Tag Archives: ideas

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

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

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The IMF’s Reconstruction of Economic Orthodoxy since the Crash

by Ben Clift* Analysing how the International Monetary Fund (IMF) contributes to prevailing understandings of sound economic policy reveals how economic orthodoxy is historically contingent, and throws into relief the malleability of economic policy credibility. These indirect IMF attempts to … Continue reading

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China is getting on wheels: varieties of development, car market reform and globalization

by Qiushi Feng* China is getting on wheels. Over the past three decades, with unparalleled speed, China has emerged as the world’s largest producer and consumer of passenger cars. Such a rapid growth is accompanied by profound changes of the … Continue reading

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The Washington Consensus: Sociology of Economics and History of Ideas

In 1989, John Williamson, a fellow at the Institute for International Economics in Washington, DC which previously advised the World Bank and the International Monetary Fund, presented a background paper to a conference aimed to explore how extensive were the policy reforms that were then … Continue reading

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The Intellectual Origins of Sharing Economy

Buckminster “Bucky” Fuller (1895 – 1983) was a renowned and influential American inventor, designer, systems theorist, and futurist. Fuller saw himself as a practical philosopher and worked to solve global problems surrounding housing, transportation, energy, ecological destruction, and poverty. During his … Continue reading

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Disentangling Neoliberalism: the key concepts

Neoliberalism has become an omnipresent term. Due its increasing pervasiveness into academic, political and media discourses, some perceive neoliberalism as an omnipotent phenomenon that explains everything, while others see it as a vague buzzword that hardly means something. Surveying this blog, for example, under the tag … Continue reading

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Neoliberalism and the political economy of corporate governance

Major corporate frauds and scandals since the early 2000s (e.g. WorldcCom, Enron, Arthur Andersen, Bear Stearns, Lehman Brothers) and the 2008 financial crisis have not just exposed the inherent destructiveness of the neoliberal economy and economics, but also turned the crucially important spotlight towards … Continue reading

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Albert Einstein on the power of ideas and imagination in science

What do economic sociology and political economy, or social and political sciences in general, have to do with Albert Einstein?.. you might probably ask. Well, they do — and hopefully at the end of this post you will agree with me. I … Continue reading

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Economic Consequences of Neoliberalism: Coping with Financial Crises

John Maynard Keynes: “The power to become habituated to his surroundings is a marked characteristic of mankind. Very few of us realize with conviction the intensely unusual, unstable, complicated, unreliable, temporary nature of the economic organization by which Western Europe … Continue reading

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Economic culture in the public sphere: practice, knowledge and discourse

“Economic Culture in the Public Sphere” is the topic of the European Journal of Sociology special issue, edited by Nina Bandelj, Lyn Spillman & Frederick F. Wherry. This very interesting collection of articles deals with the important question of how public understandings … Continue reading

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Free trade politics, the power of ideas and political economy of European integration

“The bourgeoisie… has resolved personal worth into exchange value, and in place of the numberless indefeasible chartered freedoms, has set up that single, unconscionable freedom—Free Trade. In one word, for exploitation, veiled by religious and political illusions, it has substituted … Continue reading

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Causes of poverty: perceptions, ideas and policy making

The former chairman of the Federal Reserve Ben Bernanke recently said the “the greatest forces in Washington are ideas, and people prepared to act on those ideas.” (2013: 5). The following research demonstrates this power of ideas. Much of the research explaining … Continue reading

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Religion, “free trade” and faithful globalization: producing a sacred vision of the economy

Religious leaders and groups can play a crucial role in economic and political life through their discourse; such discourse is a central way that they produce the sacred in the economic realm. This is true across a range of religious … Continue reading

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In economic policymaking ideas matter. But how and whose? Campbell and Pedersen have insightful answers

John Maynard Keynes has famously said: “The ideas of economists and political philosophers, both when they are right and when they are wrong are more powerful than is commonly understood.” In politics, policymaking and in the economy, ideas matter indeed. … Continue reading

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Neoliberalism in the Global South: the shift in development strategies

Despite the fact that the first substantially neoliberal regime was actually in the far South, the civil-military dictatorship in Chile, neoliberalism is generally attributed to western and developed countries. “Where in the world does Neoliberalism come from? The market agenda … Continue reading

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