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Economic growth transformed the world. It freed us from a world where nearly everyone was mired in poverty and half of all children died before reaching adulthood. However, these benefits have not been felt everywhere, nor by everyone. In this groundbreaking new account of the divergence between east and west, Philip T. Hoffman uncovers the ultimate causes of economic growth and the reasons why it originated in seventeenth-century western Europe. He examines the relative impacts of a wide range of economic, political, and social factors, from high wages, cheap capital, and financial institutions to political fragmentation, porous borders, and interstate warfare. Through accessible economic principles and fascinating case studies, he demonstrates why growth began in Britain, why it spread so unevenly elsewhere, and why inequality inhibits growth.
The notion of ‘clickbait’ speaks to the intersection of money, technology, and desire, suggesting a cunning ruse to profit from unsavoury inclinations of one kind or another. Clickbait capitalism pursues the idea that the entire contemporary economy is just such a ruse, an elaborate exercise in psychological capture and release. Pushing beyond rationalist accounts of economic life, this volume puts psychoanalysis and political economy into conversation with the cutting edges of capitalist development. Perennial questions of death, sex, aggression, enjoyment, despair, hope, and revenge are followed onto the terrain of the contemporary, with chapters devoted to social media, online dating apps, cryptocurrencies, NFTs, and meme stocks. The result is a unique and compelling portrait of the latest institutions to stage, channel, or reconfigure the psychic energies of political and economic life.
No struggle for social justice that lacks a grounded understanding of how wealth is accumulated within society, and by whom, is ever likely to make more than a marginal dent in the status quo. Much work has been done over the years by academics and activists to illuminate the broad processes of wealth extraction. But a constantly watchful eye is essential if new forms of financial extraction are to be blocked, short-circuited, deflected or unsettled. So when the World Bank and other well-known enablers of wealth extraction start to organise to promote greater private-sector involvement in ‘infrastructure’, for example through Public-Private Partnerships (PPPs), alarm bells should start to ring. How are roads, bridges, hospitals, ports and railways being eyed up by finance? What bevels and polishes the lens through which they are viewed? How is infrastructure being transformed into an ‘asset class’ that will yield the returns now demanded by investors? Why now? What does the reconfiguration of infrastructure tell us about the vulnerabilities of capital? The challenge is not only to understand the mechanisms through which infrastructure is being reconfigured to extract wealth: equally important is to think through how activists might best respond. What oppositional strategies genuinely unsettle elite power instead of making it stronger?
Today, in many countries what is viewed as ‘credible’ economic knowledge stems from academic economics. The discipline of academic economics is based in universities across the world that employ economists who produce research that is published in academic journals and educate students who then go into government, businesses, and think tanks. Through the book’s authors’ and contributors’ experiences of economics education, and as part of the international student movement Rethinking Economics, it argues that academic economics in its current state does not provide people with the knowledge that we need to build thriving economies that allows everyone to flourish wherever they are from in the world, and whatever their racialised identity, gender or socioeconomic background. The consequences of this inadequate education links to modern economies being a root cause of systemic racism and sexism, socioeconomic inequality, and the ecological crisis. When economies are rooted in a set of principles that values whiteness, maleness and wealth, we should not be surprised by the inequalities that show up. Structural inequalities need systemic change, change that infiltrates through every level of the system, otherwise we risk reproducing and deepening them. This book makes the case that in order to reclaim economics it is necessary to diversify, decolonise and democratise how economics is taught and practised, and by whom. It calls on everyone to do what we can to reclaim economics for racial justice, gender equality and future generations.
This book sees Keynes as neither villain nor hero and develops a sympathetic ‘left’ critique. Keynes was an avowedly elitist and pro-capitalist economist, whom the left should appropriate with caution. But his analysis provides insights at a level of concreteness which Marx’s analysis largely ignored and which were concerned with issues of the modern world which Marx could not have foreseen. A critical Marxist engagement can simultaneously increase the power of Keynes’s insight and enrich Marxism. To understand Keynes, whose work is liberally invoked but seldom read, the book first puts Keynes in context, explaining his biography and the extraordinary times in which he lived, his philosophy and his politics. The book describes Keynes’s developing critique of ‘the classics’, of mainstream economics as he found it, and summarises the General Theory. It shows how Keynes provides an enduringly valuable critique of orthodoxy but vital insights rather than a genuinely general theory. The book then develops a Marxist appropriation of Keynes’s insights. It argues that Marxist analysis of unemployment, of money and interest, and of the role of the state can be enriched through such a critical engagement. The book addresses Keynesianism after Keynes, critically reviewing the practices that came to be known as ‘Keynesianism’ and different theoretical traditions that have claimed his legacy. It considers the crisis of the 1970s, the subsequent anti-Keynesian turn, the economic and ecological crises of the twenty-first century, and the prospects of returning to Keynes and Keynesianism.
How is AI reshaping democracy? From data commodification to algorithmic control, this book exposes the hidden costs of AI on political identities - and shows how to resist being 'factory farmed' in the digital age.
Kathleen Riach draws on a ten-year study to explore how ageing is experienced at work, an area overlooked in management and organization studies. Introducing a new phenomenological theory, she examines how individuals manage age-biased workplace cultures and adapt to their evolving bodies within the context of financial capitalism.
The 1980s financial revolution placed the UK at the vanguard of neoliberal free market reforms and is celebrated on the Right as a high point in capitalism. Usually, it is understood as the inevitable outcome of New Right ideas, global economic shifts, new technologies and free-flowing capital. Using archival sources and dozens of in-depth interviews, Barrett brings to life the people and processes involved in the making of the financial revolution. Survival Capitalism demonstrates the high stakes for capitalist institutions and unfolding responses to existential threats and opportunities. It offers insights into struggles and alternative possibilities and shows just how contingent outcomes were. Ultimately, reforms were driven by the authorities but shaped significantly by City practitioners as they navigated and contested change, informed by their cultures and traditions. Although financial reforms are associated with the Thatcher government’s supply-side reforms, Survival Capitalism shows how the Government’s quest for autonomy and monetary credibility, when faced with problems of selling debt, impacted the stock market mechanism. It therefore exposes the macroeconomic concerns which drove reforms in parallel with microeconomic drivers. The two converged, but this focus affirms that international capital and new technologies were not merely catalysts for change; they were harnessed by the nation state to support the domestic agenda. By restoring intent to this history, Survival Capitalism offers new perspectives on Thatcherism and its legacies. The focus on people and processes de-mystifies the perception of the ‘inevitable’ march of market forces and explains the survival of the cultures of capitalism.
Cooperation and trust were increasingly scarce commodities in the inner councils of the EU. This book explores why the boldest initiative in the sixty-year quest to achieve a borderless Europe has exploded in the face of the EU. A close examination of each stage of the EU financial emergency that offers evidence that the European values that are supposed to provide solidarity within the twenty eight-member EU in good times and bad are flimsy and thinly distributed. The book aims to show that it is possible to view the difficulties of the EU as rooted in much longer-term decision-making. It begins with an exploration of the long-term preparations that were made to create a single currency encompassing a large part of the European Union. The book then examines the different ways in which the European Union seized the initiative from the European nation-state, from the formation of the Coal and Steel Community to the Maastricht Treaty. It focuses on the role of France and Germany in the EU. Difficulties that have arisen for the EU as it has tried to foster a new European consciousness are discussed next. The increasingly strained relationship between the EU and the democratic process is also examined. The book discusses the evolution of the crisis in the eurozone and the shortcomings which have impeded the EU from bringing it under control. It ends with a portrait of a European Union in 2013 wracked by mutual suspicions.
Margaret Thatcher’s governments attempted to revolutionise how Britons saved for old age. The widely supported partnership built in the late 1970s between the state and employers would be swept away. In its place, a low-hanging state safety net would be set beneath a marketplace of privatised and compulsory personal pensions. Through these individual rather than collective investments, the state would reconfigure workers as capital-owning, risk-taking entrepreneurs with a personal stake in British capitalism. This revolution failed, however. Instead, the government hastily layered financialised personal pensions on top of existing collective institutions, but made these considerably less generous or attractive. In doing so, ministers left the United Kingdom with the ‘worst of both worlds’. A neoliberal revolution? uses recently released records to trace this revolution’s origins, explain its failure, and chart the aftermath. It shows Thatcherism to have been a surprisingly unstable political project and demonstrate the difficulties of marketising welfare states. The book presents new evidence of the role that neoliberal ideas played inside the Thatcher governments but also reveals the complex and contingent ways in which these ideas shaped policy. It argues that histories of neoliberalism must better explain how and why political actors pursued neoliberal aims through different forms of neoliberal policy change. A neoliberal revolution? comes to the striking conclusion that the neoliberal vision of pensions actually implemented was an evolutionary reform salvaged from the ruins of a failed revolution, one defeated not by trades unions or political opponents but by the very financial services companies said to embody neoliberal capitalism.
This book explores radical dissent from orthodox mainstream economics, and sets out a theoretically grounded vision for the emerging paradigm of social ecological economics. In short, orthodox dissent has entailed arguments for maintaining hi-tech growth economies and redistributing the surplus regardless of core counterarguments from Marxists, feminists, institutionalists, Post Keynesians and ecological economists. Building on the radical and philosophical foundations, the book articulates a preanalytic vision of social ecological economics, dismantling entrenched notions of growth and efficiency in favour of a framework centered on social provisioning and needs embedded in ethics. In a thought-provoking conclusion, the book applies its analytical lens to the multiple crises of modernity within industrialised capital-accumulating economies. An agenda for social ecological transformation toward diverse alternative economies emerges, providing a compelling call to action in the face of contemporary challenges. Schumpeter's proposal is put into a broader perspective by comparison with the theories of Neurath and Kuhn and issues in the sociology of science that they all raise. The book then turns to clarifying the meaning and role of ideology and the differences that have occurred over time and between different authors - Marx, Engels, Schumpeter and Gramsci. The concept of ideology in Schumpeter persists with the negative Marxist treatment and regarding it as something to be removed, but developments in political science have changed this understanding.
Drawing on insights from sociology and new institutional economics, Extralegal Governance provides the first comprehensive account of China's illegal markets by applying a socio-economic approach. It considers social legitimacy and state repression in examining the nature of illegal markets. It examines how power dynamics and varying levels of punishment shape exchange relationships between buyers and sellers. It identifies context-specific risks and explains how private individuals and organizations address these risks by developing extralegal governance institutions to facilitate social cooperation across various illegal markets. Adopting a multiple-case study design to sample China's illegal markets, this book utilizes four cases - street vending, small-property-rights housing, corrupt exchanges, and online loan sharks - to examine how market participants foster cooperation and social order in illegal markets.
Political institutions have been depicted by academics as a marketplace where citizens transact with each other to accomplish collective ends difficult to accomplish otherwise. This depiction supports a romantic notion of democracy in which democratic governments are accountable to their citizens, and act in their best interests. In Politics as Exchange, Randall Holcombe explains why this view of democracy is too optimistic. He argues that while there is a political marketplace in which public policy is made, access to the political marketplace is limited to an elite few. A small group of well-connected individuals-legislators, lobbyists, agency heads, and others-negotiate to produce public policies with which the masses must comply. Examining the political transactions that determine policy, Holcombe discusses how political institutions, citizen mobility, and competition can limit the ability of elites to abuse their power.
Venal Origins is a comparative and historical study of the roots of spatial inequalities in Spanish America. The book focuses on the Spanish colonial administration and the 18th-century practice of office-selling-where colonial positions were exchanged for money-to analyze its lasting impact on local governance, regional disparities, and economic development. Drawing on three centuries of rich archival and administrative data, it demonstrates how office-selling exacerbated venality and profit-seeking behaviors among colonial officials, fostering indigenous segregation, violent uprisings, and the institutionalization of exploitative fiscal and labor systems. The enduring legacies from their rule remain visible today, in the form of subnational authoritarian enclaves, localized cycles of violence, and marginalized indigenous communities, which have reinforced and deepened regional inequalities. By integrating perspectives from history, political science, and economics, Venal Origins provides a nuanced and empirically grounded analysis of how colonial officials shaped-and still influence-subnational development in Spanish America.
In this revised and updated edition, An Economic History of Europe re-establishes itself as the leading textbook on European economic history. With an expanded scope, from prehistory to the present, it will be invaluable source for students, educators and researchers seeking to better understand Europe's long-run economic development. The authors cover key themes including the rise of institutions, technological advancements, globalization, and the Industrial Revolution, with a fresh emphasis on the wider impact of economic policies on welfare reflecting a broader understanding of societal well-being. The chronological structure, clear explanations, case studies, and minimal use of complex mathematics make this an accessible approach that allows students to apply economic theories in historical practice. The new edition also connects historical development to urgent contemporary issues such as modern-day sustainability goals. This comprehensive guide provides students with both a historical narrative of Europe's economic transformation, and the essential tools for analysing it.
Ideal for researchers and practitioners looking for fresh approaches to transport problems, this book combines cutting-edge qualitative and qualitative knowledge to inform transport futures. It uses engaging case studies based in The Gambia and the US to show how and why a transdisciplinary approach can result in better planning decisions.
Among the many strategic and economic issues facing the Gulf in the coming years, those relating to the Indian Ocean are set to be among the most challenging. In the re-ordering of global economic and political power which is currently underway, the Indian Ocean constitutes a key arena for regional and global competition and rivalry.
With the leading Asian powers playing a more pro-active role in the region, sometimes with conflicting ambitions, and the United States intent on maintaining its established maritime hegemony there, the potential dangers for the Gulf states are considerable. Gulf economic interests and perhaps regime stability would be severely affected by conflict.
This book contends that the Gulf states need to play an active part in the promotion of Indian Ocean stability and security, working with other Indian Ocean states to develop institutional structures and practices which encourage cooperation and provide avenues for conflict resolution. They have everything to gain from such a strategy.
The book provides a succinct and enjoyable experience of learning about leadership to multiple groups of readers, by using the world of dogs as an aid to understanding leadership concepts. The book will be interesting for multiple sets of readers (e.g. undergraduates, casual dog lovers, etc.). They will find it to be a practical and interesting book. There is no other book on the market that approaches leadership by using the context of dogs as an explanatory canvas. This familiar canine context will help in making these leadership concepts easy to comprehend. The reader will also learn a lot about several breeds of dogs, across the world, including breeds such as the Bulldog, Dachshund, German Shepherd, Mastiff and Otterhound, among others.
This book explores the existing inequities within the U.S. healthcare system and their impacts on individuals and in particular Black women, who seek life-saving healthcare. As a social scientist interested in examining the matter of health inequities, the author was particularly interested in documenting the impact of racial and ethnic inequities on the quest for critical health care in the context of a major health care crisis. More poignantly, as a healthcare consumer recently plunged into the marketplace for life-saving health care, the author systematically explored and documented the process of obtaining care as an African American woman against the backdrop of an emerging global pandemic. This book recounts some of these experiences by showing specific instances where the ogre of race intruded and influenced her access to life-saving care. Among other things, this book argues for increased formal and informal support structures within the health care system that are specifically focused on Black women's survival, well-being and quality of life.
Many Americans believe that current observations of health disparities reflecting increased vulnerability among communities of color are attributable primarily to poor decisions and failure to consult or comply with healthcare professionals. In reality, there are an array of other reasons for the observed vulnerabilities of people of color who must navigate the healthcare system that results from deeply held stereotypes about them and a range of formal and informal institutional practices that do not have their best interests at heart.
North America's Indigenous inhabitants operated effective governments long before European arrival. Tribes built cities, developed laws, and participated in transcontinental trade networks. European arrival, however, brought many hardships for Indians. Although tribes were guaranteed the right to self-govern on reservations, the United States imposed severe restraints on tribal autonomy resulting in socioeconomic maladies, such as poverty and crime. Today, federal policies continue to inhibit tribal self-governance. As a result, tribes continue to suffer from these social ills. Becoming Nations Again argues empowering tribal governments is the key to solving tribal problems. It moves to liberate tribes from the antiquated regulations that apply only to tribal lands and allow tribes to exercise jurisdiction over all people on their land. Once this occurs, tribes will be free to implement their own laws and participate in the federalist system. This title is also available as Open Access on Cambridge Core.