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Heterodox Economics and Global Emergencies
From the financial crash to the climate emergency and Covid- 19, this book demonstrates that recent crises have had unequal impacts, they require a heterodox approach to economics for their understanding, and new ways of thinking are needed to address them. Drawing on a variety of heterodox and radical perspectives and global voices, including those from India, Africa, and South America, this collection explores the causes and impacts of global emergencies from a wide array of viewpoints. The first section outlines how the pandemic has shown up the biases of orthodox thought and policy, particularly its Eurocentric and patriarchal focus on the urban, formal economy. It outlines how adding an...
Economic Growth and Long Cycles
Contemporary capitalism is characterized by periods of vigorous economic growth and periods of slow or even negative growth. This book draws on the classical political economy approach to consider both economic cycles and economic growth and draw conclusions about the inherent instability of the modern economy. The book shows that the work of the old classical economists (Smith and Ricardo) and Marx is theoretically sound and capable of providing answers to both growth and cycles. It also demonstrates the potential and natural integration of growth and cycles in a single model. The microeconomic foundation of this model is the labor theory of value, which continues with the General Law of Ca...
Rethinking Financial Behaviour
Pension policy in the UK and US is designed on the assumption that people make informed financial decisions, consistently invest in pensions and manage diverse portfolios. Deviating from this is often deemed irresponsible and irrational. However, this assumption overlooks uncontrollable factors like caring duties, employment breaks or income limitations. Even when individuals act as expected, unpredictable market shifts can hinder long-term planning. This book redefines deviations to “rational behaviour” as logical responses to a dysfunctional system. Challenging existing theoretical discussions and policy approaches, it proposes a fresh perspective on rationality when it comes to financial practices and policy.
Menopause Transitions and the Workplace
The symptoms of menopause transitions have profound implications for work and are, in turn, affected by work. Despite this, the topic is rarely discussed in management and organization studies. Providing an overview of existing knowledge in the field of menopause in the workplace, this collection re-theorises the management of human resources as it relates to the connections between gender, age and the body in the workplace environment with an intersectional analysis. Offering theoretical frameworks from experts as well as possible practical approaches that can be implemented in workplaces to support women transitioning through menopause, this is a go-to reference for academics and policy makers working in the field.
What is Financialization?
This book introduces a new and original analytic approach to defining, understanding, and explaining financialization. It provides a precise and quantifiable definition of financialization, disaggregating financialization into its three varieties. These are examined through the lens of financial development, both before and after the Great Recession, providing the most in-depth analysis of the finance-real economy-labor nexus. It provides a historical perspective, looking at financialization as a key dynamic that has shaped real economic structures in terms of both growth and inequality of income over the last four decades in high-income, upper-middle-income, and lower-middle-income countrie...
Unequal Development and Capitalism
Unequal development has been a defining characteristic of capitalism. Throughout history, countries and regions have exhibited differences in labor productivity growth – a key determinant in poverty reduction and development – and although some nations may catch up with the productivity levels or well-being of developed economies at times, others fall behind. This book explores these processes of catching up and falling behind of developing countries from Asia, Latin America, Central and Eastern Europe, and Africa in relation to the US economy from 1970 to 2019. The research presented in this book integrates a historical interpretation of post-World War II capitalism with economic theory...
Income Redistribution, Inequality and Democracy
This book examines why democracy has failed to deliver effective solutions to income inequality problems over the last four decades, and if democracy can offer solutions to various increases in inequality in the future. It also addresses what elements are necessary for democracy to serve as an effective alternative for addressing inequality issues. Historical experiences over the past 40 years, including the global financial crisis, not only underscore the need for fresh perspectives on income inequality in economics but also question the ability of democracy to continue providing alternatives for addressing the escalating forms of inequality. Seo and Kang’s response to these inquiries div...
Political Economy of the Firm
An alternative theory of the firm is needed that helps better understand the nature and actual functioning of firms as well as the challenges raised by digital platform firms. In defining firms as economic collective ventures organised by political means, this book offers a “political economy” vision of firms. Specifically, the book provides an authority-based conception of the firm that supplies a theoretical grounding for democratic governance. It is argued that workers must be viewed as actors of the firm, not passive subjects of capital, given that authority is a non-coercive form of power. The book examines authority and subordination from the workers’ perspective and argues that ...
Digital Capitalism and New Institutionalism
Modern institutional economics was created to study the institutions of pre-digital economies and is based on reductionist approaches. But digital capitalism is producing institutions of unprecedented complexity. This book argues therefore that not only the economic institutions themselves but also the theoretical foundations for studying those institutions must now be adapted to digital capitalism. The book focuses on the institutional complexity of digital capitalism, developing an interdisciplinary framework which brings together cutting-edge theoretical approaches from philosophy (first of all, object-oriented ontology), sociology (especially actor-network theory), evolutionary biology, ...
Older Workers in Transition
This collection explores a variety of job transitions for older people, including voluntary job moves, coming out of unemployment, temporary labour and passages into retirement. Each chapter hears the voices of older workers and employers, and is positioned within the context of various European countries, with important lessons for future policy.
