Mark Pennington’s Robust Political Economy is a systematic exposition of a framework for analyzing institutional performance. The Robust Political Economy framework evaluates institutions according to their ability to solve knowledge and incentive problems. On grounds of robustness, Pennington combines insights from Austrian market-process theory and public-choice theory to defend classical liberalism from several compelling critiques. These include theories of market failure in economics; communitarian, deliberative-democratic, and liberal-egalitarian theories of justice; and concerns with social capital, (...) domestic and international poverty, and ecology. (shrink)

This essay explains how to use the calculus of consent framework to think more rigorously about self-governance, and applies this framework to the issue of evaluating federal regulatory agencies. Robust political economy is the idea that institutions should be designed to work well even under weak assumptions about decision-makers’ knowledge and benevolence. I show how the calculus of consent can be used to analyze both incentives and knowledge problems. The calculus is simultaneously a theory of self-governance and (...) a tool for robust political economy analysis. Applying this framework to the case of public administration leads to the conclusion that private goods (such as medicine) tend to be over-regulated, public goods tend to be under-regulated (such as enabling too much pollution), and regulatory agencies tend to be over-centralized (and should in most cases either be replaced with certification markets or moved to state level). (shrink)

Perhaps the most problematic dimension of the ‘triple bottom line’ understanding of sustainable development has been the ‘economic’ dimension. Much of the thinking about the appropriate ‘political economy’ to underpin or frame sustainable development has been either utopian (as in some ‘green’ political views) or an attempt to make peace with ‘business as usual’ approaches. This article suggests that ‘ecological modernisation’ is the dominant conceptualisation of ‘sustainable development’ within the UK, and illustrates this by looking at some (...) key ‘sustainable development’ policy documents from the UK Government. We take the view that the discourse of ‘ecological modernisation’ has provided discursive terrain for both pragmatic policy makers and a range of views on sustainable development, from weak to strong. In particular, the article suggests that the discourse of ‘economic security’ and ‘sufficiency’ can be used as a way of articulating a radical, robust and principled understanding of sustainable development, which offers a normatively compelling and policy-relevant path to outlining a ‘green political economy’ to underpin sustainable development. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Diacritics 29.4 (1999) 116-127 [Access article in PDF] Authority, Solidarity, and the Political Economy of Identity: The Case of the United States David A. Hollinger Theorists of nationalism tend to circle around the United States like boy scouts who have spotted a clump of poison oak. The nationalism of the United States has figured small in the robust and wide-ranging discourse about nationalism that has involved (...) sociologists, historians, political scientists, philosophers, and literary scholars during the past two decades. Although there are significant exceptions to this pattern of avoidance--David Miller and Liah Greenfeld are convenient examples--several prominent cases illustrate the pattern. The United States is mentioned in only a single footnote in Ernest Gellner's Nations and Nationalism. The United States is given short shrift in three of the most important collections of the 1990s: Homi Bhabha's Nation and Narration, John Hutchinson and Anthony D. Smith's Nationalism, and Geoff Eley and Ronald G. Suny's Becoming National. Montserrat Guibernau mentions the United States only twice, and in passing, in her Nationalisms: The Nation-State and Nationalism in the Twentieth Century. The United States gets less attention than Canada and the Ukraine in John A. Hall's rich, state-of-the-art collection of 1998, The State of the Nation. Ronald Beiner's Theorizing Nationalism has much more to tell us about Quebec than about the United States, which is alluded to even in passing by only half the contributors to this valuable anthology of 1999. That "nationalism is unknown" in the United States is claimed by Elie Kedouri, even in the fourth edition of his classic text Nationalism [143]. But the most interesting case of all is that of nationalism's most creative and influential theorist, Benedict Anderson.Anderson provides only episodic treatment of the United States while discussing "creole nationalism" in his influential book Imagined Communities. To be sure, Anderson's demonstration of the similarities between a large number of similarly situated, comparably developing national projects among creole populations in the New World is no cause for complaint. It is a signal contribution, and still insufficiently absorbed by a persistently Europe-centered discourse about nationalism. Anderson's recent book, The Spectre of Comparisons, also deals episodically with the United States, which Anderson now tells us explicitly has proved "too sui generis for ready-to-hand" [336] comparisons with other national projects in the Western Hemisphere. Most of Spectre of Comparisons is about Southeast Asia, just as the preponderance of Imagined Communities is about Latin America. Fair enough. [End Page 116]My point is not to find fault with Anderson for being an Area Studies specialist in so many areas of the world outside the United States. Nor do I have any significant quarrel with what little Anderson does say about the United States. What is worth remarking upon is simply that even the least Eurocentric of our era's leading theorists of nationalism in general has emerged not from the study of the United States, but from the study of Southeast Asia and Latin America. This is less a comment about Anderson than about the class of theorists of which he is a member. The scholars whose careers focus on the United States are "area studies specialists" of a kind, but few of them have intervened tellingly in the cross-disciplinary discussion of nationalism. One who did was the historian David Potter, whose still-powerful article "Historian's Use of Nationalism and Vice Versa" was published nearly forty years ago but is rarely cited today.The poison oak effect among theorists of nationalism would not be worthy of notice were it not for one fact that might be expected to attract rather than repel these theorists: the United States is the most successful nationalist project in all of modern history. What makes it "successful" is its longevity, its absorption of a variety of peoples, and its sheer power. Two-and-one-quarter centuries after its founding and 135 years after its Civil War, it is by far the most powerful nation-state... (shrink)

This book engages with a radical critique of the modern state and the contemporary economic order: Alasdair MacIntyre's 'revolutionary Aristotelianism' project. Central to this critique is the idea that the moral norms that markets and states tend to reproduce or reinforce are an obstacle to the development of practical judgment The book outlines MacIntyre's theory of practical reason and discusses some of the institutional arrangements that can be derived from it. It also explores the growing body of literature which has (...) started to examine the extent to which alternative forms of social organisation might be more compatible with MacIntyre's account of the virtues. This literature includes various proposals for alternative political and economic arrangements, ranging from certain forms of market socialism to the promotion of different forms of mutual and cooperative enterprises. Finally, the book offers an account of the type of institutional analysis required for the advancement of the revolutionary Aristotelianism project. This is achieved by showing how some key features of the Bloomington school of political economy are not only compatible with MacIntyre's political philosophy, but also that a synthesis between neo-Aristotelian moral philosophy and the work of the Bloomington school offers a robust alternative for revolutionary Aristotelians. Thus, the book defends the idea that MacIntyre's account of human flourishing is more likely to be realised, although imperfectly, in a polycentric social order. This book will be of interest to social scientists working in questions of political economy as well as political and moral philosophers. (shrink)

This paper outlines key applications of property rights theory from the standpoint of ‘entangled political economy,’ which conceptualises economic and political agents interacting within society. The entangled political economy framework stresses that property rights denote relationships between societal members, and that property rights are the subject of evolutionary change. The nature and role of property rights in an entangled political economy reinforces the ‘bundle of rights’ perspective, challenging notions of property rights that emphasise (...) the primacy of ownership. Far from necessarily imperilling the integrity of a market-based economic order, the bundle orientation inherent in entangled political economy can accommodate extensive market activities grounded in robust property right protections. (shrink)

With a new foreword by Paul Kelly 'I regard Hayek's work as a new opening of the most fundamental debate in the field of political philosophy' - Sir Karl Popper 'This promises to be the crowning work of a scholar who has devoted a lifetime to thinking about society and its values. The entire work must surely amount to an immense contribution to social and legal philosophy' - Philosophical Studies Law, Legislation and Liberty is Hayek's major statement of (...) class='Hi'>political philosophy and one of the most ambitious yet subtle defences of a free market society ever written. A robust defence of individual liberty, it is also crucial for understanding Hayek's influential views concerning the role of the state: far from being an innocent bystander, he argues that the state has an important role to play in defending the norms and practices of an ordered and free society. His arguments had a profound influence on the policies of Thatcher in the 1980s and resonate today in visions of the 'Big Society'. First published in three separate volumes, this Routledge Classics edition makes one of his most important books available in a single volume. Essential reading for understanding the background to the recent world economic turmoil and financial crisis, it also foreshadows the subsequent heated debate about regulation and political governance if such disasters are to be avoided in the future. (shrink)

Deliberative democracy aspires to secure political liberty by making citizens the authors of their laws. But how can it do this in the face of deep disagreement, not to mention imperfect knowledge and limited altruism? Deliberative democracy can secure political liberty by affording each citizen an equal position as a co-author of public laws and norms. Moreover, fundamental deliberative democracy—in which institutional design is ultimately accountable to public deliberation but not necessarily subject to its direct control—does not strain (...) knowledge or altruism. Thus, there is a place for deliberative democracy in a robust political economy. (shrink)

Starting with Marx and Freud, scholars have attempted to identify the primary ethical challenge of capitalism. They have named injustice, inequality, repression, exploitative empires, and capitalism psychic hold over all of us, among other else. Nimi Wariboko instead argues that the core ethical problem of capitalism lies in the split nature of the modern economy, an economy divided against itself. Production is set against finance, consumption against saving, and the future against the present. As the rich enjoy their (...) lifestyle, their fellow citizens live in servitude. The economy mimics the structure of our human subjectivity as Saint Paul theorizes in Romans 7: the law constitutes the subject as split, traversed by negativity. The economy is split, shot through with a fundamental antagonism. This fundamental negativity at the core of the economy disturbs its stability and identity, generating its destructive drive. The Split Economy develops a robust theoretical framework at the intersection of continental philosophy, psychoanalytic theory, theology, and political economy to reveal a fundamental dynamic at the heart of capitalism. (shrink)

The complexity approach to political economy suggests that radical uncertainty is a necessary feature of a complex and evolving socioeconomic landscape. Radical uncertainty raises various adaptive challenges that are likely to escalate in the coming decades under the “Fourth Industrial Revolution.” It jeopardizes the wellbeing of ordinary citizens, whose welfare prospects, job opportunities, and income stream are rendered insecure. It also renders precarious the robust implementation of universal human rights, including the right to social security. In fact, (...) it will be argued that human rights cannot be institutionally secured unless they are implemented in a “complexity aware” way that takes account of the uncertainty of the socioeconomic order. In particular, in order to better protect the dignity of rights holders, and to allow them to survive and thrive in the face of radical uncertainty, governments ought to explore various institutional alternatives to existing schemes. It will be suggested that most existing conditional welfare policies systematically fall short of complexity-aware institutional implementation to the extent that they rely on unreasonable assumptions regarding the availability of salient technocratic control over the complex socioeconomic order. Some economists and philosophers have suggested that UBI (Universal Basic Income) might be a viable way to implement the right to social security today. I propose that some of UBI’s most ethically and economically controversial features, such as unconditionality and universality, appear relatively appealing in light of the complexity perspective. In the absence of better alternatives, UBI might even be a requirement of a robust implementation of the human right to social security – a right that welfare states are already committed to on the level of ideal theory but predictably fail to respect in practice due to policy incoherence. However, open questions remain about whether UBI can be transformed from an ideal model into a pragmatic policy. (shrink)

This book offers a provocative analysis of the neuroscience of morality. Written by three leading scholars of science, medicine, and bioethics, it critiques contemporary neuroscientific claims about individual morality and notions of good and evil. Winner of a 2021 prize from the Expanded Reason Institute, it connects moral philosophy to neoliberal economics and successfully challenges the idea that we can locate morality in the brain. Instead of discovering the source of morality in the brain as they claim to do, the (...) popularizers of contemporary neuroscience are shown to participate in an understanding of human behavior that serves the vested interests of contemporary political economy. Providing evidence that the history of claims about morality and brain function reach back 400 years, the authors locate its genesis in the beginnings of modern philosophy, science, and economics. They further map this trajectory through the economic and moral theories of Francis Bacon, David Hume, Jeremy Bentham, John Stuart Mill, and the Chicago School of Economics to uncover a pervasive colonial anthropology at play in the neuroscience of morality today. The book concludes with a call for a humbler and more constrained neuroscience, informed by a more robust human anthropology that embraces the nobility, beauty, frailties, and flaws in being human. (shrink)

In this paper, we analyze the role of science and technology studies journal editors in organizing and maintaining the peer review economy. We specifically conceptualize peer review as a gift economy running on perpetually renewed experiences of mutual indebtedness among members of an intellectual community. While the peer review system is conventionally presented as self-regulating, we draw attention to its vulnerabilities and to the essential curating function of editors. Aside from inherent complexities, there are various shifts in the (...) broader political–economic and sociotechnical organization of scholarly publishing that have recently made it more difficult for editors to organize robust cycles of gift exchange. This includes the increasing importance of journal metrics and associated changes in authorship practices; the growth and differentiation of the STS journal landscape; and changes in publishing funding models and the structure of the publishing market through which interactions among authors, editors, and reviewers are reconfigured. To maintain a functioning peer review economy in the face of numerous pressures, editors must balance contradictory imperatives: the need to triage intellectual production and rely on established cycles of gift exchange for efficiency, and the need to expand cycles of gift exchange to ensure the sustainability and diversity of the peer review economy. (shrink)

This study aims to determine whether political connections and foreign investments influence the level of Environmental, Social, and Governance (ESG) disclosure among listed firms. To empirically explore these relationships, we utilized a novel dataset of 111 listed manufacturing firms on the HOSE stock exchange in Vietnam, covering the period from 2015 to 2022. Content analysis was conducted to assess the levels of ESG disclosure, while ordered logit and random effect estimators, along with several robustness checks, were applied to quantify (...) the impacts of political connections and foreign investments. Our findings reveal that foreign connections are positively correlated with higher levels of ESG disclosure, whereas politically connected firms are associated with negative impacts and lower levels of ESG disclosure compared to those with foreign connections. These results address the research questions effectively and contribute to the literature by offering an updated view of current ESG practices in Vietnam, an emerging economy with evolving ESG norms. The findings provide both theoretical and practical contributions to the understanding of ESG disclosure, with important implications for policy-makers and business leaders. (shrink)

Drawing its strength from the UN Charter and UDHR, human rights ethics is a beacon of hope and a promise that requires continuous reaffirmation during these turbulent times. These two documents, with their unwavering faith in ‘fundamental human rights, in the dignity and worth of the human person, in the equal rights of men and women and of nations large and small,’ have shaped our understanding of human rights as global and universal ethics. However, this faith is now being severely (...) tested by four countercurrents: extremism, exclusionism, selectivism, and populism. These countercurrents pose significant and urgent human rights threats that activists, academics, and policymakers must confront by reasserting the basic core values of the UN Charter and UDHR. (shrink)

In this paper, I will argue that the current discussions about regulating certain activities concerning the pharmaceutical industry do miss a crucial point. The Pharmaceutical Industry is a story of success, providing a wealth of new discoveries and applied technologies, which have greatly enhanced our lives. The current call for strict regulation of the Pharmaceutical Industry makes the unwarranted assumption that such regulation will not disturb the mechanisms of the Industry’s success. I will claim that a centralised regulation profoundly transforms (...) the direction of travel. I will also claim that the role of the executive in bypassing regulations creates a parallel industry of subsidiary regulations to counter such bypassing. The predictable consequence is the increasing role of central regulatory control and the progressive slowing down of the success of the Pharmaceutical Industry leading towards an undesirable mediocrity. The conclusion I wish to advance is that our choices are not limited to ‘a wild open market’ and ‘a regulated open market’ scenarios, and the strategy to avoid a robustly regulated but mediocre Pharmaceutical Industry may involve ‘non-open market scenarios’ which have so far been absent from the alternatives discussed. (shrink)

Recent decades have witnessed a sharp increase of interest in the cultures and regions of South and East Asia, owing in part to the prominent role Asian economies have played in the era of globalization. Asian Worldviews: Religions, Philosophies, Political Theories is a unique, reader-friendly introduction to the intellectual heritage of the region. Assuming no previous background in Asian cultural history, Asian Worldviews moves beyond chronological and geographic boundaries to present an integrated treatment of the beliefs, teachings, and ideologies (...) that have shaped the worldviews of approximately half of the global population. Rein Raud explores forms of knowledge in China, India, Tibet, Japan, Korea, and Southeast Asia, providing balanced coverage of all historical periods from antiquity to the modern day. -/- Asian Worldviews embraces the connections rather than the divisions between the religious and philosophical dimensions of South and East Asian thought, and emphasizes a robust engagement with each culture's political, social, and economic contexts. Clear, accessible chapters discuss the development of religious, philosophical, and political thought in India, China, and Japan, and provide succinct overviews of the history of ideas in Korea, Tibet, and Southeast Asia. Throughout the book, Raud uses a comparative approach to examine the mutual influence and productive dialogue, past and present, between Asian cultures as well as with the West, and considers the impact of various worldviews on the development of modern Asian societies. -/- Comprehensive and well-informed by recent developments in the scholarship, Asian Worldviews: Religions, Philosophies, Political Theories is an unparalleled resource for a broad range of courses in Asian studies, philosophy, religious studies, and global politics, as well as an excellent introduction for non-specialist readers looking for a contextual foothold in the rich cultural and intellectual history of South and East Asia. (shrink)

We provide evidence of the relationship between corporate social responsibility (CSR) and corporate financial performance (CFP) in Palestine, a highly unstable political context. Annual reports of all firms listed on the Palestine Exchange (PEX) for the period 2016-2019 were manually content analysed. A checklist of reported CSR items is summarised into four areas: environmental information, human resources, community involvement, and product and customer service quality. Results indicate a robust positive connection between each of the four dimensions and the (...) composite CSR index with three performance indicators: ROA, ROE, and Tobins Q. Results also find better performing companies with a higher degree of community involvement being greatly appealing, while the environmental dimension was the least resilient. We discuss the significance of community engagement for an unstable context like Palestine from a community cohesion standpoint. (shrink)

One of the central issues in comparative law and political economy is whether the forces of globalization will result in the convergence of public policies across countries. Noting in particular that taxes collected still cover a considerable range across industrialized countries — from a low of 20% of GDP to a high of 50% — some have argued that globalization has not resulted in a loss of tax sovereignty. However, following a review of the evidence, in this Article (...) we conclude that globalization has had significant but subtle effects on tax levels and structures. Moreover, these pressures will make it increasingly difficult for countries to raise revenue to finance new public needs and to structure their tax systems in order to achieve a more socially acceptable distribution of income than what market forces dictate. Tax levels in most countries have remained essentially flat over the past twenty years, but there is a host of reasons for thinking they would have continued to rise were it not for the pressures of globalization. Statutory corporate tax rates have declined dramatically and, although corporate tax revenues have remained robust, this has been due to factors unrelated to deliberate tax policy choices. Personal marginal tax rates have also declined sharply and tax revenues have been increasingly raised by regressive consumption taxes. These trends stem from tax competition brought on by the forces of globalization, not from changing ideas or other political variables. In this Article we conclude that in order to prevent tax competition from completely eroding the ability of countries to fashion their own tax systems, there will have to be considerable cooperation among the major countries and some harmonization of aspects of their tax systems, particularly as they apply to footloose factors of production. (shrink)

Discusses contemporary Confucianism's relevance and its capacity to address pressing social and political issues of twenty-first-century life. Condemned during the Maoist era as a relic of feudalism, Confucianism enjoyed a robust revival in post-Mao China as China’s economy began its rapid expansion and gradual integration into the global economy. Associated with economic development, individual growth, and social progress by its advocates, Confucianism became a potent force in shaping politics and society in mainland China, Hong Kong, Taiwan, (...) and overseas Chinese communities. This book links the contemporary Confucian revival to debates—both within and outside China—about global capitalism, East Asian modernity, political reforms, civil society, and human alienation. The contributors offer fresh insights on the contemporary Confucian revival as a broad cultural phenomenon, encompassing an interpretation of Confucian moral teaching; a theory of political action; a vision of social justice; and a perspective for a new global order, in addition to demonstrating that Confucianism is capable of addressing a wide range of social and political issues in the twenty-first century. Tze-ki Hon is Professor of Chinese and History at City University of Hong Kong. He is the author of The Yijing and Chinese Politics: Classical Commentary and Literati Activism in the Northern Song Period, 960–1127, also published by SUNY Press; Revolution as Restoration: Guocui Xuebao and China’s Path to Modernity, 1905–1911; and The Allure of the Nation: The Cultural and Historical Debates in Late Qing and Republican China. Kristin Stapleton is Professor of History at the University at Buffalo, State University of New York. She is the author of Civilizing Chengdu: Chinese Urban Reform, 1895–1937 and Fact in Fiction: 1920s China and Ba Jin’s Family. (shrink)

Introduction to a special issue of The Acorn guest edited by Sanjay Lal: In this issue of The Acorn, Lal defends the thesis of his book-length argument that a democratic state should exercise a more engaged interest in religious education and practice, the better to ensure a more perfect union between religion and democracy. Acorn reviewer Gail Presbey looks at Sarah Azaransky’s book about This Worldwide Struggle that revisits connections between Black struggle in the US and nonviolent resistance in India. (...) Azaransky’s work pays special attention to Bayard Rustin. In his book, Gandhi After 9/11, Douglas Allen labors to free Gandhian philosophy from dogmas and absolutes, sometimes in keeping with Gandhi’s own flexibility, other times challenging the inflexibility or myopia of the Mahatma. In an author-meets-critics session, Karsten Struhl and Sanjay Lal take up Allen’s project in a robust dialogue. -/- In an article on “Revolutionary Nondualism,” Sanjay Lal apprehends a vital philosophical kinship between Stoic philosophy and Gandhi that allows Lal to apply Nussbaum’s critique of the Stoics to Gandhi for the purpose of showing how Gandhi might respond. In “Techno-Satyagraha,” Michael Allen presents a Gandhi-inspired, anti-dogmatic approach to political economy that is responsive to technological innovations. In “Why Pacifist Leadership Overcomes the Over-Demandingness Objection,” Federico Germán Abal defends a special case: whereas many people may lapse from pacifism without failing to be good, it is not over-demanding to expect more rigorous moral behavior from pacifist leadership. In a review of Judith Butler's book The Force of Nonviolence, Will Barnes discusses Butler's view that nonviolence is a demand for an equality of grieveability. And considering the book War and Health: The Medical Consequences of the Wars in Iraq and Afghanistan, edited by Catherine Lutz and Andrea Mazzarino, Acorn reviewer Tom Hastings presents the case that a syndemics approach to the past two decades would explore how disease has been aggravated by social, environmental, or economic factors such as the post-9/11 wars. (shrink)

This paper aims to persuade its reader that libertarianism, at least in several of its varieties, is a species of the genus Michael Oakeshott referred to as ‘rationalism in politics’. I hope to demonstrate, employing the work of Oakeshott, as well as Aristotle and Onora O’Neill, how many libertarian theorists, who generally have a sincere and admirable commitment to personal liberty, have been led astray by the rationalist promise that we might be able to approach deductive certainty concerning the 'correctness' (...) of some political programme. Of course libertarians, in common with the adherents of almost any other political ‘stance’, are not a monolithic body, but exhibit a variety of more or less rationalist arguments for their views. For example, a thinker like Hayek, who is often placed in the libertarian camp, came to adopt much of Oakeshott’s critique of rationalism in his later work. And, of course, Oakeshott himself expressed an affinity for libertarian ideas in his essay, ‘The Political Economy of Freedom’ (1991 [1962]). But a general predilection to enhance individual freedom as far as is deemed practicable is quite a different matter from taking a stance in which liberty, and liberty conceived in a rather narrow fashion, is the only value deemed admissible into ‘reasonable’ political discourse. (We will see in a subsequent section that Oakeshott recognized this urge to sanctify one value above all others as a logical requirement of striving for deductive political truths.) I believe that a critique of such libertarian rationalism is particularly relevant given the present situation in the United States vis-à-vis civil rights and the ongoing ‘war on terror’, in that many non- libertarian supporters of peace and strong civil rights find themselves allied with libertarians on these issues—if libertarians have gotten these issues ‘correct’, then how might they have gone wrong elsewhere? Furthermore, the critique may aid libertarians themselves, because, if the title of this paper is accurate, such a single-minded exaltation of one value above all others is an enemy of true liberty, so that libertarians might want to rethink adopting such a position. As Philip Pettit demonstrates (1997), freedom as non-domination is more robust and inclusive of all that we value about freedom than is the libertarian concept of freedom as non-interference; by allowing, say, immense economic power to be concentrated in a single corporation, as intervention to break the company up would violate the principle of non-interference, libertarian ideas may greatly diminish the liberty of the people subject to that corporate power. (shrink)

Drawing on current debates at the frontiers of economics, psychology, and political philosophy, this book explores the challenges that arise for liberal democracies from a confrontation between modern technologies and the bounds of human rationality. With the ongoing transition of democracy's underlying information economy into the digital space, threats of disinformation and runaway political polarization have been gaining prominence. Employing the economic approach informed by behavioral sciences' findings, the book's chief concern is how these challenges can be (...) addressed while preserving a commitment to democratic values and maximizing the epistemic benefits of democratic decision-making. The book has two key strands: it provides a systematic argument for building a behaviorally informed theory of democracy; and explores how scientific knowledge on quirks and bounds of human rationality can inform the design of resilient democratic institutions. Drawing these together, the book explores the centrality of the rationality assumption in the methodological debates surrounding behavioral sciences as exemplified by the dispute between neoclassical and behavioral economics; the role of rationality in democratic social choice; behaviorally informed paternalism as a response to the challenge of irrationality; and non-paternalistic avenues to increase the resilience of the democratic institutions towards political irrationality This book is invaluable reading for anyone interested in behavioral economics and sciences, political philosophy and the future of democracy. (shrink)

This essay is a think piece that takes a labor and capital perspective on science to discuss two chief concepts: credit and exploitation. Credit, as the symbolic currency of science, has been central to how we understand the moral workings of science in the twentieth century. But our lived experience of changes in the political economy of science also alerts us to the notion that credit may not be applicable to a robust analysis of science in the (...) past and in the present. Scientific exploitation, the evidence of which usually prompts an effort to redistribute credit, may offer only a partial picture of the labor structure of science. Self-exploitation, an implicit understanding of how scientists may approach their work, has never been fully articulated but is nevertheless a useful descriptive notion. (shrink)

This review of Free Market Revolution: How Ayn Rand’s Ideas Can End Big Government, by Yaron Brook and Don Watkins, lauds its virtues, while criticizing its tendencies toward a partial and one-sided understanding of the nature of the revolution it extols. In bracketing out a deeper analysis of the role of business in the creation of modern corporatist political economy and the debilitating effects of war and the national security state on markets at home and abroad, the authors (...) ultimately fail to provide the more robust defense of freedom that Rand’s project implies. (shrink)

Anita Chari revives the concept of reification from Marx and the Frankfurt School to spotlight the resistance to neoliberal capitalism now forming at the level of political economy and at the more sensate, experiential level of subjective transformation. Reading art by Oliver Ressler, Zanny Begg, Claire Fontaine, Jason Lazarus, and Mika Rottenberg, as well as the politics of Occupy Wall Street, Chari identifies practices through which artists and activists have challenged neoliberalism's social and political logics, exposing its (...) inherent tensions and contradictions. (shrink)

This chapter contains sections titled: Introduction Recent History and Politics The West: Politics, Economy and Technology Nationalism, Modernization and Westernization Conclusion.

The sexual division of labor and the social and economic value of women’s work in the home has been a problem that scholars have struggled with at least since the advent of the “second wave” women’s movement, but it has never entered into the primary discourses of political science. This paper argues that John Stuart Mill’s Political Economy provides innovative and useful arguments that address this thorny problem. Productive labor is essential to Mill’s conception of property, and (...) property was vital to women’s independence in Mill’s view. Yet since Mill thought most women would choose the “career” of wife and mother rather than working for wages, then granting that work productive status would provide a radical and inventive foundation for women’s equality. Mill, however, is ambiguous about the productive status of domestic labor, and is thereby representative of a crucial failure in political economic thought, as well as in egalitarian liberal thought on gender. But because Mill at the same time develops a conception of production that goes well beyond the narrow limits offered by other prominent political economists, he offers contemporary political scientists and theorists a way to rethink the relationship of reproductive to productive labor, the requirements for gender equality, and the accepted categories of political economy. (shrink)

Political Economy and the Novel: A Literary History of 'Homo Economicus' provides a transhistorical account of homo economicus (economic man), demonstrating this figure's significance to economic theory and the Anglo-American novel over a 250-year period. Beginning with Adam Smith's seminal texts - Theory of Moral Sentiments and The Wealth of Nations - and Henry Fielding's A History of Tom Jones, this book combines the methodologies of new historicism and new economic criticism to investigate the evolution of the homo (...) economicus model as it traverses through Ricardian economics and Jane Austen's Sanditon; J. S. Mill and Charles Dickens' engagement with mid-Victorian dualities; Keynesianism and Mrs Dalloway's exploration of post-war consumer impulses; the a/moralistic discourses of Friedrich von Hayek, and Ayn Rand's Atlas Shrugged; and finally the virtual crises of the twenty-first century financial market and Don DeLillo's Cosmopolis. Through its sustained comparative analysis of literary and economic discourses, this book transforms our understanding of the genre of the novel and offers critical new understandings of literary value, cultural capital and the moral foundations of political economy. (shrink)

Economics has become a monolithic science, variously described as formalistic and autistic with neoclassical orthodoxy reigning supreme. So argue Dimitris Milonakis and Ben Fine in this new major work of critical recollection. The authors show how economics was once rich, diverse, multidimensional and pluralistic, and unravel the processes that lead to orthodoxy’s current predicament. The book details how political economy became economics through the desocialisation and the dehistoricisation of the dismal science, accompanied by the separation of economics from (...) the other social sciences, especially economic history and sociology. It is argued that recent attempts from within economics to address the social and the historical have failed to acknowledge long standing debates amongst economists, historians and other social scientists. This has resulted in an impoverished historical and social content within mainstream economics. The book ranges over the shifting role of the historical and the social in economic theory, the shifting boundaries between the economic and the non-economic, all within a methodological context. Schools of thought and individuals, that have been neglected or marginalised, are treated in full, including classical political economy and Marx, the German and British historical schools, American institutionalism, Weber and Schumpeter and their programme of Socialökonomik, and the Austrian school. At the same time, developments within the mainstream tradition from marginalism through Marshall and Keynes to general equilibrium theory are also scrutinised, and the clashes between the various camps from the famous Methodenstreit to the fierce debates of the 1930s and beyond brought to the fore. The prime rationale underpinning this account drawn from the past is to put the case for political economy back on the agenda. This is done by treating economics as a social science once again, rather than as a positive science, as has been the inclination since the time of Jevons and Walras. It involves transcending the boundaries of the social sciences, but in a particular way that is in exactly the opposite direction now being taken by "economics imperialism". Drawing on the rich traditions of the past, the reintroduction and full incorporation of the social and the historical into the main corpus of political economy will be possible in the future. (shrink)

In an effort to improve comparability between socially responsible investment products and standardize investment terminology, Australian legislators recently required investment managers to report to retail investors the extent to which 'social considerations' are used in portfolio construction. Using a lens of political economy, this paper assesses whether the objectives of the legislation to standardize investment terminology, promote inter-product comparability and encourage the accountability of product claims have been met. The context of legislative development is examined in Australian Parliamentary (...) debates. Practised accountabilities are identified by examining a representative sample of the initial set of regulated disclosures issued. The quality of regulated information disclosures is assessed by the degree of correlation with legislators' objectives and the regulatory requirements. Initial disclosures were poor, providing little basis for comparability. In some instances, the quality of information had declined relative to the information supplied on a voluntary basis before the legislation took effect. The evidence supports a criticism of a regulatory laissez faire approach to self-reporting and an argument for more directed regulation of management processes. (shrink)

While there had been much radical thought before John Stuart Mill, Joseph Persky argues it was Mill, as he moved to the left, who provided the radical wing of liberalism with its first serious analytical foundation, a political economy of progress that still echoes today. A rereading of Mill's mature work suggests his theoretical understanding of accumulation led him to see laissez-faire capitalism as a transitional system. Deeply committed to the egalitarian precepts of the Enlightenment, Mill advocated gradualism (...) and rejected revolutionary expropriation on utilitarian grounds: gradualism, not expropriation, promised meaningful long-term gains for the working classes. He endorsed laissez-faire capitalism because his theory of accumulation saw that system approaching a stationary state characterized by a great reduction in inequality and an expansion of cooperative production. These tendencies, in combination with an aggressive reform agenda made possible by the extension of the franchise, promised to provide a material base for social progress and individual development.The Political Economy of Progress goes on to claim that Mill's radical political economy anticipated more than a little of Marx's analysis of capitalism and laid a foundation for the work of Fabians and other gradualist radicals in the 20th century. More recently, modern philosophic radicals, such as Rawls, have deep links to this Millean political economy. These links are still worthy of development. In particular, a politically meaningful acceptance of Rawls's radical liberalism waits on a movement capable of re-engineering the workplace in a manner consistent with Mill's endorsement of worker management. (shrink)

Recent decades have witnessed both a renewed energy in feminist activism and widespread attacks taking back hard-won rights. Despite powerful feminist movements, the Covid-19 pandemic has significantly undermined the progress women have struggled for decades to achieve; how can this be? What explains this paradox of a strong feminist movement coexisting with stubborn patriarchal arrangements? How can we stop the next global catastrophe initiating a similar backlash? This book suggests that the shortcomings of social theory prevent feminist strategies from initiating (...) transformative changes and achieving permanent gains. It investigates the impact of theoretical shortcomings upon feminist strategies by engaging with two clusters of work: ungendered accounts of capitalist development and theories on gendered oppression and inequality. Decentring feminist theorising grounded in histories and developments of the global North, the book provides an original theory of the patriarchal system by analysing changes within its forms and degrees as well as investigating the relationship between the gender, class and race-ethnicity based inequalities. Turkey offers a case that challenges assumptions and calls for rethinking major feminist categories and theories thereby shedding light on the dynamics of social change in the global South. The timely intervention of this book is, therefore, crucial for feminist strategies going forward. The book emerges at the intersections between Gender, International Development, Political Economy, and Sociology and its main readership will be found in, but not limited to these disciplinary fields. The material covered in this book will be of great interest to students and researchers in these areas as well as policy makers and feminist activists. (shrink)

This article provides an account of rent-seeking in relation both to economic policies and political practices in South Africa. The article draws attention to continuities and similarities in this regard between the two distinct periods of nationalist rule from 1948 to 1994 and from 1994 to 2012. The economic dimensions that are specifically addressed are industrial policy, the labour market, state administration and tenders and service delivery and welfare. The more specifically political dimensions addressed include the electoral system, (...) the relationship between constitutionalism and the judiciary, and the rule of law. The article highlights the dangers posed by excessive rent-seeking and especially its negative implications for redistribution, economic growth and the consolidation of democracy in a highly unequal society. (shrink)

For many years International Political Economy (hereafter IPE) was something of a misfit in the study of international politics in particular and political science – indeed, in the social sciences in general. It was never at ease with the economist, for whom it was not ‘real economics’; it was far too ‘economistic’ for scholars of international relations; too ‘international’ for scholars of political science; and largely unnoticed by normative political philosophy. As a consequence, it tended (...) to sit at the periphery of most social science ‘disciplines’. For a range of reasons to be discussed in this com‐panion essay to political science, this situation has changed dramatically over the last two decades. IPE is now deemed more salient to the study of politics and international relations and even some branches of economics. Pertinently, the interactions between IPE and philosophy are becoming similarly important of late. (shrink)

Foucault’s analysis of the relation of power and the economy in the lectures given at the Collège de France between 1975 and 1979 opens up modern societies for a radically different interrogation of the relations of force inscribed in historically heterogeneous forms of wealth creation and distribution, but more specifically within the period of liberal capitalism. Its vast scope clears the ground for genealogies of power, political economy and race that demonstrate their intertwinement, yet he underplays several (...) elements which have been central for the institution of the political economy of liberal capitalism, particularly regarding colonial expansion and subjugation, the prior existence of trade and other networks operating on a world scale, and politico-economic and technical developments, such as banking and finance, that acted as conditions of possibility. By redressing the balance, this article outlines a different genealogy of the emergence of biopolitics and the mechanisms supporting global capitalism, making visible the constitutive role of colonialism. It suggests elements for a more fundamental critique of inequality, one that relays the Foucaldian themes of economy, territory, security, population and race according to a longer periodization that reveals most economies to have been zero-sum games of ‘winners’ and ‘losers’. Transcending this situation requires a radically different, transcolonial and transindividual understanding of the essentially collaborative and co-implicate character of the production of all life. The implications mean the rejection of ontologies that support not only neoliberalism but other forms of dispossession and pauperization, often allied to the hierarchization of difference, opening the way for a different history of the present and for imagining new economies and socialities. (shrink)

Science and technology policy is both faced by unprecedented challenges and itself undergoing seismic shifts. First, policy is increasingly demanding of science that it fixes a set of epochal and global crises. On the other hand, practices of scientific research are changing rapidly regarding geographical dispersion, the institutions and identities of those involved and its forms of knowledge production and circulation. Furthermore, these changes are accelerated by the current upheavals in public funding of research, higher education and technology development in (...) the wake of the economic crisis. The paper outlines an agenda for science & technology policy studies in terms of a research programme of a ‘cultural political economy of research and innovation’ (CPERI). First, the implications of the overlapping crises for science policy analysis are discussed. Secondly, three rough constellations of contemporary approaches to science policy are critically compared, namely: a techno-statist Keynesian governance; a neoliberal marketplace of ideas; and co-productionist enabling of democratic debate. CPERI is then introduced, showing how it builds on the strengths of co-production while also specifically targeting two major weaknesses that are of heightened importance in an age of multiple crises, namely neglect of political economy and the concept of power. (shrink)

This article analyses the political economy of the image today, a historical conjuncture in which art contributes its meanings (even its critiques and negations) to a process of socialization through consumption. This analysis is pursued in light of the reception of an idea of the image drawn from a world before capitalism – or certainly on the edge of capitalism and modernity – as found in Novalis’s unfinished and posthumous novel Henry von Ofterdingen of 1802.

In the 1940s and 1950s, Dutch scientists became increasingly critical of the practices of commercial dairy cattle breeders. Milk yields had hardly increased for decades, and the scientists believed this to be due to the fact that breeders still judged the hereditary potential of their animals on the basis of outward characteristics. An objective verdict on the qualities of breeding stock could only be obtained by progeny testing, the scientists contended: the best animals were those that produced the most productive (...) offspring. Some scientists had been making this claim since the beginning of the twentieth century. Why was it that their advice was apparently not heeded by breeders for so long? And what were the methods and beliefs that guided their practices? In this paper I intend to answer these questions by analysing the practical realities of dairy farming and stock breeding in The Netherlands between 1900 and 1950. Breeders continued to employ traditional breeding methods that had proven their effectiveness since the late eighteenth century. Their methods consisted in inbreeding - breeding in 'bloodlines,' as they called it - and selection on the basis of pedigree, conformation and milk recording data. Their aims were 'purity' and 'uniformity' of type. Progeny testing was not practiced due to practical difficulties. Before World War II, scientists acknowledged that genetic theory was of little practical use to breeders of livestock. Still, hereditary theory was considered to be helpful to assess the value of the breeders' methods. For instance, striving for purity was deemed to be consistent with Mendelian theory. Yet the term purity had different connotations for scientists and practical workers. For the former, it referred to homozygosity; for the latter, it rather buttressed the constancy of a distinct commercial ' brand.' Until the 1940s, practical breeders and most scientists were agreed that selecting animals purely for production was ill-advised. Cows of the extreme dairy type were believed to be prone to bovine tuberculosis. This conviction was at the basis of the development of 'the modern Friesian,' a rather robust type of dairy cow that was also valued for its aesthetically pleasing conformation and that became a commercial success. Contrary to the scientists' claims, it was not only for commercial reasons that breeders were reluctant to give up their modern Friesians after World War II, when the introduction of artificial insemination opened up the possibility of breeding more productive types by means of progeny testing. The political economy of breeding did indeed require breeders to protect their breed as a recognisable brand. Yet the moral economy of breeding must also be taken into account: the modern Friesian was also a product of widely shared normative standards of good and responsible farming. (shrink)

What does it imply for Nigerian philosophers to conscientiously and engagingly reflect on Nigeria as a place of philosophy and as a dynamic plural context of socioeconomic, political, cultural and ethnic problems? Any answer to this question automatically constitutes the opening salvo to the reflection on the evolution of a Nigerian tradition of philosophy and philosophizing. This book represents such an initial salvo in in its attempt to hammer out the conditions for the possibility of a Nigerian tradition of (...) philosophy by placing that endeavor in between the triadic challenges of the Nigerian political economy, the African philosophical theorizing and the global epistemological hegemony. How do these three dynamics condition the evolution and functional relevance of the philosophical enterprise in Nigeria? How have Nigerian philosophers responded to them? What is Nigerian philosophy? How can there be a "Nigerian" philosophy when there are no Nigerians? This book is also an attempt to contribute to the trajectory of philosophy education in Nigeria within the context of a postcolonial educational system and university dynamics that stultifies the role of the intellectuals in development. From Plato to Wiredu, from Bodunrin to Bourdieu, and from Heidegger and Nietzsche to Fanon, Mignolo and Santos, the book traces a trajectory of dynamics rethinking of existing paradigms and epistemological assumptions that could enable a robust evolution of a Nigerian tradition of philosophy that possesses sufficient clout to confront its historicity and its place in Nigeria's development impasse. (shrink)

The Political Economy of European Social Democracy Content Type Journal Article Category Review Pages 529-531 DOI 10.1558/jcr.v11i4.529 Authors Peter Nielsen, Roskilde University, Universitetsvej 1, P.O. Box 260, 4000 Roskilde, Denmark Journal Journal of Critical Realism Online ISSN 1572-5138 Print ISSN 1476-7430 Journal Volume Volume 11 Journal Issue Volume 11, Number 4 / 2012.

Local food systems seem virtuous in the larger context of the neoliberalization of global food systems and increasing food insecurity. However, local food systems are critiqued for reproducing neoliberalism when they prioritize niche-market consumerism over enhancing access for poor people. Advocates, in contrast, insist local food systems contribute to an equitable political economy of food if they are place-based and inclusive. Local food systems must not, according to them, be condemned monolithically in light of their neoliberal tendencies, but (...) evaluated instead on a case-by-case basis regarding their potentially innovative solutions to food insecurity. We heed this call by investigating how a regionally-renowned local food system addresses food insecurity in an impoverished corner of rural Appalachia. Specifically, we use qualitative methods, including semi-structured interviews, participant observation, and document analysis, to evaluate the local food system in Athens County, Ohio. Our findings indicate that extra-local processes under neoliberalism, including austerity and economic marginalization, create a large-scale context of malign neglect in which local food security initiatives operate. Place-based strategies for food security, in response, emphasize producer profitability and consumer responsibility as solutions to extra-local constraints. These localized processes of benign neglect, however, reproduce stifling neoliberalisms within the Athens local food system, giving it a defensive stance that fails to promote innovative modes of inclusion despite its sustainable reputation. Malign and benign forms of neglect, working in creative tension, perpetuate a problematic paradox of food insecurity amidst a seemingly robust local food system as neoliberalization operating at a variety of scales remains unchallenged. (shrink)

La tradition éthique en économie politique a été régénérée par l’Ecole de Salamanque, mais nous ne sommes pas habitués à associer le libéralisme aux scholastiques qui avaient élaboré une théorie du juste prix de validité universelle. Le marché a perdu sa dimension morale avec le rationalisme et, non dans une moindre mesure, à travers le biais religieux de la théorie de la valeur travail. Quand elle fut redécouverte en tant qu’origine véritable de la valeur, l’utilité ne recouvrit pas sa portée (...) morale, en raison du traitement mathématique qu’on lui réserva. Le rationalisme a supprimé toute conception d’évolution sociale en même temps qu’il a favorisé l’intervention. Cependant, dans cette ère de corruption, un retour à l’acception de sens commun des prix requiert, selon l’auteur, le franchissement d’une étape supplémentaire, celui de maintenir l’ancrage éthique du juste prix ou du prix du marché.The ethical tradition in political economy was regenerated by the School of Salamanca, but we are not used to associating liberalism with these Scholastics who built a theory of the just price with universal validity. The market lost its moral dimension with rationalism, not least through the religious bias of the labor theory of value. When rediscovered as the correct source of value, utility did not regain its former moral significance because of mathematical treatment. Rationalism has suppressed any concept of social evolution while promoting intervention, but, in the age of corruption, a return to the common sense of prices, the author argues, requires the further step of upholding the ethical standards of the just price or market price. (shrink)

In this response to the symposium on our two books we try to deal as fully as possible in the brief space available with most of the major issues raised by our distinguished commentators. Although at least three of them are in agreement with the main thrust of the arguments put forward in our books, they all raise important issues relating to methodology, the history of economic thought, and a number of more specific issues. Our answer is based on the (...) restatement of the chief purpose of our two books, describing the intellectual history of the evolution of economic science emphasising the role of the excision of the social and the historical from economic theorising in the transition from political economy to economics, only for the two to be reunited through the vulgar form of economics imperialism following the monolithic dominance of neoclassical economics at the expense of pluralism after the Second World War. The importance of political economy for the future of economic science is vigorously argued for. (shrink)

Safronov’s Nietzsche’s Political Economy is a pioneering appraisal of Nietzsche’s critique of industrial culture and its unfolding crisis. The author contends that Nietzsche remains unique in conceptualizing the upheavals of modern political economy in terms of the crisis of its governing values. Nietzsche scrutinises the norms which, not only preside over the unfathomable build-up in debt, the proliferation of meaningless, impersonal slavery and the rise of increasingly repressive social control systems, but inevitably set these precarious tendencies (...) of modern political economy on a collision course liable to culminate in an unprecedented human and environmental catastrophe. Safronov explores the core themes of Nietzsche’s political economy—debt, slavery, and the division of labour—with reference to the influential views of Adam Smith and Karl Marx, as well as against the backdrop of the Long Depression (1873–1896), the first truly international crisis of industrial capitalism, during which most of Nietzsche’s work was completed. -/- In Nietzsche’s assessment, modern political economy is predicated on the valuations that diminish humankind’s prospects and harm the planet’s future by consistently enfeebling the present, as long as there is profit to be made from it. Nietzsche’s critical insight, which challenges the most fundamental tenet of modern economics and finance, is that in order to build a stronger and intrinsically more valuable future in lieu of simply speculating on it, as though the liberal Promised Land could descend upon us like the manna from heaven at the wave of an invisible hand [of the market], it is necessary to walk from the future we dare to envisage resolutely back to the present we inhabit to determine what demands achieving such a vision would impose upon us, instead of embellishing the ‘here and now’ by cynically discounting the future to the [net] value of the present while disparaging, disowning and rewriting the past to unburden ourselves of its troubling legacy, as we continue to frivolously squander its capital to the alluring tunes of the ‘sirens who in the marketplace sing to us of the future’. The enabling mechanism for changing our valuing perspectives, Nietzsche tells us, lies dormant in us and it must be unlocked before it is too late. (shrink)

The key political writings of one of the leading philosophers of the 20th century.