Category Archives: Community members posts

Polanyi’s Prescience: Covid-19, Market Utopianism, and the Reality of Society

Posted on October 16, 2020 by Oleg Komlik

by Margaret Somers and Fred Block * One of Karl Polanyi’s fundamental concepts is ‘the reality of society’, a term he uses in The Great Transformation (TGT) (Polanyi 1944/2001) to contest the idealised model of the autonomous self-regulating market. Modern … Continue reading →

Posted in Community members posts | Tagged ‎market‬ ‪‎fundamentalism, COVID-19, healthcare, Karl Polanyi, neoliberalism, state, United States | Leave a comment

Political Economy After Neoliberalism: A Manifesto for New Thinking

Posted on October 8, 2020 by Oleg Komlik

by Neil Fligstein and Steven Vogel* If anything could have dislodged the neoliberal doctrine of freeing the market from the government, you might have expected the coronavirus pandemic to do the trick. Of course, the same was said about the global financial … Continue reading →

Posted in Community members posts | Tagged comparative political economy, corporate governance, COVID-19, Economic Sociology, embeddedness, markets, neoliberalism, Political economy, power, shareholder value, state, varieties of capitalism | 3 Comments

Forms of Capital and Moral Legitimation of Capitalism

Posted on September 27, 2020 by Oleg Komlik

by Ivan Light* The class system routinely provides people with resources they need to enact their inherited status. These resources are Pierre Bourdieu’s four forms of capital: financial, human, cultural, and social. A coal miner’s son will not need and … Continue reading →

Posted in Books, Community members posts | Tagged capitalism, cultural capital, economic history, entrepreneurship, knowledge, morality, social capital, social networks | Leave a comment

Rethinking Central Bank Independence

Posted on August 24, 2020 by Oleg Komlik

by Vadym Syrota* Nowadays global economy faces a slightly controversial type of crisis: despite looming economic recession, states, business and households find themselves in the environment of, what The Economist called, “free money”. Central banks are to be credited for … Continue reading →

Posted in Community members posts | Tagged central banking, crisis, globalization, Political economy | 1 Comment

The Long Divorce Between the Economy and Financial Markets

Posted on July 14, 2020 by Oleg Komlik

by Ken-Hou Lin and Megan Tobias Neely* As the coronavirus spread around the world, the global economy entered a recession unprecedented in scale. The World Bank predicts a 5.2 percent economic contraction by the end of this year—the largest downturn … Continue reading →

Posted in Books, Community members posts | Tagged financial crisis, financialization, inequality, neoliberalism, United States | 4 Comments

How Did Corporations Spread CSR from the US to the Rest of the World?

Posted on May 29, 2020 by Oleg Komlik

by Rami Kaplan & Daniel Kinderman* Why do firms adopt Corporate Social Responsibility (CSR) practices? How does CSR spread across the globe? Our paper “The Business-Led Globalization of CSR” provides surprising answers to these most fundamental questions, based on the … Continue reading →

Posted in Community members posts, Papers | Tagged corporate social responsibility, corporations, diffusion, globalization, neoliberalism, United Kingdom, Venezuela | Leave a comment

“Herd Immunity” is Epidemiological Neoliberalism

Posted on April 24, 2020 by Oleg Komlik

by Isabel Frey* While most European countries are imposing lockdowns to stop the spread of the coronavirus, a few countries are opting for a different strategy: herd immunity. Instead of testing as many people as possible and implementing measures to … Continue reading →

Posted in Community members posts | Tagged COVID-19, neoliberalism, policy, welfare | 11 Comments

Keeping Business Alive: The Government as a Payer of Last Resort

Posted on March 22, 2020 by Oleg Komlik

by Emmanuel Saez & Gabriel Zucman* The coronavirus threatens the world’s economic life. The most important message that needs to come from heads of state immediately, even before any new law or complete implementation details are provided, is: “Do not … Continue reading →

Posted in Community members posts | Tagged COVID-19, crisis, policy, unemployment | 2 Comments

Markets for Collective Concerns, Market Failures, and Policy-making

Posted on February 11, 2020 by Oleg Komlik

by Christian Frankel, José Ossandón and Trine Pallesen* As Foucault (2008) pointed out 40 years ago, the economic thinking of the Ordoliberals in Germany, the Chicago School in the United States, and Austrian economists such as Hayek, represented an important … Continue reading →

Posted in Community members posts, Papers | Tagged Economic Sociology, markets, policy, Political economy | Leave a comment

Franz Oppenheimer — The Law of Transformation and Social Market Economy

Posted on December 11, 2019 by Oleg Komlik

by Stephen I. Ternyik* Franz Oppenheimer (1864-1943) was a German-Jewish physician, economist and sociologist, mainly known for his noted book The State: Its History and Development Viewed Sociologically (1908/1920) and for laying the foundations for Zionist cooperative settlements. Franz Oppenheimer would become … Continue reading →

Posted in Community members posts | Tagged community, history of economic thought | Leave a comment

Is the United States the Champion of Global Finance or its Victim? A New Look at the Fed’s Low-inflation Policy

Posted on November 22, 2019 by Oleg Komlik

By Arie Krampf* My article “Monetary Power Reconsidered: The Struggle between the Bundesbank and the Fed over Monetary Leadership”, recently published in International Studies Quarterly, contributes to the burgeoning literature that challenges the US-hegemony hypothesis in the global financial sub-order. It … Continue reading →

Posted in Community members posts, Papers | Tagged Bundesbank, central banking, Fed, Germany, globalization, inflation, monetary policy, neoliberalism, power, United States | 7 Comments

Manufacturing Personal Happiness

Posted on October 29, 2019 by Oleg Komlik

by Edgar Cabanas‏* Happiness is one of the most pervasive, fast-spreading, and controvertible phenomena of the twentieth century. Grown into an obsessive pursuit, a lucrative industry, and a flawed albeit very popular science, the pursuit of happiness has woven itself … Continue reading →

Posted in Books, Community members posts | Tagged academia, consumption, control, Culture, neoliberalism, personal well being, work | Leave a comment

The Virtues of the Market: Wilhelm Röpke as a Cultural Economist

Posted on August 24, 2019 by Oleg Komlik

by Erwin Dekker* Neoliberalism is often associated with an excessive focus on the market at the expense of both the state and society. A new book Wilhelm Röpke (1899–1966): A Liberal Political Economist and Conservative Social Philosopher, edited by Patricia Commun … Continue reading →

Posted in Books, Community members posts | Tagged ‪culture, economics, ethics, ordoliberalism, state | Leave a comment

The Growth of Shadow Banking and State-Finance Relations

Posted on August 15, 2019 by Oleg Komlik

by Matthias Thiemann* How can we understand the growth of a system of credit provisioning outside of the realm of bank regulation since the 1970s which linked non-banks and banks in a convoluted system of market-based banking, securitization and wholesale … Continue reading →

Posted in Books, Community members posts | Tagged banking, finance, France, Germany, institutions, Netherlands, regulation, United States, varieties of capitalism | Leave a comment

Finance, Class, and the Birth of Neoclassical Economics: The Marginalist Revolution Revisited

Posted on July 28, 2019 by Oleg Komlik

by Yair Kaldor* In economic textbooks, the concept of “value” is regarded as nothing more than the prevailing market price. This definition might seem self-evident, but it stands in sharp contrast to the classical theories of Adam Smith and David … Continue reading →