1,720,966 research outputs found
Which Crisis, of Which Capitalism? A Marxian and Financial Keynesian Interpretation of Neoliberalism and the Great Recession
No full textFinancial Keynesianism should be incorporated into Marxian theory to account for the current ‘great’ capitalist crisis. Capitalism moved into a new stage from the 1970s, associated with changes in banking, finance and debt, but Marxism lagged behind these developments due to its undeveloped monetary theory. The new capitalism is novel in many aspects which requires a new interpretation. The neoliberal counter-revolution was marked by tax cuts and a rise in public debt. Contrary to the common perception, rather than abolishing the state, neoliberalism redefined its functions in favor of capitalist classes. The state was in charge of directly organizing competition and embedding the ‘free’ market into other social institutions. The marketization of government functions is falsely presented as rolling back the frontiers of the state, and ‘regulation-in- denial’ is coined to indicate this contradiction. Neoliberalism is a state-driven project and has nothing to do with laissez-faire. The system was a market-generated functional equivalent of government demand management and sustained consumption by separating purchasing power from individual labor income. Borrowing was undertaken by individuals themselves on the basis of property mortgages or credit card ratings largely divorced from the labor market situation. In this sense neoliberalism can be defined as ‘privatized Keynesianism’.
Financialization, in his view, means ‘favoring financial to productive
placements’ and it was the result of the combination of government deficits
and credit squeeze. The state was pushed into becoming a permanent
debtor, forced to contain social expenditures and submit to the commands
of the financial elite. The creditors required a rising value-appreciation
of
their assets and crisis became the key gadget for them to capture political
power. In affluent times economic agents tend to invest more into riskier
projects which initially nurture faster growth but eventually develop into a
bubble and create the conditions for a crisis
Which Crisis, of Which Capitalism? A Marxian and Financial Keynesian Interpretation of Neoliberalism and the Great Recession
No full textFinancial Keynesianism should be incorporated into Marxian theory to account for the current ‘great’ capitalist crisis. Capitalism moved into a new stage from the 1970s, associated with changes in banking, finance and debt, but Marxism lagged behind these developments due to its undeveloped monetary theory. The new capitalism is novel in many aspects which requires a new interpretation. The neoliberal counter-revolution was marked by tax cuts and a rise in public debt. Contrary to the common perception, rather than abolishing the state, neoliberalism redefined its functions in favor of capitalist classes. The state was in charge of directly organizing competition and embedding the ‘free’ market into other social institutions. The marketization of government functions is falsely presented as rolling back the frontiers of the state, and ‘regulation-in- denial’ is coined to indicate this contradiction. Neoliberalism is a state-driven project and has nothing to do with laissez-faire. The system was a market-generated functional equivalent of government demand management and sustained consumption by separating purchasing power from individual labor income. Borrowing was undertaken by individuals themselves on the basis of property mortgages or credit card ratings largely divorced from the labor market situation. In this sense neoliberalism can be defined as ‘privatized Keynesianism’.
Financialization, in his view, means ‘favoring financial to productive
placements’ and it was the result of the combination of government deficits
and credit squeeze. The state was pushed into becoming a permanent
debtor, forced to contain social expenditures and submit to the commands
of the financial elite. The creditors required a rising value-appreciation
of
their assets and crisis became the key gadget for them to capture political
power. In affluent times economic agents tend to invest more into riskier
projects which initially nurture faster growth but eventually develop into a
bubble and create the conditions for a crisis
Export-Led Development: A Theoretical and Empirical Investigation.
Get PDFThis thesis contributes to the debate surrounding the export-led development hypothesis by critically examining its theoretical and empirical validity. The first part of this thesis challenges different versions of comparative advantage theory and argues that the theoretical foundations of the theory are weak. The second chapter goes beyond the conventional critiques, which focus on the assumptions of Ricardian comparative advantage theory, and argues that the real weakness of the theory can be found in its static nature and its simplistic treatment of labour theory of value. The third chapter argues that the neoclassical version of the theory has fundamental problems in its interpretation of capital and labour as factor endowments. It also questions the relevance of empirical work by arguing that even if the theory could predict the trade pattern of a country correctly, this would not prove its accuracy. The first part of chapter four challenges the 'dynamic' versions of comparative advantage theory and argues that the theory is static in its nature and cannot be made dynamic. The second part of this chapter evaluates the debate over trade policies and attempts to clarify the confusion over the definitions of import-substitution and export-promotion. The third part summarises and critically evaluates the controversy over the so-called export pessimism and provides theoretical and empirical evidence in support of its validity. The second part of this thesis investigates the empirical support for the export-led development hypothesis. Chapter five questions the relevance of the empirical literature by examining the measures of openness and techniques that are used. It argues that the majority of the literature is irrelevant and does not provide meaningful evidence to support or reject the export-led development hypothesis. Chapter six offers an alternative measure of trade openness, which is based on a 'structurally adjusted trade intensity' index, and empirically tests whether openness accelerates economic growth. Chapter seven criticises the World Bank's 1993 report on Asia and shows its weaknesses in terms of the trade policies adopted by Asian countries. The final chapter concludes by suggesting an alternative interpretation of the recent popularity of export-led development policies
The systemic causes of the 2008 crisis: an alternative theoretical perspective
No full textWOS: 000385216000011[No abstract available
The Systemic Causes of the 2008 Crisis: an Alternative Theoretical Perspective
No full text[Abstract Not Available
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Do liberal trade policies promote trade openness?
No full textAlthough trade liberalization and trade openness are assumed to be strongly associated with each other and often used interchangeably, the empirical evidence has not been forthcoming. This article is an attempt to fill this gap. By investigating the link between trade openness and trade restrictions, it argues that while a negative link between various types of trade restrictions and trade openness is evident, the relationship is weak, statistically not always significant and there is no clear evidence that the removal of trade restrictions (trade-liberalization) invariably leads to improved trade openness
Variations on the Author
Get PDF“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
- …
