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Transformations of Contemporary Capitalism
In recent decades, there has been many attempts to describe, explore, and explain the new ‘post-modern’ capitalism of the twenty-first century. In this context, this book looks at one of the most exciting strands of this research in the late twentieth century: the flexible specialisation research programme (FSRP). Drawing on the history of ideas, discourse, and literature on capitalism of the last four decades, this book shows that although ‘flexible specialisation’ anticipated some of the ways in which capitalism was being transformed in the late twentieth century, they underestimated and failed to anticipate the forms of ‘creative destruction’ and corporate digital control whic...
Capitalism
In Capitalism, Anwar Shaikh demonstrates that most of the central propositions of economic analysis can be derived without any reference to hyperrationality, optimization, perfect competition, perfect information, representative agents or so-called rational expectations. These include the laws of demand and supply, the determination of wage and profit rates, technological change, relative prices, interest rates, bond and equity prices, exchange rates, terms and balance of trade, growth, unemployment, inflation, and long booms culminating in recurrent general crises.
Representing Public Credit
Public credit was controversial in seventeenth- and eighteenth-century England. It entailed new ways of thinking about the individual in relation to the State and was for many reasons a site of cultural negotiation and debate. At the same time, it required commitment from participants in order to function. Some of the debates relating to public credit, whose success was tied up in the way it was represented, find their way into contemporary fiction – in particular the eighteenth-century novel. This book reads eighteenth-century fiction alongside works of political economy in order to offer a new perspective on credible commitment and the rise of a credit economy facilitated by public credi...
The Structure and Operation of Modern Economies
This book is about the economy rather than economics. It explores the structures, inner workings and problems of modern economies, showing how the organisations and networks that shape the structure of the economy are arranged to provide society with goods and services. At the centre of the analysis there is the economic system, characterised by organisational components carrying out economic functions (production, consumption, distribution, and establishment and control of the economic activities as well as provision of public goods and services) and by a co-evolving dynamic with the state. The economic system is thus a ‘machine’ that modern states have organised through their laws and international agreements. The book incorporates a historical approach which reveals the varieties, structure and evolution of capitalism as the defining economic system of the modern age. Ultimately, the book demonstrates that the economic sphere and the political sphere are the two powers ruling people’s lives: the economy is the result of their interactions. This book will be of great interest to readers in political economy, economics, sociology and political science.
Alternative Theories of Competition
The history of policymaking has been dominated by two rival assumptions about markets. Those who have advocated Keynesian-type policies have generally based their arguments on the claim that markets are imperfectly competitive. On the other hand laissez faire advocates have argued the opposite by claiming that in fact free market policies will eliminate "market imperfections" and reinvigorate perfect competition. The goal of this book is to enter into this important debate by raising critical questions about the nature of market competition. Drawing on the insights of the classical political economists, Schumpeter, Hayek, the Oxford Economists’ Research Group (OERG) and others, the authors...
Producer Cooperatives as a New Mode of Production
The notion that there is no alternative to capitalism emerged after the fall of the Berlin Wall and made rapid headway due to increasing economic globalisation. More recently, this belief that there is no viable alternative has held firm despite the financial crisis, high unemployment levels and an ever-increasing gap between rich and poor. However, since the appearance of Benjamin Ward’s seminal 1958 article, economic theorists have been developing a workable alternative: a system of self-managed firms. The core argument outlined in this book is that a well-organised system of producer cooperatives would give rise to a new mode of production and, ultimately, a genuinely socialist society....
Reconstructing Keynesian Macroeconomics Volume 3
This book represents the third of three volumes offering a complete reinterpretation and restructuring of Keynesian macroeconomics and a detailed investigation of the disequilibrium adjustment processes characterizing the financial, the goods and the labour markets and their interaction. This book offers a full treatment of the interlinkages between the real and the financial markets, including an analysis of banking, credit, and endogenous money and asset markets. It remains critical of quite frequently used conventional macro models that have dropped the tradition of studying the macroeconomic feedback channels, well-known in the history of macroeconomics. Those feedback mechanisms are kno...
Paradigms in Political Economy
Social theory can usefully be conceived in terms of four key paradigms: functionalist, interpretive, radical humanist, and radical structuralist. The four paradigms are founded upon different assumptions about the nature of social science and the nature of society. Each generates theories, concepts, and analytical tools which are different from those of other paradigms and together they provide a more balanced understanding of the phenomenon under consideration. This book demonstrates that an understanding of these different paradigms and how they can be applied leads to a better understanding of the multi-faceted nature of political economy. Any explanation of a given phenomenon is based on...
Cooperative Firms and the Sustainable Development Goals
With growing economic inequality and threats to the sustainability of human societies, Koh argues that cooperatives can play an important role in promoting decent work and reducing economic inequality in the twenty-first century and thus urges policy makers to reignite policy discussions on cooperatives. This book shows how worker cooperatives are uniquely situated to empower low- and middle-wage workers and what governments can do to promote them. Koh clarifies the mechanism by which cooperatives create an upper hand over conventional companies in ‘labor-intensive’ sectors, thereby boosting employment potential. He also explains cooperatives’ wide contribution to the Sustainable Devel...
The Financial Foundations of Production and Uncertainty
Rejecting much of mainstream economic theory for being too passive, this book argues that the innovative and unpredictable nature of economic phenomena is better understood with analytical devices, which allow for more creative and participatory analysis. As is demonstrated, this has significant implications for our understanding of production, money, and finance. The book introduces the concept of "production commitments": the expectation of a producer that others in the chain will produce their corresponding output. This expectation forms the basis of all specialized production in the economy. And being at the center of the process of specialization, production commitments are the most bas...
