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Morality, Crisis and Capitalism by Jean-Paul Baldacchino,Jon P. Mitchell Pdf
'May you live in interesting times’ was made famous by Sir Austen Chamberlain. The premise is that ‘interesting times’ are times of upheaval, conflict and insecurity - troubled times. With the growing numbers of displaced populations and the rise in the politics of fear and hate, we are facing challenges to our very ‘species-being’. Papers in the volume include ethnographic studies on the ‘refugee crisis’, the ‘financial crisis’ and the ‘rule of law crisis' in the Mediterranean as well as the crisis of violence and hunger in South America.
The financial and economic crisis that began in 2008 is the most alarming of our lifetime because of the warp-speed at which it is occurring. How could it have happened, especially after all that we've learned from the Great Depression? Why wasn't it anticipated so that remedial steps could be taken to avoid or mitigate it? What can be done to reverse a slide into a full-blown depression? Why have the responses to date of the government and the economics profession been so lackluster? Richard Posner presents a concise and non-technical examination of this mother of all financial disasters and of the, as yet, stumbling efforts to cope with it. No previous acquaintance on the part of the reader with macroeconomics or the theory of finance is presupposed. This is a book for intelligent generalists that will interest specialists as well. Among the facts and causes Posner identifies are: excess savings flowing in from Asia and the reckless lowering of interest rates by the Federal Reserve Board; the relation between executive compensation, short-term profit goals, and risky lending; the housing bubble fuelled by low interest rates, aggressive mortgage marketing, and loose regulations; the low savings rate of American people; and the highly leveraged balance sheets of large financial institutions. Posner analyzes the two basic remedial approaches to the crisis, which correspond to the two theories of the cause of the Great Depression: the monetarist--that the Federal Reserve Board allowed the money supply to shrink, thus failing to prevent a disastrous deflation--and the Keynesian--that the depression was the product of a credit binge in the 1920's, a stock-market crash, and the ensuing downward spiral in economic activity. Posner concludes that the pendulum swung too far and that our financial markets need to be more heavily regulated. Read Richard Posner's blog, and his latest article in The Atlantic.
Orthodox economics operates within a hypothesized world of perfect competition in which perfect consumers and firms act to bring about supposedly optimal outcomes. The discrepancies between this model and the reality it claims to address are then attributed to particular imperfections in reality itself. Most heterodox economists seize on this fact and insist that the world is characterized by imperfect competition. But this only ties them to the notion of perfect competition, which remains as their point of departure and base of comparison. There is no imperfection without perfection. In Capitalism, Anwar Shaikh takes a different approach. He demonstrates that most of the central propositions of economic analysis can be derived without any reference to standard devices such as hyperrationality, optimization, perfect competition, perfect information, representative agents, or so-called rational expectations. This perspective allows him to look afresh at virtually all the elements of economic analysis: the laws of demand and supply, the determination of wage and profit rates, technological change, relative prices, interest rates, bond and equity prices, exchange rates, terms and balance of trade, growth, unemployment, inflation, and long booms culminating in recurrent general crises. In every case, Shaikh's innovative theory is applied to modern empirical patterns and contrasted with neoclassical, Keynesian, and Post-Keynesian approaches to the same issues. Shaikh's object of analysis is the economics of capitalism, and he explores the subject in this expansive light. This is how the classical economists, as well as Keynes and Kalecki, approached the issue. Anyone interested in capitalism and economics in general can gain a wealth of knowledge from this ground-breaking text.
Deepening Crisis by Harry Magdoff,Paul Marlor Sweezy Pdf
Response to financial meltdown is entangled with basic challenges to global governance. Environment, global security and ethnicity and nationalism are all global issues today. Focusing on the political and social dimensions of the crisis, contributors examine changes in relationships between the world’s richer and poorer countries, efforts to strengthen global institutions, and difficulties facing states trying to create stability for their citizens.
The recent global economic downturn has affected nearly everyone in every corner of the globe. Its vast reach and lingering effects have made it difficult to pinpoint its exact cause, and while some economists point to the risks inherent in the modern financial system, others blame long-term imbalances in the world economy. Into this debate steps Paul Mattick, who, in Business as Usual, explains the global economic downturn in relation to the development of the world economy since World War II, but also as a fundamental example of the cycle of crisis and recovery that has characterized capitalism since the early nineteenth century. Mattick explains that today’s recession is not the result of a singular financial event but instead is a manifestation of long-term processes within the world economy. Mattick argues that the economic downturn can best be understood within the context of business cycles, which are unavoidable in a free-market economy. He uses this explanation as a springboard for exploring the nature of our capitalist society and its prospects for the future. Although Business as Usual engages with many economic theories, both mainstream and left-wing, Mattick’s accessible writing opens the subject up in order for non-specialists to understand the current economic climate not as the effect of a financial crisis, but as a manifestation of a truth about the social and economic system in which we live. As a result the book is ideal for anyone who wants to gain a succinct and jargon-free understanding of recent economic events, and, just as important, the overall dynamics of the capitalist system itself.
The Political Economy of Global Capitalism and Crisis by Bill Dunn Pdf
The book provides a theoretically and historically informed analysis of the global economic crisis. It makes original contributions to theories of value, of crisis and of the state and uses these to develop a rich empirical study of the changing character of capitalism in the twentieth century and beyond. It defends, uses and develops Marxist theory while arguing particularly against jumping too quickly from abstract concepts to a concrete understanding of the crisis. Instead, it uses what Marx described in his notebooks as an ‘obvious’ analytical ordering to progress from a general analysis of economy and society to a discussion of recent economic transformations and the specifics of the crisis and its aftermath.Dunn argues that appropriately reconceived, a critical Marxism can incorporate and enrich rather than rejecting insights from other traditions. He disputes general characterisations of capitalism to the crisis and theories which see finance and the contemporary financial crises as largely detached from other aspects of the economy and society. Providing a thoroughly socialised and historically based account, this book will be vital reading for students and scholars of political economy, international political economy, Marxism, sociology, geography and development studies.
Climate Change and the Crisis of Capitalism by Mark Pelling,David Manuel-Navarrete,Michael Redclift Pdf
Are established economic, social and political practices capable of dealing with the combined crises of climate change and the global economic system? Will falling back on the wisdoms that contributed to the crisis help us to find ways forward or simply reconfigure risk in another guise? This volume argues that the combination of global environmental change and global economic restructuring require a re-thinking of the priorities, processes and underlying values that shape contemporary development aspirations and policy. This volume brings together leading scholars to address these questions from several disciplinary perspectives: environmental sociology, human geography, international development, systems thinking, political sciences, philosophy, economics and policy/management science. The book is divided into four sections that examine contemporary development discourses and practices. It bridges geographical and disciplinary divides and includes chapters on innovative governance that confront unsustainable economic and environmental relations in both developing and developed contexts. It emphasises the ways in which dominant development paths have necessarily forced a separation of individuals from nature, but also from society and even from ‘self’. These three levels of alienation each form a thread that runs through the book. There are different levels and opportunities for a transition towards resilience, raising questions surrounding identity, governance and ecological management. This places resilience at the heart of the contemporary crisis of capitalism, and speaks to the relationship between the increasingly global forms of economic development and the difficulties in framing solutions to the environmental problems that carbon-based development brings in its wake.. Existing social science can help in not only identifying the challenges but also potential pathways for making change locally and in wider political, economic and cultural systems, but it must do so by identifying transitions out of carbon dependency and the kind of political challenges they imply for reflexive individuals and alternative community approaches to human security and wellbeing. Climate Change and the Crisis of Capitalism contains contributions from leading scholars to produce a rich and cohesive set of arguments, from a range of theoretical and empirical viewpoints. It analyses the problem of resilience under existing circumstances, but also goes beyond this to seek ways in which resilience can provide a better pathway and template for a more sustainable future. This volume will be of interest to both undergraduate and postgraduate students studying Human Geography, Environmental Policy, and Politics.
Bill Gates's Five Books for Summer Reading 2019 From world-renowned economist Paul Collier, a candid diagnosis of the failures of capitalism and a pragmatic and realistic vision for how we can repair it. Deep new rifts are tearing apart the fabric of the United States and other Western societies: thriving cities versus rural counties, the highly skilled elite versus the less educated, wealthy versus developing countries. As these divides deepen, we have lost the sense of ethical obligation to others that was crucial to the rise of post-war social democracy. So far these rifts have been answered only by the revivalist ideologies of populism and socialism, leading to the seismic upheavals of Trump, Brexit, and the return of the far-right in Germany. We have heard many critiques of capitalism but no one has laid out a realistic way to fix it, until now. In a passionate and polemical book, celebrated economist Paul Collier outlines brilliantly original and ethical ways of healing these rifts—economic, social and cultural—with the cool head of pragmatism, rather than the fervor of ideological revivalism. He reveals how he has personally lived across these three divides, moving from working-class Sheffield to hyper-competitive Oxford, and working between Britain and Africa, and acknowledges some of the failings of his profession. Drawing on his own solutions as well as ideas from some of the world’s most distinguished social scientists, he shows us how to save capitalism from itself—and free ourselves from the intellectual baggage of the twentieth century.
Crisis States: Governance, Resistance & Precarious Capitalism by Jeff Shantz Pdf
This is an age of crisis: economic, political, environmental, and social. Yet the nature of contemporary crisis is often misunderstood. Crisis, rather than being accidental or episodic - as is too often assumed - has been a regular feature of state practice in the neoliberal austerity regimes of contemporary capitalism. In this timely work Jeff Shantz gives special attention to the particular manufactured crises associated with austerity regimes and conditions of precarity within contemporary capitalism, and how Crisis States differ from other forms of state practice.Crisis is a powerful weapon of states and capital in the pursuit of accumulation, exploitation, and control. Engaging insights from anarchism and autonomous Marxism, Shantz lays bare the real nature and character of crisis as political and social pursuits of state and capital under precarious capitalism.Attention is also given to social resistance under crisis state conditions. Contemporary capitalism renders the oppressed and exploited precarious at the same time as opportunities are opened to render the system itself precarious. Understanding Crisis States and precarious capitalism is crucial in considering prospects for resistance.
Twilight Capitalism by Murray E.G. Smith,Jonah Butovsky,Josh J. Watterton Pdf
Twenty-first-century capitalism has little more to offer than a menu of despair: pandemics, deepening inequality, worsening depression, runaway climate change, intensifying authoritarianism and escalating militarism. Twilight Capitalism offers a wide-ranging analysis of the origins, implications and scope of the “combined” social crisis of 2020 and beyond. A compelling case is made that Karl Marx’s critical analysis of capitalism, along with his program of class-struggle socialism, is essential to understanding and addressing the most important social, economic and ecological problems of our time.
Greek Capitalism in Crisis by Stavros Mavroudeas Pdf
Despite the depth of the Greek crisis, the exorbitant burdens placed upon the working people and the massive popular resistance movement to capitalist policies, there is a definite lack of consistently Marxist analyses of the Greek problem. International debates regarding the Greek crisis have been dominated by orthodox (Neoclassical and neo-Keynesian) approaches. The heterodox side of these debates has been occupied by Radical Political Economy approaches (usually radical post-Keynesian or Marxo-Keynesian perspectives). Moreover, they are dominated by the ‘financialisation’ thesis which is quite alien to Marxism, neglects the sphere of production and professes that the global crisis is simply a financial crisis that has nothing to do with ‘real’ accumulation and the profit rate. This book argues that by emphasising the sphere of production and profitability, classical Marxist analysis better explains the Greek crisis than its orthodox and heterodox competitors. The contributors present critiques of the prevalent approaches and offer studies of the Greek crisis that use the methodology and the analytical and empirical tools of classical Marxist Political Economy. In particular, it is shown that the Greek crisis was caused by falling profitability and the ensuing overaccumulation crisis. The ‘broad unequal exchange’ existing between the euro-center and the euro-periphery contributed to Greek capital’s falling profitability. This book enriches the debate about the Greek economic crisis by demonstrating the insights that can be drawn by considering the Marxist alternative to the dominant mainstream and heterodox approaches.
Global Capitalism and the Crisis of Humanity by William I. Robinson Pdf
This exciting new study provides an original and provocative exposé of the crisis of global capitalism in its multiple dimensions - economic, political, social, ecological, military, and cultural. Building on his earlier works on globalization, William I. Robinson discusses the nature of the new global capitalism, the rise of a globalized production and financial system, a transnational capitalist class, and a transnational state and warns of the rise of a global police state to contain the explosive contradictions of a global capitalist system that is crisis-ridden and out of control. Robinson concludes with an exploration of how diverse social and political forces are responding to the crisis and alternative scenarios for the future.
The wake of the financial crisis has inspired hopes for dramatic change and stirred visions of capitalism’s terminal collapse. Yet capitalism is not on its deathbed, utopia is not in our future, and revolution is not in the cards. In Capitalism on Edge, Albena Azmanova demonstrates that radical progressive change is still attainable, but it must come from an unexpected direction. Azmanova’s new critique of capitalism focuses on the competitive pursuit of profit rather than on forms of ownership and patterns of wealth distribution. She contends that neoliberal capitalism has mutated into a new form—precarity capitalism—marked by the emergence of a precarious multitude. Widespread economic insecurity ails the 99 percent across differences in income, education, and professional occupation; it is the underlying cause of such diverse hardships as work-related stress and chronic unemployment. In response, Azmanova calls for forging a broad alliance of strange bedfellows whose discontent would challenge not only capitalism’s unfair outcomes but also the drive for profit at its core. To achieve this synthesis, progressive forces need to go beyond the old ideological certitudes of, on the left, fighting inequality and, on the right, increasing competition. Azmanova details reforms that would enable a dramatic transformation of the current system without a revolutionary break. An iconoclastic critique of left orthodoxy, Capitalism on Edge confronts the intellectual and political impasses of our time to discern a new path of emancipation.
