We regard this discourse as part of a new culture of markets, which has also taken root in Southeast Asia. Expanding markets and using high-tech devices of communication are interpreted as cultural systems that are used in the construction of modernity. An `unbridled romanticism of productivity' (Baudrillard) and a `romance of capitalism' are the meta-narratives underlying the culture of markets. (...) This theme is followed up on two empirical levels. The development policy of three Southeast Asian governments, namely Malaysia, Vietnam and Indonesia, is briefly characterized as market corporatism, market socialism and high-tech developmentalism. We then focus on the emergence of the new middle classes, their actual and symbolic consumption and their lifestyles. Finally the decline of real markets, the creation of virtual markets and the state of postmodernity in Southeast Asia are discussed. We conclude that market fundamentalism and postmodern lifestyles characterize the beginning rather than the end of modernity in Southeast Asia. (shrink)