dunnettreader + markets_in_everything   15

Robert S. Taylor - Market Freedom as Antipower (2013) | American Political Science Review on JSTOR
Historically, republicans were of different minds about markets: some, such as Rousseau, reviled them, while others, like Adam Smith, praised them. The recent republican resurgence has revived this issue. Classical liberals such as Gerald Gaus contend that neorepublicanism is inherently hostile to markets, while neorepublicans like Richard Dagger and Philip Pettit reject this characterization—though with less enthusiasm than one might expect. I argue here that the right republican attitude toward competitive markets is celebratory rather than acquiescent and that republicanism demands such markets for the same reason it requires the rule of law: because both are essential institutions for protecting individuals from arbitrary interference. I reveal how competition restrains—and in the limit, even eradicates— market power and thereby helps us realize "market freedom," i.e., freedom as nondomination in the context of economic exchange. Finally, I show that such freedom necessitates "Anglo-Nordic" economic policies. - downloaded via iphone to dbox
Pettit  capitalism-alternatives  downloaded  markets_in_everything  capitalism-varieties  republicanism  bibliography  political_economy  Rousseau  Smith  market_failure  markets-dependence_on_government  jstor  commerce-doux  freedom  domination  market_fundamentalism  Gaus_Gerald  markets  political_theory  capitalism  article  competition  markets-structure 
july 2017 by dunnettreader
Martens, Rusconi and Leuze, eds. - New Arenas of Education Governance: The Impact of International Organizations and Markets on Educational Policy Making | Palgrave Macmillan - November 2007
Edited by Kerstin Martens, Alessandra Rusconi, Kathrin Leuze -- How and to what extent is education becoming a field of international and market governance? Traditionally, education policy making has been viewed as the responsibility of the nation state, falling within the realm of domestic politics. But recent years have witnessed the transformation of the state. Globalization has introduced new actors and led to the internationalization and marketization of education. This volume provides the most comprehensive and up-to-date account of these new arenas of education governance, examining the impact of international organizations and the role of the market in policymaking. It demonstrates how education policy is formulated at international levels and what the consequences for national policy making will be. -- excerpt = TOC, Introduction and index -- downloaded pdf to Note
books  public_policy  education  education-higher  education-training  education-privatization  education-finance  international_organizations  globalization  markets_in_everything  market_fundamentalism  privatization  public_goods  governance  global_governance  business-and-politics  business_influence  education-civic  values  accountability  Labor_markets  human_capital  competition  competition-interstate  development  distance_learning  IT  communication  nation-state  national_ID  knowledge_economy  OECD  World_Bank  WTO  trade-policy  trade-agreements  student_debt  democracy_deficit  political_participation  EU  EU_governance  standards-setting  testing  downloaded 
may 2015 by dunnettreader
Martin Albrow, review essay - Who Rules the Global Rule Makers? - Books & ideas - 3 November 2011
Reviewed: Tim Bütheand Walter Mattli, The New Global Rulers: The Privatization of Regulation in the World Economy, Princeton University Press, Princeton, New Jersey, 2011; and Vibert, Frank, Democracy and Dissent: The Challenge of International Rule Making, Edward Elgar, Cheltenham, UK, 2011. -- Tags : democracy | globalisation | European Union | governance | United States of America -- Thirty years of misguided deregulation have brought us the 2008 collapse. Two books look at how we should create new rules democratically. While adopting widely different perspectives, both beg the same question: can rulemaking alone ensure the wellbeing of people in a global society? -- saved to Instapaper
books  reviews  21stC  globalization  global_governance  privatization  MNCs  IFIs  regulation  regulation-harmonization  regulation-enforcement  deregulation  capitalism-systemic_crisis  capital_flows  capital_markets  sovereignty  capitalism  democracy  democracy_deficit  political_participation  US_foreign_policy  US_economy  US_politics  market_fundamentalism  markets_in_everything  markets-failure  plutocracy  Instapaper 
april 2015 by dunnettreader
Filip Palda, A school in decline: In Chicago, economists honour Gary Becker | Financial Post | November 4, 2014
Too bad. Becker was far superior to his promoters and acolytes - same with Coase. An embarrassingly feeble celebration of the Becker-Friedman-Stigler counter-revolution of outsider genius rebels against "Keynesian hegemony" beginning in the 1950s. The take-away seems to have been that markets are efficient when left alone and that government programs will inevitably be defeated by either regulatory capture or clever, rational, forward-looking agents that will game the system to produce an unintended (often perverse) outcome. Ironically, the only big example chosen to illustrate how Becker's forays into other social sciences flummoxed left-wing by overturning their cherished worldview looks increasingly flimsy - treating criminals as rational calculating economic agents rather than victims of assorted "pathologies." The microeconomist "knows" that the key to behavioral change is to just get the incentives and prices right through adjusting levels and types of punishment or type and amount of policing. Unfortunately for this example of economic imperialism, It's now clear that the enormous increase in crime rates over decades, followed by an equally enormous decline, shows that macro effects of some, yet to be agreed upon, social factors simply swamped any of the micro concerns of Becker's rational calculating agents. That's not to suggest microfoundations were irrelevant, but it increasingly appears that individual behavior was affected by factors of precisely the opposite sort from those that would be involved in rational utility calculations - the environmental poisoning of children's neurological systems, especially in the segregated urban-industrial ghettos into which the black population was forced to live, that reduced the capacity for self-control and rational calculation, and increased impulsive, indeed irrational, aggressive behavior, too often violent crime. And as the amount of poisoning has declined, so too has irrational, impulsive violence. But despite the accumulating evidence of macro factors, we can expect for decades to come that micro textbooks and right-wing economists will be reciting the "lessons" Becker's approach has "taught" for designing social policy. Just as they "know" voluntary unemployment doesn't exist - only that the government must be interfering with the prices and market incentives. Pthew!
20thC  intellectual_history  economic_theory  social_theory  behavioral_economics  microeconomics  microfoundations  incentives  prices  markets_in_everything  crime  criminal_justice  Chicago_School 
january 2015 by dunnettreader
Brayden G King and Nicholas A. Pearce - The Contentiousness of Markets: Politics, Social Movements, and Institutional Change in Markets | JSTOR: Annual Review of Sociology, Vol. 36 (2010), pp. 249-267
While much of economic sociology focuses on the stabilizing aspects of markets, the social movement perspective emphasizes the role that contentiousness plays in bringing institutional change and innovation to markets. Markets are inherently political, both because of their ties to the regulatory functions of the state and because markets are contested by actors who are dissatisfied with market outcomes and who use the market as a platform for social change. Research in this area focuses on the pathways to market change pursued by social movements, including direct challenges to corporations, the institutionalization of systems of private regulation, and the creation of new market categories through institutional entrepreneurship. Much contentiousness, while initially disruptive, works within the market system by producing innovation and restraining capitalism from destroying the resources it depends on for survival. -- still paywall -- 155 references-- see bibliography on jstor information page
article  jstor  paywall  social_theory  political_sociology  economic_sociology  markets-structure  markets_in_everything  Innovation  social_movements  conflict  political_economy  regulation  capitalism  environment  institutional_change  social_process  change-social  CSR  corporate_governance  corporate_citizenship  self-regulation  bibliography  EF-add 
september 2014 by dunnettreader
Fred Block, Margaret R. Somers - The Power of Market Fundamentalism: Karl Polanyi's Critique (2014) | Harvard University Press
What is it about free-market ideas that give them tenacious staying power in the face of such manifest failures as persistent unemployment, widening inequality, and the severe financial crises that have stressed Western economies over the past forty years? Fred Block and Margaret Somers extend the work of the great political economist Karl Polanyi to explain why these ideas have revived from disrepute in the wake of the Great Depression and World War II, to become the dominant economic ideology of our time. Polanyi contends that the free market championed by market liberals never actually existed. While markets are essential to enable individual choice, they cannot be self-regulating because they require ongoing state action. Furthermore, they cannot by themselves provide such necessities of social existence as education, health care, social and personal security, and the right to earn a livelihood. When these public goods are subjected to market principles, social life is threatened and major crises ensue. Despite these theoretical flaws, market principles are powerfully seductive because they promise to diminish the role of politics in civic and social life. Because politics entails coercion and unsatisfying compromises among groups with deep conflicts, the wish to narrow its scope is understandable. But like Marx’s theory that communism will lead to a “withering away of the State,” the ideology that free markets can replace government is just as utopian and dangerous.
books  kindle-available  social_theory  political_economy  Polanyi_Karl  markets_in_everything  capitalism  laisser-faire  neoliberalism  public_goods  civil_society  post-WWII  ideology 
september 2014 by dunnettreader
Gregory Shaffer - How the WTO Shapes the Regulatory State :: SSRN August 14, 2014
University of California, Irvine - School of Law -- Fourth Biennial Global Conference of the Society of International Economic Law (SIEL) Working Paper No. 2014/29. *--* The World Trade Organization (WTO) arguably shapes regulatory governance in more countries to a greater extent than any other international organization. This chapter provides a new framework for assessing the broader regulatory implications of the WTO within nation states, as opposed to viewing the WTO as a form of global governance above the nation state. It first examines seven types of changes required for national law and legal practice, which affect how the state raises revenue, how the state spends it, and the principles the state applies to regulation. The chapter then assesses four broader dimensions of regulatory change catalyzed by WTO rules: (i) changes in the boundary between the market and the state (involving concomitantly market liberalization and growth of the administrative state); (ii) changes in the relative authority of institutions within the state (promoting bureaucratized and judicialized governance); (iii) changes in professional expertise engaging with state regulation (such as the role of lawyers); and (iv) changes in normative frames and accountability mechanisms for national regulation (which are trade liberal and transnational in scope). In practice, these four dimensions of change interact and build on each other. The chapter presents what we know to date and a framework for conducting further empirical study. - Number of Pages: 43 -- Keywords: WTO, World Trade Organization, Regulation, Regulatory governance, Market liberalization - downloaded pdf to Note
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  legal_theory  lawyers  political_participation  business-and-politics  norms-business  markets_in_everything  markets  neoliberalism  free_trade  democracy  downloaded  EF-add 
september 2014 by dunnettreader
Jeremy Waldron - Secularism and the Limits of Community (2010) :: SSRN
NYU School of Law, Public Law Research Paper No. 10-88 -- This paper addresses two issues: (1) the use of religious considerations in social and political argument; and (2) the validation of the claims of community against markets and other aspects of globalization. It argues that we should be very wary of the association of (1) with (2), and the use of (1) to reinforce (2). The claims of community in the modern world are often exclusionary (the word commonly associated with community is "gated") and hostile to the rights of the poor, the homeless, the outcast, and so on. The logic of community in the modern world is a logic that reinforces market exclusion and the disparagement of the claims of the poor. If religious considerations are to be used to uphold those claims and to mitigate exclusion, they need to be oriented directly to that task, and to be pursued in ways that by-pass the antithetical claims of community. Religious considerations are at their most powerful in politics - and are most usefully disconcerting - when they challenge the logic of community. -- Number of Pages in PDF File: 27
paper  SSRN  philosophy_of_law  political_philosophy  political_economy  globalization  inequality  exclusion  markets  markets_in_everything  community  communitarian  politics-and-religion  Rawls  human_rights  rights-legal  protectionism  poverty  EF-add 
july 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
Suresh Naidu - Capital Eats the World | Jacobin May 2014
A first step could be a multisector model with both a productive sector and an extractive, rent-seeking outlet for investment, so that the rate of return on capital has the potential to be unanchored from the growth of the economy. This model could potentially do a better job of explaining r > g in a world where capital has highly profitable opportunities in rent-seeking ....More fundamentally, a model that started with the financial and firm-level institutions underneath the supply and demand curves for capital, rather than blackboxing them in production and utility functions, could illuminate complementarities among the host of other political demands that would claw back the share taken by capital and lower the amount paid out as profits before the fiscal system gets its take. This is putting meat on what Brad Delong calls the “wedge” between the actual and warranted rate of profit. -- We need even more and even better economics to figure out which of these may get undone via market responses and which won’t, and to think about them jointly with the politics that make each feasible or not. While Piketty’s book diagnoses the problem of capital’s voracious appetite, it would require a different kind of model to take our focus off the nominal quantities registered by state fiscal systems, and instead onto the broader distribution of political power in the world economy.
books  reviews  kindle-available  Piketty  political_economy  economic_theory  heterodox_economics  neoclassical_economics  economic_models  economic_growth  wealth  capital  finance_capital  capitalism  labor  Labor_markets  unemployment  markets_in_everything  tax_havens  investment  investors  savings  inheritance  profit  corporate_governance  corporate_citizenship  inequality  technology  1-percent  rent-seeking  rentiers  class_conflict  oligarchy  taxes  productivity  corporate_finance  property  property_rights  neoliberalism 
june 2014 by dunnettreader
Noah McCormack - Friends without Benefits | Blog | The Baffler
Zappos has apparently decided it is no longer good enough to be a qualified hire who is interested in the job. An interested applicant must also spend unremunerated time pretending to engage in virtual social relationships with existing employees. The American economy has become so warped that it now appears reasonable to a subsidiary of a leading public company to require people who may never be hired to spent large amounts of time pretending to be friends with people with whom they may never work. This represents the convergence of at least three disturbing trends in the current American economy: the long-term unemployment of large numbers of people and the consequent power given to any company which is hiring; the technology industry’s revival of old prejudices under catchy new names; and the way that technology increasingly erodes any sense that our work selves are merely a component of our lives, rather than the entirety of our existence.
US_society  unemployment  Labor_markets  social_media  employers  power  labor  inequality  markets_in_everything  discrimination  work  work-life_balance 
june 2014 by dunnettreader

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