dunnettreader + economic_culture   124

Politics and numbers | The Enlightened Economist
I’m thoroughly enjoying William Deringer’s Calculated Values: Finance, Politics and the Quantitative Age – almost finished. The book asks, why from the early…
reviews  17thC  18thC  19thC  economic_history  economic_culture  economic_models  statistics  rhetoric-political  political_press  parties  partisanship  books  review  kindle-available  from instapaper
march 2018 by dunnettreader
Emily Nacol - An Age of Risk: Politics and Economy in Early Modern Britain (2016) | Princeton University Press (eBook and Hardcover)
In An Age of Risk, Emily Nacol shows that risk, now treated as a permanent feature of our lives, did not always govern understandings of the future. Focusing on the epistemological, political, and economic writings of Hobbes, Locke, Hume, and Adam Smith, Nacol explains that in 17th-18thC Britain, political and economic thinkers reimagined the future as a terrain of risk, characterized by probabilistic calculation, prediction, and control. Nacol contends, we see 3 crucial developments in thought on risk and politics. While thinkers differentiated uncertainty about the future from probabilistic calculations of risk, they remained attentive to the ways uncertainty and risk remained in a conceptual tangle, a problem that constrained good decision making. They developed sophisticated theories of trust and credit as crucial background conditions for prudent risk-taking, and offered complex depictions of the relationships and behaviors that would make risk-taking more palatable. They also developed 2 narratives that persist in subsequent accounts of risk—risk as a threat to security, and risk as an opportunity for profit. Nacol locates the origins of our own ambivalence about risk-taking. By the end of the 18thC, a new type of political actor would emerge from this ambivalence, one who approached risk with fear rather than hope. -- Emily C. Nacol is assistant professor of political science at Vanderbilt University.
Chapter 1 Introduction 1
Chapter 2 “Experience Concludeth Nothing Universally” - Hobbes and the Groundwork for a Political Theory of Risk 9
Chapter 3 The Risks of Political Authority - Trust, Knowledge, and Political Agency in Locke’s Politics and Economy 41
Chapter 4 Hume’s Fine Balance - On Probability, Fear, and the Risks of Trade 69
Chapter 5 Adventurous Spirits and Clamoring Sophists - Smith on the Problem of Risk in Political Economy 98
Chapter 6 An Age of Risk, a Liberalism of Anxiety 124
Notes 131 -- References 157 -- Index 167
Downloaded Chapter 1 to Tab S2
books  kindle-available  downloaded  intellectual_history  17thC  18thC  British_history  Hobbes  Locke  Locke-Essay  Locke-2_Treatises  Hume  Hume-causation  Hume-politics  Smith  political_economy  trade  commerce  commercial_interest  epistemology  epistemology-history  probability  risk  risk_assessment  uncertainty  insurance  risk_shifting  political_discourse  economic_culture 
september 2016 by dunnettreader
Les usages de la peur dans la mondialisation: Entretien avec Zygmunt Bauman - Desaunay, Fœssel and Padis | JSTOR - Esprit 2005
Les usages de la peur dans la mondialisation: Entretien avec Zygmunt Bauman -- Zygmunt Bauman, Cécile Desaunay, Michaël Fœssel and Marc-Olivier Padis, Esprit, No. 316 (7) (Juillet 2005), pp. 71-98 -- Loin d'uniformiser la planète, la mondialisation provoque un morcellement des espaces et une montée de la peur. Comment, dans ces conditions, penser une mondialisation positive qui ne signifierait pas l'abandon de la politique sociale, pensée jusqu'ici dans le cadre de l'État-nation? -- downloaded pdf to Note
interview  jstor  political_economy  globalization  French_intellectuals  French_language  EU_governance  European_integration  global_governance  universalism  fragmentation  competition  status  hierarchy  inequality  inequality-global  nation-state  imagined_communities  welfare_state  neoliberalism  solidarity  social_theory  economic_sociology  economic_culture  social_order  social_democracy  downloaded 
march 2016 by dunnettreader
Guillaume Calafat & Éric Monnet - Le retour de l’histoire économique ? - La Vie des idées - 5 janvier 2016
Le récent succès d’ouvrages d’histoire économique, alors même que cette spécialité paraît souvent négligée à l’université, ainsi que des évolutions disciplinaires simultanées, font espérer de nouveaux rapprochements entre l’histoire et l’économie. -- downloaded pdf to Note
economic_history  economic_theory  Great_Divergence  Industrial_Revolution  trade  trade-cultural_transmission  networks-information  networks-business  development  sociology_of_knowledge  economic_sociology  economic_culture  econometrics  consumer_revolution  downloaded 
january 2016 by dunnettreader
Robert P. Irvine - Labor and Commerce in Locke and Early 18thC English Georgic (2009) | JSTOR - ELH
ELH, Vol. 76, No. 4 (Winter, 2009), pp. 963-988 -- importance of (agricultural) labor from Locke’s 2nd Treatise to "naturakize" money not just within the economy but within politics of the mercantilist imperial state - comparing Virgil use of georgics to encompass the Roman imperial state. Contrasts political agendas of Philips (Cyder 1707) and Pope (Windsor Forest 1713) in their use of georgics, both working within the Lockean framework of property. Extensive lit survey - lots of recent work on 18thC georgics to say nothing of cultural dimensions of political economy of expanding trade, commercialization and imperialism. -- downloaded pdf to Note
article  jstor  literary_history  English_lit  18thC  intellectual_history  political_philosophy  moral_philosophy  Locke-2_Treatises  property  mercantilism  imperialism  trade  commerce  commerce-doux  civility-political  politeness  civil_society  public_sphere  nature  parties  partisanship  Whigs  Whig_Junto  City  Tories  gentry  landed_interest  national_ID  national_interest  War_of_Spanish_Succession  Queen_Anne  Spectator  Addison  political_culture  economic_culture  British_politics  British_Empire  poetry  poetics  nature-poetry  nature-mastery  Virgil  Pope  1700s  1710s  peace  Peace_of_Utrecht  labor_theory_of_value  labor  agriculture  Davenant  political_economy  bibliography  downloaded 
november 2015 by dunnettreader
Noeleen McIlvenna - The Short Life of Free Georgia: Class and Slavery in the Colonial South | UNC Press
For twenty years in the eighteenth century, Georgia--the last British colony in what became the United States--enjoyed a brief period of free labor, where workers were not enslaved and were paid. The Trustees for the Establishment of the Colony of Georgia created a "Georgia experiment" of philanthropic enterprise and moral reform for poor white workers, though rebellious settlers were more interested in shaking off the British social system of deference to the upper class. Only a few elites in the colony actually desired the slave system, but those men, backed by expansionist South Carolina planters, used the laborers' demands for high wages as examples of societal unrest. Through a campaign of disinformation in London, they argued for slavery, eventually convincing the Trustees to abandon their experiment. In The Short Life of Free Georgia, Noeleen McIlvenna chronicles the years between 1732 and 1752 and challenges the conventional view that Georgia's colonial purpose was based on unworkable assumptions and utopian ideals. Rather, Georgia largely succeeded in its goals--until self-interested parties convinced England that Georgia had failed, leading to the colony's transformation into a replica of slaveholding South Carolina. -- Noeleen McIlvenna is associate professor of history at Wright State University and author of A Very Mutinous People
books  British_history  US_history  British_politics  18thC  1730s  1740s  1750s  Georgia  colonialism  settler_colonies  slavery  labor_history  labor_standards  wages  Tories  Board_of_Trade  Parliament  planters  plantations  agriculture  hierarchy  elites  philanthropy  political_culture  economic_culture  American_colonies 
september 2015 by dunnettreader
Joel Mokyr, Chris Vickers, and Nicolas L. Ziebarth - The History of Technological Anxiety and the Future of Economic Growth: Is This Time Different? | AEAweb: Journal of Economic Perspectives, 29(3): 31-50
Technology is widely considered the main source of economic progress, but it has also generated cultural anxiety throughout history. The developed world is now suffering from another bout of such angst. Anxieties over technology can take on several forms, and we focus on three of the most prominent concerns. First, there is the concern that technological progress will cause widespread substitution of machines for labor, which in turn could lead to technological unemployment and a further increase in inequality in the short run, even if the long-run effects are beneficial. Second, there has been anxiety over the moral implications of technological process for human welfare, broadly defined. While, during the Industrial Revolution, the worry was about the dehumanizing effects of work, in modern times, perhaps the greater fear is a world where the elimination of work itself is the source of dehumanization. A third concern cuts in the opposite direction, suggesting that the epoch of major technological progress is behind us. Understanding the history of technological anxiety provides perspective on whether this time is truly different. We consider the role of these three anxieties among economists, primarily focusing on the historical period from the late 18th to the early 20th century, and then compare the historical and current manifestations of these three concerns. - downloaded pdf to Note
article  economic_history  technology  18thC  20thC  21stC  Industrial_Revolution  change-economic  change-social  unemployment  labor_history  robotics  AI  political_economy  economic_culture  economic_growth  labor_share  labor-service_sector  downloaded 
september 2015 by dunnettreader
Branko Milanovic - All our needs are social | Global Inequality - August 2015
Branko Milanovic dismantles Harry Frankfurt's attempt to differentiate our "real" needs - where considerations of inequality purportedly aren't relevant, or even are counterproductive to our full self/realization -- and "social " needs where some consideration of correcting for those below some certain level is appropriate. It's a common but incoherent philosophical move -- I blame Rousseau!
inequality  amour_propre  economic_culture  self-interest  self-love  capabilities  inequality-opportunity  sociability  analytical_philosophy  socialization  Rousseau  bad_economics  authenticity  moral_philosophy  self-development  from instapaper
september 2015 by dunnettreader
Peter Radford - Economics as storytelling: McCloskey again | Real-World Economics Review Blog - August 2015
from Peter Radford
This is not new to most of you of course. You are already steeped in McCloskey’s Rhetoric. Or you ought to be. After all economists are…
rhetoric-moral_basis  economic_culture  market_fundamentalism  Instapaper  rhetoric-political  economic_theory  from instapaper
august 2015 by dunnettreader
John Dunn, ed. - The Economic Limits to Modern Politics (1992) | Cambridge University Press
The central problem of modern government and political action is how to choose and implement effective economic policies. For this reason, the economic considerations of public policy have assumed a more prominent place in contemporary political thought. Despite efforts among political scientists, economists, and sociologists to fathom the complexities of this added dimension, none of these solid sciences offers a satisfying approach to the problem. This volume attempts to display the historical novelty and intellectual importance of this dilemma, to uncover its origins, and to procure a remedy through a clearer and steadier focus. The book's contributors range from historians of ideas to economic theorists, who bring the approach of their own intellectual discipline to bear upon the issue. **--** Introduction, John Dunn *-* 1. The economic limits to modern politics, John Dunn *-* 2. The wealth of one nation and the dynamics of international competition, Istvan Hont *-* 3. The political limits to pre-modern politics, J. G. A. Pocock *-* 4. The economic constraints on political programs, Frank H. Hahn *-* 5. International liberalism reconsidered, Robert O. Keohane *-* 6. Capitalism, socialism, and democracy: compatibilities and contradictions John Dunn. -- ebook Adobe Reader - not clear whether in kindle format -- excerpt (10 ogs Intro) downloaded pdf to Note
books  kindle-available  17thC  18thC  19thC  20thC  intellectual_history  economic_history  political_history  political_philosophy  political_economy  judgment-political  public_policy  capitalism  competition-interstate  economic_growth  development  raison-d'-état  British_history  British_politics  British_Empire  trade  trade-policy  Great_Divergence  economic_theory  political_culture  economic_culture  macroeconomic_policy  Innovation  innovation-government_policy  collective_action  property_rights  Labor_markets  redistribution  fiscal_policy  fiscal-military_state  Davenant  Smith  social_order  social_democracy  liberalism  elites-political_influence  IR_theory  globalization  international_political_economy  public_finance  public_goods  class_conflict  downloaded 
august 2015 by dunnettreader
Brad DeLomg - German Economic Thought and the European Crisis - Washington Center for Equitable Growth - July 2017
It is a commonplace among Anglo-Saxon economists that Saxon-Saxon “ordoliberalism” was a post-World War II success only because somebody else–the United… DeLong remarks on his link to the article on why the European Crisis was inevitable given German economic theory -- that the German economists have attributed the country's economic success to ordoliberalism and German virtue when it was based on an incredibly favorable environment and policy postures by the US as global hegemon. Instapaper
Instapaper  economic_history  Germany  international_monetary_system  global_economy  post-WWII  trade-policy  global_imbalance  hegemony  Marshall_Plan  sovereign_debt  export-led  Germany-Eurozone  ordoliberalism  Keynesianism  austerity  budget_deficit  FX  FX-misalignment  Greece-Troika  economic_theory  economic_culture  economic_policy  macroeconomics  from instapaper
july 2015 by dunnettreader
Werner Plumpe - The hour of the expert - economic expertise over 4 centuries - Eurozine - October 2012
What constitutes economic expertise? Looking at how European politics has answered this question over the last four centuries, Werner Plumpe argues that, at any given time, economic expertise is judged according to its coincidence with the conjuncture. -- Original in German -- Translation by Samuel Willcocks -- First published in Merkur 9-10/2012 (German version); Eurozine (English version) -- quite amusing, but nice overview that isn't excessively Anglo oriented
economic_history  economic_theory  expertise  sociology_of_knowledge  social_sciences  positivism  social_sciences-post-WWII  macroeconomics  economic_models  17thC  18thC  19thC  20thC  21stC  Europe-Early_Modern  intellectual_history  grand_narrative  narrative-contested  political_economy  economic_culture  economic_policy  capitalism  capitalism-varieties  capitalism-systemic_crisis  laisser-faire  cameralism  government-roles  business_cycles  business-and-politics  Keynesianism  neoclassical_economics  Austrian_economics  liberalism-19thC  finance_capital  bank_runs  financial_crisis  regulation  Marxism  public_enterprise  public_goods  infrastructure  market_fundamentalism  downloaded 
july 2015 by dunnettreader
Luca Corchia - Europe: Streeck replies to Habermas, and the debate goes on | Reset Dialogues on Civilizations - April 2014
The task of this brief presentation is to “establish a dialogue” with Streeck’s text, attempting to fill the hiatus between the answer and the original question that Habermas’ interpretation intended to pose to those wishing to simply dispose of economic and monetary union, ending up by dismantling the political and cultural integration project that inspired the founding fathers. -- downloaded pdf to Note
political_economy  international_finance  EU  EU_governance  ECB  Greece-Troika  monetary_union  Eurozone  Habermas  Europe-federalism  European_integration  nationalism  nation-state  national_interest  political_press  political_culture  economic_culture  financial_crisis  finance_capital  Great_Recession  democracy_deficit  public_opinion  downloaded 
july 2015 by dunnettreader
Luca Corchia - Europe: The debate between Habermas and Streeck about the Left and Europe’s future | Reset Dialogues on Civilizations - 25 March 2014
Over the next few months the press and television networks will one again focus on European events, returning the interest of Italian public opinion to these matters, and this will take place on the basis of the pressing timeframe dictated by political issues. In a few weeks’ time the election campaign for a European Union’s parliament, scheduled for May 22-25, will be fully under way in all 28 member states. -- check out footnotes -- downloaded pdf to Note
EU  EU_governance  Eurozone  ECB  Great_Recession  financial_crisis  Greece-Troika  democracy  democracy_deficit  legitimacy  elections  capitalism-systemic_crisis  capitalism-varieties  capital_as_power  Eurosceptic  European_integration  elites  elites-self-destructive  parties  social_democracy  right-wing  nationalism  nation-state  national_interest  political_press  political_culture  economic_culture  Habermas 
july 2015 by dunnettreader
Jürgen Habermas - Re Wolfgang Streeck - Freedom and Democracy: Democracy or Capitalism? | Reset Dialogues on Civilizations - 1 July 2013
1st of a back-and-forth with Streeck and others -- Freedom and Democracy: Democracy or Capitalism? On the Abject Spectacle of a Capitalistic World Society fragmented along National Lines -- In his book on the deferred crisis of democratic capitalism Wolfgang Streeck develops an unsparing analysis of the origins of the present banking and debt crisis that is spilling over into the real economy. This bold, empirically based study developed out of Adorno Lectures at the Institute of Social Research in Frankfurt. At its best—that is, whenever it combines political passion with the eye-opening force of critical factual analysis and telling arguments—it is reminiscent of The Eighteenth Brumaire of Louis Napoleon. It takes as its starting point a justified critique of the crisis theory developed by Claus Offe and me in the early 1970s. The Keynesian optimism concerning governance prevalent at the time had inspired our assumption that the economic crisis potential mastered at the political level would be diverted into conflicting demands on an overstrained governmental apparatus and into “cultural contradictions of capitalism” (as Daniel Bell put it a couple of years later) and would find expression in a legitimation crisis. Today we are not (yet?) experiencing a legitimation crisis but we are witnessing a palpable economic crisis.
political_economy  political_philosophy  international_political_economy  capitalism-systemic_crisis  capital_as_power  finance_capital  financialization  Great_Recession  democracy  democracy_deficit  legitimacy  nationalism  financial_crisis  sovereign_debt  social_theory  globalization  global_governance  political_culture  economic_culture  stagnation  economic_sociology  Habermas  post-secular  Eurozone  European_integration  monetary_union  EU_governance  EU  Europe-federalism  downloaded 
july 2015 by dunnettreader
Steve Knepper - Pope Francis and Humane Ecology | The Hedgehog Review - July 2015
Pope Francis’s new encyclical calls for a holistic ethic, an “integral ecology” that insists on the dignity of both human and nonhuman nature and on the shared roots of ecological and social problems. This ethic holds that “everything is connected. Concern for the environment thus needs to be joined to a sincere love for our fellow human beings and an unwavering commitment to resolving the problems of society.” Many responses to Laudato Si’ have focused on Francis’s treatment of particular issues, such as air conditioning or carbon credits. Yet the call for an integral ecology is what makes the encyclical truly distinctive. (..) Patrick Deneen claimed that Laudato Si’ develops “a Thomistic and Aristotelian theme: ‘how human beings live in and with and through nature, in ways that do not fall into what Pope Francis calls, again and again, the twin temptations of, on the one hand, viewing human beings as separate from nature in our capacity to dominate nature, [and] on the other side, a kind of anti-humanism which regards human beings as equally foreign to nature, but now as a kind of virus that has to—in some ways—be eliminated.” Francis’s integral ecology thus challenges some tendencies on both the right and the left. It does so by staying resolutely focused on the poor.
Instapaper  Pope_Francis  Papacy  climate  environment  poverty  human_rights  humanism  human_condition  Thomism-21stC  Aristotelian  nature  nature-mastery  ecology  ecology-economic  anti-humanism  green_economy  green_finance  energy  energy-markets  water  climate-adaptation  LDCs  economic_growth  economic_culture  theology  creation_ex_nilho  conservation  dignity  empathy  from instapaper
july 2015 by dunnettreader
Andrew W. Lo - The Gordon Gekko Effect: The Role of Culture in the Financial Industry | NBER June 2015
NBER Working Paper No. 21267 -- Culture is a potent force in shaping individual and group behavior, yet it has received scant attention in the context of financial risk management and the recent financial crisis. I present a brief overview of the role of culture according to psychologists, sociologists, and economists, and then present a specific framework for analyzing culture in the context of financial practices and institutions in which three questions are answered: (1) What is culture?; (2) Does it matter?; and (3) Can it be changed? I illustrate the utility of this framework by applying it to five concrete situations—Long Term Capital Management; AIG Financial Products; Lehman Brothers and Repo 105; Société Générale’s rogue trader; and the SEC and the Madoff Ponzi scheme—and conclude with a proposal to change culture via “behavioral risk management.” -- check SSRN
paper  paywall  SSRN  financial_instiutions  business_practices  business-norms  risk_management  economic_culture  financial_crisis  financial_regulation  incentives  incentives-distortions  social_psychology  economic_sociology  firms-structure  firms-organization 
june 2015 by dunnettreader
Frédérique Leblanc , review essay - The FNAC: A Story of Standardization - Books & ideas - 5 January 2011
Reviewed: Vincent Chabault, La FNAC, entre commerce et culture, Paris, Puf, 2010. 272p., 25 €. -- What traces remain of the two individuals, both former Trotskyites, who founded the FNAC in 1954? What role did the FNAC play in the commodification of culture, and what remains of the company’s original mission? Who are the company’s employees, and under what conditions do they work? Vincent Chabault’s recent book retraces the history of this company, which has received as much high praise over the years as virulent criticism. Two sets of questions have been asked. First, how was the company able to “absorb” changes in the business environment, and at what cost to its original mission? Secondly, what working at the FNAC has meant to two generations of the firm’s employees? -- interesting on growth of the culturally middle class in the post-war period, -- as in the US with growth, stagnation and polarization of what were originally knowledge worker jobs strongly attached to the firm with significant worker autonomy and internal advancement into "management" and disengaged interchangeable low paid low skilled staff
books  reviews  20thC  social_history  France  business_practices  labor  middle_class  economic_culture  culture_industries  firms-organization  business-norms  business_history  unions 
june 2015 by dunnettreader
Erin Wais - Trained Incapacity: Thorstein Veblen and Kenneth Burke | KB Journal (2006)
Erin Wais, University of Minnesota -- Abstract: Recently, a leading sociologist claimed that the phrase “trained incapacity” does not appear in the works of Thorstein Veblen. Kenneth Burke, who attributed the phrase to Veblen in Permanence and Change, was later unsure of its origins. This essay shows that, indeed, Veblen did coin the term, using it particularly in reference to problematic tendencies in business. Burke, on the other hand, gave the term an expansive application to human symbol-using generally. -- see very interesting discussion of "screens" in Darwin and neo-Darwinism evolutionary_biology downloaded as pdf to Note
article  social_theory  economic_sociology  economic_culture  epistemology-social  Veblen  Burke_Kenneth  epistemic_closure  change-social  symbolic_interaction  evolutionary_biology  downloaded 
may 2015 by dunnettreader
Joseph Adelson, review essay - What Caused Capitalism? | Foreign Affairs - May 2015
Once upon a time, smart people thought the world was flat. As globalization took off, economists pointed to spreading market forces that… Includes new Cambridge History of Capitalism, Mokyr Enlightened Economy, Acemoglu and Robinson Why Nations Fail, and Beckert Empire of Cotton -- contrasts tales that are, in broad brush, optimistic and internalist re origins (especially Mokyr) vs pessimistic and externalist (especially Cotton) -- copied to Instapaper
books  reviews  bookshelf  economic_history  capitalism  Great_Divergence  ancient_history  global_economy  global_history  global_system  Europe-Early_Modern  city_states  Italy  Spain  France  British_history  India  US_history  colonialism  imperialism  empires  institutional_economics  technology  development  Scientific_Revolution  Industrial_Revolution  industrialization  industrial_policy  US_Civil_War  slavery  property  property_rights  mercantilism  mercantilism-violence  Instapaper  markets  political_economy  economic_culture  economic_growth  from instapaper
may 2015 by dunnettreader
Steve Cecchetti and Kim Schoenholtz - Zero matters — Money, Banking and Financial Markets - April 2015
What to conclude? Fears of deflation can surely be overdone: the economic impact of annual price changes of -0.1% would be difficult to distinguish from changes of +0.1%. It would take nearly 700 years for the price level to halve or to double at this pace! Yet, policymakers are warranted in taking the view that even mild deflations of 1% or 2% annually are meaningfully different from comparable inflations. Conventional monetary policy tools – adjusting nominal interest rates – are ill-suited to restoring price stability in the face of modest single-digit deflation. And the presence of downward wage rigidities makes things even worse. -- nice collection of historical and comparative data -- copied to Pocket
economic_theory  macroeconomics  monetary_policy  ZLB  wages  wages-sticky  inflation  inflation-expectations  deflation  interest_rates  economic_growth  economic_culture  Labor_markets  Great_Recession  Pocket 
april 2015 by dunnettreader
Steve Cecchetti and Kim Schoenholtz - Residential real estate in China: the delicate balance of supply and demand — Money, Banking and Financial Markets - April 2015
Some observers believe that demand for housing in China is price-insensitive for cultural reasons. Among other things, housing is viewed as a “status good” for those wishing to get married. Another favorable factor is the preparedness of Chinese policymakers to intervene and support housing markets should they soften. Then there is the possibility that central bank policy will be adjusted in a manner designed to further support real estate lending. Yet, there remain grounds for skepticism. The role of big-city home ownership as a status good in Japan did not prevent the massive and destructive land and housing price boom and bust in the 1980s. And, government actions to support China’s housing prices will be fighting an uphill battle if private expectations of capital gains weaken. Not only that, but the day may come when China sees the need to implement a tax on property, if only to provide a better underpinning for municipal finances. This would almost surely drive prices down quickly. Finally, the government’s other objectives of liberalizing the financial system (as a step toward internationalizing the renminbi) and increasing housing supply to meet the needs of a migrating population may prove incompatible with supporting high house price-to-rent ratios. -- really fine update on what's been happening in urbanization, local governments, policies re financial sector liberalization, GNP and personal income growth (and slow down) etc -- copied to Pocket
China  China-economy  financial_system  housing  asset_prices  bubbles  urbanization  economic_growth  financial_regulation  financial_sector_development  financial_stability  banking  NBFI  shadow_banking  regulation-enforcement  tax_reform  taxes  local_government  infrastructure  wages  economic_culture  municipal_finance  Pocket 
april 2015 by dunnettreader
Stanley Fischer - Socialist Economy Reform: Lessons of the First Three Years (May, 1993) | JSTOR - The American Economic Review
Stanley Fischer, The American Economic Review, Vol. 83, No. 2, Papers and Proceedings of the Hundred and Fifth Annual Meeting of the American Economic Association (May, 1993), pp. 390-395 -- snapshot of 1st stage of transition economics and state of debates -- downloaded pdf to Note
paper  jstor  economic_history  post-Cold_War  transition_economies  political_economy  economic_theory  economic_culture  economic_reform  institutional_economics  institutional_change  industrial_policy  privatization  trade-policy  downloaded 
april 2015 by dunnettreader
Lisa Herzog Inventing the Market: Smith, Hegel, and Political Theory (OUP 2013) | The Book Depository
Inventing the Market: Smith, Hegel, and Political Theory analyses the constructions of the market in the thought of Adam Smith and Georg Wilhelm Friedrich Hegel and discusses their relevance for contemporary political philosophy. Combining the history of ideas with systematic analysis, it contrasts Smith's view of the market as a benevolently designed 'contrivance of nature' with Hegel's view of the market as a 'relic of the state of nature.' The differences in their views of the market are then connected to four central themes of political philosophy: identity, justice, freedom, and history. The conceptualization of the labour market as an exchange of human capital or as a locus for the development of a professional identity has an impact on how one conceptualizes the relation between individual and community. Comparing Smith's and Hegel's views of the market also helps to understand how social justice can be realized through or against markets, and under what conditions it makes sense to apply a notion of desert to labour market outcomes. For both authors, markets are not only spaces of negative liberty, but are connected to other aspects of liberty, such as individual autonomy and political self-government, in subtle and complex ways. Seeing Smith's and Hegel's account of the market as historical accounts, however, reminds us that markets are no a-historical phenomena, but depend on cultural and social preconditions and on the theories that are used to describe them. The book as a whole argues for becoming more conscious of the pictures of the market that have shaped our understanding, which can open up the possibility of alternative pictures and alternative realities. -- see 3AM interview April 2015
books  intellectual_history  18thC  19thC  Smith  Hegel  political_philosophy  political_economy  economic_history  economic_theory  economic_sociology  economic_culture  social_theory  liberty  liberty-negative  autonomy  labor  Labor_markets  social_order  justice  identity  self-government  self-development  self-interest  self-fashioning  state-of-nature  Providence  invisible_hand 
april 2015 by dunnettreader
Thornton, Mark. "Cantillon on the Cause of the Business Cycle." - Quarterly Journal of Austrian Economics (2006) | Mises Institute
Thornton, Mark. "Cantillon on the Cause of the Business Cycle." The Quarterly Journal of Austrian Economics 9, No. 3 (Fall 2006): 45–60. -- Richard Cantillon was the first economist to successfully examine the cyclical nature of the capitalist economy. He lived at a time (168?–1734) when the institutions of the modern capitalist economy were first fully and widely established and the first major business cycles occurred. In contrast to the Mercantilists, Cantillon was an astute observer who developed a clear economic understanding of money, banking, international trade, and stock markets because this is where he risked his capital and earned his fortune. He modeled the economy as an interconnected whole and developed what we now know as the circular-flow model of the economy and the price-specie-flow mechanism of international money movements. He discovered that markets were regulated by the movements of prices based on supply and demand and identified equilibrating tendencies with market exchange. -- downloaded pdf to Note
article  intellectual_history  18thC  France  Cantillon  political_economy  economic_theory  economic_culture  business_cycles  mercantilism  speculative_finance  capital_markets  capital_flows  banking  money  money_market  systems_theory  FX  gold_standard  trade_finance  trade_deficits  trade-policy  prices  equilibrium  downloaded 
february 2015 by dunnettreader
O'Mahony, David - Richard Cantillon—A Man of His Time: A Comment on Tarascio | The Journal of Libertarian Studies (1985) | Mises Institute
O'Mahony, David. "Richard Cantillon—A Man of His Time: A Comment on Tarascio." Journal of Libertarian Studies 7, No. 2 (1985): 259–267. Professor Spengler refers to Richard Cantillon as the first of the modems. Professor Tarascio presents him from a current perspective. But it was the world as he knew it that Cantillon sought to explain. Inevitably he was a man of his time and it is primarily in that light that I should like to look at him. In so doing I shall concentrate on three of the topics with which Professor Tarascio deals, namely, value, money, and the entrepreneur. -- downloaded pdf to Note
article  intellectual_history  18thC  France  Cantillon  political_economy  economic_theory  economic_culture  financial_system  money  value-theories  entrepreneurs  downloaded 
february 2015 by dunnettreader
Paul A. Lewis and Peter Lewin, review essay - Orders, Orders, Everywhere … on Hayek's "The Market and Other Orders" (revised Jan 2015) :: SSRN
Paul A. Lewis, King's College London - Department of Political Economy -- Peter Lewin, University of Texas at Dallas - School of Management - Department of Finance & Managerial Economics -- This paper is a review essay of the latest volume of The Collected Works of F.A. Hayek, entitled 'The Market and other Orders.' The paper examines the development of Hayeks' ideas about order, as manifested in the essays collected in this volume. Issues examined include: Hayek's accounts of the market and the mind as spontaneous orders; his reliance in those accounts on the notion of emergence; his account of complex systems, in particular his vision of the world as consisting of many different, hierarchically-organised, and interacting, complex orders, of which the market is but one; his analysis of cultural evolution as occurring via a process of group selection; his preference for the notion of 'order' over that of 'equilibrium'; and the relation of his ideas on complexity to those of modern complexity theorists. -- Number of Pages in PDF File: 46 -- Keywords: Hayek, Austrian economics, spontaneous order, complexity, emergence -- downloaded pdf to Note
paper  SSRN  intellectual_history  20thC  Hayek  Austrian_economics  economic_theory  social_theory  ontology-social  equilibrium  social_order  social_process  emergence  complex_adaptive_systems  coordination  markets-psychology  preferences  economic_sociology  economic_culture  downloaded  EF-add 
february 2015 by dunnettreader
Jeff Horn - Economic Development in Early Modern France: The Privilege of Liberty, 1650–1820 (release date for hardback mid-Feb 2015) | European history after 1450 | Cambridge University Press
Privilege has long been understood as the constitutional basis of Ancien Régime France, legalising the provision of a variety of rights, powers and exemptions to some, whilst denying them to others. In this fascinating new study however, Jeff Horn reveals that Bourbon officials utilized privilege as an instrument of economic development, freeing some sectors of the economy from pre-existing privileges and regulations, while protecting others. He explores both government policies and the innovations of entrepreneurs, workers, inventors and customers to uncover the lived experience of economic development from the Fronde to the Restoration. He shows how, influenced by Enlightenment thought, the regime increasingly resorted to concepts of liberty to defend privilege as a policy tool. The book offers important new insights into debates about the impact of privilege on early industrialisation, comparative economic development and the outbreak of the French Revolution. **--** 1. Introduction: profits and economic development during the Old Régime *--* 2. Privileged enclaves and the guilds: liberty and regulation *--* 3. The privilege of liberty put to the test: industrial development in Normandy *--* 4. Companies, colonies, and contraband: commercial privileges under the Old Régime *--* 5. Privilege, liberty, and managing the market: trading with the Levant *--* 6. Outside the body politic, essential to the body economic: the privileges of Jews, Protestants and foreign residents *--* 7. Privilege, innovation, and the state: entrepreneurialism and the lessons of the Old Régime *--* 8. The reign of liberty? Privilege after 1789 -- look for pdf of Intro once released
books  find  political_economy  economic_history  political_history  17thC  18thC  19thC  France  privileges-corporate  economic_culture  economic_policy  development  monarchy  profit  entrepreneurs  guilds  trading_companies  trade-policy  regulation  industrialization  industrial_policy  Colbert  Colbertism  urban_development  urban_elites  commerce  commercial_interest  French_government  Huguenots  Jews  colonialism  French_Empire  colonies  corporate_finance  monopolies  Levant  MENA  Ottomans  liberties  liberty  Ancien_régime  Louis_XIV  Louis_XV  Louis_XVI  French_Revolution  French_Revolutionary_Wars  Napoleonic_Wars  Restoration-France  bourgeoisie  haute_bourgeoisie  markets  markets-structure  foreign_trade  foreign_policy  foreigners-resident 
february 2015 by dunnettreader
Thomas Palley » The Federal Reserve and Shared Prosperity: A Guide to the Policy Issues and Institutional Challenges - Jan 2015
The Federal Reserve is a hugely powerful institution whose policies ramify with enormous effect throughout the economy. Its policies impact almost every important aspect of the economy and it is doubtful the US can achieve shared prosperity without the policy cooperation of the Fed. That makes understanding the Federal Reserve, the policy issues and institutional challenges, of critical importance. -- downloaded pdf to Note
economic_theory  economic_sociology  economic_culture  central_banks  institutional_economics  institutional_change  monetary_policy  financial_system  US_economy  US_politics  downloaded  EF-add 
january 2015 by dunnettreader
John Irons and Isaac Shapiro - Report: Regulation, employment, and the economy: Fears of job loss are overblown | Economic Policy Institute - April 2011
After the first midterms debacle -- . In the first months since the new Congress convened, the House has held dozens of hearings designed to elicit criticisms of regulations, introduced legislation that would dramatically alter the regulatory process by requiring congressional approval of all major regulations, and passed a spending bill that would slash the funding levels of regulatory agencies and restrict their ability to enact rules covering areas such as greenhouse gas emissions. (..) opponents of regulation argue that agency rules are damaging to the economy in general and job generation in particular. Some say specific regulations will destroy millions of jobs and cite a study (critiqued later in this paper) purporting to show that regulations cost $1.75 trillion per year. Regulations are frequently discussed only in the context of their threat to job creation, while their role in protecting lives, public health, and the environment is ignored. This report reviews whether the evidence backs the perspective of regulatory opponents. The first section looks broadly at the effects of regulations, whether they play a useful role in the economy, and whether their overall benefits outweigh their overall costs. The second section assesses the theory and evidence for the assertion that regulations undermine jobs and the economy. The last section examines the kinds of studies that are discussed when regulations are being formulated; these studies, often cited in debates and therefore of great importance, tend to be prospective
estimates of the effects of proposed regulations. -- downloaded pdf to Note
US_economy  US_politics  Obama_administration  Congress  GOP  deregulation  cost-benefit  unemployment  business_influence  public_policy  public_goods  public_health  environment  climate  financial_regulation  US_government  regulation  regulation-environment  regulation-costs  common_good  commons  economic_sociology  economic_theory  economic_culture  statistics  downloaded  EF-add 
january 2015 by dunnettreader
Full transcript: President Obama, Dec 4 2013 - Inequality and rolling back Reagan Revolution | The Washington Post
But starting in the late ‘70s, this social compact began to unravel.Technology made it easier for companies to do more with less, eliminating certain job occupations. A more competitive world led companies ship jobs anyway. And as good manufacturing jobs automated or headed offshore, workers lost their leverage; jobs paid less and offered fewer benefits. As values of community broke down and competitive pressure increased, businesses lobbied Washington to weaken unions and the value of the minimum wage. As the trickle-down ideology became more prominent, taxes were slashes for the wealthiest while investments in things that make us all richer, like schools and infrastructure, were allowed to wither. And for a certain period of time we could ignore this weakening economic foundation, in part because more families were relying on two earners, as women entered the workforce. We took on more debt financed by juiced-up housing market. But when the music stopped and the crisis hit, millions of families were stripped of whatever cushion they had left. And the result is an economy that’s become profoundly unequal and families that are more insecure. (..) it is harder today for a child born here in America to improve her station in life than it is for children in most of our wealthy allies, countries like Canada or Germany or France. They have greater mobility than we do, not less.(..) The combined trends of increased inequality and decreasing mobility pose a fundamental threat to the American dream, our way of life and what we stand for around the globe. And it is not simply a moral claim that I’m making here. There are practical consequences to rising inequality and reduced mobility. -- downloaded as pdf to Note
speech  Obama  inequality  supply-side  labor_share  business-ethics  norms  norms-business  morality-conventional  morality-Christian  utilitarianism  globalization  technology  US_foreign_policy  US_economy  US_politics  US_society  US_government  US_history  common_good  civic_virtue  economic_growth  economic_culture  distribution-income  distribution-wealth  unemployment  health_care  public_goods  public_opinion  public_policy  downloaded  EF-add 
january 2015 by dunnettreader
Andrew Sprung - Reagan Revolution rollback | xpostfactoid - Jan 2015
Thanks largely to Piketty it's become increasingly clear that in the Reagan Revolution, middle class America sold its birthright for a mess of supply-side pottage. Dems willingness to credit GOP dogma -- raising taxes on high incomes and investment gains inhibits growth, deregulation spurs it -- are melting away. Post midterm losses, Dems are beginning to heighten rather than soft-pedal the policy contrasts between the parties. Wounded politically by perceptions that the ACA helps the poor at the expense of working people, they are looking for proposals attractive to the middle class. Emboldened by accelerating growth and employment gains, they are perhaps shedding inhibitions about leveling the playing field between workers and management. (..)To mess up my timeline a bit, Obama delivered a Pikettian narrative in Dec 2013 ..should have been a landmark speech on inequality (..) if he (and Dems) hadn't (tried to) protect their Senate majority. [In the Dec 2013 soeech] Obama zeroed in on policy choices. "As values of community broke down and competitive pressure increased, businesses lobbied Washington to weaken unions and the value of the minimum wage. As the trickle-down ideology became more prominent, taxes were slashes for the wealthiest while investments in things that make us all richer, like schools and infrastructure, were allowed to wither. And for a certain period of time we could ignore this weakening economic foundation (..) But when the music stopped and the crisis hit, millions of families were stripped of whatever cushion they had left. And the result is an economy that’s become profoundly unequal and families that are more insecure. -- terrific links roundup
US_economy  US_politics  Obama  Obama_administration  Reagan  supply-side  trickle-down  neoliberalism  inequality  middle_class  wages  wages-minimum  labor  labor_law  labor_share  labor_standards  Labor_markets  investment  executive_compensation  1-percent  infrastructure  education  education-higher  civic_virtue  common_good  Piketty  economic_growth  economic_culture  distribution-income  distribution-wealth  unemployment  health_care  public_goods  public_opinion  public_policy  elections  political_culture  political_economy  political_discourse  political_participation  Pocket 
january 2015 by dunnettreader
Jennifer Bishop, review - Brodie Waddell, God, Duty and Community in English Economic Life, 1660-1720 (Boydell Press 2012) | Reviews in History - March 2014
For the majority of ordinary people in early modern England, the moral and the economic were closely aligned. Alongside material changes and a growing market ideology, traditional ideas about religion, duty, and community continued to influence economic relationships and practices well into the 18th century. This is the subject of Brodie Waddell’s new book, which sets out to explore the economic culture of later Stuart England. Focusing on concepts such as divine will, social duty, and communal ties, Waddell shows how these all have an underlying logic in common, combining to form a world view based on notions of reciprocity, hierarchy, mutuality, and order. His central contention is that these cultural ideas and moral codes did not decline in importance over the 17th century, as some historical narratives have suggested, but rather continued to shape and define the social and economic lives of ordinary people in later Stuart England. This in itself is not a new argument, and Waddell acknowledges that there are important existing studies of economic culture in early modern England. However, he suggests that previous scholarship has neglected several essential areas, and his book sets out to remedy these gaps. -- she doesn't think he's as original as he claims and makes some suggestions as to how different pieces might have been knit together a bit better, but generally positive -- downloaded as pdf to Note
books  reviews  17thC  18thC  Europe-Early_Modern  British_history  cultural_history  religious_history  religious_culture  religious_belief  community  moral_sentiments  economic_culture  norms  norms-business  morality-conventional  morality-Christian  downloaded  EF-add 
january 2015 by dunnettreader
Donald Frey, review - Gabriel Abend, Moral Background: An Inquiry into the History of Business Ethics (2014) | EH.net Review - August 2014
Princeton University Press, 2014. ix + 399 pp., ISBN: 978-0-691-15944-7. -- Donald E. Frey, Department of Economics, Wake Forest University, author of America’s Economic Moralists: A History of Rival Ethics and Economics (SUNY Press, 2009). -- Gabriel Abend argues that a range of cultural beliefs and thought patterns provide an influential “moral background” as context for the more obvious everyday morality. Most of his book looks at business ethics during the period from the 1850s through the 1930s through the lens of the moral background concept. (..) In my own work on economic moralists, something like a “moral background” appeared to be enlightening. My thesis was that economic moralities (yes, two competing moralities, just as Abend deals with two competing business ethics) drew support from alternative economic theories (again differing economic theories, just as Abend has different moral backgrounds). Perhaps economic theory is a much narrower kind of “moral background” than Abend envisions, but it is a reasonable proxy for a moral background. It is a distinct body of thought, often familiar — in one form or another — to much of the population. And economic theory can indeed support or undermine some kinds of moralities (for example, if economic outcomes are viewed as the efficient work of impersonal markets, moral concerns for equity are put on the defensive). I think Abend might have described a convincing moral foundation in Chapter 6, perhaps by linking the Standards school to antecedents such as Benjamin Franklin (briefly noted in Chapter 2), and to ideas that were abroad in economics. Abend, I think, has a good concept, and is at least partially successful.
books  reviews  18thC  19thC  20thC  US_history  business-ethics  norms  norms-business  morality-conventional  morality-Christian  utilitarianism  Franklin_Ben  economic_theory  economic_sociology  economic_culture  education-higher  professionalization  managerialism  self-interest  self-regulation  lobbying  business-and-politics  business_practices  business_schools  business_influence  market_fundamentalism  invisible_hand  efficiency  cultural_history  fairness  elites  EF-add 
january 2015 by dunnettreader
Lorena S. Walsh, review - Nuala Zahedieh, The Capital and the Colonies: London and the Atlantic Economy, 1660-1700 (2010) | EH.net Review - Feb 2011
Zahedieh finds increasing concentration of plantation commerce among large merchants specializing in particular commodities and regions in the 1680s, when falling commodity prices and increased taxes eroded profit margins and drove out small traders. Colonial merchants seldom invested in overseas property, but made a massive contribution to expansion of empire in the form of short-term credit extended to settlers. The larger operators accumulated enough capital to diversify investment into shipbuilding, slave-trading, joint-stocks, insurance, wharves, industry, landed property, loans, and public credit. This decade was a turning point, as merchant concentration and specialization led to improved productivity, economies of scale, and reduced costs. (..) attempts of the later Stuarts to corner the profits of empire by restricting free trade among Englishmen as having limited success. (..) she sees the effect of the Glorious Revolution, not as leading to an economically optimal political arrangement, but as consolidating the capacity of the transatlantic trading elite to enforce regulation in its own interests and enhance the value and scale of rent-seeking enterprises at the expense of competition and efficiency, leading to a period of slower growth in colonial trade and shipping at the end of the century. Unlike trade with Europe, colonial commerce required an unusually large fixed capital investment in the greater tonnage needed to transport large volumes of bulky goods over long distances. (..) English- and plantation-built ships were better suited to most colonial commerce than were Dutch (..) it was long-distance commerce, rather than the protection of the Navigation Acts, that revived the English shipbuilding industry. By 1700 plantation shipping accounted for 40% of London's overseas trading capacity. (..) increased education among mariners (..) managerial skills, (..) navigational instruments. (..) London's prosperity by stimulating the construction of wharfs and warehouses, (.) naval refitting, repair, and provisioning trades. Although technology and unit input costs were fairly stable across the period, increased volumes and growing experience with colonial conditions led to organizational improvements which made more efficient use of inputs. - page encoding a mess on Note - try to save page or copy to EF in Air
books  bookshelf  reviews  17thC  economic_history  British_history  British_Empire  London  colonialism  North-Weingast  American_colonies  West_Indies  trade  trade-policy  shipping  Navigation_Acts  1680s  1690s  entrepôts  economic_growth  economic_culture  Charles_II  James_II  Atlantic  capital  investment  trade_finance  Dutch  education-training  Glorious_Revolution  Whigs  Whig_Junto  City_politics  infrastructure  ports  technology  navigation  interlopers  regulatory_capture  commodities  EF-add 
january 2015 by dunnettreader
Ron Harris - (pdf) The Institutional Dynamics of Early Modern Eurasian Trade: The Commenda and the Corporation
The focus of this article is on legal-economic institutions that organized early- modern Eurasian trade. It identifies two such institutions that had divergent dispersion patterns, the corporation and the commenda. The corporation ended up as a uniquely European institution that did not migrate until the era of European colonization. The commenda that originated in Arabia migrated all the way to Western Europe and to China. The article explains their divergent dispersion based on differences in their institutional and geographical environments and on dynamic factors. It claims that institutional analysis errs when it ignores migration of institutions. It provides building blocks for the modeling of institutional migration. -- via Dick Langlois at organizationsandmarkets.com presented at Nov 2014 conference put together by Business History program at Harvard Business School, on the History of Law and Business Enterprise -- downloaded to iPhone
paper  downloaded  economic_history  institutional_economics  legal_history  medieval_history  firms-structure  firms-theory  trade  colonialism  Europe-Early_Modern  China  India  MENA  Islamic_law  business_practices  risk_management  economic_culture  cultural_influence  trade-cultural_transmission  corporate_law  business_history  comparative_economics  Eurasia  business  organizations 
january 2015 by dunnettreader
Geoffrey Jones (HBS Working Papers 2013) - Debating the Responsibility of Capitalism in Historical and Global Perspective
This working paper examines the evolution of concepts of the responsibility of business in a historical and global perspective. It shows that from the nineteenth century American, European, Japanese, Indian and other business leaders discussed the responsibilities of business beyond making profits, although until recently such views have not been mainstream. There was also a wide variation concerning the nature of this responsibility. This paper argues that four factors drove such beliefs: spirituality; self-interest; fears of government intervention; and the belief that governments were incapable of addressing major social issues.

Keywords: Rachel Carson; Sustainability; Local Food; Operations Management; Supply Chain; Business And Society; Business Ethics; Business History; Corporate Philanthropy; Corporate Social Responsibility; Corporate Social Responsibility And Impact; Environmentalism; Environmental Entrepreneurship; Environmental And Social Sustainability; Ethics; Globalization; History; Religion; Consumer Products Industry; Chemical Industry; Beauty and Cosmetics Industry; Energy Industry; Food and Beverage Industry; Forest Products Industry; Green Technology Industry; Manufacturing Industry; Asia; Europe; Latin America; Middle East; North and Central America; Africa
paper  downloaded  economic_history  business_history  imperialism  US  British_Empire  France  Germany  Japan  Spain  Dutch  Latin_America  Ottoman_Empire  India  18thC  19thC  20thC  corporate_citizenship  corporate_governance  business  busisness-ethics  business-and-politics  common_good  communitarian  environment  labor  patriarchy  paternalism  labor_standards  regulation  product_safety  inequality  comparative_economics  capital_as_power  capitalism  CSR  political_economy  economic_culture  economic_sociology  self-interest  ideology 
january 2015 by dunnettreader
Ashraf & Galor - The 'Out of Africa' Hypothesis, Human Genetic Diversity, and Comparative Economic Development | from American Economic Review 2013
This research advances and empirically establishes the hypothesis that, in the course of the prehistoric exodus of Homo sapiens out of Africa, variation in migratory distance to various settlements across the globe affected genetic diversity and has had a persistent hump-shaped effect on comparative economic development, reflecting the trade-off between the beneficial and the detrimental effects of diversity on productivity. While the diversity of Native American populations and the high diversity of African populations have been detrimental for the development of these regions, the intermediate levels of diversity associated with European and Asian populations have been conducive for development. - dowmloaded to iPhone zip file
economic_culture  development  economic_growth  demography  genetics  diversity-genetic  migration  deep_history  downloaded 
january 2015 by dunnettreader
Marc BELISSA - REPENSER L'ORDRE EUROPÉEN (1795-1802). DE LA SOCIÉTÉ DES ROIS AUX DROITS DES NATIONS | JSTOR: Annales historiques de la Révolution française, No. 343 (Janvier/Mars 2006), pp. 163-166
Brief summary of thesis defended 2005, l'Université Paris I Sorbonne - surprise, surprise, Lucien Bély on his committee with the notion of the 18thC as the last stage of the société des princes and the French Revolution forcing the end of the dynastic wars -- though focus is on the period of the Directoire and Napoleon up through Amiens, he places it in the context of the European dynastic system as structured by the Peace of Utrecht -- highlights an interdisciplinary approach -- downloaded pdf to Note
article  jstor  thesis  18thC  1790s  1800s  Europe  Europe-19thC  balance_of_power  French_Revolution  IR  IR_theory  Westphalia  sovereignty  dynasties  nation-state  diplomatic_history  political_culture  counter-revolution  Jacobins  republicanism  Europe-federalism  Peace_of_Utrecht  société_des_princes  national_interest  intellectual_history  political_philosophy  France  French_politics  French_Revolutionary_Wars  Directoire  monarchy  social_order  legal_system  international_law  international_system  natural_law  citizenship  subjects  property  elites  political_economy  economic_culture  political_participation  downloaded  EF-add 
january 2015 by dunnettreader
Richard Andrew Berman - The Architects of Eighteenth Century English Freemasonry, 1720 - 1740 (2010 thesis) | University of Exeter
Advisors: Black, Jeremy & Goodrick-Clarke, Nicholas -- Date Issued: 2010-09-22 --
URI: http://hdl.handle.net/10036/2999 -- Following the appointment of its first aristocratic Grand Masters in the 1720s and in the wake of its connections to the scientific Enlightenment, ‘Free and Accepted’ Masonry rapidly became part of Britain’s national profile and the largest and arguably the most influential of Britain’s extensive clubs and societies. (..) Freemasonry became a vehicle for the expression and transmission of the political and religious views of those at its centre, and for the scientific Enlightenment concepts that they championed. The ‘Craft’ also offered a channel through which many sought to realise personal aspirations: social, intellectual and financial. Through an examination of relevant primary and secondary documentary evidence, this thesis seeks to contribute to a broader understanding of contemporary English political and social culture, and to explore the manner in which Freemasonry became a mechanism that promoted the interests of the Hanoverian establishment and connected and bound a number of élite metropolitan and provincial figures. A range of networks centred on the aristocracy, parliament, the magistracy and the learned and professional societies are studied, and key individuals instrumental in spreading and consolidating the Masonic message identified. The thesis also explores the role of Freemasonry in the development of the scientific Enlightenment. The evidence suggests that Freemasonry should be recognised not only as the most prominent of the many 18thC fraternal organisations, but also as a significant cultural vector and a compelling component of the social, economic, scientific and political transformation then in progress. -- downloaded pdf to Note
thesis  18thC  1720s  1730s  1740s  Walpole  Whigs-oligarchy  British_history  British_politics  Enlightenment  science-public  Scientific_Revolution  science-and-politics  Freemasonry  cultural_history  intellectual_history  networks-social  networks-political  networks-business  sociology_of_science_&_technology  elites  aristocracy  Parliament  MPs  political_nation  economic_sociology  economic_culture  commerce-doux  finance_capital  banking  capital_markets  capital_as_power  history_of_science  historical_sociology  historical_change  center-periphery  provinces  clubs  social_capital  judiciary  professions  professionalization  religious_culture  science-and-religion  latitudinarian  natural_religion  Newtonian  bibliography  downloaded  EF-add 
january 2015 by dunnettreader
Clement Fatovic - Reason and Experience in Alexander Hamilton’s Science of Politics | JSTOR: American Political Thought, Vol. 2, No. 1 (Spring 2013), pp. 1-30
Alexander Hamilton is often described as an enterprising modernist who promoted forward-looking reforms that broke with established institutions and ideas. However, the scale and apparent novelty of his reforms have tended to obscure the extent to which those innovations were rooted in a belief that knowledge and practice must be guided by “experience.” This article argues that even Hamilton’s most far-reaching reforms were grounded in a Humean understanding of the limits of rationality in explaining and controlling the world. Hamilton’s agreement with David Hume on the epistemic authority of experience helps explain his positions on constitutional design, executive power, democratic politics, public opinion, and other important political issues. Moreover, the epistemological underpinnings of Hamilton’s political thought are significant because they suggest that a “science of politics” grounded in experience can avoid some of the dangers associated with more rationalistic approaches yet still be quite open to significant innovation in politics. - as much or more Hume's various essays as Hamilton
article  jstor  intellectual_history  political_philosophy  moral_philosophy  18thC  British_history  British_politics  US_history  US_constitution  US_politics  US_economy  political_economy  political_culture  economic_culture  epistemology  epistemology-social  US_government  public_opinion  public_finance  democracy  republicanism  republics-Ancient_v_Modern  fiscal-military_state  sovereign_debt  Hume  Hume-politics  Hamilton  Founders  Early_Republic  bibliography  downloaded  EF-add 
january 2015 by dunnettreader
Jocelyn Pixley, G.C. Harcourt eds. - Financial crises and the nature of capitalist money: Mutual developments from the work of Geoffrey Ingham (2013) | Palgrave Macmillan
This volume is a debate about a sociology and economics of money: a form of positive trespassing (..) written by scholars of both disciplines (..) starting from the original groundwork laid by Geoffrey Ingham. The contributors look critically at money's institutions and the meanings and history of money-creation and show the cross cutting purposes or incommensurable sides of money and its crises. (...) since money is a promise, understanding this social relation must be a joint though plural task between economics and sociology at the very least. **--** Preface; R. Swedeberg *-* 1. Introduction to Positive Trespassing'; J. F. Pixley and G. C. Harcourt *-* 2. Requirements of a Philosophy of Money and Finance; J. Smithin *-* 3. Ingham and Keynes on the Nature of Money; M. Hayes *-* 4. Money: Instrument of Exchange or Social Institution of Value? A. Orlean and C. Goodhart *-* 5. A New Meme for Money, R. Wray *-* 6. Monetary Surrogates and Money's Dual Nature; D. Woodruff *-* 7. Reforming Money to Exit the Crisis: Examples of Non-capitalist Monetary Systems in Theory and Practice; L. Fantacci *-* 8. The Current Banking Crisis in the UK: an Evolutionary View; V. Chick *-* 9. Money and the State; M. Sawyer *-* 10. The Real (Social) Experience of Monetary Policy; S. Dow *-* 11. Economic Policies of the New Consensus Macroeconomics: A Critical Appraisal; P. Arestis *-* 12. A Socio-economic Systems Model of the 2007+ Global Financial Crisis; T.R. Burns, A. Martinelli and P. Deville *-* 13. Credit Money, Fiat Money and Currency Pyramids: Critical Reflections on the Financial Crisis and Sovereign Debt, B. Jessop *-* 14. Geoffrey Ingham's Theory, Money's Conflicts and Social Change; J. Pixley *-* 15. Reflections on the Two Disciplines' Mutual Work; G. Ingham
books  social_theory  economic_theory  social_sciences  disciplines  money  economic_sociology  economic_culture  macroeconomics  financial_economics  financial_system  banking  financial_crisis  sovereign_debt  monetary_theory  money-Cartelist  money_supply  monetarism  monetary_policy  central_banks  financial_innovation 
november 2014 by dunnettreader
ECONOMICS AS SOCIAL THEORY - Routledge Series edited by Tony Lawson - Titles List
Social theory is experiencing something of a revival within economics. Critical analyses of the particular nature of the subject matter of social studies and of the types of method, categories and modes of explanation that can legitimately be endorsed for the scientific study of social objects, are re-emerging. Economists are again addressing such issues as the relationship between agency and structure, between the economy and the rest of society, and between inquirer and the object of inquiry. There is renewed interest in elaborating basic categories such as causation, competition, culture, discrimination,evolution, money, need, order, organisation, power, probability, process, rationality, technology, time, truth, uncertainty and value, etc. The objective for this series is to facilitate this revival further. In contemporary economics the label `theory' has been appropriated by a group that confines itself to largely a-social, a-historical, mathematical `modelling'. Economics as Social Theory thus reclaims the `theory' label, offering a platform for alternative, rigorous, but broader and more critical conceptions of theorising.
books  social_theory  economic_theory  social_sciences  intellectual_history  political_economy  causation-social  economic_sociology  economic_culture  rationality-economics  rational_choice  rationality-bounded  rational_expectations  critical_realism  evolution-social  history_of_science  historical_sociology  agency-structure  power  power-asymmetric  business-and-politics  capitalism  capital_as_power  Marxist  Post-Keynesian  epistemology  epistemology-social  conventions  social_order  civil_society  public_policy  public_goods  anarchism  competition  financialization  development  economic_growth 
october 2014 by dunnettreader
Hyeng-Joon Park - Korea’s Post-1997 Restructuring: An Analysis of Capital as Power | forthcoming in Review of Radical Political Economics (2015) pp. 1-44 | bnarchives
This paper aims to transcend current debates on Korea’s post-1997 restructuring, which rely on a dichotomy between domestic industrial capital and foreign financial capital, by adopting Nitzan and Bichler’s capital-as-power perspective. Based on this approach, the paper analyzes Korea’s recent political economic restructuring as the latest phase in the evolution of capitalist power and its transformative regimes of capital accumulation. -- Keywords: differential accumulation dominant capital chaebols transnationalization strategic sabotage -- Subjects: BN State & Government, BN Institutions, BN Power, BN International & Global, BN Region - Asia, BN Business Enterprise, BN Value & Price, BN Crisis, BN Production, BN Conflict & Violence, BN Money & Finance, BN Distribution, BN Comparative, BN Capital & Accumulation, BN Policy, BN Class, BN Labour, BN Growth -- downloaded from author's blog to Note
article  international_political_economy  capital_as_power  globalization  Korea  East_Asia  20thC  21stC  economic_history  1990s  2000s  2010s  Asian_crisis  Asia_Pacific  international_finance  FDI  finance_capital  financialization  emerging_markets  oligopoly  chaebols  crony_capitalism  industry  production  capitalism  capitalism-systemic_crisis  capitalization  accumulation  distribution-income  distribution-wealth  cross-border  trade  productivity-labor_share  class_conflict  labor_share  Labor_markets  unions  violence  economic_growth  sabotage-by_business  business-and-politics  business-norms  power-asymmetric  public_policy  public_goods  corporate_finance  corporate_ownership  investment  banking  political_culture  economic_culture  economic_reform  economic_policy  democracy  opposition  downloaded  EF-add 
october 2014 by dunnettreader
Bichler, Shimshon and Nitzan, Jonathan - Nonlinearities of the Sabotage-Redistribution Process - Working Paper May 2014 | bnarchives
The relationship between sabotage and redistribution is inherently nonlinear. This research note illustrates aspects of this nolinearity in the case of the United States. 5 pages - Web page has links to small Excel sheet and 5 jpegs of the graphs. -- Keywords: sabotage redistribution United States-- Subjects: BN Conflict & Violence, BN Data & Statistics, BN Methodology, BN Resistance, BN Power, BN Region - North America, BN Capital & Accumulation, BN Business Enterprise -- downloaded pdf to Note
paper  data  capital_as_power  US_economy  political_economy  political_culture  economic_culture  business-and-politics  corporations  profit  distribution-income  labor_share  oligopoly  MNCs  military-industrial_complex  financial_system  finance_capital  financialization  accumulation  capitalism  capitalism-systemic_crisis  elites-self-destructive  inequality  neoliberalism  public_goods  sabotage-by_business  privatization  power-asymmetric  downloaded  EF-add 
october 2014 by dunnettreader
Bichler, Shimshon and Nitzan, Jonathan - The Asymptotes of Power - Real-World Economics Review. No. 60. June 2012. pp. 18-53 | bnarchives
Article workup of earlier conference paper -- This is the latest in a series of articles we have been writing on the current crisis. The purpose of our previous papers was to characterize the crisis. We claimed that it was a 'systemic crisis', and that capitalists were gripped by 'systemic fear'. In this article, we seek to explain why. The problem that capitalists face today, we argue, is not that their power has withered, but, on the contrary, that their power has increased. Indeed, not only has their power increased, it has increased by so much that it might be approaching its asymptote. And since capitalists look not backward to the past but forward to the future, they have good reason to fear that, from now on, the most likely trajectory of this power will be not up, but down. The paper begins by setting up our general framework and key concepts. It continues with a step-by-step deconstruction of key power processes in the United States, attempting to assess how close these processes are to their asymptotes. And it concludes with brief observations about what may lie ahead. -- Keywords: capitalization distribution power, systemic crisis -- Subjects: BN Money & Finance, BN Conflict & Violence, BN Distribution, BN Resistance, BN Power, BN Region - North America, BN Business Enterprise, BN Capital & Accumulation, BN Value & Price, BN Class, BN Crisis -- downloaded pdf to Note, also Excel data sheet
article  international_political_economy  capital_as_power  financial_system  international_finance  global_economy  global_system  ruling_class  transnational_elites  elite_culture  elites-self-destructive  globalization  power-asymmetric  Great_Recession  financial_crisis  finance_capital  financialization  distribution-income  distribution-wealth  profit  labor_share  risk-systemic  inequality  plutocracy  1-percent  conflict  violence  class_conflict  neoliberalism  corporate_citizenship  systems-complex_adaptive  systems_theory  grassroots  opposition  democracy  democracy_deficit  accumulation  capitalization  US_politics  US_economy  political_economy  political_culture  economic_culture  elites  rebellion  failed_states  property_rights  business-and-politics  business-norms  economic_growth  fear  data  capitalism-systemic_crisis  downloaded  EF-add 
october 2014 by dunnettreader
Neil Davidson - Discovering The Scottish Revolution 1692-1746 (2003) 400 pages : pbk 9780745320533: Amazon.com: Books
This major new work of historical scholarship offers a groundbreaking reassessment of Scottish politics and society in the late seventeenth and early eighteenth century that is set to become a standard work on the subject. Neil Davidson argues that Scotland experienced a revolution during this period that has rarely been recognised in the existing historiography. Davidson explores the political and economic changes of these years, revealing how social and economic power was transferred from one class to another. He describes how Scotland was transformed from a backward and feudal economy to a new centre of emergent capitalism. He traces the economic and social crisis that led to Scotland's incorporation into the Union in 1707, but argues that the Union did not lead to the transformation of Scottish society. The decisive period was instead the aftermath of the last Jacobite revolt in 1746, whose failure was integral to the survival and consolidation of British, and ultimately global capitalism. 'His opinions are bound to cause controversy and discussion . . . a good thing as Scottish history desperately needs the airing and voicing of new approaches.' John R Young, Albion. 'What is so good about Neil Davidson's brave study is that he brings a Marxist perspective to bear on Scottish history in very clear and readable prose. Quotations and statistics drawn from uncannily wide reading will make this book of great value even to those who disagree with it.' Angus Calder, author of Revolutionary Empire and Revolving Culture: Notes from the Scottish Republic -- not on kindle
books  amazon.com  find  17thC  18thC  Scotland  British_history  Glorious_Revolution-Scotland  1707_Union  landed_interest  aristocracy  feudalism  capitalism  political_economy  political_culture  economic_culture  1745_rebellion  Marxist  change-social  social_order  revolutions  bourgeoisie  Scottish_Enlightenment  Scottish_politics 
september 2014 by dunnettreader
David H. Ciscel - The Living Wage Movement: Building a Political Link from Market Wages to Social Institutions | JSTOR: Journal of Economic Issues, Vol. 34, No. 2 (Jun., 2000), pp. 527-535
Plus çà change - even in the good times of the 1990s boom, low wages were not keeping up with maintaining minimum living standards without supplemental government assistance -- Looks at attempts in late 1990s to build political pressure for an increased minimum wage - already the low end service sector was seeing growing between their stagnant wages and growing GNP, with gains going to upper cohorts. Special issues already including (1) service sector jobs with lots of women, so degraded status, (2) outsourcing of jobs that would have been low end civil service, reducing both pay and benefits plus job security. Gives a history of the periodic movements for defining minimum wage levels to incorporate the costs of reproducing the labor force, from health care, child care, nutrition etc. Early 20thC movement was for a "family wage" pushed by unions, but problems for feminists that the focus on family defined women's roles in the home as part of determining what employment should produce as base compensation for maintaining the family, with women's work uncompensated. Short article, didn't download
article  jstor  economic_history  political_economy  economic_culture  US_economy  20thC  Progressive_Era  1990s  wages  wages-minimum  women-work  feminism  feminist_economics  unions  inequality  Democrats  productivity-labor_share  gender_gap  alliances-political  movements-political  US_politics  poor-working  poverty 
september 2014 by dunnettreader
Frédérique Six, Bart Nooteboom and Adriaan Hoogendoorn - Actions that Build Interpersonal Trust: A Relational Signalling Perspective | JSTOR: Review of Social Economy, Vol. 68, No. 3 (SEPTEMBER 2010), pp. 285-315
A priority in trust research is to deepen our understanding of trust processes: how does trust develop and break down? This requires further understanding of what actions have what effects on trust in interpersonal interactions. The literature offers a range of actions that have effects on trust, but gives little explanation of why they do so, and how the actions "hang together" in their effects on trust. The question is what different classes of trust building actions there may be. Using a "relational signalling" perspective, we propose hypotheses for classes of action that trigger the attribution of mental frames (by the trustor to the trustee), and trigger the adoption of those frames by the trustor. A survey-based empirical test of trust building actions among 449 managers in 14 European countries confirms the hypotheses. -- didn't download
article  jstor  economic_culture  trust  economic_sociology 
september 2014 by dunnettreader
Stephen Nash and Liza Rybak - On Logical Difficulties, Philosophy, and the T.C.E. Explanation of the Firm | JSTOR: Review of Social Economy, Vol. 68, No. 3 (SEPTEMBER 2010), pp. 339-363
By exploring the implications of the linkage between Knight and Pragmatism, some non-trivial implications can be argued to exist. Specifically, section 2 outlines the T. C. E. literature, and how it exists in an atmosphere mixed with Marshallian competition and Knightian uncertainty. Section 3 then considers the disparate philosophical positions behind the work of Knight and Marshall. Knight's critique of Marshall is seminal, not because of any trivial technical innovations that Knight may have inspired within economic theory, but because Knight grounds his work on a philosophical viewpoint that effectively devastated Hegelian philosophy: American Pragmatism. Section 4 then links together the previous two sections by considering how the T. C. E. literature exhibits a dependency on both Pragmatism and Hegelian philosophy. The non-trivial implications of understanding the T. C. E. literature as a branch of Marshallian economics, which recognises Knightian uncertainty, are developed in section 5. Possible conclusions and a summary of the argument are provided in section 6. -- over 100 references from Kant through the pragmatists, Knight and 20thC economics, variants of neoclassical, and empirical evidence including probability and uncertainty in econometrics with heavy emphasis on theories of the firm, transaction cost analysis, Coase and Williamson, markets and hierarchies-- downloaded pdf to Note
article  jstor  intellectual_history  19thC  20thC  economic_theory  economic_models  macroeconomics  neoclassical_economics  econometrics  probability  risk  certainty  uncertainty  Kant  Hegel  Hegelian  Marshall  transaction_costs  markets  markets-structure  firms-theory  organizations  hierarchy  management  Knight  Coase  Williamson_O  pragmatism  Peirce  Dewey  economic_sociology  economic_culture  evolution-social  competition  bibliography  downloaded  EF-add 
september 2014 by dunnettreader
Asad Zaman - Normative Foundations of Scarcity | WEA Pedagogy Blog - September 2014
In my paper of this name (Real-World Economics Review, no. 61, September 2012) I show that the apparently objective concept of scarcity is built on THREE normative assumptions - contra the conventional assertion that economics is a POSITIVE study of facts of our economic existence, and does not involve value judgement. The three normative pillars on which scarcity stands as the fundamental principle of economics are: ONE: Private Property - If there is a cultural norm of sharing public resources, then the issue of scarcity would not arise (or at least, would be much less frequent). In conventional economics, the Pareto principle embodies the normative idea that the right to property takes precedence over the right to life. If a poor man is starving, the rich man is NOT obligated to provide for him. -- TWO: Consumer Sovereignty - Economists argue the we SHOULD not question consumer preferences as to where they come from and whether they are legitimate. Also, economists argue that we SHOULD design an economic system which fulfills ALL preferences (to the extent possible). The noxious NORMATIVE idea that the right of the super-rich to private jets trumps the right of the poor hungry child to bread is what leads to scarcity becoming the foundation of economics. -- THREE: WELFARE Lies in fulfillment of desires - Again this is a normative judgment about the purpose of life, which is taken to be fulfillment of desires. The normative preference of the economists for the homo economicus model creates an unhappy and lonely society, for those who buy into these assumptions. Abandoning these hidden normative commitments of economics, by allowing for more public spaces and common property, creating norms of social responsiblity, and encouraging simple lifestyles would remove scarcity as the central economic problem. QUOTE FROM FDR: “But while they prate of economic laws, men and women are starving. We must lay hold of the fact that economic laws are not made by nature. They are made by human beings. “
paper  philosophy_of_social_science  values  positivism  economic_theory  scarcity  economic_culture  property  Pareto_principle  utility  rationality-economics  normativity 
september 2014 by dunnettreader
Roger Cohen - Truths of a French Village - NYTimes.com - September 2014
A few weeks ago I was in France, where I’ve owned a village house for almost 20 years that I am now planning to sell. A real estate agent had taken a look at the property and we had made an appointment to discuss how to proceed. She swept into the kitchen, a bundle of energy and conviction, with an impassioned appeal: “Monsieur Cohen, whatever you do, you must on no account sell this house!” I gazed at her, a little incredulous. “You cannot sell it. This is a family home. You know it the moment you step in. You sense it in the walls. You breathe it in every room. You feel it in your bones. This is a house you must keep for your children. I will help you sell it if you insist, but my advice is not to sell. You would be making a mistake.” This was, shall we say, a cultural moment, one of those times when a door opens and you gaze, if not into the soul of a country, at least into territory that is distinct and deep and almost certainly has greater meaning than the headlines and statistics that are supposed to capture the state of a nation,
economic_culture  efficiency  values  globalization 
september 2014 by dunnettreader
David Fields - NAKED KEYNESIANISM: Ben Fine on the Material Culture of Financialisation
A FESSUD Working paper by Ben Fine. -- From the abstract: -- The purpose of this paper is threefold. First is to comment upon the nature of financialisation. Second is to frame how this leads financialisation to be understood whether consciously or otherwise. And, third, is to draw out implications for surveying households as their experiences and understandings of, and reactions to, financialisation without specifically designing a questionnaire itself for this purpose. As should already be apparent, underpinning this contribution is the presumption that financialisation is a characteristic of contemporary capitalism (and that the term is also an appropriate category for representing this characteristic). The material culture of financialisation is addressed by drawing upon the 10 Cs approach that was developed for the study of consumption, highlighting how it is Constructed, Construed, Commodified, Conforming, Contextual, Contradictory, Closed, Contested, Collective, and Chaotic. - downloaded pdf to Note
economic_culture  financialization  social_theory  consumers  finance_capital  downloaded  EF-add 
september 2014 by dunnettreader
Capitalist Revolutionary — Roger E. Backhouse, Bradley W. Bateman | Harvard University Press
The Great Recession of 2008 restored John Maynard Keynes to prominence. After decades when the Keynesian revolution seemed to have been forgotten, the great British theorist was suddenly everywhere. The NYT asked, “What would Keynes have done?” The FT wrote of “the undeniable shift to Keynes.” Le Monde pronounced the economic collapse Keynes’s “revenge.” Two years later, following bank bailouts and Tea Party fundamentalism, Keynesian principles once again seemed misguided or irrelevant to a public focused on ballooning budget deficits. In this readable account, Backhouse and Bateman elaborate the misinformation and caricature that have led to Keynes’s repeated resurrection and interment since his death in 1946. Keynes’s engagement with social and moral philosophy and his membership in the Bloomsbury Group of artists and writers helped to shape his manner of theorizing. Though trained as a mathematician, he designed models based on how specific kinds of people (such as investors and consumers) actually behave—an approach that runs counter to the idealized agents favored by economists at the end of the century. Keynes wanted to create a revolution in the way the world thought about economic problems, but he was more open-minded about capitalism than is commonly believed. He saw capitalism as essential to a society’s well-being but also morally flawed, and he sought a corrective for its main defect: the failure to stabilize investment. Keynes’s nuanced views, the authors suggest, offer an alternative to the polarized rhetoric often evoked by the word “capitalism” in today’s political debates.
books  kindle-available  intellectual_history  20thC  entre_deux_guerres  economic_theory  macroeconomics  Great_Depression  gold_standard  public_finance  unemployment  capitalism  moral_philosophy  political_economy  economic_culture  economic_reform  economic_policy  probability  behavioral_economics  microfoundations  neoclassical_economics  Keynes  Keynesianism  Great_Recession  investment 
september 2014 by dunnettreader
Zephyr Teachout, Lina Khan - Market Structure and Political Law: A Taxonomy of Power :: SSRN September 7, 2014
Zephyr Teachout, Fordham University School of Law -- Lina Khan, Yale University - Law School -- Duke Journal of Constitutional Law & Public Policy, Forthcoming. **--** The goal of this Article is to create a way of seeing how market structure is innately political. It provides a taxonomy of ways in which large companies frequently exercise powers that possess the character of governance. Broadly, these exercises of power map onto three bodies of activity we generally assign to government: to set policy, to regulate markets, and to tax. We add a fourth category — which we call "dominance," after Brandeis — as a kind of catchall describing the other political impacts. The activities we outline will not always fit neatly into these categories, nor do all companies engage in all of these levels of power — that is not the point. The point is that Bank of America and Exxon govern our lives in a way that, say, the local ice cream store in your hometown does not. Explicitly understanding the power these companies wield as a form of political power expands the range of legal tools we should consider when setting policy around them. - Number of Pages in PDF File: 38 - Keywords: antitrust
paper  SSRN  political_economy  economic_culture  big_business  antitrust  regulation  power-asymmetric  legal_system  consumers  governance  governmentality  corporate_citizenship  consumer_protection  concentration-industry  dispute_resolution  downloaded  EF-add 
september 2014 by dunnettreader
Rostam J. Neuwirth - The Creative Industries as a New Paradigm for Business and Law: Of 'Smart Phones' and 'Smarter Regulation' :: SSRN June 13, 2014
University of Macau - Faculty of Law, E32 -- Fourth Biennial Global conference of the Society of International Economic Law (SIEL) Working Paper No. 2014/05. **--** From a macroeconomic perspective, the historical evolution of trade and commerce has been closely entangled in a two-way or paradoxical relationship with the evolution of laws, where one is inextricably linked to the other and both mutually influence each other. At the microeconomic level, the same can be said about the relationship between businesses or industries and their underlying technologies. Recent changes, and notably the accelerated pace by which we recognize change, has led to a widespread trend of “convergence”. Convergence has been recognised in different contexts, namely in languages, technologies, and industries as well as regulatory matters. The objective of this article is thus to first trace and describe convergence from a linguistic, technological and industrial perspective. Subsequently, in order to ponder the future regulatory challenges in the regulation of global trade under the aegis of the World Trade Organization (WTO), it will focus on the question of whether technological and industrial convergence should be met by a similar trend towards regulatory convergence through regulatory harmonisation. Put differently, it will critically evaluate the present situation of regulatory divergence in the form of regulatory diversity and regulatory competition with a view of contributing to the debate of improving global trade regulation in the 21st century. - Number of Pages: 21 -- didn't download
paper  SSRN  international_law  international_economics  law-and-economics  international_political_economy  global_governance  WTO  regulation  administrative_agencies  administrative_law  technocracy  accountability  public_policy  legal_culture  regulation-harmonization  technology  technology_transfer  economic_culture  creative_economy  political_participation  globalization  global_system  manufacturing  production  change-social  EF-add 
september 2014 by dunnettreader
Matias Vernengo - NAKED KEYNESIANISM: Institutions, what institutions? - September 2014
Nice breakdown of theorists of causes of development and underdevelopment and problems of trying to catch up -- So if you believe most heterodox economists institutions are relevant, but not primarily those associated to the supply side; the ones linked to the demand side, in Keynesian fashion are more important than the mainstream admits. Poor countries that arrive late to the process of capitalist development cannot expand demand without limits since the imports of intermediary and capital goods cause recurrent balance of payments crises. The institutions that allow for the expansion of demand, including those that allow for higher wages to expand consumption and to avoid the external constraints, are and have been central to growth and development. The role of the State in creating and promoting the expansion of domestic markets, in the funding of research and development, and in reducing the barriers to balance of payments constraints, both by guarantying access to external markets (sometimes militarily, like in the Opium Wars) and reducing foreign access to domestic ones was crucial in the process of capitalist development. In this view, for example, what China did not have that England did, was not lack of secure property rights and the rule of law, but a rising bourgeoisie (capitalists) that had to compete to provide for a growing domestic market that had acquired a new taste (and hence explained expanding demand) for a set of new goods, like cotton goods from India, or china (porcelain) from… well China, as emphasized by economic historian Maxine Berg among others (for the role of consumption in the Industrial Revolution go here). Or simply put, China did not have a capitalist mode of production (for the concept of mode of production and capitalism go here). Again, I argued that Robert Allen’s view according to which high wages and cheap energy forced British producers to innovate to save labor, leading to technological innovation and growth, and the absence of those conditions in China led to stagnation is limited since it presupposes that firms adopt more productive technologies even without growing demand. -- see links
economic_history  economic_theory  economic_growth  17thC  18thC  19thC  20thC  development  emerging_markets  Latin_America  Great_Divergence  demand  consumer_demand  British_history  China  institutional_economics  institutional_change  institution-building  institutions  supply-side  demand-side  cultural_history  economic_culture  political_culture  industrialization  Industrial_Revolution  international_political_economy  international_monetary_system  balance_of_payments  state-building  rent-seeking  rentiers  commodities  links 
september 2014 by dunnettreader
Brad DeLong - The Four Big Valid Issues People Have with Thomas Piketty's Grand Argument: Friday Focus for June 27, 2014 (Brad DeLong's Grasping Reality...)
I think there are four big valid issues with Thomas Piketty's grand argument: [they're all pretty feeble or wishful thinking unfortunately - DeLong puts too heavy a weight on several of them, producing a guesstimate of 50:50 we will have Piketty world if things left on autopilot] -- see comments, especially Dan Kervick who once again challenges Piketty critics for not reading the last chapters (which don't readily translate into mainstream macro models, so their criticism is generally nonresponsive to Piketty’s historical data and explanations)
Piketty  economic_history  economic_theory  economic_models  capital  wealth  profit  savings  charity  1-percent  economic_culture  status  elite_culture  inequality  political_culture  political_economy  moral_economy  capitalism 
june 2014 by dunnettreader
Claire Judde de Larivière - The 'Public' and the 'Private' in 16thC Venice: From Medieval Economy to Early Modern State | JSTOR: Historical Social Research / Historische Sozialforschung, Vol. 37, No. 4 (142) (2012), pp. 76-94
This article analyses the Venetian public galleys' expeditions during the sixteenth century, as a case study for understanding the relationships between patricians and the State, and the way in which the 'public' and the 'private' roles were reorganized in the late Middle Ages. Going further the explanations usually given, the article tries to explain the decline of the public galleys, and emphasizes the symbolic, cultural, political and ideological factors that had also led to the abandonment of public navigation. It seeks to reintegrate economic considerations, practices, actions and actors into their social, political and ideological contexts, and thus avoids isolating economic phenomena and economic thinking from their political background. Doing so, it argues that the abandonment of public navigation in Venice was the corollary of the gradual differentiation between the State and the ruling class that was typical of the earliest stages of modernity. -- interesting bibliography ranging from Frederic Lane to Craig Muldrew -- downloaded pdf to Note
article  jstor  economic_history  16thC  Venice  shipping  public_goods  public_enterprise  private_enterprise  elites  stratification  privatization  capitalism  imperialism  political_culture  economic_culture  elite_culture  political_economy  Renaissance  modernity-emergence  social_order  public_finance  financial_economics  financial_innovation  common_good  republicanism  republics-Ancient_v_Modern  mercantilism  empire-and_business  downloaded  EF-add 
june 2014 by dunnettreader
Bert De Munck - Conventions, the Great Transformation and Actor Network Theory | JSTOR: Historical Social Research / Historische Sozialforschung, Vol. 37, No. 4 (142) (2012), pp. 44-54
This article proceeds from the field of tension between the synchronical approach of the economics of convention and the diachronical approach of economic anthropology (in the tradition of Karl Polanyi). It is argued that the economics of convention remain problematic to historians in that they fail to capture the long term transformations traditionally referred to as the emergence of modernity and the coming about of homo economicus. As a possible solution, the use of concepts and insights from Actor Network Theory is proposed. While this cluster of theories enables an historical perspective without considering modernity as a natural process, it confronts changing relationships between subjects, objects and cultural systems of meaning head on. -- downloaded pdf to Note
article  jstor  economic_sociology  economic_culture  markets  conventions  regulation  structure  microfoundations  historical_sociology  modernity  capitalism  synchronic  dyachronic  anthropology  Polanyi_Karl  Actor_Network_Theory  downloaded  EF-add 
june 2014 by dunnettreader
Paolo Ramazzotti - Policymaking and Learning Actors, or Is a 'Double Movement' in Cognition Possible? | JSTOR: Journal of Economic Issues, Vol. 41, No. 3 (Sep., 2007), pp. 765-781
Focus is on Polanyi's theory of implications of widening split between economic and societal goals - posits market efficiency and prices etc functions as coordination mechanisms require broadly shared images of the political economy. Uses Simon's bounded rationality to examine how learning happens, why business is likely to have oversized influence on shared images, and that policy changes may require a commitment to influencing the learning process so alternatives to business images can be shared basis of action -- interesting bibliography of classic political economy and social theory. -- didn't download
article  jstor  political_economy  social_theory  rationality-economics  economic_culture  moral_economy  capitalism  political_culture  common_good  reform-economic  efficiency  public_policy  public_sphere  public_opinion  Polanyi_Karl 
june 2014 by dunnettreader
Issue devoted to 50th Anniversary of Robert Heilbroner's "The Worldly Philosophers" | JSTOR: Social Research, Vol. 71, No. 2, SUMMER 2004
Quite a roundup of contributors -- From Solow on methodology to Haack on philosophy of science and epistemology, Warren Samuels, Jamie Galbraith, and several papers on intellectual_history, including parallels with Polanyi
journal  jstor  intellectual_history  20thC  economic_history  economic_theory  economic_culture  capitalism  macroeconomics  social_sciences  epistemology  rationality-economics  institutional_economics  social_contract  markets  post-WWII  post-Cold_War  bibliography  EF-add 
june 2014 by dunnettreader
Abigail Swingen, review - Sheryllynne Haggerty. "Merely for Money"? Business Culture in the British Atlantic, 1750-1815 | H-Net Reviews
Haggerty demonstrates that successful merchants in the 18thC British Atlantic world operated in a culture that had socially constructed expectations for their behavior. Those who did not conform to that culture could find themselves left out of it altogether. This is most effectively demonstrated in her chapter on obligation. ...“obligation” did not simply reflect the necessity to pay off a debt. For some larger merchant houses, it meant not calling in debts too quickly especially at times of crisis -- 18thC merchants, although largely self-regulating, expected and desired a certain level of regulation and protection from the British state. This was especially true in terms of overseas and colonial trades. ...merchants felt that the state was “obligated” to protect them, considering the various ways they contributed to the imperial economy. --ultimately one questions how these crises, and the sophisticated ways the merchants responded to them, compared to earlier similar moments of upheaval. Overseas (especially colonial) merchants had formed lobbying groups, both informal and formal, since at least the late17thC, as the work of Alison Olson and Will Pettigrew demonstrates. Because there is little consideration of change over time, however, one does not get a clear sense of the overall significance of the period in question. -- one is left wondering about the broader implications of the ways in which merchants confronted and negotiated with the “formal” empire. The merchants were caught up in a transformative period in the transition to a global capitalist economy. -- high marks for archival work and applying Greif (new institutional_economics) and folks like Hobbit re business concepts
books  reviews  economic_history  18thC  19thC  British_history  British_politics  Atlantic  West_Indies  American_colonies  American_Revolution  slavery  merchants  mercantilism  protectionism  credit  creditors  trade-policy  trade_finance  British_Empire  British_foreign_policy  interest_groups  economic_culture  institutional_economics  obligation  business-and-politics  capitalism  globalization  global_economy  EF-add 
june 2014 by dunnettreader
Tom Leng, review - Brodie Waddell. God, Duty and Community in English Economic Life, 1660-1720 (2012) | H-Net Reviews April 2013
In his first book, Brodie Waddell seeks to bring the realm of culture to bear upon the economic life of late Stuart England. This period has tended to be subsumed within the story of how the “moral economy” was vanquished by the market in the 18thC, to the neglect of what Waddell sees as its distinctive econom -- a larger question for historians interested in reconciling the cultural and the economic: what do we do with the concept of “interest”? ...is there a danger of replacing the “undersocialized” caricature of “homo economicus” with economic actors that sociologists would describe as “oversocialized,” the passive bearers of internalized norms and values? Doubtless “religiously inspired archetypes ... left an indelible impression on the economic lives of ordinary people”, but we should not neglect the role of material self-advancement or preservation (and other forms of “acquisitive” behavior—the acquisition of reputation, for example) as a motive force in economic life. ...we need to find a place for “interest,” which, after all, was a concept with which early modern English people were very familiar. -- But a full picture of economic lives and cultures needs to consider the interaction of potentially rival values and those who bore them. And this links back to the changing economic context of the period. Increasing engagement in long-distance markets could encourage farmers or manufacturers to refashion their communal loyalties in a way that undermined neighborly commitments; participation in the emerging stock market might suggest a different scale of economic values to those recounted in this book. -- the volume of printed attacks on various forms of economic immorality might suggest that the confrontation of divergent moral economies was far from uncommon in the period. In which case, does the clash between the market and other moral economies, if not the moral economy, have some explanatory power still?
books  reviews  historiography  change-social  17thC  18thC  British_history  economic_history  economic_culture  interest_groups  community  patriarchy  religious_culture  religion-established  religious_lit  religious_belief  mercantilism  local_government  local_politics  elites  popular_culture  moral_economy  self-interest  EF-add 
june 2014 by dunnettreader
Michael Albertus and Victor Menaldo - Gaming Democracy: Elite Dominance during Transition and the Prospects for Redistribution | British Journal of Political Science - Cambridge Journals Online
Inequality and democracy are far more compatible empirically than social conflict theory predicts. This article speaks to this puzzle, identifying the scope conditions under which democratization induces greater redistribution. Because autocrats sometimes have incentives to expropriate economic elites, who lack reliable institutions to protect their rights, elites may prefer democracy to autocratic rule if they can impose roadblocks to redistribution under democracy ex ante. Using global panel data (1972–2008), this study finds that there is a relationship between democracy and redistribution only if elites are politically weak during a transition; for example, when there is revolutionary pressure. Redistribution is also greater if a democratic regime can avoid adopting and operating under a constitution written by outgoing elites and instead create a new constitution that redefines the political game. This finding holds across three different measures of redistribution and instrumental variables estimation. This article also documents the ways in which elites ‘bias’ democratic institutions.
article  paywall  political_science  political_economy  democracy  inequality  elites  redistribution  revolutions  transition_economies  property_rights  economic_culture  economic_reform  political_culture  institutional_change  North-Weingast  Glorious_Revolution  Whig_Junto  Whigs-oligarchy  EF-add 
june 2014 by dunnettreader
BofA Merrill Lynch Backs Piketty - Business Insider June 2014
Ajay Kapur and his team said this in a lengthy report titled, "Piketty and Plutonomy: The revenge of inequality," outlining the impacts of plutonomists, or the super rich, on investors. The skew toward the super-rich makes looking at averages an incomplete exercise: "When wealth and income are as concentrated as they are, and expected (a la Piketty) to get even more so, examining the 'average' consumer or 'average' investor makes little sense. Examining the fat tail – the behavior of the plutonomists, rather than that of the multitudinous many – is more advantageous to investors. Plutonomists determine and dominate spending and investment decisions and their magnitudes. Any analysis that does not tease out the skewed global income and wealth distribution, but focuses on the average is flawed from the start and is incomplete, as we step into its deeper extremes." "Economic and earnings surprises are linked to their behavior," they write. -- charts show the biggest wealth gains in US have been made mostly among the super rich. -- see Kapur papers from 2005 & 2006 on Plutonomy -- downloaded pdfs to Note
Piketty  US_economy  economic_history  economic_growth  economic_sociology  economic_culture  plutocracy  inequality  investment  investors  profit  finance_capital  wealth  downloaded  EF-add 
june 2014 by dunnettreader
Kathleen Biddick, The Shock of Medievalism (2012) eBook: Amazon.com
Biddick explores the 19thC foundations of medieval studies as an academic discipline as well as certain unexamined contemporary consequences of these origins. By pairing debates over current academic trends and issues with innovative readings of medieval texts, Biddick exposes the presuppositions of the field of medieval studies and significantly shifts the objects of its historical inquiry. Biddick describes how the discipline of medieval studies was defined by a process of isolation and exclusion—a process that not only ignored significant political and cultural issues of the 19thC but also removed the period from the forces of history itself. Wanting to separate themselves from popular studies of medieval culture, and valuing their own studies as scientific, 19thC academics created an exclusive discipline whose structure is consistently practiced today, despite the denials of most contemporary medieval scholars. Biddick supports her argument by discussing the unavowed melancholy that medieval Christians felt for Jews and by revealing the unintentional irony of nineteenth-century medievalists’ fabrication of sentimental objects of longing (such as the “gothic peasant”). The subsequent historical distortions of this century-old sentimentality, the relevance of worker dislocation during the industrial revolution, and other topics lead to a conclusion in which Biddick considers the impact of an array of factors on current medieval studies. Simultaneously displacing disciplinary stereotypes and altering an angle of historical inquiry, this book will appeal to readers who are interested in how historicizing processes can affect the development of academic disciplines
books  kindle-available  intellectual_history  historiography  historiography-19thC  medieval_history  19thC  historicism  social_history  economic_culture  political_culture  intelligentsia  Industrial_Revolution  class_conflict  working_class  bourgeoisie  academia  disciplines  scientism  national_ID  folklore  nostalgia  sentimentalism  EF-add 
june 2014 by dunnettreader
Branko Milanovic - globalinequality: Limits of neoclassical economics - June 2014
Great summary of the obvious that unfortunately needs to be said -- When people criticize Piketty for elevating a mere economic identity... to a Fundamental Law of Capitalism they show their inability to go back to economics as a social science [and] transcend neoclassical economics. The share of capital income in total income is not only a reflection of the fact that people with a factor of production B have so much, and people with the factor of production A have the rest.. We are basically saying: 20% of people ..claim 1/2 of national output and they do so without having to work. If it were a question of changing the distribution in favor of factor A (donuts) and against factor B (pecan pies), there would be no reason to be concerned. But here you change the distribution in favor of those who do not need to work, and against those that do. You thereby affect the entire social structure of society. This is where social science comes in, and neoclassical economics goes away. The entire 100 years of neoclassical economics [has made us] us forget this key distinction: between having or not having to work for a living. Hence neoclassicists like to treat capital (and labor) as basically the same thing: factors of production: a donut and a pecan pie...Thence also the attempt to treat labor as human capital. We are all capitalists now: a guy who works at Walmart for less than the minimum wage is a capitalist since he is using his human capital; a broker who makes a million in a day is also a capitalist, he just works with a different type of capital.The true social reality was thus entirely hidden. [Picketty returns us to] social science and you ask yourself questions like, would a society where 20% of non-workers earn 70% of total income be okay? What are the values that such a society would promote? (..more political, moral philosophy Qs)
Piketty  19thC  20thC  21stC  intellectual_history  intellectual_history-distorted  social_theory  social_sciences  political_economy  social_order  political_philosophy  moral_philosophy  moral_psychology  economic_history  economic_theory  macroeconomics  neoclassical_economics  classical_economics  Marx  inequality  distribution-income  capitalism  capital  labor  human_capital  markets_in_everything  class_conflict  economic_culture  political_culture  economic_sociology  bad_economics  memory-group 
june 2014 by dunnettreader
Chris Dillow - Stumbling and Mumbling: Markets as ideology - May 2014
Report on a dictator game - They found that when the dictator chose competition, the weaker parties were significantly less likely to punish him even if the wealth he transferred was the same as when the dictator chose a unilateral transfer: "A powerful trading party, who could simply dictate the terms of trade, can deflect the blame for unequal outcomes by letting the market decide, i.e., by delegating the determination of the terms of trade to a competitive procedure." All this is consistent with Marx. Market competition can reconcile people to inequalities which they would otherwise reject. There's more. In competition, the weaker parties were more likely to punish each other. In this sense, the dictator's choice to use markets acts (unintentionally) as a "divide and rule" strategy. There is, I fear, a direct analogy here with unskilled white workers blaming immigrants rather than capitalists for their unemployment. These results are also consistent with a McCloskeyan reading - that markets help promote peace and social stability, because they reduce people's inclination to spend resources predating upon others'. In one sense, the McCloskeyan and Marxian interpretations are similar - both predict that markets reduce discontent.
economic_culture  economic_sociology  Marx  capitalism  markets_in_everything  social_psychology  fairness  inequality  accountability  McCloskey  laisser-faire  cognitive_bias  EF-add 
june 2014 by dunnettreader
Thomas Palley » The accidental controversialist: deeper reflections on Thomas Piketty’s “Capital” - April 2014
Using a conventional marginal productivity framework, Piketty provides an explanation of rising inequality based on increases in the gap between the marginal product of capital, which determines the rate of profit (r), and the rate of growth (g). Because capital ownership is so concentrated, a higher profit rate or slower growth rate increases inequality as the incomes of the wealthy grow faster than the overall economy. The conventional character of Piketty’s theoretical thinking rears its head in his policy prescriptions. -- Mainstream economists will assert the conventional story about the profit rate being technologically determined. However, as Piketty occasionally hints, in reality the profit rate is politically and socially determined by factors influencing the distribution of economic and political power. Growth is also influenced by policy and institutional choices. That is the place to push the argument....My prediction is “r minus g” arithmetic will make its way into the curriculum, with the profit rate explained as the marginal product of capital; Chicago School economists will counter the economy has mechanisms limiting prolonged wide divergence of r and g; and Harvard and MIT graduate students will have opportunities to do market failure research arguing the opposite. The net result is economics will be left essentially unchanged and even more difficult to change.
books  reviews  Piketty  economic_theory  economic_models  macroeconomics  neoclassical_economics  productivity  capital  labor  technology  inequality  wealth  political_economy  profit  capitalism  institutional_economics  laisser-faire  information-asymmetric  competition  education-higher  economic_culture  sociology_of_knowledge  heterodox_economics  EF-add 
june 2014 by dunnettreader
Seth Ackerman - Piketty’s Fair-Weather Friends | Jacobin May 2014
Re Piketty not fitting in MIT-liberal economics -- Piketty “misreads the literature by conflating gross and net returns to capital,” Summers wrote. “I know of no study suggesting that measuring output in net terms, the elasticity of substitution is greater than 1, and I know of quite a few suggesting the contrary.” A reader at this point could be forgiven for feeling confused. Didn’t Piketty gather his own data? He did, of course. --As Piketty makes clear, those data — which he’s made freely available on the internet for anyone to check — are indeed “explained” by a net elasticity of 1.3-1.6, which would indicate an extremely weak force of diminishing returns to capital. Yet it’s also true that this figure is far higher than any found in the existing literature — probably more than twice as high as the highest typical estimates. -- Piketty’s estimate of the elasticity of substitution can’t really be compared with those in the literature. His is based on economy-wide data covering decades and centuries while estimates in the literature typically cover only a few years, and often just a few industries. Moreover, his pertain to all private wealth, while the literature focuses narrowly on production capital. -- But most importantly, given the flawed marginalist theory behind it, and its even more flawed basis of measurement... the elasticity of substitution simply cannot be regarded as a meaningful measure of an economy’s technology (or anything else), or as providing any clue to its future. What’s essential, rather, is Piketty’s empirical demonstration that the rate of return on wealth has been remarkably stable over centuries — and, contra Summers, with no visible tendency to vary in any consistent way against the “supply of capital.”
books  reviews  Piketty  economic_history  economic_theory  economic_models  macroeconomics  heterodox_economics  productivity  capital  labor  profit  wages  technology  economic_growth  savings  inheritance  1-percent  inequality  meritocracy  wealth  supermanagers  corporate_governance  corporate_finance  political_economy  economic_culture  economic_sociology  EF-add 
june 2014 by dunnettreader
A. M. C. Waterman - Economics as Theology: Adam Smith's Wealth of Nations | JSTOR: Southern Economic Journal, Vol. 68, No. 4 (Apr., 2002), pp. 907-921
Adam Smith's Wealth of Nations may be read as a work of natural theology similar in general style to Newton's Principia. Smith's ambiguous use of the word "nature" and its cognates implies an intended distinction between a positive sense in which "natural" means "necessary" and a normative sense in which "natural" means "right." The "interest" by which humans are motivated is "natural" in the first sense, but it may not bring about social outcomes that are "natural" in the second sense. It will do so only if the social institutions within which agents seek their own "interest" are well formed. Smith provides a large-scale, quasi-historical account of the way in which well-formed institutions gradually develop as unintended consequences of private "interest." In so doing, he provides a theodicy of economic life that is cognate with St. Augustine's theodicy of the state as remedium peccatorum. -- interesting bibliography -- downloaded pdf to Note
article  jstor  intellectual_history  theology  political_economy  18thC  Scottish_Enlightenment  Smith  theodicy  institutions  political_culture  economic_culture  economic_history  stadial_theories  self-interest  Augustine  natural_religion  moral_philosophy  moral_sentiments  commerce-doux  common_good  bibliography  downloaded  EF-add 
may 2014 by dunnettreader
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