dunnettreader + neoliberalism   65

Thomas Palley » A Theory of Economic Policy - Lock-in and Lock-out via Hysterisis (WP October 2016)
A Theory of Economic Policy Lock-in and Lock-out via Hysterisis: Rethinking Economists’ Approach to Economic Policy
This paper explores lock-in and lock-out via economic policy. It argues policy decisions may near-irrevocably change the economy’s structure, thereby changing its performance. That causes changed economic outcomes concerning distribution of wealth, income and power, which in turn induces locked-in changes in political outcomes. That is a different way of thinking about policy compared to conventional macroeconomic stabilization theory. The latter treats policy as a dial which is dialed up or down, depending on the economy’s state. Lock-in policy is illustrated by the euro, globalization, and the neoliberal policy experiment. - downloaded via iPhone to DBOX
inequality-wealth  political_economy  inequality  neoliberalism  downloaded  economic_policy  elites-political_influence  distribution-wealth  macroeconomics  paper  path-dependency  business_cycles 
october 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
Vincent Citot - Pourquoi les intellectuels n'aiment pas le libéralisme de Raymond Boudon, et quelques problèmes épistémologiques (2005) - Cairn.info
Raymond boudon, Pourquoi les intelectuels n’aiment pas le libéralisme. Odile Jacob, 2004
1 - Le poids du libéralisme sur le marché des idées et le problème du politiquement correct
2 - Questions de méthode et problèmes épistémologiques
Citot Vincent, « Pourquoi les intellectuels n'aiment pas le libéralisme de Raymond Boudon, et quelques problèmes épistémologiques. », Le Philosophoire 1/2005 (n° 24) , p. 124-131
URL : www.cairn.info/revue-le-philosophoire-2005-1-page-124.htm.
DOI : 10.3917/phoir.024.0124.
Downloaded via iPhone to DBOX
political_economy  intellectual_history  neoliberalism  books  reviews  French_intellectuals  downloaded  post-Cold_War  liberalism  sociology_of_knowledge 
february 2016 by dunnettreader
Mario Bunge, Considérations d'un philosophe sur l'économique du néo-conservatisme néo-libéralisme (1986)
Mario Bunge, “Considérations d'un philosophe sur l'économique du néo-conservatisme (néo-libéralisme)” in ouvrage sous la direction de Lizette Jalbert et Laurent Lepage, Néo-conservatisme et restructuration de l’État. Canada - États-Unis - Angleterre. Première partie : Lectures du néo-conservatisme (pp. 49 à 70) Collection Études d’économie politique. Montréal : Les Presses de l’Université du Québec, 1986, 274 pp.
Downloaded via iPhone to DBOX
social_democracy  capitalism  neoclassical_economics  market_fundamentalism  downloaded  systems_theory  Labor_markets  political_economy  neoconservatism  neoliberalism  post-WWII  etexts  Thatcher  Reagan 
february 2016 by dunnettreader
Erik Loomis, review essay - Our Own Private Disaster | Boston Review
ADVERTISEMENT Terrible Schools Are Great for Business Interior of Israel M. Augustine Middle School showing damage from Hurricane Katrina. Like many of New…
Instapaper  education-privatization  education  education-finance  neoliberalism  local_government  local_politics  from instapaper
november 2015 by dunnettreader
Thomas Palley » The US Economy: Explaining Stagnation and Why It Will Persist - August 2015
The US Economy: Explaining Stagnation and Why It Will Persist
This paper examines the major competing interpretations of the economic crisis in the US and explains the rebound of neoliberal orthodoxy. It shows how US policymakers acted to stabilize and save the economy, but failed to change the underlying neoliberal economic policy model. That failure explains the emergence of stagnation, which is likely to endure. Current economic conditions in the US smack of the mid-1990s. The 1990s expansion proved unsustainable and so will the current modest expansion. However, this time it is unlikely to be followed by financial crisis because of the balance sheet cleaning that took place during the last crisis. -- downloaded pdf to Note
paper  US_economy  stagnation  macroeconomics  financial_crisis  Great_Recession  neoliberalism  downloaded 
august 2015 by dunnettreader
Daniel McCarthy - Why Liberalism Means Empire | Lead essay / TAC Summer 2014
Outstanding case made for "consrrvative" realist IR position of off-shore balancing - not really "conservative" but he needs to give it that spin for his aufience buy-in -- takes on not just the militarists, neicons and librral intrrventionists but thr "non-liberal" sbtu-interventionists like Kennan and Buchanan - he leaves out the corrosive, anti-liberal democracy effects of globalized, financial capitalism that undermines the narrative of gradualist liberal democratization and achievements in OECD rconomies - as Zingales putscit "save capitalism from the capitalists" beeds to be included with the hegemon's responsibilities along with off-shore balancing - dimensions of power beyond military, which Dan does stress in his sketch of ehy Britain could meet the military challenges until WWI
Pocket  18thc  19thc  20thc  anti-imperialism  balance-of-power  british_empire  british_history  british_politics  civil_rights  cold_war  competition-interstate  cultural_transmission  democracy  empires  entre_deux_guerres  europe  foreign_policy  french_revolution  geopolitics  germany  global  governance  globalization  great_powers  hegemony  hong_kong  human_rights  ideology  imperialism  international_system  ir  ir-history  iraq  japan  liberalism  military-industrial  military_history  napoleon  napoleonic  wars  national_security  national_tale  nationslism  naval_history  neocons  neoliberalism  peace  pinboard  political_culture  politics-and-history  post-wwii  power  rule_of_law  social_science  trade  us  history  us_foreign_policy  us_military  us_politics  uses_of_history  warfare  world  wwi  wwii 
july 2015 by dunnettreader
Suzanne J. Konzelmann, Marc Fovargue-Davies - Anglo-Saxon Capitalism in Crisis? Models of Liberal Capitalism and the Preconditions for Financial Stability :: SSRN (rev'd September 2011) Cambridge Centre for Business Research Working Paper No. 422
Suzanne J. Konzelmann, Birkbeck College - Social Sciences, School of Management and Organizational Psychology; Cambridge - Social and Political Sciences -- Marc Fovargue-Davies, U of London - The London Centre for Corporate Governance & Ethics -- The return to economic liberalism in the Anglo-Saxon world was motivated by the apparent failure of Keynesian economic management to control the stagflation of the 1970s and early 1980s. In this context, the theories of economic liberalism, championed by Friederich von Hayek, Milton Friedman and the Chicago School economists, provided an alternative. However, the divergent experience of the US, UK, Canada and Australia reveals two distinct ‘varieties’ of economic liberalism: the ‘neo-classical’ incarnation, which describes American and British liberal capitalism, and the more ‘balanced’ economic liberalism that evolved in Canada and Australia. In large part, these were a product of the way that liberal economic theory was understood and translated into policy, which in turn shaped the evolving relationship between the state and the private sector and the relative position of the financial sector within the broader economic system. Together, these determined the nature and extent of financial market regulation and the system’s relative stability during the 2008 crisis. -- PDF File: 61 -- Keywords: Corporate governance, Regulation, Financial market instability, Liberal capitalism, Varieties of capitalism -- downloaded pdf to Note
paper  SSRN  economic_history  20thC  21stC  post-WWII  post-Cold_War  US_politics  UK_politics  political_economy  political_culture  ideology  neoliberalism  economic_theory  economic_sociology  business_practices  business-and-politics  business-norms  business_influence  Keynesianism  neoclassical_economics  Austrian_economics  Chicago_School  capitalism-systemic_crisis  capitalism-varieties  corporate_governance  corporate_finance  capital_markets  capital_as_power  financialization  finance_capital  financial_regulation  Great_Recession  financial_crisis  policymaking  trickle-down  Canada  Australia  downloaded 
july 2015 by dunnettreader
Médicins sans frontières - The Trans-Pacific Partnership: A Threat To Global Health? -:May 2015
The IP protections for big pharma not only go against consensus on improving global health policy, they are in the opposite direction of Obama administration domestic policy! The trade technocrats who've been committed to a career of trade negotiations seem to have completely lost the plot. Looks like a classic case of regulatory capture (sharing "business promotion" process and goals with US MNCs, their most important "partners") of one part of the policymaking bureaucracy, which isn't even registering the fact of conflict with other parts of the government. The White House (and Treasury? ) appear to have bought the negitiators' claim that the deal is the "best" they can get, and if a part of it is attacked the whole thing will come apart. Besides the MNCs who will be able to exploit monopolies on a global scale and protect their newly acquired"property rights" from pesky national regulations, it's unclear who in the US benefits. But the trade technocrats are working in a bubble where "doing a deal" would be a triumph, regardless of the merits, after Doha fell apart. It also looks like "intellectual capture" with a failure to mark policies to market in face of counter evidence. There's been nothing on the trade front that has vocally challenged neoliberal verities the way the IMF is openly questioning its dogmas. I bet USTR is still mandating capital account liberalization in bilaterals while it's been abandoned as "best practice" at the IMF, with no timely input from the right people at Treasury to change the boilerplate demands. Jason Furman, or somebody close to the President, needs to show him how much the TPP embodies a host of awful stuff he's been openly fighting against. The secrecy has been working against him -- it distorts the signals. People whose judgment he'd trust haven't opposed specifics they'd scream against, since they haven't seen the details and aren't willing to be seen to undermine him, and he's only been pressured from the Left which can be completely discounted, since they're expected to be unhappy. But it's looking not just "hold your nose" poor -- it's actively terrible -- especially since it's also to be used as a blueprint for bringing more countries on board! Total dig's breakfast!
US_economy  US_politics  trade-policy  trade-agreements  Trans-Pacific-Partnership  IP  IP-global_governance  pharma  health  development  LDCs  monopolies  rent-seeking  inequality  unions  neoliberalism  Democrats  Obama_administration  Obama  Instapaper  from instapaper
may 2015 by dunnettreader
Jonathan D. Ostry , Atish R. Ghosh , and Mahvash S. Qureshi - Managing Capital Flows in Frontier Economies | IMF Direct - April 2015
By Jonathan D. Ostry , Atish R. Ghosh , and Mahvash S. Qureshi  There has been a remarkable increase in financial flows to frontier economies from private… Enfin! Just 20+ years late. Nice roundup of various people (like Rodrik) thinking about all the variables, including what sorts of local institutional capacity (government and financial markets and institutions) are required for (1) absorbing different types of capital flows or (2) if a country wants to restrict flows in some fashion, to manage different types of restrictions. Additionally, there are challenges to the basic premise of encouraging capital flows to frontier markets -- these countries are more likely to be investment constrained than the unproven assumption that they're savings constrained. Macroeconomic impacts are also getting a closer look, not only the dilemmas of managing monetary policy and exchange rates -- e. g., FDI can be defeated if inflows raise the rate to reduce trade advantages. Since the biggest issuers from frontier markets tend to be the state, there's a big potential impact on sustainability of fiscal policy (to say nothing of corruption), and again the exchange rate impacts can be severe in both directions. The post is mainly an outline of an ambitious, multidimensional research program that's emerging among development economists, financial economists, macroeconomics in both the OECD countries and think tanks in emerging markets and the IFIs. -- finally the discussion has moved off the obsession with flight capital that took root in the 1980s and was the trump played anytime anyone questioned the happy-happy conventional wisdom of capital liberalization promoters.
economic_theory  macroeconomics  capital_flows  FDI  IFIs  IMF  capital_controls  fiscal_policy  monetary_policy  FX  FX-misalignment  neoliberalism  globalization  emerging_markets  frontier_markets  competitiveness  technology_transfer  infrastructure  development  financial_system  financial_regulation  financial_sector_development  financial_stability  banking  interest_rates  institutional_investors  institutional_capacity  institution-building  central_banks  governance  bibliography  Instapaper  from instapaper
may 2015 by dunnettreader
Clause IV [British Labour Party constitution] - Wikipedia, the free encyclopedia
Adopted in 1918, the clause proclaimed that the party endorsed an economy where there was "common ownership" of the means of production. 1944 Labour Party victory seen as a mandate for nationalization, though the party had no well-developed plans. They proceeded rapidly to address major sectors and "commanding heights", starting with the Bank of England, and moving rapidly on: civil aviation in 1946, railways and telecommunications in 1947, along with the creation of the National Coal Board, which was responsible for supplying 90% of UK's energy needs. 1946 also saw the establishment of the National Health Service which came into force in July 1948. Also in 1948 came the nationalisation of railways, canals, road haulage and electricity. By 1951 the iron, steel and gas industries had been brought into public ownership. When they lost the general election of 1959, leader Gaitskell blamed it on nationalization becoming unpopular. It was a topic of ongoing intra-party disputes for the next few decades. Arguing that the text of clause 4 confused ends and means and ignored the necessity of ongoing need to modernize the party's approach as the nature of the economy changed, Blair made the party finally revise the text in 1995 -- seen by pundits as the moment when New Labour finally defeated the old guard, though the new text describes the party as "democratic socialist" thereby retaining "socialist" in the party's "modernized" constitution.
British_history  political_economy  British_politics  20thC  Labour  post-WWII  nationalization  socialism  social_democracy  utilities  transport  health_care  energy  post-Cold_War  Blair_Tony  neoliberalism  Third_Way  unions 
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
Roger Farmer - Neo-Paleo-Keynesianism: A suggested definition
Farmer agrees with Krugman re the freshwater Chicago School with its insane RBC, EMH, rational expectations as sine qua non of essential microfoundations etc. But he thinks Samuelson took the fatal wring step jn forging the so-called synthesis, which leaves nei-Kesians like Krugman arguing frim a starting point in enemy territory from which they can't fully recover.
20thc  21stc  economic_theory  Keynesianism  Krugman  neoliberalism  intellectual_history 
january 2015 by dunnettreader
Chris Dillow - Inequality & productivity | Stumbling & Mumbling - Dec 2014
Responding to a snarky tweet from a consetvative re "puff pieces" on inequality which he claims fails to explain why ee should care re economic growth & productivity, Dillow lists a number of mechanisms that might link inequality to polrer macroecinomic performance, with lots of links -- Now, these mechanisms - many of which are discussed more expertly in Sam Bowles' The New Economics of Inequality and Redistribution - will vary in strength from time to time and place to place. (..) But there's one big fact which hints that they might be significant. Productivity growth has been much lower recently than it was in the 80s. This should be puzzling to people like Ryan, because for years they've told us that Thatcherite reforms in the 80s should have boosted productivity growth. So why has it fallen? Might it be that the benefits of those reforms have been offset by the fact that the increased proportion of income going to the 1% depressed productivity through the above mechanisms?
political_economy  economic_growth  onequality  productivity  labor  firm-theory  incentives  neoliberalism  links  books 
january 2015 by dunnettreader
Chris Dillow - Blair the ideologue | Stumbling & Mumbling Jan 2015
In his interview with the Economist, Tony Blair seems like a sad old man living in the past. He says that "the Labour Party succeeds best when it is in the centre ground" - something which entails "not alienating large parts of business, for one thing”. What this misses is that things have changed since the 1990s. What worked for Labour then might well not work now. What I mean is that in the 1990s Labour could plausibly offer positive-sum redistribution and could therefore please both left and right. (..) Such policies were centrist, vote-winning and (within limits) reasonable economics. However, we don't live in the 90s any more. There are at least five big differences between then and now.
political_economy  20thC  21stC  UK_politics  UK_evonomy  Labour  Tories  right-wing  parties  neoliberalism  public_opinion  Blair_Tony 
january 2015 by dunnettreader
Collin Finn - Two Kinds of Social Epistemology « Social Epistemology Review and Reply Collective 2 (8): 79-104. (2013)
Steve Fuller’s programme of Social Epistemology was initiated some 25 years ago with the launching of a journal and the publication of a monograph with those very words as their title. Since then, the programme has evolved in a constant critical dialogue with other players in the fields of epistemology and science studies. Fuller’s main confrontation has been with analytic epistemology which, in its classical form, adopts a contrary position on most key issues. However, analytic epistemologists have gradually moved in the direction of Fuller’s views and even adopted the term “social epistemology” for their emerging position. Still, substantial disagreement remains between the two identically named programmes with regard to the proper philosophical approach to knowledge as a social phenomenon; in this article, I try to pinpoint the locus of this disagreement. However, Fuller has also been engaged in minor skirmishes with his Science Studies fellows; I also examine these clashes. Finally, I express my wishes concerning the future direction of social epistemology. -- downloaded pdf to Note
epistemology  epistemology-social  analytical_philosophy  sociology_of_knowledge  sociology_of_science_&_technology  history_of_science  scientific_method  philosophy_of_science  philosophy_of_language  social_theory  downloaded  EF-add  cognition  cognition-social  institutions  power  power-knowledge  knowledge  knowledge_economy  power-asymmetric  Rawls  democracy  expertise  epistemology-naturalism  human_nature  posthumanism  post-truth  Latour  humanities  humanism  moral_philosophy  political_philosophy  political_culture  cultural_capital  social_capital  neoliberalism  instrumentalist 
november 2014 by dunnettreader
Jonathan Nitzan - Global Capital: Political Economy of Capitalist Power (YorkU, Graduate Seminar, Fall Term, 2014-15) | bnarchives
The seminar has two related goals: substantive and pedagogical. The substantive purpose is to tackle the question of capital head on. The course explores a spectrum of liberal and Marxist theories, ideologies and dogmas – as well as a radical alternative to these views. The argument is developed theoretically, historically and empirically. The first part of the seminar provides a critical overview of political economy, examining its historical emergence, triumph and eventual demise. The second part deals with the two ‘materialistic’ schools of capital – the liberal theory of utility and the Marxist theory of labour time – dissecting their structure, strengths and limitations. The third part brings power back in: it analyses the relation between accumulation and sabotage, studies the institutions of the corporation and the state and introduces a new framework – the capitalist mode of power. The final part offers an alternative approach – the theory of capital as power – and illustrates how this approach can shed light on conflict-ridden processes such as corporate merger, stagflation, imperialism and Middle East wars. Pedagogically, the seminar seeks to prepare students toward conducting their own independent re-search. Students are introduced to various electronic data sources, instructed in different methods of analysis and tutored in developing their empirical research skills. As the seminar progresses, these skills are used both to assess various theories and to develop the students’ own theoretical/empirical research projects. -- Keywords: arms accumulation capital capitalism conflict corporation crisis distribution elite energy finance globalization growth imperialism GPE liberalism Marxism military Mumford national interest neoclassical neoliberalism oil ownership peace power profit ruling class security stagflation state stock market technology TNC Veblen violence war -- syllabus and session handouts downloaded pdf to Note
bibliography  syllabus  capital_as_power  international_political_economy  political_economy  economic_theory  liberalism  neoliberalism  neoclassical_economics  Keynesian  Marxist  capital  capitalism  social_theory  power-asymmetric  globalization  financial_system  financial_regulation  risk-systemic  international_finance  finance_capital  financialization  production  distribution-income  distribution-wealth  inequality  MNCs  corporations  corporate_finance  corporate_ownership  corporate_control_markets  economic_growth  economic_models  imperialism  military  military-industrial_complex  IR_theory  ruling_class  class_conflict  energy  energy-markets  MENA  accumulation  accumulation-differential  capital_markets  public_finance  profit  investment  technology  elite_culture  elites-self-destructive  capitalism-systemic_crisis  Veblen  Mumford  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
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
Locknie Hsu - Convergence, Divergence, and Regulatory Tension - An Asian Perspective :: SSRN September 5, 2014
Singapore Management University - School of Law -- Singapore Management University School of Law Research Paper No. 30/201 -- Fourth Biennial Global Conference of the Society of International Economic Law (SIEL), pp 2-14, June 2014, Working Paper No. 2014/13. *--* Regulatory issues relating to public health, including regulation of access to medicines and tobacco control have increasingly been the source of tension in recent trade and investment negotiations, treaties and disputes. The ongoing Trans-Pacific Partnership negotiations, which include a number of developing Asian states, are an example that brings some of these issues to the fore and show a divergence of negotiating views. The intersection between public health regulation and trade and investment treaties has given some Asian states significant pause for thought; -- This intersection and resulting tension have led the WTO, WHO and WIPO to work together in an unprecedented manner to address some of the issues at the global level. The law evolving around these issues is demonstrating a deep divergence, in the manner that related disputes are being handled, and in terms of regulatory as well as negotiating stances. As an example, the debate on access to medicines demonstrates a divergence of approaches and proposed global solutions, as numerous proposals for reform of the existing construct (comprising patents and their “progeny” in the form of related commercial rights) are canvassed. Meanwhile, some countries such as India have begun to move ahead to embrace solutions such as compulsory licensing. -- It is suggested that a convergence of purpose(s) is needed, for a convergence of solutions to be found. Until then, the current divergences will continue to feed regulatory tension. -- Keywords: Convergence, divergence, trade, investment, public health, tobacco, pharmceuticals, FTAs, Asia, ASEAN -- downloaded pdf to Note
paper  SSRN  international_law  international_economics  law-and-economics  international_political_economy  global_governance  Trans-Pacific-Partnership  Asia_Pacific  Asia  India  IP  convergence-business  technology  technology_transfer  Innovation  health_care  commercial_law  neoliberalism  FDI  trade-agreements  property_rights  public_health  public_goods  US_foreign_policy  US_legal_system  business-and-politics  investment  WTO  international_organizations  downloaded  EF-add 
september 2014 by dunnettreader
Fola Adeleke - Investor-State Arbitration and the Public Interest Regulation Theory :: SSRN June 16, 2014
University of the Witwatersrand - School of Law -- Fourth Biennial Global Conference of the Society of International Economic Law (SIEL) Working Paper No. 2014/12. *--* When South Africa decided late last year to terminate a number of bilateral investment agreements with European Union countries, it did so at a time when global regulatory governance has come under scrutiny for their disposition to the domestic economic policies of states and the idea of state sovereignty in the regulation of its own economic affairs is fast declining. The prevailing global regulatory governance regime institutionalizes neo-liberalism which has given birth to various economic institutions and rules including bilateral investment treaties (BITs). The policy interest behind BITs is to some extent the suspension of domestic regulation in the governance of foreign investment. With this suspension in place, the regulatory sphere is filled by a supra-national regime that is rigid and restrains state conduct. In this paper, I intend to apply the emerging legal framework of global administrative law (GAL) to investor state arbitration in order to dispel the resistance towards this dispute settlement mechanism found in BITs for its perceived inability to adequately handle disputes that deal with public interest issues that fall outside standard investment protection but are relevant to the resolution of the investment dispute. I propose the application of domestic law concepts in an international sphere and make the argument that a statutory interpretation based on administrative law principles anchors the BIT regime to the domestic policy space of states and builds up the much needed legitimacy for investor state arbitration. The focus of GAL on the procedural elements of administrative law enables the implementation of substantive norms of liberalized trade which also promotes the rule of law, encourage a broader range of social and economic actors to scrutinize decision making and promote a democratic element in global regulatory governance. This democratic element includes public participation, greater transparency as well as an interpretive approach founded on GAL principles. - Pages in PDF File: 52 -- Keywords: Bilateral Investment Treaties (BITs), Global Administrative Law (GAL), Deference, Public Interest, Investment Arbitration - downloaded pdf to Note
paper  SSRN  international_law  international_economics  law-and-economics  South_Africa  EU  global_governance  global_economy  international_political_economy  international_finance  administrative_law  dispute_resolution  arbitration  neoliberalism  treaties  FDI  common_good  investment-bilateral_treaties  democracy  nation-state  national_interest  political_participation  business-and-politics  emerging_markets  investor-State_disputes  downloaded  EF-add 
september 2014 by dunnettreader
Whatever Happened to Corporate Stewardship? - Rick Wartzman - Harvard Business Review
Rick Wartzman is the executive director of the Drucker Institute at Claremont Graduate University. Author or editor of five books, he is currently writing one about how the social contract between employer and employee in America has changed since the end of World War II -- In November 1956, Time magazine explored a phenomenon that went by various names: “capitalism with a conscience,” “enlightened conservatism,” “people’s capitalism,” and, most popularly, “The New Conservatism.” No matter which label one preferred, the basic concept was clear: Business leaders were demonstrating an ever increasing willingness, in the words of the story, to “shoulder a host of new responsibilities” and “judge their actions, not only from the standpoint of profit and loss” in their financial results “but of profit and loss to the community.” -- It is easy to overly romanticize 1950s corporate America. People of color faced terrible workplace discrimination at that time, as did women. Late in the decade, many big companies hardened their stance against organized labor, hastening its steep decline. Business culture could be rigid and stifling. Fear of communism and socialism, as much as altruism, was often at the root of corporate generosity. But for all the faults of that period, an ethos has been lost. The University of Michigan’s Mark Mizruchi, in his book The Fracturing of the American Corporate Elite, describes it as “concern for the well-being of the broader society.” Notably, Mizruchi points to the 1956 Time article as a good representative of the ideas that then “dominated in the corporate discourse.”
CSR  corporate_governance  corporate_citizenship  shareholders  elites  elite_culture  labor  labor_history  post-WWII  neoliberalism  unions  US_history  US_economy  norms-business  business_cycles  business  business-and-politics  firms-theory  tax_havens 
august 2014 by dunnettreader
Three Ways of Explaining the Rise of “Law and Economics,” and Also, One Way (Guest Post by Sara Mayeux) | s-usih.org
So, how did law and economics go from an oddball preoccupation of a few Chicago professors to one of the dominant intellectual frameworks for thinking and talking about law? Here are three recent accounts, each emphasizing a different causal mechanism: the two chapters on law and economics in Steven Teles’s book The Rise of the Conservative Legal Movement; the discussion of law and economics in Rodgers’s Age of Fracture; and Brad Snyder’s recent article “The Former Clerks Who Nearly Killed Judicial Restraint.”
intellectual_history  20thC  US_legal_system  legal_theory  law-and-economics  judiciary  postmodern  neoliberalism  conservatism  right-wing  EF-add 
august 2014 by dunnettreader
Richard Marshall interview with Johanna Oksala - Foucault’s freedom » 3:AM Magazine - August 2014
Johanna Oksala is a political philosopher who broods on Foucault, thinks that its time people stopped thinking in terms of continental vs analytic, thinks about Foucault and freedom, on Foucault, politics and violence, on Chantal Mouffe’s compelling ideas,on state violence, on why neoliberal rationality must be resisted, and on political spirituality. She’s out there making windows where there were once walls…
books  political_philosophy  Foucault  freedom  subject  neoliberalism  capitalism  revolutions  Iran  violence  Hayek  Mouffe  EF-add 
august 2014 by dunnettreader
Jeremy Waldron - The Hamlyn Lectures 2011: The Rule of Law and the Measure of Property (2011) :: SSRN
NYU School of Law, Public Law Research Paper No. 11-47 -- The idea in these lectures is to discuss the relation between property and the rule of law in a deeper way than this has been discussed in the past, ...that reflects realistic understanding of how property rights are created and modified. -- our thinking about the rule of law needs to focus on all the ways in which property is non-Lockean in its origin, legal status, and moral force. In the course of doing this, I will be looking at some of the rather naive assumptions underlying the tight connection that has been forged between property rights and the rule of law in neo-liberal political economy. And I will argue that we can abandon or modify some of these naive assumptions about property without compromising the very great importance that is properly attached to the ideal of the rule of law. There are three lectures in all. -- Lecture 1 addresses the alleged contrast between (a) the rule of law and (b) rule by law, and the suggestion that property rights might be privileged under (a). -- in the real world even Lockean property has an inescapable public law dimension. Lecture 2... is about the contrast between formal/procedural and substantive views of the rule of law and the dificulties inherent in identifying respect for private property rights as a substantive dimension of the rule of law. ...given the accordion-like expandability of the category of property, this cannot work to privilege property rights over other legal rights etc. Lecture 3 is a defense of legislation, including regulatory and redistributive legislation in light of the rule of law. -- downloaded pdf to Note
article  SSRN  philosophy_of_law  political_philosophy  political_economy  property  property_rights  rule_of_law  regulation  redistribution  Locke-2_Treatises  Hayek  libertarianism  liberty-negative  legislation  property-confiscations  power-asymmetric  social_order  neoliberalism  markets  institutional_economics  downloaded  EF-add 
july 2014 by dunnettreader
Clarles Andrews Professor Piketty Fights Orthodoxy and Attacks Inequality | Marxist-Leninist thought today - May 2014
First, the world wars were themselves not accidental. WWI was an inevitable outcome of early monopoly capitalism, and WWII was a continuation of the first as well as capital's attempt to obliterate the first socialist society. -- Second, Piketty's almost exclusive metrics are inequality of income and wealth. They are important, to be sure. Let us remember, though, that despite less inequality, most of the period 1913-1950 was hellish for the masses in the capitalist world. They died by millions in WWI, made little economic progress in the 1920s, suffered the hunger of the Great Depression in the 1930s, and died by millions more in WWII. On the other hand, while inequality was high in the late 19thC and up to 1913, the working class did make advances, by militant class struggle largely under the socialist banner, in obtaining fruits of industrial progress.And there is justified nostalgia today for the era after Piketty's exceptional period. In the 1950s and 1960s life got better for a majority of the working people in the US, Britain, and western Europe. The peak of working-class progress was 1973 – after Piketty's focus and years before neoliberalism, financialization, and globalization. Since 1973, real median earnings in the US have stagnated and fallen. That turning point is the fact that demands explanation and action. Piketty recalls the two world wars often. He buries the fact that WWI triggered the first successful socialist revolution in Russia, and WWII provided openings for anti-imperialist and sometimes socialist revolutions, ...
books  reviews  Piketty  political_economy  economic_history  19thC  20thC  21stC  capitalism  WWI  WWII  Great_Depression  labor  class_conflict  unions  revolutions  post-WWII  post-Cold_War  neoliberalism  inequality  wages  Marxist  social_order  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
Daron Acemoglu, Suresh Naidu, Pascual Restrepo, James A Robinson - Can democracy help with inequality? | vox 7 February 2014
Paper on NBER -- Inequality is currently a prominent topic of debate in Western democracies. In democratic countries, we might expect rising inequality to be partially offset by an increase in political support for redistribution. This column argues that the relationship between democracy, redistribution, and inequality is more complicated than that. Elites in newly democratised countries may hold on to power in other ways, the liberalisation of occupational choice may increase inequality among previously excluded groups, and the middle classes may redistribute income away from the poor as well as the rich.
paper  political_economy  democracy  development  inequality  class_conflict  neoliberalism  middle_class  redistribution  oligarchy  marginalized_groups  EF-add 
may 2014 by dunnettreader
Deborah Boucoyannis - The Equalizing Hand: Why Adam Smith Thought the Market Should Produce Wealth Without Steep Inequality | Cambridge Journals Online - Perspectives on Politics - Dec 2013
For long overview of the article, see her post from the LSE blog -- Perspectives on Politics, 11, pp 1051-1070. doi:10.1017/S153759271300282X. - That the market economy inevitably leads to inequality is widely accepted today, with disagreement confined to the desirability of redistributive action, its extent, and the role of government in the process. The canonical text of liberal political economy, Adam Smith's Wealth of Nations, is assumed even in the most progressive interpretations to accept inequality, rationalized as the inevitable trade-off for increasing prosperity compared to less developed but more equal economies. I argue instead that Smith's system, if fully implemented, would not allow steep inequalities to arise. In Smith, profits should be low and labor wages high, legislation in favor of the worker is “always just and equitable,” land should be distributed widely and evenly, inheritance laws liberalized, taxation can be high if it is equitable, and the science of the legislator is necessary to put the system in motion and keep it aligned. Market economies are made in Smith's system. Political theorists and economists have highlighted some of these points, but the counterfactual “what would the distribution of wealth be if all the building blocks were ever in place?” has not been posed. Doing so encourages us to question why steep inequality is accepted as a fact, instead of a pathology that the market economy was not supposed to generate in the first place. --Deborah Boucoyannis is Assistant Professor at the University of Virginia (dab5fw@virginia.edu). Her interests lie in the historical preconditions for the emergence of the liberal order and of constitutionalism.
paper  paywall  political_economy  intellectual_history  economic_theory  Smith  18thC  British_history  Scottish_Enlightenment  inequality  wages  taxes  landowners  monopolies  rent-seeking  luxury  consumer_demand  competition  profit  regulation  power  investment  capital  neoliberalism  Labor_markets  EF-add 
april 2014 by dunnettreader
Deborah Boucoyannis - For Adam Smith, inequality was contrary to the Wealth of Nations | British Politics and Policy at LSE – Feb 2014
Overview of her article in Perspectives on Politics - see Cambridge Journals bookmark - The assumption that Adam Smith accepted inequality as the necessary trade-off for a more prosperous economy is wrong, writes Deborah Boucoyannis. In reality, Smith’s system precluded steep inequalities not out of a normative concern with equality but by virtue of the design that aimed to maximise the wealth of nations. Much like many progressive critics of current inequality, Smith targets rentier practices by the rich and powerful as distorting economic outcomes.
paper  political_economy  intellectual_history  economic_theory  Smith  18thC  British_history  Scottish_Enlightenment  inequality  wages  taxes  landowners  monopolies  rent-seeking  luxury  consumer_demand  competition  profit  regulation  power  investment  capital  neoliberalism  Labor_markets  EF-add 
april 2014 by dunnettreader
A bygone age … The unraveling … Faith in institutions by Nicholas Lemann | The Washington Monthly
First, we had too much faith in the ability of people like us, smart and well-intentioned upper-middle-class (defined by family background, not by what the Monthly paid) Washington liberals, to determine what was and wasn’t a genuine social need. Our scorn for interest group liberalism led us to undervalue the process of people organizing themselves and pushing the political system to give them what they wanted from it. Second, we failed to anticipate the way that eliminating all those structures that struck us as outdated—the government bureaucracies, the seniority system in Congress, the old-line interest groups—would almost inevitably wind up working to the advantage of elites more than of the ordinary people on whose behalf we imagined ourselves to be advocating. The frictionless, disintermediated, networked world in which we live today is great for people with money and high-demand skills, not so great for everybody else. It’s a cruel irony of the Monthly’s history that our preferred label for ourselves, neoliberal, has come to denote political regimes maximally friendly to the financial markets. I’ve come to see the merits of the liberal structures I scorned in my younger days.
US_history  20thC  intellectual_history  US_politics  liberalism  neoliberalism  democracy  governing_class  Congress  elections  trust  right-wing  interest_groups  bureaucracy  campaign_finance  elites  plutocracy 
april 2014 by dunnettreader
Todd Cronan, lead remarks& forum - Do We Need Adorno? | nonsite.org
Participants - Todd Cronan, Emory University, Michael W. Clune, Case Western Reserve University, Nicholas Brown, UIC, Jennifer Ashton, UIC, Chris Cutrone, School of the Art Institute of Chicago and Marnin Young, Yeshiva University
intellectual_history  19thC  20thC  economic_history  political_economy  economic_theory  US_economy  Marx  Adorno  Frankfurt_School  classes  class_conflict  working_class  bourgeoisie  human_capital  neoliberalism  inequality  domination  Communist_Party  alienation  cultural_critique  Leftist  labor  leisure  wages  EF-add 
march 2014 by dunnettreader
Thomas Palley » New Book: Restoring Shared Prosperity: a Policy Agenda from Leading Keynesian Economists | Dec 2013
Edited by Thomas I. Palley and Gustav A. Horn. The economic recovery in the US since the Great Recession has remained sub-par and beset by persistent fear it might weaken again. Even if that is avoided, the most likely outcome is continued weak growth, accompanied by high unemployment and historically high levels of income inequality. In Europe, the recovery from the Great Recession has been even worse, with the euro zone beset by an unresolved euro crisis that has already contributed to a double-dip recession in the region. This book offers an alternative agenda for shared prosperity to that on offer from mainstream economists. The thinking is rooted in the Keynesian analytic tradition, which has been substantially vindicated by events. However, pure Keynesian macroeconomic analysis is supplemented by a focus on the institutions and policy interventions needed for an economy to generate productive full employment with contained income inequality. Such a perspective can be termed “structural Keynesianism”. These are critical times and the public deserves an open debate that does not arbitrarily or ideologically lock out alternative perspectives and policy ideas. The book contains a collection of essays that offer a credible policy program for shared prosperity, rooted in a clear narrative that cuts through the economic confusions -- available in free pdf or on amazon.com -- didn't download
books  kindle-available  macroeconomics  Keynesianism  institutional_economics  stagnation  neoliberalism  political_economy  global_system  Labor_markets  inequality  economic_growth  EF-add 
february 2014 by dunnettreader
Thomas Palley » Blog Archive » Explaining Stagnation: Why it Matters
Welcoming Summers and Krugman attention to secular stagnation -- links to his papers and books -- That report [New America Foundation] became a core chapter in my 2012 book, From Financial Crisis to Stagnation, the blurb for which reads: “The U.S. economy today is confronted with the prospect of extended stagnation. This book explores why…. Financial deregulation and the house price bubble kept the economy going by making ever more credit available. As the economy cannibalized itself by undercutting income distribution and accumulating debt, it needed larger speculative bubbles to grow. That process ended when the housing bubble burst. The earlier post–World War II economic model based on rising middle-class incomes has been dismantled, while the new neoliberal model has imploded. Absent a change of policy paradigm, the logical next step is stagnation. The political challenge we face now is how to achieve paradigm change.”
US_economy  international_political_economy  neoliberalism  financial_crisis  financialization  Great_Recession  macroeconomics  stagnation  EF-add 
february 2014 by dunnettreader
Wendy Brown - Political Theory Is Not a Luxury: A Response to Timothy Kaufman-Osborn's "Political Theory as a Profession" | JSTOR: Political Research Quarterly, Vol. 63, No. 3 (SEPTEMBER 2010), pp. 680-685
In "Political Theory as a Profession," Timothy Kaufman-Osborn calls for political theorists to shed attachments to political science subfields. This call inadequately reckons with the perils to political theory posed by the combined contemporary forces of scientization and neoliberalization in knowledge. Focusing on these perils, the author argues for the strategic preservation of the political theory subfield. However, this preservation will not be advanced by intensified professionalization or a turn toward market applicability. Paradoxically, the survival of political theory rests in resisting professional and neoliberal metrics and reaching for publicly legible and compelling intellectual purposes.
article  jstor  21stC  neoliberalism  scientism  university-contemporary  humanities  public_goods  education-higher  political_philosophy  political_science  social_sciences-post-WWII  intelligentsia  anti-intellectual  managerialism  efficiency  EF-add 
february 2014 by dunnettreader
Charlie Stross - Spy Kids | Foreign Policy August 2013
We human beings are primates. We have a deeply ingrained set of cultural and interpersonal behavioral rules that we violate only at social cost. One of these rules, essential for a tribal organism, is bilaterality: Loyalty is a two-way street. (Another is hierarchy: Yield to the boss.) Such rules are not iron-bound or immutable -- we're not robots -- but our new hive superorganism employers don't obey them instinctively, and apes and monkeys and hominids tend to revert to tit-for-tat strategies readily when they're unsure of their relative status. Perceived slights result in retaliation, and blundering, human-blind organizations can bruise an employee's ego without even noticing. And slighted or bruised employees who lack instinctive loyalty, because the culture they come from has spent generations systematically destroying social hierarchies and undermining their sense of belonging, are much more likely to start thinking the unthinkable.
US_foreign_policy  US_government  US_military  US_society  NSA  civil_liberties  neoliberalism  nationalism  Internet 
december 2013 by dunnettreader
G. William Domhoff - C. Wright Mills, Floyd Hunter, and 50 Years of Power Structure Research | Who Rules America
C. Wright Mills, Floyd Hunter, and 50 Years of Power Structure Research
by G. William Domhoff
Keynote address to the Michigan Sociological Association, 2006

NOTE: This document is an extended version of "C. Wright Mills, Power Structure Research, And The Failures of Mainstream Political Science," but without the critique of mainstream political science. Instead, it includes more historical background on power structure research, a more detailed critique of pluralism, and a critique of structural Marxists. It is actually a lightly edited and extended reprint of a journal article with the following citation:

Domhoff, G. William. 2007. "C. Wright Mills, Floyd Hunter, and 50 Years of Power Structure Research." Michigan Sociological Review 21:1-54.
social_theory  US_history  US_economy  US_politics  power  elites  parties  US_politics-race  post-WWII  labor  Labor_markets  public_policy  right-wing  New_Left  New_Deal  neoliberalism  social_sciences-post-WWII  sociology  politics-and-money  elections  EF-add 
november 2013 by dunnettreader
G. William Domhoff - Rival Theories of Urban Power | Who Rules America
Attacks especially the pluralist theory - as often further modified by rational choice - which has relied on questionable results of Dahl study of New Haven urban renewal (1961)

Conclusion

Pluralism and Marxism are both based on abstract models of the good society, but they have very different attitudes toward markets. A complete market system is the ideal for pluralists, with a minimal role for government, whereas a planned non-market economy is the ideal for Marxists because they believe that private capitalists will inevitably dominate a market system and exploit workers. Given these strong ideological roots, the two theories are very hard to dislodge despite the many empirical studies of urban power structures that contradict their assumptions and conclusions.

Regime theory comes closer to the mark because it draws on insights from both of these traditions. However, it does not take the systemic power held by landowners and developers seriously enough. It remains at the institutional level as a theory even while recognizing that local growth coalitions are usually the dominant partners in city regimes, except under the unusual circumstances when neighborhoods and activists can forge a progressive coalition that lasts beyond one or two issues and a few elections. The commodified nature of land in the United States, and the conflict between use values and exchange values, is therefore the best starting point for understanding urban power structures.
social_theory  political_culture  power  elites  urban_politics  urban_development  US_politics  US_history  parties  20thC  rational_choice  neoliberalism  Marxist  property  economic_growth  landowners  EF-add 
november 2013 by dunnettreader
Why the 1% should pay tax at 80% | Emmanuel Saez and Thomas Piketty - The Guardian - Oct 24 2013
The Reagan-Thatcher revolution changed society's beliefs about taxes. If we want economic growth shared fairly, we must rethink

In the end, the future of top tax rates depends on what the public believes about whether top pay fairly reflects productivity or whether top pay, rather unfairly, arises from rent-seeking. With higher income concentration, top earners have more economic resources to influence both social beliefs (through thinktanks and media) and policies (through lobbying), thereby creating some "reverse causality" between income inequality, perceptions, and policies.

The job of economists should be to make a top rate tax level of 80% at least "thinkable" again.

• This is an updated version of an article originally published by VoxEU
20thC  21stC  economic_history  economic_growth  neoliberalism  taxes  1-percent  inequality  US_politics  US_economy  UK_economy  UK_politics  EF-add 
october 2013 by dunnettreader
Concurring Opinions » Schmayek’s Shutdown - Frank Pasquale -Oct 2013
For the Tea Party, PPACA is a horror, perhaps even a new form of slavery, a threat to liberty even darker than the feudal past Hayek evoked.

But there is another figure just as important to current neoliberal thought as Hayek. Carl Schmitt provided jurisprudential theories of “the emergency” and “the exception” that highlighted the best opportunities for rapid redistribution of wealth upwards. In Never Let a Serious Crisis Go to Waste, Philip Mirowski explains how neoliberal thought, far from advocating a shrinking of the state, in fact sparks a redirection and intensification of its energies. As he puts it, “A primary function of the neoliberal project is to redefine the shape and the function of the state, not to destroy it” (56). Moreover, the “strong state was necessary to neutralize what [Hayek] considered to be the pathologies of democracy” (84). Even a temporary dictatorship can work in a pinch.
US_politics  Hayek  Schmitt  liberalism  reactionary  neoliberalism  libertarianism  conservatism  EF-add 
october 2013 by dunnettreader
Thomas Frank - TED talks are lying to you - Salon.com - Oct 2013
Consider, then, the narrative daisy chain that makes up the literature of creativity. It is the story of brilliant people, often in the arts or humanities, who are studied by other brilliant people, often in the sciences, finance, or marketing. The readership is made up of us — members of the professional-managerial class — each of whom harbors a powerful suspicion that he or she is pretty brilliant as well. What your correspondent realized, relaxing there in his tub one day, was that the real subject of this literature was the professional-managerial audience itself, whose members hear clear, sweet reason when they listen to NPR and think they’re in the presence of something profound when they watch some billionaire give a TED talk. And what this complacent literature purrs into their ears is that creativity is their property, their competitive advantage, their class virtue. Creativity is what they bring to the national economic effort, these books reassure them — and it’s also the benevolent doctrine under which they rightly rule the world.
21stC  elites  neoliberalism  EF-add 
october 2013 by dunnettreader
Interview with Philip Mirkowski: The Origins and Practice of Neoliberalism « naked capitalism August 2013
Philip Mirowski is the Carl Koch Professor of Economics and the History and Philosophy of Science University of Notre Dame. How can one write an intellectual history of a bunch of anti-intellectual intellectuals? -- the MPS became a society of ‘rationalists’ who ended up promoting ignorance as a virtue for the larger population.
The doctrines and the details of the project change through time, as do the roster of protagonists, but still maintain a coherence and stability that justifies treating the movement as an historical collective. Next, it insists that Neoliberalism cannot be reduced to the writings of the few standout neoliberals that readers of this blog may have heard of – Friedrich Hayek, Milton Friedman, James Buchanan, Gary Becker – primarily because their individual tenets conflict, some with each other, and some with some other less famous comrades. Fleck points us towards the fact that thought collectives are held together, in part, by formal social structures.
 
books  20thC  21stC  intellectual_history  economic_history  political_culture  political_economy  neoliberalism  capitalism  sociology_of_knowledge  EF-add 
august 2013 by dunnettreader
"Alternatives" Isn't a Dirty Economic Word - Justin Fox - Harvard Business Review August 2013
Thatcher mantra TINA = There Is No Alternative - but thriving OECD economies show there are lots of ways to me a market economy that works
economic_history  20thC  neoliberalism  capitalism  OECD_economies  UK_economy  UK_politics  EF-add 
august 2013 by dunnettreader
Thomas I. Palley: Europe's Crisis without End: The Consequences of Neoliberalism | July 2013
Contrib Pol Economy (2013) 32 (1): 29-50. doi: 10.1093/cpe/bzt004
Downloaded pdf to Note

Palley with AFL-CIO
Abstract

This paper argues that the eurozone crisis is the product of a toxic neoliberal economic policy cocktail. The mixing of that cocktail traces all the way back to the early 1980s when Europe embraced the neoliberal economic model that undermined the income- and demand-generation process via wage stagnation and widened income inequality. Stagnation was serially postponed by a number of developments, including the stimulus from German re-unification and the low interest rate convergence produced by creation of the euro. The latter prompted a 10-year credit and asset price bubble that created fictitious prosperity. Postponing stagnation in this fashion has had costs because it worsened the ultimate stagnation by creating large build-ups of debt. Additionally, the creation of the euro ensconced a flawed monetary system that fosters public debt crisis and the political economy of fiscal austerity. Lastly, during this period of postponement, Germany sought to avoid stagnation via export-led growth based on wage repression. That has created an internal balance of payments problem within the eurozone, which is a further impediment to resolving the crisis. There is a way out of the crisis. It requires replacing the neoliberal economic model with a structural Keynesian model; remaking the European Central Bank so that it acts as a government banker; having Germany replace its export-led growth wage suppression model with a domestic demand-led growth model; and creating a pan-European model of wage and fiscal policy coordination that blocks race to the bottom tendencies within Europe. Countries, particularly Germany, can implement some of this agenda on their own. However, much of the agenda must be implemented collectively, which makes change enormously difficult. Moreover, the war of ideas in favor of such reforms has yet to be won. Consequently, both politics and the ruling intellectual climate make success unlikely and augur a troubled future.
economic_history  post-Cold_War  Germany  neoliberalism  EU  Eurozone  Great_Recession  Labor_markets  political_economy  central_banks  fiscal_policy  austerity  downloaded  EF-add 
july 2013 by dunnettreader
Massimo Pivetti: On the Gloomy European Project: An Introduction | July 2013
Intro to special issue on Eurozone Crisis
Contrib Pol Economy (2013) 32 (1): 1-10. doi: 10.1093/cpe/bzt002

TOC Articles [7]

On the Gloomy European Project: An Introduction -- Massimo Pivetti (downloaded)
Alternative Economic Policies for the Economic and Monetary Union -- Malcolm Sawyer
Europe's Crisis without End: The Consequences of Neoliberalism -- Thomas I. Palley (downloaded)
From Contagion to Incoherence: towards a Model of the Unfolding Eurozone Crisis -- Yanis Varoufakis (downloaded)
Origins and Ways Out of the Euro Crisis: Supranational Institution Building in the Era of Global Finance -- Robert Boyer (downloaded)
On the Franco-German Euro Contradiction and Ultimate Euro Battleground -- Jörg Bibow
India and the Eurozone: A Commentary on the Political Economy of Adjustment and Correction -- Shailaja Fennell ... Ajit Singh
economic_history  economic_models  political_economy  international_political_economy  international_finance  fiscal_policy  monetary_policy  central_banks  Eurozone  EU  Great_Recession  austerity  neoliberalism  downloaded  EF-add 
july 2013 by dunnettreader
UnderstandingSociety: Institutional designs for progressive reform |June 2013
One place where Jon Elster's philosophical thinking intersects with empirical social science is in the field of institutional design. This involves an important question: What features of institutional design can be identified as having beneficent features of operation when exercised by normal groups of individuals?This topic has cropped up several times in Elster's career. One important instance is the work he highlighted about alternatives to market society in Alternatives to Capitalism (Jon Elster and Karl Ove Moene, eds., 1989).  

This is a very interesting volume, for several reasons. The individual essays are very good, by experts like G. A. Cohen, Alec Nove, and John Roemer as well as Elster and Moene. But even more interesting is the shock value of its topic in the neo-liberal environment in which we have found ourselves for the past twenty years or so. To have serious scholars making careful, rigorous efforts to explore and evaluate "alternatives to capitalism" is very surprising in today's environment
social_theory  institutions  capitalism  neoliberalism  books  reviews 
june 2013 by dunnettreader
Harold Pollack: The complacency of the meritocrats (Mankiw) | WonkBlog 6-21-13
I’m puzzled by Mankiw’s argument, which combines a breezy tone with extreme disdain for “the left,” an ecumenical term he uses to describe everyone from President Obama to French President Francois Hollande to Joseph Stiglitz and the Occupy movement. At one point, Mankiw writes: “the same logic of social insurance that justifies income redistribution similarly justifies government-mandated kidney donation.”

Mankiw instead trumpets what he calls the “just deserts” perspective.... Why should people’s market wages so strongly determine what they deserve to have in life?Productivity matters, but other things matter, too. On a good day, my brother-in-law earns $10 putting soap pads into boxes at a sheltered workshop. His just deserts reside in his claim to equal, dignified citizenship, not his meager ability to produce goods and services.

Mankiw misconstrues the president’s real argument. Sure, the affluent disproportionately benefit from government and should pay more, but the point goes beyond infrastructure. It’s about what we owe each other given our differing roles and resources in a prosperous, interconnected society.
political_economy  US_politics  neoliberalism  Providence  civic_virtue  democracy  solidarity  plutocracy  inequality 
june 2013 by dunnettreader
Saez et al: The Top 1 Percent in International and Historical Perspective | NBER June 2013
$5 @ NBER Facundo Alvaredo, Anthony B. Atkinson, Thomas Piketty,Emmanuel Saez Abstract The top 1 percent income share has more than doubled in the United States over the last thirty years, drawing much public attention in recent years. While other English speaking countries have also experienced sharp increases in the top 1 percent income share, many high‐income countries such as Japan, France, or Germany have seen much less increase in top income shares. Hence, the explanation cannot rely solely on forces common to advanced countries, such as the impact of new technologies and globalization on the supply and demand for skills. Moreover, the explanations have to accommodate the falls in top income shares earlier in the twentieth century experienced in virtually all high‐income countries. We highlight four main factors. The first is the impact of tax policy, which has varied over time and differs across countries. Top tax rates have moved in the opposite direction from top income shares. The effects of top rate cuts can operate in conjunction with other mechanisms. The second factor is indeed a richer view of the labor market, where we contrast the standard supply-side model with one where pay is determined by bargaining and the reactions to top rate cuts may lead simply to a redistribution of surplus. Indeed, top rate cuts may lead managerial energies to be diverted to increasing their remuneration at the expense of enterprise growth and employment. The third factor is capital income. Overall, private wealth (relative to income) has followed a U-shaped path over time, particularly in Europe, where inherited wealth is, in Europe if not in the United States, making a return. The fourth, little investigated, element is the correlation between earned income and capital income, which has substantially increased in recent decades in the United States.
US_economy  political_economy  international_political_economy  capitalism  neoliberalism  Labor_markets  inequality  taxes  corporate_governance  globalization  technology  plutocracy  OECD_economies  economic_history  economic_growth 
june 2013 by dunnettreader
C Freeland: Economic worries and the global elite | Reuters blog 6-17-13
Reporting from TED global in Edinburgh - are elites starting to get nervous that the current economic structures are failing to deliver for all but the top and losing their legitimacy? See comment by Renaissance Capital economist
international_political_economy  elites  plutocracy  neoliberalism  capitalism  financialization  inequality 
june 2013 by dunnettreader
Caroline Baum: Why Government Spending Does Nothing for Jobs - Bloomberg View June 2013
With links to IMF & ECB working papers, Cato blog & even Veronique! Looks like we've got a fire sale on bridges, or a Veronique manqué. Now not only monetary but fiscal policy is crowding out - this time the unemployed. But I thought Casey said the unemployed just preferred leisure. I'm confused.
bad_economics  neoliberalism  austerity  unemployment  fiscal_policy 
june 2013 by dunnettreader
Humanity interview with James Ferguson, pt. 2: rethinking neoliberalism | Penn Press: Humanity
Railing against neoliberalism isn't productive or political. Rethinking bottom up development or services sometimes should exploit market mechanisms.
development  anthropology  World_Bank  neoliberalism  Hayek  Keynes 
june 2013 by dunnettreader
Chrystia Freeland for Democracy Journal: An Elite Deserving of the Name Summer 2013 )
Review of Mark Mizruchi, Fracturing of the American Corporate Elite The men in grey flannel suits had a much greater notion of how their business fit within US society and worked in concert to solve problems that would put them on the left wing of the Democrats today. Global capital and post 60s liberation has produced a CEO class both fragmented and out of touch with responsibility for the society they live and do business in.
political_economy  political_culture  neoliberalism  capitalism  globalization  economic_history  20thC  plutocracy  elites  reviews 
june 2013 by dunnettreader
Taxes, norms & belief equilibria | Chris Dillow
One claim of neoliberalism is that individuals are entitled to their incomes, as these are the result of work and contribution to society rather than to, say, luck or accidents ofhistory. If people believe this, then they will have lower tax morale.
Neoliberalism is performative; it doesn't just describe the world, but creates it.
norms  trust  institutional_economics  political_economy  politics-and-money  neoliberalism  social_theory 
june 2013 by dunnettreader

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