The Making Of Global Capitalism

In this groundbreaking work, Leo Panitch and Sam Gindin demonstrate the intimate relationship between modern capitalism and the American state.

The Making Of Global Capitalism

The all-encompassing embrace of world capitalism at the beginning of the twenty-first century was generally attributed to the superiority of competitive markets. Globalization had appeared to be the natural outcome of this unstoppable process. But today, with global markets roiling and increasingly reliant on state intervention to stay afloat, it has become clear that markets and states aren’t straightforwardly opposing forces. In this groundbreaking work, Leo Panitch and Sam Gindin demonstrate the intimate relationship between modern capitalism and the American state. The Making of Global Capitalism identifies the centrality of the social conflicts that occur within states rather than between them. These emerging fault lines hold out the possibility of new political movements that might transcend global markets.

A World of Public Debts

This book analyzes public debt from a political, historical, and global perspective.

A World of Public Debts

This book analyzes public debt from a political, historical, and global perspective. It demonstrates that public debt has been a defining feature in the construction of modern states, a main driver in the history of capitalism, and a potent geopolitical force. From revolutionary crisis to empire and the rise and fall of a post-war world order, the problem of debt has never been the sole purview of closed economic circles. This book offers a key to understanding the centrality of public debt today by revealing that political problems of public debt have and will continue to need a political response. Today’s tendency to consider public debt as a source of fragility or economic inefficiency misses the fact that, since the eighteenth century, public debts and capital markets have on many occasions been used by states to enforce their sovereignty and build their institutions, especially in times of war. It is nonetheless striking to observe that certain solutions that were used in the past to smooth out public debt crises (inflation, default, cancellation, or capital controls) were left out of the political framing of the recent crisis, therefore revealing how the balance of power between bondholders, taxpayers, pensioners, and wage-earners has evolved over the past 40 years. Today, as the Covid-19 pandemic opens up a dramatic new crisis, reconnecting the history of capitalism and that of democracy seems one of the most urgent intellectual and political tasks of our time. This global political history of public debt is a contribution to this debate and will be of interest to financial, economic, and political historians and researchers. Chapters 13 and 19 are available open access under a Creative Commons Attribution 4.0 International License via link.springer.com.

Global Capitalism in Disarray

This book focuses on the incidence of these phenomena in the US, UK, Greece, Spain, Chile, South Africa, Australia, China, and other countries. The book looks at the effects of IMF-ECB led austerity policies in Europe.

Global Capitalism in Disarray

Global capitalism is affected by the malaises of stagnation, financial fragility, increased income inequality, growing wealth concentration at the top, and a vanishing fair social contract. This book focuses on the incidence of these phenomena in the US, UK, Greece, Spain, Chile, South Africa, Australia, China, and other countries. The book looks at the effects of IMF-ECB led austerity policies in Europe. The book examines concrete country and global conditions combining theory, country studies, historical evidence, and international comparative analysis. The book also proposes new policy priorities to restore stability, reduce inequality, and consolidate democracy in 21st century capitalism.

23 Things They Don t Tell You About Capitalism

In this revelatory book, Ha-Joon Chang destroys the biggest myths of our times and shows us an alternative view of the world, including: There's no such thing as a 'free' market Globalization isn't making the world richer We don't live in a ...

23 Things They Don t Tell You About Capitalism

Ha-Joon Chang dispels the myths and prejudices that have come to dominate our understanding of how the world works. He succeeds in both setting the historical record straight ('the washing machine has changed the world more than the internet'; 'the US does not have the highest living standard in the world'; 'people in poor countries are more entrepreneurial than people in rich countries') and persuading us of the consequences of his analysis ('making rich people richer doesn't make the rest of us richer'; 'companies should not be run in the interest of their owners'; 'financial markets need to become less, not more, efficient'). As Chang shows above all else, all economic choices are political ones, and it is time we started to be honest about them.

Imagined Futures

How do these actors assess uncertainty? Jens Beckert adds a new chapter to the theory of capitalism by showing how fictional expectations drive modern economies—or throw them into crisis when imagined futures fail to materialize.

Imagined Futures

Consumers, investors, and corporations orient their activities toward a future that contains opportunities and risks. How do these actors assess uncertainty? Jens Beckert adds a new chapter to the theory of capitalism by showing how fictional expectations drive modern economies—or throw them into crisis when imagined futures fail to materialize.

Outsourcing Economics

In this book, William Milberg and Deborah Winkler propose an institutional theory of trade and development starting with the growth of global value chains - international networks of production that have restructured the global economy and ...

Outsourcing Economics

This book challenges the idea that development is synonymous with 'upgrading' global value chains through an institutional theory of trade and development.

Karl Polanyi and the Contemporary Political Crisis

65 Polanyi, Karl: 'Universal Capitalism or Regional Planning?' in Michele Cangiani and Claus Thomasberger, eds: Karl Polanyi: Economy and Society, Selected Writings, op. cit.: 231–40, quote on p. 238 (originally published in The London ...

Karl Polanyi and the Contemporary Political Crisis

Has politics reached breaking point? Rather than defending liberalism or abandoning it, how can a socially just and ecological alternative be built? Peadar Kirby investigates the causes of our current multifaceted global crisis by drawing on the work of Karl Polanyi. This book explores Polanyi's theory that social disruptions result from the attempt to run society according to the rules of the market. Drawing on these ideas, it outlines pathways towards an alternative future that overcome weaknesses in Marxism. Linking the ecological, political and socio-economic crises, Kirby identifies that an alternative socio-ecological model is emerging, consistent with the insights of Polanyi. Karl Polanyi and the Contemporary Political Crisis is an urgent intervention into key debates on the future of politics, on the low-carbon transition, on automation and on the emerging world order.

The Political Economy of Global Capitalism and Crisis

high-income countries 144–9; inflated property markets 131–2; interest rate cuts by states 133; labour retreat and rising inequality during 143–4; liberal accounts of 129–30; proliferation of debt 130; recovery in United States 144–6; ...

The Political Economy of Global Capitalism and Crisis

The book provides a theoretically and historically informed analysis of the global economic crisis. It makes original contributions to theories of value, of crisis and of the state and uses these to develop a rich empirical study of the changing character of capitalism in the twentieth century and beyond. It defends, uses and develops Marxist theory while arguing particularly against jumping too quickly from abstract concepts to a concrete understanding of the crisis. Instead, it uses what Marx described in his notebooks as an ‘obvious’ analytical ordering to progress from a general analysis of economy and society to a discussion of recent economic transformations and the specifics of the crisis and its aftermath.Dunn argues that appropriately reconceived, a critical Marxism can incorporate and enrich rather than rejecting insights from other traditions. He disputes general characterisations of capitalism to the crisis and theories which see finance and the contemporary financial crises as largely detached from other aspects of the economy and society. Providing a thoroughly socialised and historically based account, this book will be vital reading for students and scholars of political economy, international political economy, Marxism, sociology, geography and development studies.

People Power and Profits

“Urgent work, by the foremost champion of ‘progressive capitalism.’ ” —The New Yorker An authoritative account of the dangers of unfettered markets and monied politics, People, Power, and Profits shows us an America in crisis.

People  Power  and Profits

“Urgent work, by the foremost champion of ‘progressive capitalism.’ ” —The New Yorker An authoritative account of the dangers of unfettered markets and monied politics, People, Power, and Profits shows us an America in crisis. The American people, however, are far from powerless, and Joseph Stiglitz provides an alternative path forward through his vision of progressive capitalism, with a comprehensive set of political and economic changes.

East Asian Capitalism

39 For example A.J. Lukauskas and F.L. Rivera Batiz , eds , The Political Economy of the East Asian Crisis and Its Aftermath : Tigers in Distress , ( Cheltenham : Edward Elgar , 2001 ) . 40 J.E. Stiglitz , ' From Miracle to Crisis ...

East Asian Capitalism


The Crises of Capitalism

The whole discussion among Marxist socialists on the question regarding the final crisis of capitalism is a sad story. ... after 1977, there have been many crises in the capitalist world: stock market crashes, financial crises, economic ...

The Crises of Capitalism

For nearly 300 years, capitalism propelled the world's most successful economies to new heights of development. But a spate of global environmental disasters and severe economic crises compels thinkers to question whether the system continues to function. Leveraging historical perspective, extensive research, and case studies, The Crises of Capitalism builds a compelling argument that challenges the most fundamental assumptions of prevailing economic theory. Saral Sarkar exposes capitalism's flaws through the lens of ecosocialism, a philosophy that asserts that natural resources drive production and development. Keynes, Schumpeter, Marx, and Engles had no reason to believe that there would ever be a shortage of oil, minerals, water, or food—and that technological innovation could surmount any obstacle. But oil extraction has peaked, food is harder to come by, and the cost to maintain what natural resources remain has increased exponentially. Capitalism requires constant innovation to create growth—but as Sarkar establishes, even computers wouldn't exist without copper, gold, and zinc. The Crises of Capitalism exists at the intersection of environmental awareness and economic theory. Sarkar challenges predominant explanations for catastrophic events like the 2008 global economic crisis, revises the classic paradigm of growth, and points to evidence of systemic economic failure. In this provocative, revolutionary criticism, Sarkar suggests that like other long–abandoned economic theories, capitalism has reached its limits. "This is an important book, and it is on the front edge of the thinking that has to come to bear on the real crisis the world is facing, of the impossible idea of growth forever and the economic model that is driving the planet into irreversible crises." —Doug Tompkins

The Political Economy of Emerging Markets

Varieties of BRICS in the Age of Global Crises and Austerity Richard Westra ... capitalisms and the theory of capitalist stages”, in R. Westra, D. Badeen and R. Albritton (eds), The Future of Capitalism after the Financial Crisis: The ...

The Political Economy of Emerging Markets

Rapid and sustained growth in the twenty-first-century global economy of large developing economies including Brazil, Russia, India, China, and South Africa, has captivated policy-makers and popular business press pundits alike. The coining of the new acronym BRICS and widespread adoption in international economics discourse of the designation "emerging markets" is symptomatic of that interest. The Political Economy of Emerging Markets situates the BRICS phenomena in the global economic context of advanced economies continuing to languish in recession and hovering over a deflationary abyss several years after the meltdown. A key question this volume seeks to answer is whether the BRICS and so-called "emerging market" phenomenon is really the new miracle it is presented as, offering new or modified varieties of reloaded capitalist development to the world, or yet another mirage. Written by ten leading global experts, this book answers the tough questions over BRICS and emerging markets potentially realizing new varieties of reloaded capitalism. It is not only international and interdisciplinary but uniquely multiperspectival. Theories framing chapters are not of one genre, but generate theoretical debate at the frontier of knowledge in political economy along with nuanced empirical analysis which flows from it. This book is of great importance to those who study political economy, development economics and international political economy.

The Power of Money

Recently, a new global money space has been created, a joint venture between the public and private sector. This book explores the new money society that has grown up to inhabit this new space.

The Power of Money

Innovation in money is just as important as innovation in any other sphere of activity; money is always a “work in progress.” In fact, history shows societies have tried out a wide diversity of monetary arrangements. Ideas about money have played key roles at crucial turning points in world history and during national histories. Recently, a new global money space has been created, a joint venture between the public and private sector. This book explores the new money society that has grown up to inhabit this new space. The book has several aims: Firstly, the book shows how beliefs about money, as well as attitudes and values towards it, have varied between societies and over time, and specifically how they have changed over the modern era. Secondly, the book shows the powerful effects that changing ideas have had on events, including wars and revolutions, recessions, booms and financial crises. Thirdly, the book recounts the creation of a global money space, dated to the last quarter of the 20th century, and explores its features. Fourthly, the book describes some characteristics of the new money society that inhabits the global money space. Fifthly, the book shows how each society, and indeed successive generations of the same society, has made its own unique arrangements to govern money – i.e. how it comes to terms with the power of money. The author argues that we need to develop a new arrangement now and suggests that we have much to learn from recent creative work in a number of fields ranging from the sociology of money to contemporary art. This approach sheds new light on a number of controversial issues, including the rise of crony capitalism, growing social divisions, currency wars, and asset price bubbles.

The Political Economy and Media Coverage of the European Economic Crisis

15 R.G. Gelos et al., 'Sovereign Borrowing by Developing Countries: What Determines Market Access? ... Movements for Global Capitalism: The Transnational Capitalist Class in Action', Review of International Political Economy, 1997, vol.

The Political Economy and Media Coverage of the European Economic Crisis

The European economic crisis has been ongoing since 2008 and while austerity has spread over the continent, it has failed to revive economies. The media have played an important ideological role in presenting the policies of economic and political elites in a favourable light, even if the latter’s aim has been to shift the burden of adjustment onto citizens. This book explains how and why, using a critical political economic perspective and focusing on the case of Ireland. Throughout, Ireland is compared with contemporary and historical examples to contextualise the arguments made. The book covers the housing bubble that led to the crash, the rescue of financial institutions by the state, the role of the European institutions and the International Monetary Fund, austerity, and the possibility of leaving the eurozone for Europe’s peripheral countries. Through a systematic analysis of Ireland’s main newspapers, it is argued that the media reflect elite views and interests and downplay alternative policies that could lead to more progressive responses to the crisis.

Skullduggery

Here are a few things that might surprise you, further discussed in this book: 1.

Skullduggery

I spent 30 years of my life, 1977-2008, working in financial services - either for Wall Street or self-employed as a mortgage banker with 300+ employees in 39 states! In the 70''s when I graduated from high school and college, the country was besieged with protests over the war in Viet Nam and those protests tore the fabric of our society. My best friend from age 11 to 19 joined the Navy and became a SEAL. Each time he came home on leave and in the years after he left the Navy, I heard bits and pieces of some of the things he had to do and my heart bled. We also had the shootings at Kent State and the Watergate scandal under President Nixon. The country was ripped apart, much like the past 3 1/2 years, by social and political conflicts, riots and demonstrations. A pervasive air of racial strife persisted, caused by the shooting of Martin Luther King. Not surprisingly, a schism formed in the country just as the leading edge of the baby boom generation was becoming adults. It seemed that my generation transformed into "hippies / flower children, labels analogous today with progressives / socialists / Occupy Wall Street protestors. Others became conservatives. That first group was the epitome of "sex, drugs and rock and roll" even into adulthood while the second group seemed mostly to grow past that stage and become business leaders / self-employed entrepreneurs / conservatives. In Skullduggery, I make the case that it was the 60''s and early 70''s that caused the majority of 76,000,000 baby boomers to evolve into Democrats or Republicans. At my 20th, 30th and 40th year high school reunions, talking to my friends that were in both of those groups, I estimate that ~90% of the hippies are liberals today and ~90% of the others are conservatives. The exceptions are rare. The point of bringing this up is that eventually the country returned to more peaceful times: the Viet Nam conflict ended, Nixon resigned in disgrace and the wounds from Kent State healed. Today, in 2012, the country is again just as torn as it has was in the 1970''s due once again to Middle East wars, the Great Recession of 2007 - 2012, President Obama''s constant and incendiary rhetoric, incessant politicking over race, ObamaCare, divisive dialogue of the haves and have-nots, his infamous campaign gaffe to Joe the Plumber, spread the wealth around, the 99% vs the Top 1% (class warfare), millionaires and billionaires and his war with big business. So much for Hope and Change, Change We Can Believe In and my favorite the first post-racial president. To the contrary, the United States of America is as unsettled, divided and angry as I have seen it since the 1960''s and the early 1970''s. The big questions are easy ones: Why? and What caused this return to the anger and the hostilities of the 60''s and 70''s? Since I am part of the baby boom generation and was very much a participant in both the professions of Wall Street and mortgage banking, I am in a unique position to tell you about what I saw and heard up close and personal in the 1960''s - 1970''s AND about the decade that led up to what culminated in the Great Recession of 2007-2012 that we are still clawing our way out of. Here are a few things that might surprise you, further discussed in this book: 1. The overwhelming majority of Greedy Wall Streeters and Fat Cat Bankers are massive and consistent donors to liberal Democrats, even in 2012 in the face of Obama''s persistent (and false) accusations of casting them as the fat cat bankers and greedy Wall Streeters as causing the recession! 2. The senior most executives in these companies pilloried by President Obama, gave upwards of 60% of total donations, over $20M, to Obama''s 2008 presidential campaign and his Political Action Committees into 2009. 3. The earliest beginnings of the current Financial Crisis started back in the late 1970''s. 4. Some of the names that were catalysts of the Financial Crisis are very well known activists, anarchists, life-long socialists, present and former D.C. politicians and three very well known U.S. presidents. 5. And, just in case you have not done your research or taken the time to trace the trail of bread crumbs back to the source... you need to know the irrefutable reality that: The Subprime Mortgage Crisis = The Financial Crisis of 2007 - 2012 6. From the very beginnings of The Financial Crisis in the fall of 2007, the media referred to this as The Subprime Mortgage Crisis, until they didn''t. Why did they change the name, the label if you will, of the meltdown of the U.S. economy that soon infected the balance sheets of many foreign banks, other countries, even a small village in Norway? Because the powers that be, that have the media in their pocket, told the media that calling it the Subprime Mortgage Crisis was too close to home... too close to reality... too easily focused in on the exact manipulations that lead back to the beginnings of what became a global financial debacle. So, the media started referring to the meltdown as The Financial Crisis or The Great Recession and took the spotlight off the root cause, subprime mortgages, created by liberal President Jimmy Carter and then crammed down our throats by activist Chicago attorney Barack Obama and progressive President Bill Clinton. Your mission, if you choose to accept it and don''t want all this to happen again, or if you are just Mad As Hell and Not Going To Take it Anymore, is to take a journey of discovery back to the era that created what came to be known as subprime mortgages. You must understand the people and their rationales that took on a life of its own in throwing out the common sense rules and regulations that mortgage lending institutions (banks, credit unions, savings and loans, etc.) had used since records were kept starting in the 1940''s, that had kept mortgage defaults under 2% for 60 years but exploded to 14% from 2008 to 2010. (A mortgage in default is when a homeowner is 90 days or more in arrears.) Clearly, unequivocally, a 600% increase in defaults in less than 2 years didn''t arise overnight nor was it caused by a free market economy! Rather, it is the result of gross manipulation of free markets by ideologues that resulted in the worst, by far, financial crisis since The Great Depression, and it could have been avoided!

Market Liberalism and Economic Patriotism in the Capitalist World System

The Status Quo Crisis: Global Financial Governance after the 2008 Meltdown. Oxford: Oxford University Press. ... The Two Dimensions of Nonliberal Capitalism. ... The Political Economy of Growth and Crisis (pp. 85–98).

Market Liberalism and Economic Patriotism in the Capitalist World System

This volume broadens the scope of 'comparative capitalism' within the Varieties of Capitalism (VoC) tradition. It endorses the employment of multiple perspectives, including critical political economy, institutionalist systems of capitalism, structuralist-dependency scholarship and world-systems theory. The contributors deal with the theory of economic patriotism in a conceptual framework, as well as case studies regarding rent-seeking behaviour, the patronage state in Hungary and Poland, the conflict between national regulation and the European legal framework and the perspective of wage relations in the European institutional framework. The book concludes with the legacy of developmentalism and dirigisme in a core-periphery relation, based on the French state and a range of non-European cases including Iran, Brazil and Egypt.

Handbook of Research on Employee Voice

... labor market during and after the financial crisis 2008‒09', Politics and Society, 40 (4), 549‒79. Rothstein, S.A. (2018), 'Unlikely activists: building worker power under liberalization', Socio-Economic Review, 17(3), 573‒602.

Handbook of Research on Employee Voice

This thoroughly revised second edition presents up-to-date analysis from various academic streams and disciplines that illuminate our understanding of employee voice from a range of different perspectives. Exploring the previously under-represented paradigm of the organizational behaviour approach, new chapters take account of a broader conceptualization of employee voice. Written by expert contributors, this Handbook explores the meaning and impact of employee voice for various stakeholders and considers the ways in which these actors engage with voice processes such as collective bargaining, individual processes, mutual gains, task-based voice and grievance procedures

Sovereign Debt and Socio Economic Rights Beyond Crisis

capitalist economies and their subsequent inability to honour the promises of economic and human progress on which ... in government with a market economy and capitalist property relations', Streeck, 'The Politics of Public Debt', 143.

Sovereign Debt and Socio Economic Rights Beyond Crisis

This book offers a distinctive critical discussion of the relationship between sovereign debt and socio-economic human rights in the context of the contemporary global neoliberal economic order, going beyond strictly 'post-crisis' approaches and emphasising the structural character and consistent growth of public and private indebtedness. It reflects on the implications of mounting debt for the actual ability of States to realise human rights in a world of escalating indebtedness, inequality and insecurity. It expands existing definitions of neoliberalism by reflecting in particular on neoliberalism's epistemological underpinnings, and provides a comprehensive and systematic analysis of the 2009 Greek debt crisis and the main elements of post-crisis developments in international and EU law, arguing that the 'neoliberalisation of law' has essentially been advanced in the wake of the Eurozone debt crisis.

Zombie Economics

... rise of financedriven capitalism, 40–43; bubbles and, 45–46, 58–60; continued support for, 65–67; death of, 51–65; the economic crisis of 2008 and, 60–65; empirical evidence regarding, 52–53; financial markets after the failure of, ...

Zombie Economics

In the graveyard of economic ideology, dead ideas still stalk the land. The recent financial crisis laid bare many of the assumptions behind market liberalism--the theory that market-based solutions are always best, regardless of the problem. For decades, their advocates dominated mainstream economics, and their influence created a system where an unthinking faith in markets led many to view speculative investments as fundamentally safe. The crisis seemed to have killed off these ideas, but they still live on in the minds of many--members of the public, commentators, politicians, economists, and even those charged with cleaning up the mess. In Zombie Economics, John Quiggin explains how these dead ideas still walk among us--and why we must find a way to kill them once and for all if we are to avoid an even bigger financial crisis in the future. Zombie Economics takes the reader through the origins, consequences, and implosion of a system of ideas whose time has come and gone. These beliefs--that deregulation had conquered the financial cycle, that markets were always the best judge of value, that policies designed to benefit the rich made everyone better off--brought us to the brink of disaster once before, and their persistent hold on many threatens to do so again. Because these ideas will never die unless there is an alternative, Zombie Economics also looks ahead at what could replace market liberalism, arguing that a simple return to traditional Keynesian economics and the politics of the welfare state will not be enough--either to kill dead ideas, or prevent future crises. In a new chapter, Quiggin brings the book up to date with a discussion of the re-emergence of pre-Keynesian ideas about austerity and balanced budgets as a response to recession.

ECONned How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism

Why are we in such a financial mess today? There are lots of proximate causes: over-leverage, global imbalances, bad financial technology that lead to widespread underestimation of risk. But these are all symptoms.

ECONned  How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism

Why are we in such a financial mess today? There are lots of proximate causes: over-leverage, global imbalances, bad financial technology that lead to widespread underestimation of risk. But these are all symptoms. Until we isolate and tackle fundamental causes, we will fail to extirpate the disease. ECONned is the first book to examine the unquestioned role of economists as policy-makers, and how they helped create an unmitigated economic disaster. Here, Yves Smith looks at how economists in key policy positions put doctrine before hard evidence, ignoring the deteriorating conditions and rising dangers that eventually led them, and us, off the cliff and into financial meltdown. Intelligently written for the layman, Smith takes us on a terrifying investigation of the financial realm over the last twenty-five years of misrepresentations, naive interpretations of economic conditions, rationalizations of bad outcomes, and rejection of clear signs of growing instability. In eConned, author Yves Smith reveals: --why the measures taken by the Obama Administration are mere palliatives and are unlikely to pave the way for a solid recovery --how economists have come to play a profoundly anti-democratic role in policy --how financial models and concepts that were discredited more than thirty years ago are still widely used by banks, regulators, and investors --how management and employees of major financial firms looted them, enriching themselves and leaving the mess to taxpayers --how financial regulation enabled predatory behavior by Wall Street towards investors --how economics has no theory of financial systems, yet economists fearlessly prescribe how to manage them