Alternative Economic Paradigm Research Articles

A qualitative inquiry into sustainable transitions and business models in Icelandic energy-related companies

In the face of escalating environmental and social crises, the potential for a sustainable transition within the current sociotechnical system has emerged through innovation and alternative technologies. Despite offering diverse perspectives, sustainable transitions remain uncertain in terms of their nature and pathways. The research aims to bridge theory and reality through a case study to investigate the potential for sector-specific businesses to contribute to a sustainable transition within the current sociotechnical system. This study focuses on five Icelandic energy-related companies and two governing bodies within the energy value chain, and examines the sustainability of companies' business models and their contributions to different futures, and contextualizes the results within economic theory. The study identified two alternative economic paradigms, Green Growth (GG) and Post Growth (PG), as potential frameworks for achieving sustainable futures. The findings suggest Icelandic energy-related companies align with GG and predominantly prioritize energy efficiency, transparency enhancement, and environmental impact reduction, reflecting contributions to medium-term tactical level changes within the sociotechnical system. Challenges arise in fully implementing PG principles due to the complexities of reconciling energy production, consumption, and growth goals. The findings underscore the pivotal role of energy-related companies in sustainable transitions but emphasize the need for policy interventions to guide macroeconomic activities towards environmental and social wellbeing. The theoretical contribution of this study is the identification of alternative economic paradigms and construction of a sustainable business model for energy related companies. The practical contribution of this study is the framework used in evaluating the business model of companies in the energy sector which can provide practical understandings of the implementation of sustainable business models and a company's sustainability performance.

Parguez, the Monetary Circuit, and the Spread of Financialisation

Alain Parguez was a fierce opponent of “rentier-friendly” policies that dominated the neo-liberal era, which he saw as linked to the triumph of austerity, particularly after the mid-eighties, and for which the first seeds were planted in France before the Second World War. In the last quarter of the last century, neo-liberal policies undoubtedly dominated the scene in all main advanced countries, from the fall of the Berlin wall up to the Financial Crisis of 2008, and later. This historical period was characterized by an increased financialisation, which took the form of an accelerated growth of the financial sector of the advanced economies fed by inflation on the asset side of the financial balance sheet. In parallel, other phenomena accompanied this process such as a marked drop in real investment compared to the two previous decades, the progressive erosion of the welfare state, a general increase in inequalities, low inflation, and the rise of China as a world power among other developments. This article argues that Alain Parguez’s analytical contribution on the monetary circuit fills a substantial theoretical gap in the explanation of financialisation. This gap brought some critical authors to question the relevance of the concept and sometimes to deny its very existence. The main text of reference is the one Parguez wrote in 1996, which he considered as one of his most accomplished and relevant contributions. The present paper shows that this model develops the canonical version of the monetary circuit of Augusto Graziani in a direction that allows interpreting financialisation and other related phenomena likely to prevail in a non-Modigliani-Miller world. The monetary circuit, therefore, appears as one of the building blocks of an alternative economic paradigm that is much needed to address the challenges of our time.

Breaking free from tunnel vision for climate change and health.

Climate change is widely recognised as the greatest threat to public health this century, but 'climate change and health' often refers to a narrow and limited focus on emissions, and the impacts of the climate crisis, rather than a holistic assessment of economic structures and systems of oppression. This tunnel vision misses key aspects of the climate change and health intersection, such as the enforcers of planetary destruction such as the military, police, and trade, and can also lead down dangerous alleyways such as 'net' zero, overpopulation arguments and green extractivism. Tunnel vision also limits health to the absence of the disease at the individual level, rather than sickness or health within systems themselves. Conceptualising health as political, ecological, and collective is essential for tackling the root causes of health injustice. Alternative economic paradigms can offer possibilities for fairer ecological futures that prioritise health and wellbeing. Examples such as degrowth, doughnut economics and ecosocialism, and their relationship with health, are described. The importance of reparations in various forms, to repair previous and ongoing harm, are discussed. Breaking free from tunnel vision is not simply an intellectual endeavour, but a practice. Moving towards new paradigms requires movement building and cultivating radical imagination. The review highlights lessons which can be learnt from abolitionist movements and progressive political struggles across the world. This review provides ideas and examples of how to break free from tunnel vision for climate change and health by highlighting and analysing the work of multiple organisations who are working towards social and economic transformation. Key considerations for the health community are provided, including working in solidarity with others, prioritising community-led solutions, and using our voice, skills, and capacity to address the structural diagnosis-colonial capitalism.

Alternative Economic Paradigms to the Greek Financial Crisis

The “battle of ideas” in the Greek Financial Crisis case, focuses on which paradigm is most realistic, feasible, desirable, and appropriate for the problem in question. The goal of the paper is to formulate different answers and policies based on different paradigms, as an “antidote” to the Greek Financial Crisis. To my knowledge, such a novel approach in examining the Greek Financial Crisis by contraposing the neoclassical and Keynesian-Institutional paradigms has not been attempted. Students of the Greek Financial Crisis and, in general, of the Global Financial Crisis, will benefit from this unique method of economic analysis in deriving, in contradistinction paradigm-based policies to tackle the crisis. The Keynesian-Institutionalist response to the Greek Financial Crisis, as revealed, does not have any commonalities either with the Washington Consensus or Troika’s EAPs. In contradiction, Keynesians-Institutionalists, call for active government intervention in the form of a substantial fiscal stimulus, increasing public expenditure, reducing taxes to the poor and increasing taxes to the rich, re-regulation of the labor market, and stopping privatization. In concert with an ECB that functions as the lender of last resort, creating a Eurobond to distribute risk throughout Europe and institutional arrangements that block adverse competitive dynamics.

Embracing paradigmatic change among LATAM business leaders.Implications for sustainability education

Drawing on the psychology theory and empirical findings, this study examines the perceptions of future business leaders in Latin America (henceforth, LATAM) about alternative economic paradigms not based on indefinite economic growth (i.e., post-growth paradigms). Based on a survey among 186 MBA students from six LATAM countries (Argentina, Chile, Ecuador, México, Peru, and Uruguay), this study finds evidence of both justification of the dubbed “growth ideology” and signs of critique or the ambivalence about the role of economic growth in enhancing environmental sustainability and societal well-being. This study contends that the current signs of cognitive dissonance among participants expand opportunities for cognitive change to embrace discussions about alternative modes of sustainable development. We discuss the implications of our findings for management and sustainability education.

Teaching (Cooperative) Business: The “Bluefield Experiment” and the Future of Black Business Schools

Teaching (Cooperative) Business: The “Bluefield Experiment” and the Future of Black Business Schools

“Starting Points Matter”: Humanizing Economics Pedagogy through New Economic Paradigms

This paper considers the implications of the neoclassical dominant narrative in economics education and conceptualizes specific responses that teachers and teacher educators can take to promote a humanizing economics pedagogy. I briefly describe alternative economic paradigms and contrast them with neoclassical fundamentals. Then, I include economic lesson ideas to showcase ways to teach traditional economic content in ways that attend to neoclassicism but expand the potential of the discipline into new paradigms. By interrogating the fundamentals of neoclassical economics, students and teachers of economics can use these new economic paradigms to foster a counternarrative that is more critical and humanizing and can help address the prevailing themes of an era marked by systemic oppression.

POSITIONING ISLAMIC GIFT ECONOMY FOR SUSTAINABLE DEVELOPMENT AT THE LOCAL LEVEL

Purpose: The general objective of this study is to explore the potential of Islamic Gift Economy in relation to sustainable development at the local level. This paper is therefore, highlights conceptually some preliminary insights on how the Sustainable Development (SD) and the Islamic Economy can be incorporated into a broader sustainability framework involving the three pillars of economic, social and environmental (ESE) sustainability.
 Methodology: This paper is abouta preliminary conceptual exploration into the meaning, and potential of Islamic Gift Economy in enhancing sustainable development at the local level.
 Main findings: The central argument of this article revolves around the idea that Islamic Gift Economy with its focus on social justice (‘adl), balance (mizan), and common good (maslahaha’mmah)can be an alternative economic paradigm and development model in this post-capitalist development agenda.
 Application of the study: This study may be beneficial to policy makers from national to local/community level on how to enhance local/village economy through Islamic Gift Economy.
 Novelty/Originality of the study: This paper intends to propose an integral framework on the relationship between IGE and sustainable development at the local level. Theoretical and policy implications, and opportunities for future research were also highlighted.

Liberating reformed theology, social-embedded economics, and the white Afrikaans Reformed Churches

In this article, the author used a social-embedded framework to analyse the current economic paradigms of the white Afrikaans Reformed Churches in South Africa. He concluded that the current conventional paradigm is problematic in the lack of engagement with both the poor and alternative economic paradigms. He suggested that the notions of covenant, sovereignty and providence could assist the churches to develop an economic paradigm that is informed by solidarity with the poor. For this to happen he concludes that the churches need to develop a liberating hermeneutic in which the Bible is read as a book for the poor, while the readers remain conscious of their privileged position.

Islamic Insurance: Evolution, Models and Issues

Insurance has become an important field to take practical steps in the light of theoretical debate generated by Muslim scholars for an alternative economic paradigm. Several Takāful companies are also operating all around the Muslim world. These companies have adopted diverse working models such as Mudārabah, Wakālah and Waqf-Wakālah – each having its strengths and shortcomings. Takāful however is an evolving field both in theory and practice; and the work is ongoing in both the dimensions. Maximum possible benefits with an all-important sense of satisfaction for the consumers, and sustainability and profitability for the company providing such services, need to be ensured through continuous research and development.

The Geopolitical Role of Orthodox Russia within a Planetary Context -- A Hellenic Perspective?

Russia is a de facto representative of the Orthodox voice in the international arena. Unlike the West, Russia experiences a more neutral stance as regards intervening against Islamic territories. Although it was excluded from the economic order established after the WWII, now – after the devastating reforms of the 90s – it appears to have the capacity to provide for an alternative economic paradigm within BRICS. By way of propaganda, Russia features a negative image in the West. Greek political and geo-strategic crisis offers a characteristic example for a new paradigm-shift initiated by Russia. From a cultural perspective, Orthodox countries appear to be “closer” to Russia than to Western Europe. Russia has eight specific “missions” to fulfill. To this purpose, an ecumenical symbol such as the Ecumenical Patriarchate of Constantinople is needed.

Mothers of the World Unite: Gender inequality and poverty under the neo-liberal state

Much literature on globalization and increasing inequalities has failed to fully acknowledge how women, specifically mothers, are both excluded and included within global markets. Despite the neo-liberal reliance upon the poorly remunerated or unpaid labour of women and mothers, there has been distinctive silence in terms of recognizing this economic and political contribution. This article is an attempt to start a pivotal conversation regarding the specific positionality of women, particularly mothers, within the neo-liberal paradigm, and the ways in which a transformative feminist alternative economic paradigm can be imagined.

Redefining Islamic Economics as a New Economic Paradigm

The more recent literature on Islamic economics is largely about Islamic financial instruments and institutions. It might give an impression as if the main difference between conventional and Islamic economics is in the instruments, rather than foundational aspect. Islamic economics is not about the prohibition of certain goods and services. It is a vastly different economic system whose answers to the core economic questions vary significantly. It is important to start from the foundation Islamic economics by redefining assumptions, developing new theories of microeconomics and macroeconomics, and offering testable models from the Islamic paradigm. This paper is an attempt to redefine Islamic economics as a new economic paradigm based on the distinctive axiomatic feature of Islamic worldview. In order to do that, the paper first presents evidences of the crises of capitalism and search for alternative paradigm. Second, it outlines the origin of capitalism within the Western secular worldview. Third, it presents the Islamic worldview from anthropological, epistemological, and teleological perspectives. Fourth, it redefines Islamic economics as alternative economic paradigm to capitalism.

Does ecological economics have a future?: Contradiction and reinvention in the age of climate change

This paper addresses the role of neoclassical methodologies in ecological economics and the contradictions these methodologies pose to the field's critical founding principles. We first consider Robert Costanza's treatment of Nicholas Stern's Global Deal and then survey climate change-related articles published in this journal over the past five years. This survey reveals how mainstream (neoclassical) methodologies dominate discourse, and do so by marginalizing more critical (political economy) analyses. This situation imperils the field's founding vision of a no-growth ‘steady state’; it also fails to address the (related) growth dynamics of capitalism. Without such a critical treatment, the field's formal embrace of ‘methodological pluralism’ actually entails an ideological empiricism that renders ecological economics theoretically incoherent. This situation undermines the field's historical promise as an alternative economic paradigm. Ecological economics now faces a problematic future. Its survival in a form faithful to its founding vision will require an explicit choice to address its internal contradictions, and reinvent itself in ways relevant to our contemporary context. Without such a choice, ecological economics will likely succumb to an implicit acceptance of the hegemony of mainstream economic methodologies and their pro-growth imperatives.

Some Lessons From the Financial Crisis for the Economic Analysis

The economics profession in general, and economic forecasters in particular, have faced some understandable criticism for their failure to predict the timing and severity of the recent economic crisis. In this paper, we offer some assessment of the performance of the Economic Analysis conducted at the ECB both in the run up to and since the onset of the crisis. Drawing on this assessment, we then offer some indications of how the analysis of economic developments could be improved looking forward. The key priorities identifi ed include the need to: i) extend existing tools and/or develop new tools to account for important feedback mechanisms, for instance, improved real-fi nancial linkages and non-linear dynamics; ii) develop ways to handle the complexity arising from the presence of multiple models and alternative economic paradigms; and iii) given the limitations of point forecasts, to further develop risk and scenario analysis around baseline projections. JEL Classification: C43, D91, E31, E52, E58

Modelling the privatization process in transition economies

Alternative economic paradigms give rise to alternative models of transition, which give rise to alternative privatization processes for transition economies. This is because each transition model is associated with a unique privatization process compatible with the predetermined assumptions and value judgements of the paradigm in question. As a result, five alternative models of transition that give rise to five alternative privatization processes are considered: the shock therapy model of transition; the neoclassical gradualist model of transition; the Post Keynesian model of transition; the pluralistic market socialist model of transition; and the Chinese model of transition. The privatization method adopted is directly linked with the value judgements associated by the economic paradigm in question. Comparisons of privatization processes that ignored the value judgements of economic paradigms were meaningless.

Overcoming the Neglect of Economics in Urban Regime Theory

ABSTRACT:Urban regime theory rightfully reigns as the dominant paradigm in the analysis of local governance. Nevertheless, regime theory has been hampered by its failure to engage economic questions in a sustained and systematic way, leaving it limited in both empirical and prescriptive terms. This article presents an agenda for research that allows for the engagement of economic questions in a way that enhances the strength of urban regime theory vis-à-vis economic determinist theories of urban politics. It then sketches some possible paths this research might take, with most of the attention given to developing the rudiments of a new alternative economics for regime theory. It also illustrates how this new alternative economic paradigm can potentially generate the conditions necessary for bringing about a fundamental reconstruction of urban regimes.