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" A lucid and rigorous demonstration that climate change cannot be overcome unless capitalism is overcome. The scourge of humanity is also the scourge of nature. This is a great achievement: putting forth the necessary contours of the direction that must be taken if we are to be equal to the greatest challenge ever faced by humankind. Joel Kovel, author The Enemy of Nature The climate crisis is at a critical moment while millions despair that no action is being taken. The difficulties our world leaders have in taking meaningful action do not spring out of nowhere but from their refusal to understand that this crisis is the consequence of the globalised, neoliberal economic system. This book argues that we cannot simply green our current society, but that we need a more thorough, more fundamental social transformation. We also need to ensure that the struggle for a better world has built into its DNA the pursuit of an ecologically sustainable society. Natalie Bennett, leader of the Green Party of England and Wales What should be done to resolve the climate crisis? Daniel Tanuro argues that government measures eco-taxes, commodification of natural resources and carbon trading do not tackle the main problem: the drive for profit. Evidence from the Intergovernmental Panel on Climate Change and other sources demonstrates the impossibility of a sustainable green capitalism. Green Capitalism includes a critique of popular writers on the environmental crisis, ranging from Jared Diamond to Hans Jonas, and it discusses the economic and technological transition scenarios. It also includes a critical assessment of the contributions of Marxist writers such as John Bellamy Foster, Paul Burkett and Ernest Mandel."
The prevailing aspiration of business is performance, while that of society is progress. Capitalism, both the paradigm and practice, sits at the intersection of these dual aspirations, and the essays in this volume explore its fraught status there. Contributions to this volume address questions such as (i) what's the problem with capitalism?; (ii) is the problem just with the practice or with the very paradigm?; (iii) what is progress and who is responsible for it?; (iv) what evolution is required at the individual, system, and paradigm level so that enterprises and the executives who lead them may better integrate performance with progress?; and (v) whither consumers, employees, and investors in this evolution? The book offers perspectives from two distinct intellectual domains-social science and philosophy. Scholars in social science (including economics, management, and sociology) tend to study performance. Ideas of progress, on the other hand, tend to fall more under the purview of philosophers (in particular social and political philosophers). Further, to obtain an insider's view on practice and possibilities, the volume includes essays from a handful of thoughtful business leaders. Research should consider not just how to make sustainability profitable, but also how to make profitability and the modern economic system sustainable. If we are to better comprehend why the world is in protest, to reflect on progress or dilemmas of trust, we must appreciate the tenuous assumptions of modern microeconomics and markets, and hear from modern philosophers about the basis and limits of rationality.
The concept of fair division is as old as civil society itself. Aristotle's "equal treatment of equals" was the first step toward a formal definition of distributive fairness. The concept of collective welfare, more than two centuries old, is a pillar of modern economic analysis. Reflecting fifty years of research, this book examines the contribution of modern microeconomic thinking to distributive justice. Taking the modern axiomatic approach, it compares normative arguments of distributive justice and their relation to efficiency and collective welfare.The book begins with the epistemological status of the axiomatic approach and the four classic principles of distributive justice: compensation, reward, exogenous rights, and fitness. It then presents the simple ideas of equal gains, equal losses, and proportional gains and losses. The book discusses three cardinal interpretations of collective welfare: Bentham's "utilitarian" proposal to maximize the sum of individual utilities, the Nash product, and the egalitarian leximin ordering. It also discusses the two main ordinal definitions of collective welfare: the majority relation and the Borda scoring method.The Shapley value is the single most important contribution of game theory to distributive justice. A formula to divide jointly produced costs or benefits fairly, it is especially useful when the pattern of externalities renders useless the simple ideas of equality and proportionality. The book ends with two versatile methods for dividing commodities efficiently and fairly when only ordinal preferences matter: competitive equilibrium with equal incomes and egalitarian equivalence. The book contains a wealth of empirical examples and exercises.
Americans have long been proud of the strength and robustness of
their economy. We've been told from the time we were children that
we live in the best country in the world, with the most expanding
and dynamic economy. We've been told that we live in the home of
the American Dream, a country that--more than any other--allows
people to rise up from poverty into the ranks of the rich. But the
truth is average real incomes in the United States have been flat
for more than three decades. Economic inequality in the United
States is now closer to a third-world country than to our
first-world peers, and is growing. Many things have been blamed for
these failures--globalization, outsourcing, economic cycles,
weakening education, and so on--but the reality is that the failure
of our economy stems directly from a set of political and economic
choices voters have made since the early 1980s.
Drawing on historical and contemporary evidence, this book argues that growing environmental degradation and wealth inequality are linked to how nature is exploited to create economic wealth. Ending the under-pricing of natural capital and insufficient human capital accumulation is essential to overcoming structural imbalance in modern economies.
The euphoria evidenced in the aftermath of the collapse of communist regimes in the late 1980s and early 1990s sometimes conveyed the impression that the process of democratization would be achieved without difficulty or tribulation. This book sets out to provide a thorough comparative analysis of the challenges which face the emerging democracies of Central and Eastern Europe and considers the impact of political change. Drawing heavily on available survey data, the book provides an in-depth account of how the new democracies of Central and Eastern Europe have coped with four major challenges: political fragmentation, nationalism, lack of respect for human rights, and poorly developed civil service systems. The book demonstrates that although the first few years of the 1990s were marked by increasing disenchantment with the new regimes, the change of governments as a direct result of the electoral process and the prospects for European integration have served to reverse this negative trend. Indeed, the authors find that the new political systems have managed to cope with the challenges so effectively that striking similarities with Western democracies are now apparent. Offering new insights into democratic transition, Challenges to Democracy will appeal to political scientists, diplomats and policymakers, and economists with an interest in European and comparative politics.
The world has long considered China a juggernaut of economic strength, but since the global financial crisis, the country's economy has ballooned in size, complexity, and risk. Once dominated by four state-owned banks, the nation's financial system is a tangle of shadow banking entities, informal financial institutions, and complex corporate funding arrangements that threaten growth, stability, and reform efforts. The country has accumulated so much debt so quickly that economists increasingly predict a financial crisis that could make 'Brexit' or Greece's economic ruin seem minor, and could undermine China's ascent as a superpower. Earlier this year, President Xi Jinping issued an urgent call for reform that gives the country until 2020 to transform its economy - a vaguely-defined objective that most economists agree is unrealistic. Whether or not China will be responsible for the next global recession, as some experts forecast, the fate of its economy will have far-reaching consequences for the rest of the world. Yet the inner workings of China's financial system are still very much a mystery to most outsiders. Now more than ever, as the country's slowing economy is being felt around the globe, it is essential to understand how China allowed its economy to become so mired in debt. China's Great Wall of Debt is a penetrating examination of the country's opaque financial system and the complex factors - demographic shifts; urbanization; industrialization; a pervasive over-reliance on debt-fueled investments - that have brought the country to the brink of crisis. Anchored by stories of China's cities and its people; from factory workers and displaced farmers to government officials and entrepreneurs, the narrative will take readers inside the country's ghost cities, zombie companies, start-ups, and regulatory institutions as McMahon explains how things got so bad, why fixing the problems is so hard, and what the economic outlook means for China and for the rest of us.
Dynamic Systems in Management Science explores the important gaps in the existing literature on operations research and management science by providing new and operational methods which are tested in practical environment and a variety of new applications.
Top pay has risen much faster than average pay in the past 20 years. Today there's widespread public concern about the apparent excesses of some pay deals in the corporate sector - although people are more forgiving of the rewards to entrepreneurs, entertainers and sports stars. This collection of essays puts various aspects of this debate under the spotlight. It looks at the role of shareholders in awarding executive pay, examines how pay data are produced and used, and asks whether Long-Term Incentive Plans have created unnecessary inflation of executive pay. It also looks at high pay in the public sector and in areas where government funding plays a major role - such as universities and charities. And it investigates the disparity in pay between men and women among very high earners.
In principle the advanced, market-driven world in which we now live is fuelled by knowledge, information and transparency, but in practice the processes that produce this world systematically corrupt and denigrate knowledge: this is the powerful and provocative argument advanced by Colin Crouch in his latest exploration of societies on the road to post-democracy. Crouch shows that executives in profit-maximizing corporations have incentives to ignore or distort knowledge, especially firms in the information business of the mass media themselves, as financial knowledge increasingly trumps the other kinds of knowledge that business needs. Firms also seek to take control of public knowledge and use it for their own ends, often at the cost of other stakeholders in society. Meanwhile the transfer of similar practices to professional public services undermines professional skills and ethics - especially when these services are out-sourced to the private sector. Attempts to extricate ourselves from these problems involve reshaping the complex and often conflicting relationships among citizens, professionals, managers and financiers. This new book by one of the most incisive critics of contemporary Western societies will be of interest to a wide range of readers, from students to policy-makers and those who work in the public and private sectors.
Across Europe, market mechanisms are spreading into areas where they did not exist before. In public administration, market governance is displacing other ways of coordinating public services. In social policy, the welfare state is retreating from its historic task of protecting citizens from the discipline of the market. In industrial relations, labor and management are negotiating with an eye to competitiveness, often against new non-union market players. What is marketization, and what are its effects? This book uses employment services in Denmark, Germany, and Great Britain as a window to explore the rise of market mechanisms. Based on more than 100 interviews with funders, managers, front-line workers, and others, the authors discuss the internal workings of these markets and the organizations that provide the services. This book gives readers new tools to analyse market competition and its effects. It provides a new conceptualization of the markets themselves, the dilemmas and tradeoffs that they generate, and the differing services and workplaces that result. It is aimed at students and researchers in the applied fields of social policy, public administration, and employment relations and has important implications for comparative political economy and welfare states.
This volume scrutinizes the functionality of a capitalist market society, which is usually praised for the efficiency and dynamism, rather than for its morality. It addresses the dualism behind capitalism's encouragement of greed, which is usually considered to be a moral failing, while also being a driver behind economic growth.
Has America always been capitalist? Today, the US sees itself as the heartland of the international capitalist system, its society and politics intertwined deeply with its economic system. This book looks at the history of North America from the founding of the colonies to debunk the myth that America is 'naturally' capitalist. From the first white-settler colonies, capitalist economic elements were apparent, but far from dominant, and did not drive the early colonial advance into the West. Society, too, was far from homogeneous - as the role of the state fluctuated. Racial identities took time to imprint, and slavery, whilst at the heart of American imperialism, took both capitalist and less-capitalist forms. Additionally, gender categories and relations were highly complex, as standards of `manhood' and `womanhood' shifted over time to accommodate capitalism, and as there were always some people challenging this binary. By looking at this fascinating and complex picture, James Parisot weaves a groundbreaking historical materialist perspective on the history of American expansion.
China's rise is altering global power relations, reshaping economic debates, and commanding tremendous public attention. Despite extensive media and academic scrutiny, the conventional wisdom about China's economy is often wrong. Cracking the China Conundrum provides a holistic and contrarian view of China's major economic, political, and foreign policy issues. Yukon Huang trenchantly addresses widely accepted yet misguided views in the analysis of China's economy. He examines arguments about the causes and effects of China's possible debt and property market bubbles, trade and investment relations with the Western world, the links between corruption and political liberalization in a growing economy and Beijing's more assertive foreign policies. Huang explains that such misconceptions arise in part because China's economic system is unprecedented in many ways-namely because it's driven by both the market and state- which complicates the task of designing accurate and adaptable analysis and research. Further, China's size, regional diversity, and uniquely decentralized administrative system poses difficulties for making generalizations and comparisons from micro to macro levels when trying to interpret China's economic state accurately. This book not only interprets the ideologies that experts continue building misguided theories upon, but also examines the contributing factors to this puzzle. Cracking the China Conundrum provides an enlightening and corrective viewpoint on several major economic and political foreign policy concerns currently shaping China's economic environment.
This book provides an overview of the rapid development Beijing has seen in a wide range of areas in 2017, both in itself and as an integral part of a larger region, as China's economic development continues to improve in overall quality and regional coordination. General reports on progress Beijing made and problems it faced in 2017 in improving its economy, public services, municipal and community governance, urban planning, and funding for innovations are followed by case studies that look at best practices and how they can be applied towards promoting coordinated development of the Beijing-Tianjin-Hebei region. The strategy features prominently in the outlook contributors present for the greater metropolitan area of Beijing for 2018. This book is a valuable source of reference for anyone trying to gain a better understanding the what, how, and why in relation to one of the world's fastest growing mega-cities.
This book deals with the transformations of both accumulation process and labour in the transition from a Fordist to a cognitive capitalism paradigm, with specific regard to Western economies. It outlines the advent, after industrial capitalism, of a new phase of the capitalist system in which the value of cognitive labour becomes dominant. In this framework, the central stakes of capital valorisation and forms of property are directly based on the control and privatization of the production of collective knowledge. Here, the transformation of knowledge itself, into a commodity or a fictitious capital, is analyzed. Building on this foundation, the authors outline their concept of `commonfare'. This idea of commonfare implies, as a prerequisite, the social re-appropriation of the gains arising from the exploitation of those social relations which are the basis of accumulation today. This re-appropriation does not necessarily lead to the transition from private to public ownership but it does make it necessary to distinguish between common goods and the commonwealth. This book explains this distinction and how common goods and the commonwealth require a different framework of analysis. This volume will be of great interest to all scholars and researchers, as well as a more general readership, who wish to develop a critical thinking of the mainstream analysis of this topic. Contributing to the "Marxism-heterodox" approach using rigorous theoretical analysis and empirical evidence, it is aimed at all those who act socially and aspire to a better understanding of the development and the contradictions of contemporary capitalism.
This topical and important book identifies the short to medium-term economic, financial and social consequences of Brexit. Containing perspectives from leading thinkers across legal, economic and financial fields, it considers both the general effect of UK withdrawal on the European integration process, and the specific impact on the free movement of capital, goods and people. Addressing the main areas within both the UK and the EU that can and will be affected by Brexit, including the financial sector, immigration, social rights and social security, After Brexit: Consequences for the European Union will make fascinating reading for all those currently engaged in the study and practice of Law, Economics, Finance, Political Science, Philosophy, History and International Affairs.
Now with a substantial new postscript on the financial crisis
This book provides a basic introduction to the 'nuts and bolts' of capitalism. It starts by examining the classic accounts of capitalism found in the works of Adam Smith, Karl Marx, Max Weber, Joseph Schumpeter, and John Maynard Keynes. Each placed emphasis on different institutional elements of capitalism - Smith on the market's 'invisible hand'; Marx on capital's exploitation of labour; Weber on the foundations of economic rationality; and Schumpeter and Keynes on the instability that results from capitalism's essentially monetary and financial character.
Drawing on these classic accounts, Ingham then offers a succinct analysis of capitalism's basic institutions and their interconnections. Market exchange, the monetary system, the enterprise, capital and financial markets, and the role of the state are dealt with in separate chapters which make use of contemporary material on the recent history of the capitalist system - including the great inflation of the 1970s and the neo-liberal backlash; the 'dot.com' bubble of the late 1990s; and the collapse of Enron and other US corporations. This revised version includes a substantial new postscript on the financial crisis of 2007-8 and its aftermath. The result is a concise, masterly and up-to-date account of the world's most powerful economic system, written in a way that is accessible to students and general readers alike.
The capitalist system, in its current form, is broken. Here, a Nobel Peace Prize-winner outlines his radical economic vision for fixing it. Eight individuals now own more wealth than 50 per cent of the global population, and high unemployment in many countries means that people's skills, knowledge, and creativity are being wasted. Rampant environmental destruction only adds to this picture of a bleak future in which humankind will no longer be able to sustain itself. But what if there is another way? Muhammad Yunus is the economist who invented microcredit, founded Grameen Bank, and earned a Nobel Peace Prize for his work towards alleviating poverty. Here, he sets forth his vision to establish a new kind of capitalism, where altruism and generosity are valued as much as profit making, and where individuals not only have the capacity to lift themselves out of poverty, but also to affect real change for the planet and its people. A World of Three Zeroes offers a challenge to young people, business and political leaders, and ordinary citizens everywhere to embrace a new form of capitalism, and improve the world for everyone before it's too late.
This book explores new frontiers in the research of economic growth and industrial reconstruction, analyzing economic growth and transitions in industrial structure in East Asia with a variety of data. First, the effects of demographic change on trade openness is analyzed empirically using the panel data of APEC countries. Second, the determinant of wage and housing costs are estimated using survey data collected from peasant workers in China. Third, the determinants of conquests among nomads in or near China and dynasties from world history are analyzed empirically using data regarding dynasties. Fourth, critiques on Emmanuel's unequal exchange theory are investigated based on the profit data in the world. This book is highly recommended for readers who would like to obtain a new idea about economic development in terms of industrial structure.
Since the global financial crisis of 2008-9, central-level, state-owned enterprises (SOEs) in China have extended their reach into the Chinese economy. Some have interpreted this development as a turning point in Chinese economic development; a decision for state capitalism and a stand against slow but steady marketization. In The Advance of the State in Contemporary China, Sarah Eaton suggests that the shift is a much slower-moving process and that this particular aspect of state sector reform can be seen to predate the financial crisis. She argues that the 'advance of the State' has in fact developed incrementally from an eclectic set of ideas regarding the political and economic significance of large and profitable state-controlled enterprise groups. Drawing from case studies of China's telecommunication services and airline reforms, this fascinating study offers illuminating insight into China's much-vaunted, but poorly understood, brand of state capitalism.
This informative one-volume collection brings together the most prominent papers within the economics of structural change and growth. This collection focuses on research that investigates the causes and consequences of structural change with either theoretical or calibrated models, mindfully including some of the most celebrated literature over the last two decades. The volume covers the impact structural change has on an array of economic factors including convergence, per capita income and spatial development. Prefaced by an original introduction from the editors, this collection would be well suited to scholars and macro-development economists wishing to extend their knowledge of this compelling topic.
Decentralization is changing the face of South East Europe. This book provides practical analysis of the devolutionary measures reshaping post-Communist economies. Decentralization of government to regional and local levels, in both is administrative and fiscal forms, has taken place to different extents in the countries of South East Europe and this book discusses the many factors and three main forms that make this so. Going through Europe's history, looking at religion and economical growth and understanding the politics of a nation under a Communist regime, this book analyses the extent and evolution of the decentralization and local development in South East Europe in the 1900s.
A Foreign Affairs Best Book of the Year "An intellectual excursion of a kind rarely offered by modern economics." -Foreign Affairs Thomas Piketty's Capital in the Twenty-First Century is the most widely discussed work of economics in recent years. But are its analyses of inequality and economic growth on target? Where should researchers go from there in exploring the ideas Piketty pushed to the forefront of global conversation? A cast of leading economists and other social scientists-including Emmanuel Saez, Branko Milanovic, Laura Tyson, and Michael Spence-tackle these questions in dialogue with Piketty. "A fantastic introduction to Piketty's main argument in Capital, and to some of the main criticisms, including doubt that his key equation...showing that returns on capital grow faster than the economy-will hold true in the long run." -Nature "Piketty's work...laid bare just how ill-equipped our existing frameworks are for understanding, predicting, and changing inequality. This extraordinary collection shows that our most nimble social scientists are responding to the challenge." -Justin Wolfers, University of Michigan
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