Radical Economics Research Articles

Call for Papers for Special Issue: Anti-capitalist Pedagogies and Teaching Radical Economics

Call for Papers for Special Issue: Anti-capitalist Pedagogies and Teaching Radical Economics

Doing Radical Public Policy, Observations from a Feminist Economist

This essay provides an overview of the founding of the Institute for Women’s Policy Research (IWPR) and its research across its first thirty-two years. The formation of its research agenda, the kind of research conducted there, and the influence of feminist economics and radical economics on each other and on IWPR’s research, are discussed, focusing on the importance of both paid and unpaid economic activities by women. IWPR’s work is illustrated by the examples of the wage gap, family leave, and state-based studies. The essay ends with commentary on how social movements can work toward an egalitarian social democracy and economy that meets human needs. JEL Classification: B54, B5, J38, I31

Construyendo una Economía Ecológica Radical para la Autonomía Local

La autonomía es el anhelo de millones de personas viviendo en comunidades alrededor del mundo. La Economía Ecológica Radical (EER) ofrece una metodología para entender y acompañarlas en sus luchas, consolidando sus sociedades, mejorando su calidad de vida y conservando sus ecosistemas. Incorporando conceptos medulares como: instituciones comunitarias, gobernanza y autogestión y redes de interacción y organización, examinamos múltiples casos de éxito de grupos que proponen mantenerse al margen de organización capitalista en las naciones de que son parte. Ofrecemos una necesaria y nueva interpretación teórica de la praxis de las organizaciones comunitarias y sus claras ventajas en la forma de relacionarse con la naturaleza.

Firm innovation and capitalist dialectics: The economics of Nina Shapiro

AbstractThis essay is a review of and tribute to the life and contributions of Nina Shapiro, who passed away this year. Shapiro was an American Post-Keynesian economist, who was a bridge figure in radical economics, connecting Marx to Keynes, Schumpeter to Kaldor, the behavior of the firm to the dynamics of the macroeconomy, and the process of innovation to the organization of production and accumulation. She was seminal to important moments in the history of radical economics in the US, including the formation of the Hegel-inspired journal Social Concept in the 1980s and the Rutgers University’s Post-Keynesian circle in the 1980s and 1990s. Shapiro’s deeply philosophical and dialectical approach to firm behavior, innovation, and business cycles led her to theorize the “revolutionary character” of Post-Keynesian economics and to formulate a critique of the competitive neoclassical firm which, she argued, is at odds with the logic of capitalism in which firms seek to make profit and grow.

Lurking at URPE 50: Selective Observations, Criticisms, Horizons

How did the 2018 URPE at 50 conference appear to a “lurker,” someone interested, even enthusiastic, about radical political economy but not directly involved in the organization? Based on observations at the conference, the author ponders the absence of research and activist connections between media, communication, and cultural studies and radical political economics. Exploring the rise of intersectionality that has emerged due to digital communication and social media platforms, the author appeals for collaborative efforts to expand the range of interactions to benefit radical political economy as well as the fields of media, communication, and cultural studies. Jel Classifications: Z18, 033, 035

Introduction to the Special Issue of the Past, Present, and Future of Radical Economics: URPE at Fifty

Introduction to the Special Issue of the Past, Present, and Future of Radical Economics: URPE at Fifty

Radical Economics as Journalism: The Origins of Dollars & Sense

In this essay, I argue that radical economics innovated in the communication of economic ideas, engendering new idioms and print formats to intervene in circuits of progressive activism. The essay mentions the pamphlet work of the Union for Radical Political Economics’ various public engagement projects of the early 1970s but at its heart is the 1974 founding of the mass distribution monthly Dollars & Sense. It looks at the positions taken by the periodical over the years and asks, “What kind of print object was it?” It places the publication within a twentieth century history of left political economy periodicals and compares it with its closest contemporaries in the cultures of print of the American Left, notably Monthly Review and Radical America. The attention to the print ventures of radical economics in the 1970s is a contribution to a new kind of historiography that takes an expanded and extra-curricular outlook of economics.

Endogenous Growth Theory and Radical Economics: New Perspective, Old Ideas?

This paper aims to understand the relationship between Radical Economics (RE) and Endogenous growth theory (EGT) based on a comparison of concepts and methods. Our findings include the existence of a set of common concepts, namely “power”, “conflict”, “technology” and “education”, but a different method of analysis: EGT uses a set of mathematical models to support its ideas, whereas RE seems to combine an appreciative approach with a mathematical framework after the mid 1980s.

Introduction: Markets and Machines

This issue of New Formations covers a wide range of subjects from an international and interdisciplinary group of contributors. Their subject matter ranges across philosophy, anthropology, psychoanalysis, cultural history, political theory, geography, radical economics and critical media studies. A number of themes resonate across them in multiple ways, however. The culture and politics of neoliberalism, its conditions of historical emergence and its multiple instantiated forms, is a concern shared by several of our contributions from very different perspectives. The politics of material culture and of the technological infrastructures of contemporary institutionalised forms of power is another. Modes of resistance, both to neoliberalism and to any form of political domination or economic exploitation, are a third area of shared concern for many of our contributions, several of which also share an interest in psychic, affective and emotional dimensions of social and political relationships. In his essay on the fantasy of neoliberal sovereignty, Peter Bloom considers the relationship between Foucauldian and Lacanian understandings of sovereignty and disciplinary power. Bloom argues that identification with a powerful sovereign provides individuals with ontological security in the face of complex micro-processes of power and broader depersonalised forms of subjection associated with neoliberalism. As such, in his account the appeal of a sovereign fantasy lies in its promise to grant individuals a sense of 'sovereign' agency which they experience as lacking in their existence as 'agency-less' disciplinary subjects of neoliberalism. Bloom argues that to truly move beyond neoliberalism it is necessary therefore to not only challenge its disciplinary body but also cut off its sovereign head. Following on from this argument, Roi Wagner asks how one might radically resist the state, when material and ideological circumstances foreclose a nonstatist horizon? To tackle this question, his paper considers points of view of communities that know no stateless world, but still reject contemporary state governmentality as such, rather than just this or that government. The paper opens by fleshing out the claim that there is no 'world' outside the state. Then it looks into Zapatista resistance, among other examples, to see how resistance to the state works where there is no independent world from which the state is to be resisted. Wagner uses the work of Pierre Clastres and liberation theology so set up a model that he calls 'transcendentalisation of the state'--a form of governmentality that retains the state as constitutive framework, but undermines its power to enforce its authority. He fleshes out this model with case studies from Israel/Palestine and the Euromed civil forum. Marisol Sandoval considers a quite different form of political resistance in her study of worker co-operatives in the cultural sector. She investigates the potential of worker co-operatives to help improve working conditions and radically reimagine cultural work in an era of growing precarity and disempowerment for cultural workers. Sandoval argues that while co-ops work to democratise ownership and decision-making, empowering workers by giving them more control over their working lives, co-ops are nonetheless constrained by competitive market pressures, creating tensions between economic necessity and political goals. Her article argues that co-ops can be understood as a radical pre-figurative political project, but can also be mobilized in a reformist attempt to create a more ethical capitalism or be integrated into neoliberal discourses of entrepreneurship and individual responsibility, but ultimately argues that radical co-ops can play an important role within a larger movement that mobilizes collectivity to confront neoliberal individualization and 'capitalist realism'. In her essay 'Markets without subjects', Morgan Adamson analyses recent discourses around financial subjectivity and debt, popularized in the wake of the 2008 crash. …

The Past, Present & Future of Radical Economics

The Past, Present & Future of Radical Economics

Embracing the Radical Economics of the Bible

what may be the most radical economic laws in all of human history are found in the first five books of the Bible, variously known as the Torah, the Pentateuch, “the law,” and the books of Moses. Central to God’s covenant with ancient Israel (the spiritual ancestors of Jews, Christians, and Muslims), these laws describe and prescribe what the new life beyond “Egypt”—at that time seen as a symbol of bondage, economic exploitation, impoverishment, and slavery—is to be like. They embody God’s dream, God’s passion for a different kind of life on earth, here and now, in this world. They include laws about debt and land.In the world of biblical Israel, debt and land were both related to food and the material basis of existence. Most people were farmers, so access to land meant access to the source of food. In that era, a person would go into debt only for the most desperate reasons. Borrowing in order to purchase consumer goods over time was unknown. Only if one didn’t have enough food, perhaps because one’s family had to eat next year’s seed grain in order to survive, would one borrow.In that cultural context, the laws about debt and land come alive. We can see their purpose and meaning in their ancient historical context. These radical economic laws call for:It’s interesting that the Jews and Christians who think biblical laws are God’s revealed will and are thus eternally valid have not taken up the fight to put these laws into practice. Many believers are eager to use the Bible against same-sex relationships (and rely on highly questionable interpretations to do so) but devote no energy to fighting for the implementation of these crystal clear edicts on debt. We seldom hear fundamentalist and orthodox voices arguing against interest on loans or for periodic debt forgiveness and restoration of land to families who have lost their land.Though these laws make sense in the context of ancient Israel, it is impossible to imagine them as “the law of the land” in modern societies. If interest on all loans were prohibited, who would be motivated to loan money? So also if debts were to be forgiven every seventh year—our mortgages and credit card debt erased, cancelled—what institutions would be willing to lend? Of course, it is possible to imagine that there might be some institutions that commit themselves to providing interest-free loans for some purposes, and that debt forgiveness might sometimes be the best course of action.And yet the spirit and intention of the Bible’s laws about debt and land are clear and still relevant. Their purpose is to prevent the emergence of a permanently impoverished underclass. They seek to insure that families have a chance for a new beginning. They aim to guarantee that everybody has access to the material basis of existence, which in the world of biblical Israel was land on which to produce your food.Note that these laws are not about “charity” in the common sense of the word, namely voluntary deeds of generosity to help those less fortunate. Charity is always good and probably will always be needed. But these are “laws”—part of the structuring of society, of how it is put together.Honoring the spirit and intention of these laws is thus about more than private charity. Doing so includes a strong concern for fair and just structures, systems that serve the well-being of the many and not just the few.The Bible’s laws about interest, land, and debt are central to God’s passion for a world of justice, the fair distribution of God’s earth. The Bible proclaims that the world belongs to God—it and its fullness are the Lord’s (see Ps. 24 and Lev. 25:23). It does not belong to us as individuals or as groups or as a species. It is meant for all of us—humans and non-humans alike.What might it mean if we were to take that seriously?

Twenty-two econometric tests on the gravitation and convergence of industrial rates of return in New Zealand and Taiwan

We test the hypotheses of industry return rates either gravitating around or converging towards a common value in Taiwan and New Zealand. We adopt various econometric approaches. The results are then nested in a meta-analytic framework together with those of the past literature. Various kinds of limitations to capital mobility can hamper the tendential equalization of return rates. Focusing on those arising from different innovation capabilities across industries can pave the way to collaboration between evolutionary and radical political economics.

Monopoly and Crisis in the Era of the “Giant Corporation”: Neo-Marxist versus Radical Institutionalist Approaches

Abstract Two competing tendencies in American radical economics developed in reaction to the emergence of the modern corporation: an institutionalist tendency associated with Thorstein Veblen, and a neo-Marxian one associated with Paul Sweezy and Paul Baran. How do their theories compare? Although the two tendencies have different starting points — one empirical and the other more abstract — they end up with remarkably similar ideas, particularly regarding competition, monopoly and the corporation. And while they diverge somewhat on the issue of crisis, these differences are neither irreconcilable nor a result of fundamentally different theoretical approaches. In fact, the two tendencies are surprisingly similar in the end precisely because Baran and Sweezy adopt some core Veblenian ideas, requiring a parallel shift away from the core elements of Marx's systematic analysis of capitalism: his method and his theory of value.

Radical economics and our current predicament

PurposeThe purpose of this paper is to introduce the “Radical economics” issue in International Journal of Social Economics.Design/methodology/approach“Radical economics” has two basic meanings. One employs the basic sense of “radical”, whatever goes to the roots of the matter. The other common meaning of radical has to do with whatever diverges from the orthodoxy of the time. This issue examines radical economics in both senses.FindingsThe recent world economic crisis raises basic questions about economic thought. Complex mathematical formulae led banks to take what proved to be unwarranted risks. Behind them is a tendency to regard economics as a self‐contained discipline. Complexities which sociologists, social psychologists, anthropologists and historians have done something to unravel are sometimes simply ignored. The philosophical bases of the economic theories in circulation are often more than two centuries old. But some important ideas from the past have been forgotten, the distinction between wealth and riches is one. Social change also plays a part in the problems. Community friendly capitalism, ridiculed and attacked by some economists, has faded. At a deeper level the tendency for the rich to get much richer while the poorest people in the world are only slightly better off has produced more instability and uncertainty, which economists have not successfully addressed.Practical implicationsIt is hoped readers will join in these ongoing explorations.Social implicationsThe recent economic crisis has been importantly a crisis of confidence. Economic studies, which offer hope for change, can be an element in increasing confidence.Originality/valueThe problem posed by the constant expansion necessitated in the ordinary way the need to invest profits may threaten the sustainability of life on our planet and no immediately available economic theory seems to address this. This issue begins to raise the essential questions, with hopes of continuing the discussion.

A history of heterodox economics: challenging the mainstream in the twentieth century

1. Introduction Part I: Heterodox Economics in the United States 2. The Contested Landscape and Dominance in American Economics In the 20th Century 3. Heresy, Blasphemy, and Radical Economics in Post-War America, 1945 - 1970 4. The Contested Landscape of American Economics circa 1965 - 1980 5. The History of Post Keynesian Economics in America, 1971 - 1995 Part II Heterodox Economics in the United Kingdom 6. The Contested Landscape of British Economics, 1900 - 1970 7. Heterodox Economics in Britain, 1970 - 1996 8. Research Assessment Exercise and its Impact on Heterodox Economics, 1989 - 1996 9. Research Assessment Exercise, the State, and the Dominance of Mainstream Economics in British Universities, 2000 - 2003 Part III Heterodox Economics at the Beginning of the 21st Century 10. The Emergence of Heterodox Economics, 1990 - 2006 11. Ranking Heterodox Economic Journals and Departments: Suggested Methodologies

Distribution of income and expenditures across nations

This paper outlines a premise that state social and economic planning in recent decades were the outgrowth of Marxist doctrine, even though Marxism as an economic system failed to materialize. The paper addresses the rise of the New Left with its doctrine of radical economics and its influence for state planning. For this purpose, the paper compares 126 countries grouped by income distribution and income inequality. The findings indicate that richer economies perform better than economies of lesser income in the distribution and equality of income.

The Disclosure of Islamic Values-Annual Report The Analysis of Bank Muamalat Indonesia's Annual Report

In a capitalist system apt annual report that includes financial statement is assumed to provide sound information concerning a given company. The annual report offers a background to a company, its financial position, operational results, and its performance According to radical economics, a financial statement serves the interests of capitalists (Belkaoui, 1984) Annual reports are also value free and are not concerned with issues such as justice or ethics. Indeed, current trends in accounting have raised some questions concerning the paradigm of traditional accounting theory and especially its bias concerning capitalist interests. The emergence of Employee Reporting Value Added Accounting, Socio Economic Accounting, and Environmental Accounting to name just a few, is evidences of the shortcomings of the capitalistic accounting system in establishing both just and fair principles among company stakeholders This has therefore led to a demand for a new approach towards accounting disclosure including among others things: a clear account of how a company treats its employees, society, the environment and the beliefs of employees. Even though the standard formulated by AAOIFI (1998) based on capitalistic accounting, are still in a theoretical stage of development they can be used as a starting point that may help lead to an improved set of disclosure criteria that can be used by an Islamic bank or organization. This paper will discuss the empirical evidence derived from one such Islamic organization. Bank Muamalat Indonesia, has compiled information using capitalistic accounting standards so as to clarify its financial position and results of operations to stakeholders. It is hypothesized though, that the current disclosures system employed gives no indication of justness or fairness and so is incompatible with Islamic value. The paper argues Muslim researcher should aim to move from utilizing capitalistic practice primarily concerned with the disclosure, of 'financial indicators and towards a system that also consider justice, fairness, and ethical practices.

Special issue on Radical economics

Special issue on Radical economics

Radical Economics and Social Change Movements: Strengthening the Links between Academics and Activists

The article considers the barriers to closer cooperation between progressive economists and progressive social change movements. The author provides some examples of successful cooperation, but suggests that these are the exception rather than the norm. The article makes five concrete suggestions for each side that would help to strengthen the relationships between them, and engage progressive economists more fully in social change campaigns.

Special issue on Radical economics

Special issue on Radical economics