Economic Ideology Research Articles

Philosophy of Economics: Challenges and Prospects for Development

Philosophy of Economics: Challenges and Prospects for Development

PHILOSOPHICAL FOUNDATIONS OF ECONOMICS – A COMPARATIVE STUDY OF ISLAMIC ECONOMICS, CAPITALISM AND MARXISM

The philosophy of economics is concerned with the nature of reality, sources of knowledge, and the way knowledge is created. Based on their respective philosophical frameworks; capitalism seeks solution to economic problems through its laissez-faire model, Marxism attempts to resolve the problem through a planned economy model, and Islam on the other hand keeps the balance between the two approaches. The study is based on a comparative qualitative analysis of the philosophical frameworks, making reference to practical world problems. The paper maintains both Capitalism and Marxism have contributed to poverty, economic inequality, unemployment, and financial crises of the world at large. The study provides a model of the righteous economic system based on Islamic teachings for the sound functioning of the economy which can be adopted by the countries intending to switch from the conventional systems to the Islamic economic model.

Ideology at the Water’s Edge: Explaining Variation in Public Support for Foreign Aid

To explain variation in foreign aid levels and attitudes in donor countries, past research emphasizes the importance of values related to the welfare state such as economic ideology. Scholars argue that liberals support redistribution at home in the form of a strong welfare state and redistribution abroad in the form of foreign aid. Yet, the conditions under which values related to domestic politics translate to issues of foreign policy remain undertheorized. I argue that economic ideology interacts with foreign policy orientation – individuals’ placement along the internationalist/isolationist spectrum – to shape foreign aid attitudes and outcomes. Using original data from surveys fielded in the U.S., UK, and Norway, as well as data on foreign aid spending levels, I show that the relationship between ideology and foreign aid is conditional on foreign policy orientation. The effect is driven by isolationist liberals whose support for redistribution stops at the water’s edge.

فلسفۂ اقبال اور اسلامی معیشت واقتصادیات: ایک مطالعہ

Iqbal was a great philosopher of the 20th century. He presented philosophical ideas and theories. Iqbal has examined economic philosophy in the context of feudal economic system, capitalist system, Marxist and Islamic ideas. Iqbal's economic thoughts are openly expressed in "ʻIlm-Ul-Iqtiesād” and his poetry. Iqbal wants Islamic economic system. Provision of universal human rights, equal distribution of wealth and equal opportunities for progress of mankind. Which can be achieved through Islamic economic system.

Economic Ideology in Indian Politics: Why Do Elite and Mass Politics Differ?

A long line of scholarship has argued that ideological division structures party politics in many parts of the world. In India, however, there is a long-held consensus that the parties do not sort themselves ideologically, especially regarding economic policymaking. The paper analyses National Election Studies data between 1996 and 2019 by Lokniti-CSDS, and shows that voters cluster around the centre-left position on economic issues. Nevertheless, there are discernible ideological differences among the party members. The Bhartiya Janata Party members are more likely to favour privatisation, and members of Left parties prefer labour rights. These ideological differences are also evident in our analysis of the manifestos of political parties since 1952 and an expert survey conducted in 2022. We argue that these elite differences in economic policy do not translate into mass politics because all political parties present the State as the solution to economic deprivation. The rise of welfare populism in Indian politics in the past two decades, we suggest, is a result of centralisation within political parties in which the welfare promises are directly linked to the party leaders.

Antecedents and performance outcomes of circular procurement: An empirical study in China

Traditional procurement approaches and their prescribed business-as-usual practices are no longer sufficient in the face of society’s grand environmental and resource challenges. In response, this research presents circular procurement, which is grounded in the circular economy (CE) philosophy, as a business-not-as-usual approach to firm and supply chain level purchasing decisions. Drawing on institutional theory and the practice-based view of strategy, a conceptual model is developed that maps the antecedents as well as performance outcomes of circular procurement practices in terms of the environmental and economic (i.e., cost and financial) dimensions of performance. Survey data from 255 Chinese manufacturers is then analyzed alongside qualitative data from two post-survey case studies to achieve better interpretation of survey results. The findings indicate that coercive pressures and integrated management systems (IMS) are key antecedents of circular procurement practices among Chinese manufacturers. Furthermore, circular procurement practices show a significant and positive effect on environmental, cost, and financial performance. Interestingly, the association between environmental performance and circular procurement is relatively weak in comparison to economic performance. This research provides empirical evidence of the performance outcomes of circular procurement and contributes to the literature by advancing our understanding of its theoretical foundations. It further provides important practical and policy guidelines that can help to enhance the development of circular procurement.

Iago the Quintessence of Capitalism: An Inquiry into Shakespeare's Othello

“Tis in ourselves that we are thus or thus” so claims Iago in Shakespeare’s Othello. His character compresses multiple complex versions, soliciting a large assortment of deliberations. He is the concentration of evil who thrives in breaking moral imperatives. He is a reflection of bigoted racism, or hegemonic patriarchy. In other instances, his repressed homoerotic desires are at the origins of his hatred and violence towards Othello. Interpretations of Iago converge and diverge into a timeless maelstrom of critical scrutiny. Beyond the ethical, cultural, social, sexual, and political boundaries, Iago can be read within an economic girth. Shakespeare’s Othello is entrenched in a world of social struggle and political upheaval. Iago’s pursuit of happiness is contingent not on changing fortunes but rather on avid individualism. His intentions and motivations might be an expression of a nascent Renaissance entrepreneurial values. Instead of a struggling proletariat, Iago stands for hostile and aggressively ambitious capitalism. The purpose of this article is to show that Iago’s character is a manifesto of an emergent Early Modern capitalism. His ruthlessness foreshadows a similar merciless modern economic ideology. Concepts such as servitude, desire, and individualism will be patterns that attempt to break down the conundrum that is Iago within a capitalist dialectic.

Unpacking the European Commission's fiscal policy response to crisis: mapping and explaining economic ideas in the European Semester 2011–2022

ABSTRACT In this paper, we examine how and why the European Commission's ideas on fiscal policy have changed over the course of the European Semester. Empirically, we rely on a semi-supervised scaling approach to identify economic ideas as they appear in Semester documents from the aftermath of the financial crisis onwards (2011-2022). Our findings demonstrate a gradual shift in ideas from an ordoliberal to a Keynesian direction, especially during the overlapping Von der Leyen and Covid-19 crisis years. We identify substantial country-specific differences throughout 2011–2022, with some countries receiving exclusively Keynesian recommendations, and others distinctively ordoliberal ones. These patterns can be explained in part by economic conditions in those member states but not by the public's trust in the EU. These results underscore the reactive nature of the Commission's economic ideology; crises, as well as member states’ economic conditions, shape the direction of its fiscal policy recommendations.

Ruang Lingkup Ekonomi dalam Perspektif Islam

The scope of Islamic Economics is essentially the same as the traditional financial scope that we have recognised thus far. however, there are some of variations in concepts that consist of, among others, the prohibition of usury, playing, and uncertainty in transactions. The simple philosophy of economics, both traditional and monetary in Islam, prohibits flowering of money. but, conventional economics then deviates in this regard. Islamic economics is built on the idea of Islam, consequently it is an crucial a part of the faith of Islam. Islamic economics follows Islamic faith in various factors, and is an embodiment of financial conduct based on Islamic teachings which incorporates a way to view financial troubles, analyze, and endorse alternative answers to numerous economic problems. Islamic monetary scope consists of its history, muamalah fiqh, social machine, fundamental policies( which include zakat, infaq, waqf, prohibiting maisir, gharar, and usury), including macroeconomic elements, authorities rules( regulator) in its development, and additionally the system recording( accounting) that ought to be used.

Reading and interpreting Ibn Khaldun's economic philosophy

Diese Arbeit zielt darauf ab, Schlüsselkonzepte, Ideen und Ereignisse darzustellen, die sich hauptsächlich aus Ibn Khalduns Kapitel über das Wirtschaftsleben ableiten lassen, das er mit der Überschrift „Kapitel über den Lebensunterhalt“ (ma`āsh) zusammenfasst. Die Rechtfertigung dieses Unterfangens ist die Bedeutung von Ibn Khalduns Beiträgen, der Mangel an Übersetzungen seiner Werke und die Abhängigkeit sekundärer Interpretationswerke von einer einzigen englischen Übersetzung. Während die Lektüre der Wirtschaftsphilosophie von Ibn Khaldun durch eine Textanalyse der Primärquellen weiterhin im Mittelpunkt dieser Arbeit steht, wird hier auch eine Auswahl der Interpretations- und Übersetzungswerke präsentiert, um den Grad der Auseinandersetzung nichtarabischer Gelehrter mit Ibn zu verstehen Khalduns Werk und als Geisteshaltung, mit der sich Wirtschaftsphilosophen und Sozialhistoriker auseinandersetzen könnten. This work aims to present key concepts, ideas, and events that can be derived mainly from Ibn Khaldun’s chapter on economic life, which he captures with the heading, Chapter on Making a Living (ma`āsh). Justifying this undertaking is the significance of Ibn Khaldun’s contributions, the scarcity of translations of his work, and the dependency of secondary interpretive works on a single English translation. While a reading of Ibn Khaldun’s economic philosophy through a textual analysis of the primary sources remains the focus of this work, a sampling of the interpretive and translation works is also presented here in order to understand the level of engagement of non-Arabic scholars with Ibn Khaldun’s work and as a frame of mind with which economic philosophers and social historians might engage. Cet ouvrage vise à présenter des concepts, des idées et des événements clés qui peuvent être dérivés principalement du chapitre d’Ibn Khaldun sur la vie économique, qu’il capture sous le titre Chapitre sur Gagner sa vie (ma`āsh). Cette entreprise est justifiée par l’importance des contributions d’Ibn Khaldun, la rareté des traductions de son œuvre et la dépendance des travaux d’interprétation secondaires à une seule traduction anglaise. Bien qu'une lecture de la philosophie économique d'Ibn Khaldun à travers une analyse textuelle des sources primaires reste au centre de ce travail, un échantillon des travaux d'interprétation et de traduction est également présenté ici afin de comprendre le niveau d'engagement des érudits non arabes avec Ibn Khaldun. Khaldun et comme état d'esprit dans lequel les philosophes économiques et les historiens sociaux pourraient s'engager.

Strategies to Apply Sufficiency Economy Philosophy to the Way of Life for Youth in The Greater Mekong Sub-region

This research aimed to study the learning state and knowledge about the sufficiency economy philosophy (SEP) of youth in the Greater Mekong Sub-region to create a strategy to sustainable apply the SEP to the way of life of youth in the Greater Mekong Sub-region, create a map for SEP application to the way of life, and produce the public media to extend application results for benefit. The sample group was key informants: 50 youth students from each institute: Chiang Rai Rajabhat University, Shan State Community College, Luang Nam Tha Teacher Training College, Luang Phrabang Teacher Training College, Dong Kham Chang Teacher Training College, Dong Kham Chang Accounting and Financial Institute, and Dong Kham Chang Agricultural Technical College, 50 experts and scholars, and 50 administrators or professors. The research tool included a questionnaire about the learning state and knowledge about the sufficiency economy philosophy (SEP) of youth in the Greater Mekong Sub-region, a focus group, and a workshop. The result of the workshop of experts, scholars, and administrators or professors from the three countries to draft the strategies was eight strategies and 25 development guidelines. The map for SEP application to the way of life was also produced, and public media to extend application results for sustainable benefit was initiated.

Christopher Kirkland. Labour's Economic Ideology since 1900: Developed through Crises. Bristol: Bristol University Press, 2022. Pp. 206. $139.95 (cloth).

Christopher Kirkland. Labour's Economic Ideology since 1900: Developed through Crises. Bristol: Bristol University Press, 2022. Pp. 206. $139.95 (cloth).

Profiles of Cognitional, Emotional, and Behavioural Characteristics Influencing Value Systems and Public Policies

This study purposed to analyze inter-influences among the administrators’ profiles of characteristics, their value systems, and their public policies in the situations of local governments in South Korea. The characteristic profiles are attributed to behavior, emotion, and cognition. The value systems are referred to as economics and job ethics. The public policies were divided into distribution and regulation. The research methods were based on a questionnaire that constructed items for the above three variables and requested Likert scales. The sample size was 1061, recruited from all eight Korean local governments. The results of the structure analysis suggested that the administrators’ decisions about their public policy were influenced by their value systems attributed to their characteristics profiles. Further studies required the application of this study’s paradigm to the diverse values and policies that were limited in this study and to the world's nations, where the governmental processes are different in economic ideology and political culture from Korean structures.

Ibn Khaldun, Muqaddima: Outline on Conflict and Social Cohesion at the Dawn of Sociology or Social Theory

Objective: To examine the foundations that govern human development, seen as an active subject of history, in the causes that motivate social facts and the mechanisms that move the threads of human relations of IBN Jaldun. Theoretical framework: The Muqaddima of Ibn Khaldun is a work where the author addresses topics as varied as the philosophy of history, economics, sociology and other sciences related to human behavior, from a unique perspective for his time. Results and discussion: If we dismiss the Eurocentric vision of the history of thought, it is possible to place Ibn Khaldun as a direct tributary of modern social thought, giving history a scientific character, defining its object of study and specifying the principles that should mark its methodology. Conclusion: In the development of his study, specifically in the Muqaddima, Ibn Khaldun elaborates a primitive theory on the development and origin of civilizations, having as a touchstone the Asabiya, a concept that today is comparable to social cohesion in sociology and an organicist theory about the rise and fall of empires. Research Implications: Ibn Khaldun distinguishes three moments in the development of a civilization, the first at birth where peoples are "humanized" and stand out for their moderation.

Value-Ethical System in Sub-Saharan Africa. From the Past to the Future

The article is devoted to the analysis of the value-ethical system in Sub-Saharan Africa in historical retrospect with the transition to modernity. The concept of “value-ethical system” reflects the specifics of the African worldview, in which all values have a moral meaning. The article analyzes the value foundation on which Africans want to build “the Africa they dream of” (as stated in the program document of the African Union “Agenda 2063”). The author examines African traditional values based on the research of modern African scientists, on her own African archives, on memories and personal impressions collected by the author during her stay in the countries of the African continent. In traditional Africa, there exist value-ethical complexes in which ancient folk wisdom is concentrated. This is, for example, Ubuntu of the Bantu peoples – humanity, equality of people, regardless of race, nationality, religion. It is also a community solidarity associated with the importance of family ties. The author proves that the culture of Sub-Saharan Africa belongs to the collectivist type. Collectivism in combination with Ubuntu serves as a barrier to the adoption by Africans of a Protestant work ethic that welcomes individual success, competition, and profit orientation (outside of the principle of fairness). “Western” values are the opposite of traditional African ethics and values. Currently, the countries of sub-Saharan Africa are looking for their own way of development within the framework of capitalism. African scientists want to develop a system of economic philosophy that includes traditional African values in order to make capitalism relevant to African countries and acceptable to the African mentality. Special attention is paid to the issues of dialogue, traditional democracy and African organizational and managerial principles.

Leading the Circular Future: South Australia’s Potential Influence on Circular Economy Development in Asia-Pacific Region

Circular economy is among the most influential concepts relating to the realization of Agenda 2030 and the Sustainable Development Goals. Advocates of the circular economy promote its potential to achieve a decoupling of growth from material consumption. Academic critiques describe the circular economy concept as poorly defined and insufficiently concerned with other problems associated with consumerism, globalization, and inequality. South Australia has built a reputation as a first mover in waste management regulations and has recently positioned itself as a leader in the transition to the circular economy. However, the Asia-Pacific region contains a wide variety of socioeconomic, geographic, and climatic conditions that impact waste generation, resource recovery, and circular economy potentials. There are questions about the appropriateness of transferring waste strategy and technologies to different settings. Therefore, this paper explores the basis of South Australia’s leadership credentials and discusses its potential influence over the region. This research is based on an analysis of policy documents produced by the South Australian Government. This study found that while multiple South Australian policy documents highlight a desire to lead in circular economy transition, South Australia’s leadership reputation had been built prior to its adoption of circular economy ideology. The South Australian Waste Strategy 2020–2025 projects a vision of circular futures aligned to circular modernism and planned circularity. The paper concludes that any transfer of waste strategy should occur with sensitivity to existing waste management systems including the informal sector. Asia-Pacific countries, including Australia, should consider decentralized, low-tech circular economy projects to help to achieve the Sustainable Development Goals.

It Matters What and Where We Measure: Education and Ideology in a Swedish Twin Design

Abstract Research on the link between education and political ideology is likely affected by biases common in conventional observational methods. A study by Rasmussen et al. (2021) addresses this problem by examining social and economic ideology in a Danish discordant twin design, finding that education shows positive causal effects on economic, but not social, conservatism. In this paper, I provide a set of replications of these results using a dataset of genotyped Swedish twins. I complement this by using random variation within fraternal twin pairs in a polygenic index of education. Results differ markedly from the original study, but are also shown to be sensitive to precise definitions of the ideological dimensions and which sub-dimensions or items are included. Overall, more care may be warranted when empirically defining ideology. Additionally, educational effects on ideology are likely to be sensitive to particular characteristics of the educational experience across time and space.

On the Possibility of Scientific Socialism. S. N. Bulgakov vs K. Marx

The article deals with criticism by the great Russian philosopher S. N. Bulgakov’s ideas of scientific socialism in his major work “Philosophy of Economics”. Attention is drawn to the fact that Bulgakov’s philosophical basis for this criticism is an indication of the primacy of the theme of justice in a socialist society, which is rationalized in the theory of scientific socialism. Bulgakov shows that in the very history of Marxism, the focus on justice predetermines the desire to build a theory of scientific socialism. Another topic discussed by the philosopher in the framework of his criticism of the idea of scientific socialism is the illegitimacy of Marxism’s assertion about the existence of laws of a natural historical type, in accordance with which the development of society as a whole takes place and which are considered in Marxism as the basis for the possibility of scientific substantiation of the inevitable onset of a future just society. . According to Bulgakov, the scientific nature of social policy is determined by relying not on such laws, but on statistical generalizations, a kind of empirical patterns that express the development trends of certain aspects of social life in specific conditions and in a specific historical period. Another subject of Bulgakov’s criticism is the desire to talk about the development of society as a whole. Scientific research, in his opinion, should be specific and deal with specific aspects of public life. The whole cannot be the subject of scientific research. The article draws attention to the similarity of Bulgakov’s views to the views of K. Popper, set forth by him a quarter of a century after the Russian philosopher in his work “The Poverty of Historicism”. Popper criticizes historicism, by which he understands the concept of the natural development of society as a whole, which inevitably turns into utopianism. Attempts to talk about society as a whole and try to transform it as a whole, he defines as holism, which he contrasts with “partial engineering”. The author of the article notes that the views of these two thinkers, which reveal an undoubted similarity, deserve to be presented in modern discussions about the possibility of social prediction.

К вопросу об интертекстуальных связях отечественной феноменологической традиции и философии всеединства в романе Б. Пастернака «Доктор Живаго»

The article shows how the peculiarities of the development of the Christian theme in Doctor Zhivago were predetermined not only by the author’s personality, but also by the philosophical and theological searches of the first third of the 20th century — the philosophy of the unity of S.N. Bulgakov, the phenomenological school of E. Husserl in the transmission of G. Shpet, as well as the domestic phenomenological tradition analyzed by S.L. Frank. In this regard, for the first time, we have attempted to compare the phenomenological image in Christian hymnography with the artistic image of the novel, which tried to capture the Divine in the earthly, which made it possible to identify the uniqueness of the phenomenological image in the work. The unity of man with the world and the Creator — this theme defines the range of thoughts of the author and his protagonist and corresponds to one of the main provisions of the “Philosophy of Economy” S.N. Bulgakov on the identity of subject and object, which determines the presence of intertextual links between the “Philosophy of Economy” and the text of the novel. A special Christian phenomenology, which creates a certain image of the world, is closely connected with the philosophy of unity. Thus, earthly life appears spiritualized by the Divine presence and, in a certain sense, becomes a phenomenon of the noumenal essence. The article shows that Pasternak’s comprehension of spiritual reality has its own distinctive features. In this regard, the article reveals similarities and differences between the spiritual texts of modern Pasternak — the Akathist of Mitr. Trifon (Turkestanov) “Thank God for everything!” and the text of the novel. Thus, if the Russian phenomenological tradition represented in the akathist, according to S.L. Frank, is characterized by a combination of “the immanent presence of the Divine principle <…> with a keen sense of transcendence”, then in the image of Pasternak, striving to capture the divine in the material, there is an immanent, soul-sensual comprehension of spiritual reality, the ideal domain of meanings becomes immanent to the earthly dimensions, the phenomenological image, sometimes, ceases to denote the noumenal essence. This development of the Christian theme in the novel, in particular, is associated with a sense of equality between man and God, but not with the hierarchy of the world, which is consonant with the general type of worldview of the beginning 20th century.

Liberal Technocrats and the Economic Ideology of Efficiency

Liberal Technocrats and the Economic Ideology of Efficiency