Concepts Of Political Economy Research Articles

Contemporary Financial Nationalism in Theory and Practice

Abstract The 2008 global financial crisis and its aftermath provided fertile soil for criticism of and alternatives to the international liberal order, including the rise of financial nationalism. Contemporary financial nationalism is a view of the world that is nationalist in its motivation for political action, financial in its policy focus, and illiberal in its conception of political economy. At the same time, it is fundamentally shaped by its emergence from within the international liberal order, which both constrains the policy options of financial nationalists and provides opportunities for them to draw on transnational financial resources and institutions to advance nationalist causes. This article offers a conceptual analysis of contemporary financial nationalism that explores its fundamental characteristics, explains what is distinctive about it, delineates its four major policy subtypes, identifies the resources and capabilities required to successfully engage in it, and discusses the implications of doing so. It aids researchers in thinking about financial nationalism’s internal workings across different contexts, in understanding why it has lasted as long and spread as far as it has, in considering how it may evolve, and in contemplating how it can affect domestic and international political economies.

Metamorphosis of basic concepts in political economy

Metamorphosis of basic concepts in political economy

ТЕОРЕТИЧЕСКАЯ ЭКОНОМИКА КАК ФУНДАМЕНТ УПРАВЛЕНИЯ ОРГАНИЗАЦИЯМИ ИНВЕСТИЦИОННО-СТРОИТЕЛЬНОГО КОМПЛЕКСА РОССИИ

The paper is devoted to the theoretical and methodological foundation of management of the Investment and Construction Complex (ICC) of Russia. The result of the research is to substantiate the organic connection of the basic concepts of political economy and microeconomics with the Theories of Industrial Markets and Organizations, management of construction and design companies. The conditions for realization of the GNP by Quesnay and Marx justify the place of ICC in the expanded reproduction of GNP. The Ith division includes the construction of industrial, transport, and infrastructure facilities, the production of structures, building materials, and construction equipment. In the IIth – civil, socio-cultural, and housing construction. The ICC, interacting with all sectors of the economy, is part of the Inter-industry Balance created by the Ministry of Economic Development together with the Ministry of Construction. The Ministries and the Bank of Russia are adjusting the financial model of the construction industry, which includes funding from the state budget at all levels, the banking system of mortgage lending, private capital and household investments. Among the microeconomic foundations of ICC management, there is shown the role of the concept of supply and demand in the behavior of construction organizations in the oligopolistic and competitive segments of the profile market. The market for the design of industrial and civil facilities, unlike construction and banking, is competitive. With this in mind, the provisions of A. Marshall on the functions of supply, demand, its elasticity and J. Robinson for markets of perfect and oligopolistic competition are confirmed. Financial management of a construction and design companies, their optimal output volume and maximum profit are based on a microeconomic justified equilibrium condition of the firm. The fundamental principles of microeconomics methodologically underlie the management decisions of construction and design organizations.

Classical Political Economy Concepts of Value and Rent against Mainstream Economic Theory

Classical Political Economy Concepts of Value and Rent against Mainstream Economic Theory

BİR BURJUVAZİ BAŞKALDIRISI: 1948 TÜRKİYE İKTİSAT KONGRESİ

This study examines the 1948 Turkey Economics Congress organized by bourgeois groups and its relation to political economy. We aim to explain the concept of political economy in the introduction, considering its ethical dimensions of societal well-being and integrity. The focus then shifts to assessing whether the developments in Turkey between the early 1900s and 1948 align with these ethical concerns. During this period, the state apparatus favored the bourgeoisie, disregarding ethical considerations. However, by 1948, the bourgeoisie called for limiting the state's economic role. This transformation mirrors the experiences of the British bourgeoisie during the final stages of mercantilism, revealing common patterns in societies integrating into capitalism. The subsequent sections analyze the congress papers presented by the bourgeoisie, drawing on economic theories of influential figures like Marx, Smith, and Rousseau. The study concludes by highlighting the bourgeoisie's shift from advocating statism to embracing liberal ideas at the congress. This shift represents their pursuit of transforming into the industrial bourgeoisie, symbolizing a new phase of capital accumulation within the context of capitalist integration. In summary, this study explores the significance of the 1948 Turkey Economics Congress, examining its discourse in political economy perspective and the changing perspectives of the bourgeoisie regarding economic development.

The Transformation of Adam Smith’s Political Economy in Japan: The struggle between Yukichi Fukuzawa and Shigeki Nishimura over wealth and virtue

In The Human Condition, Hanna Arendt explained the rise of the social realm during the early modern period from the ancient dichotomy between the public and the private domains. For her, the rise was relevant to the establishment of political economy. This establishment was also linked with the intellectual change of a non-Western region. When Japanese intellectuals began importing Western political economy, they confronted a problem of how to fit that science to the Japanese situation, which they saw as having no public realm composed of equal citizens. Although scholars have studied the reception of political economy in Japan, how the intellectuals transformed their understanding of society remains a research gap. I argue that some intellectuals in Japan thought that in order to provide space for the concept of political economy, they needed to create both a public and a social realm, and this caused some tension – a tension different from that in the European context. Indeed, Japanese people had a unique reception of Adam Smith’s political economy. Especially after Westernization (or the Meiji Restoration) began in 1868, the concept of political economy began to spread throughout Japan. Yukichi Fukuzawa (1835–1901), the most influential Enlightenment thinker in the Meiji era, denied the traditional, neo-Confucian view of economics and declared that the pursuit of wealth should be the goal of society; he thus introduced space for the concept of political economy into Japan. This space was regarded as troublesome, and Shigeki Nishimura (1828–1902), an advocate of national morality, challenged the concept, arguing that society should be based on ethics, not on the pursuit of wealth.

Towards the imaginary of collective prosperity in the European Union (EU): reorienting the corporation

AbstractIn February 2022, the European Commission published the ‘Proposal for a Directive on Sustainable Due Diligence’. This proposal appears a first tentative step to move the European Union (EU) away from a neoliberal conception of corporation. It replaces the wholesale trust in shareholders as the drivers of social progress with a greater reliance on public intervention that, via law, should expand the purposes pursued by corporations and set more sustainable rules for their action. This intended shift towards a more socially responsible, ‘collectivist’ understanding of corporation, I argue, should be seen as part of a broader change in perception of the desirable relationship between the market, government and law in the EU, forced by the many unfolding crises.In this paper I develop the concept of ‘imaginaries of prosperity’ as an analytical category that should enable us to grasp deep changes in the conception of political economy that the EU is currently undergoing. I use the Commission’s attempt to transform one of the core institutions of the deeply entrenched imaginary of privatised prosperity – the neoliberal corporation – to identify shifts in our background understanding of the economy, politics, government, nature and law which are pointing to the emergence of a more collective imaginary of prosperity in the EU. However, even if Commission’s due diligence proposal represents a visible shift toward such a collective imaginary of prosperity, in the last part of the paper I will argue that a more serious engagement with the question of power and the role of profit is both necessary, and imaginable, if we are to change course from what has led us to the current polycrisis.

The gendered history of economic and monetary union

While there is an impressive literature on gender and the past decade of economic crises faced by the EU, there is still a gap in our understanding of the gendered nature of the historical development of European Economic Policy. To what extent is the gendered nature of this policy area a continuation or a new phenomenon? This paper examines a key document in the establishment of the Economic and Monetary Union—the Delors Report. It draws on feminist political economy concepts of the strategic silence, the deflationary bias, and the measurement bias to illustrate the gendered underpinnings of this key document, and key moment. As a result, this paper offers a corrective to gender-blind histories of EMU, as well as providing a basis for a more historically informed feminist analysis of contemporary economic governance in the EU.

Beyond "Lack of Political Will": Elaborating Political Economy Concepts to Advance "Thinking and Working Politically" Comment on "Health Coverage and Financial Protection in Uganda: A Political Economy Perspective".

Political economy analysis (PEA) has been advanced as critical to understanding the political dimensions of policy change processes. However, political economy (PE) is not a theory on its own but draws on several concepts. Nannini et al, in concert with other scholars, emphasise that politics is characterised by conflict, contestation and negotiation over interests, ideas and power as various agents attempt to influence their context. This commentary reflects how Nannini et al wrestled with these PEA concepts - summarised in their conceptual framework used for PEA of the Ugandan case study on financial risk protection reforms. The central premise is that a common understanding of the PEA concepts (mainly structure-agency interactions, ideas, interests, institutions and power) forms a basis for strategies to advance thinking and working politically. Consequently, I generate several insights into how we can promote politically informed approaches to designing, implementing and evaluating policy reforms and development efforts.

Corporate and business domination of food banks and food diversion schemes in Canada

Critics have identified the corporate and business sector as contributing to household food insecurity through its endorsement of low wages, anti-union activities and lobbying for retrenchment of the Canadian welfare state. It is therefore troubling that this same corporate and business sector has come to dominate positions on the boards of directors of civil society organizations with missions to reduce household food insecurity. Fisher uses the term ‘Big Hunger’ to describe how this ‘hunger-industrial complex’ of food banks, food diversion schemes and corporations and companies are accruing benefits to themselves yet do little to reduce household food insecurity. We consider such processes as illustrating two key political economy concepts: (1) Marx’s concepts of base and superstructure and (2) Gramsci’s cultural hegemony. We carry out a critical case study of the relevance of these concepts to the Canadian household food insecurity scene by examining how the corporate and business sector now dominates the boards of directors of four major civil society organizations concerned with reducing household food insecurity. We find evidence of these civil society organizations exhibiting agenda distortion, reciprocity and loss of integrity, all reflecting their becoming part of the superstructure of capitalist society whose ruling elites come to dominate the ideas and values of society. Issues of wages, unionization and collective agreement bargaining, taxes and taxation, income inequality and retrenchment of the welfare state – all important contributors to household food insecurity and key concerns of the corporate and business community – are for the most part absent from these civil society organizations’ reports, documents and statements. We specify the implications these developments have for addressing household food insecurity and the inequitable distribution of other social determinants of health.

RUSSIA’S PETROLEUM INDUSTRY IN THE PERIOD OF SANCTIONS AND COVID-19 PANDEMIC: A REVIEW AND ANALYSIS

Russia's four largest petroleum companies, Rosneft, Surgutneftegaz, Gazprom Neft, and Lukoil, account for more than 50% of petroleum production and 70% of the demand in Russia's drilling market. All these four petroleum companies are profoundly relaying on Foreign Direct Investments (FDI) and import of equipment and technologies. FDI have been mostly received from European Union (EU) countries and United States (U.S.) and also these countries have been major providers of equipment and technologies including technologies for offshore development, horizontal, controlled-angle, and directional drilling, hydraulic fracturing, catalysts for oil processing and petrochemicals, and geological and seismic exploration. However, since applying economic sanctions against Russia by EU and U.S. in 2014 due to Crimea annexation and Ukrainian crisis, the situation with FDI and access to technologies has been dramatically changed. Keeping with the analytical separation between economic and non-economic sanctions and using concept of political economy of energy, this paper focuses on economic energy sanctions, and for brevity refer to them as energy sanctions with emphasizes on technology export ban, foreign capital ban, state support of petroleum industry and in addition, because of the crucial role that petroleum industry plays in the Russian economy, the paper discusses the impact of both energy sanctions and COVID-19 pandemic on national economy.Keywords: Petroleum industry, Covid-19, Russia, Energy SanctionsJEL Classifications: P4, P48; Q4, Q43; K3, K32DOI: https://doi.org/10.32479/ijeep.11385

The Political Economy of Sharia Regional Regulation on Halal Tourism Policy in Lombok, Indonesia

This study analyzes the political economy in implementing halal tourism policies in Lombok, West Nusa Tenggara. The concept of political economy is used to find and analyze the implementation of halal tourism policies on social, economic and political life in Lombok, West Nusa Tenggara. The data in this study were collected through interviews, documentation and literature review. The data source comes from primary data collected using interviews conducted with policymakers about halal tourism. In comparison, the secondary sources in this study came from the Central Statistics Agency, journals, and seeds that are considered relevant to this research. Data analysis was carried out in three stages, first, data reduction; second, data verification and third, withdrawal. The results of this study found three important things in the implementation of halal tourism. First, halal tourism is the government's strategy to introduce Lombok to the international world. Second, Halal tourism is the government's strategy to grow the community's economic sector. Third, Halal tourism is the government's political economy strategy to strengthen the legitimacy of political power among the community and strengthen the relationship between local governments and the central government as a form of loyalty from regional heads to the central government.

Les Lois de l’économie selon les romanciers du xixe siècle. Par Christophe Reffait

Political economy, wrote Flaubert in his Dictionnaire des idées reçues, is a ‘science sans entrailles’. ‘Heartless’ is probably a better translation of the phrase than ‘gutless’, ‘merciless’, or ‘pitiless’, although, as Christophe Reffait shows in this large and well-organized monograph, all these terms were very readily associated with political economy throughout the nineteenth century. Reffait’s book takes this characterization as his starting point, but his investigation is very different from the usual reconstruction of the avalanche of hostile adjectives aimed at the subject of political economy. Its aim is to examine the uses made of some of the major conceptual components of the history and historiography of political economy in the literature of nineteenth-century France, from the time of Stendhal and Balzac to that of Jules Verne and Émile Zola. The first of these components is the distinction between the passions and the interests, a distinction usually associated with the history of eighteenth-century economic thought and the scholarship of the famous development economist Albert O. Hirschman. This is followed by an extended set of examinations of the subjects of the division of labour, the law of markets, or the idea that supply creates its own demand, and the principle of population, subjects often linked with the thought of Adam Smith, Jean-Baptiste Say, and Thomas Malthus respectively. Reffait’s aim is to piece together the ways in which, partly because of their presence in Stendhal’s works, many of the key concepts of political economy were taken up and scrutinized aesthetically and analytically, not only in subsequent works of literature but also in an impressively wide range of accounts and reviews in contemporary periodicals. The result is a study of how the history and conceptual resources of political economy were integrated into the imaginative and dramatic worlds of literature and, inversely, an investigation into the light that the resources of literature help to throw on the content of political economy. Although at times these results are somewhat predictable — partly because the intellectual initiative seems, for both chronological and analytical reasons, to belong to the conceptual resources generated by political economy, and partly because of the overlap between much of the subject matter of political economy and works of fiction — Reffait’s book forms a real companion piece to comparable studies of political economy in nineteenth-century British and American literature. The result is a thought-provoking examination of the relationship between fiction in literature and abstraction in economics, which is certain to ensure that Reffait’s book will have as large a readership among historians of economic, social, and political thought as among specialists of literature.

The Political Economy and Inequality’s Impact on Mental Health

Burgeoning inequality in the United States over the last several generations has been linked to the changing political economy and the advent of neoliberalism. Inequality exerts a profound influence on mental health, disproportionally so for marginalized individuals and communities. This conceptual article will provide an overview of the concepts of political economy and neoliberalism and link these concepts to the work of mental health professionals. Connections between income inequality, social determinants of health, and the political economy will be made. Additionally, implications for social justice oriented professional counselors will be included.

Youth development and hockey in Heilongjiang and Beijing: comparative forms of growing youth hockey participation and interest in China

This research focused on examining hockey development models in two different areas in China, Heilongjiang and Beijing. We employed a comparative case study and the concept of political economy and sport to analyze two developing models of hockey development in China. Findings indicated that Heilongjiang and Beijing have framed different strategies for hockey development with their own resources. The model of Heilongjiang is suitable for traditional hockey areas whereas Beijing’s model is suitable for more developed cities in southern China.

Financialization of, not by the State. Exploring Changes in the Management of Public Debt and Assets across Europe

This paper tackles one of the most recent issues in international and comparative political economy: the process of state financialization. Although research on global financial markets has revealed that states play a crucial role in private sector financialization, until recently, much less attention has been paid to state financialization itself. This includes both the measurement of cross-country variation and the question of why this process unfolds unevenly across political economies. We propose a perspective that focuses on two areas, the management of public debt and assets, and the various ways in which states are active in financial markets. Bridging material and cultural concepts in political economy, we differentiate between the reliance on financial markets as governance mechanism and the adoption of a sense-making framework grounded in financial economics and the shareholder-value model. We distill four indicators, trace cross-national and inter-temporal developments in 36 European countries since 1990, and explore how far this variation is associated with domestic and international political economic factors. The paper concludes that state and private sector financialization are mutually reinforcing processes. In addition, future research must pay strong attention to the tensions between finance and democracy as well as the distributive consequences of state financialization.

KONSEP EKONOMI POLITIK DALAM PERSPEKTIF IBNU KHALDUN

This research aimed to find out the political economy concepts existed in Ibn Khaldun’s thoughts through his magnum opus of Muqaddimah which was a part of Al-Ibar book. This research used literature study method by studying the literature related to poitical economy. Literature data interpretation has been done by historical analysis technique which consists of periodization stages based on the life of Ibn Khaldun, and by historical descriptive analysis technique which is related to the political economy thoughts of Ibn Khaldun. This research showed that economics and politics have a relation since in the past, especially in a life span of Ibn Khaldun and his thoughts about political economy, such as production, work division, wage theory, etc. These thoughts was firstly presented by Ibn Khaldun before classical period economists did. Therefore, these thoughts is very important to study further to provide suggestions for economic studies, especially islamic economic studies.Keywords: Political Economy, Ibn Khaldun, Economic Politics

Central bank digital currency and alternative currencies: parallel paradigms

Central bank digital currencies have been on the rise for the past few years, especially after the emergence of cryptocurrencies like Bitcoin, Ethereum, Ripple and others. Leading central banks like the People's Bank of China and Riksbanken (Swedish Central Bank), and some of the other central banks around the world have been looking to develop and test central bank digital currencies around the world. Nonetheless, the main question that we need to answer is if the cryptocurrencies or central bank digital currencies (CDBC) will become the main form of money in the future or will these currencies harmoniously co-exist within the economy paradigm? This paper applies monetary and political economy concepts to discuss how a potential central bank digital currency can be developed and how it would compete with cryptocurrencies. In conclusion, however, the introduction of a central bank digital currency will reduce the monetary policies issues rather than create new issues and this paper will explain how this can be achieved.

Central Bank Digital Currency and Alternative Currencies: Parallel Paradigms

Central bank digital currencies have been on the rise for the past few years, especially after the emergence of cryptocurrencies like Bitcoin, Ethereum, Ripple and others. Leading central banks like the People's Bank of China and Riksbanken (Swedish Central Bank), and some of the other central banks around the world have been looking to develop and test central bank digital currencies around the world. Nonetheless, the main question that we need to answer is if the cryptocurrencies or central bank digital currencies (CDBC) will become the main form of money in the future or will these currencies harmoniously co-exist within the economy paradigm? This paper applies monetary and political economy concepts to discuss how a potential central bank digital currency can be developed and how it would compete with cryptocurrencies. In conclusion, however, the introduction of a central bank digital currency will reduce the monetary policies issues rather than create new issues and this paper will explain how this can be achieved.

無為 – On the Eurasian Roots of the Laissez-Faire Doctrine

Abstract This paper focuses on the diffusion of 無為/ wu-wei (an ancient Chinese concept of political economy) throughout Europe, between 1648 and 1848. It argues that at the core of this diffusion process were three significant developments; first, the importation and active transmission of wu-wei by the Low Countries during the seventeenth century. It is revealed that the details of Chinese expertise entered Europe via the textual diffusion of Jesuit texts and the visual diffusion of millions of so-called minben-images during the ceramic boom of the seventeenth and eighteenth centuries. Thus, the hypothesis is advanced that the diffusion of wu-wei, co-evolved with the inner-European laissez-faire principle, the Libaniusian model. In the second part, it is shown that the intellectual foundation of Europe’s first economic school, Physiocracy, is a direct replica of the imported Chinese economic, agrarian craftsmanship of wu-wei; subsequently, it is denied that the indigenous European Libaniusian ideology can be considered the intellectual master-model of Physiocracy and his founder Quesnay. Finally, we argue that Switzerland can be identified as the first European paradigm state of wu-wei. The crystallization process of wu-wei inside Europe ultimately ended with the economic-political reorganization of the newly formed Eidgenossenschaft in 1848. The Swiss succeeded in institutionally transforming traditional Chinese agrarian wu-wei into the modern version of European “commercial wu-wei”. In due course, this alpine paradigm enabled the endogenous Libaniusian model to verify and reflect upon its theory of commercial society. Additionally, this third focus also demonstrates that the later development of Europe’s laissez-faire doctrine has to be seen as a Eurasian co-production – without importing China’s wu-wei, Europe’s pro-commercial ideology might never have matured.