Tag Archives: neoliberalism

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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Career opportunities: the ones that never knock

      by André Vereta Nahoum A couple of weeks have passed since many countries celebrated on May 1st, Labour Day, alternatively named May Day, but the entire month is devoted to the celebration of the struggles and toils of … Continue reading

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Consensus in economics: when and why economists stopped discussing each other’s work

A French moralist and essayist Joseph Joubert, known for his posthumously published Pensées (Thoughts), wrote “It is better to debate a question without settling it than to settle a question without debating it”. I recalled this quote while reading Joe Francis’ interesting post … Continue reading

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Neoliberalism vs. Democracy

“A vibrant political culture needs community groups, libraries, public schools, neighborhood organizations, cooperatives, public meeting places, voluntary associations, and trade unions to provide ways for citizens to meet, communicate, and interact with their fellow citizens. Neoliberal democracy, with its notion … Continue reading

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Ethnographies of austerity

Austerity is not about numbers, economic data or amorphous macro-scale policies; Austerity is about people. Middle and working-class people, they are the ones who bear the brunt of oppressive neoliberalism and carry the depressing burdens of austerity in their everyday life: increasing unemployment, … Continue reading

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Income Inequality

“I don’t see any income inequality!” “Me neither!” (A cartoon by Signe Wilkinson) *** Join the Economic Sociology and Political Economy community through Facebook / Twitter / LinkedIn / Google+ / Reddit / Tumblr

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Financialization as a state project

Financialization is a key feature of neoliberalism. It refers to the capturing impact of financial markets, institutions, actors, instruments and logics on the real economy, labor, households and daily life. Essentially it has significant implications for the broader patterns and functioning of an … Continue reading

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Believe it or not — the Nobel Prize in Economic Sciences committee’s reasoning for awarding Milton Friedman. You better believe it! He believed…

Apparently, it’s all about belief… “A large part of Friedman’s conclusions about the possibilities of economic policy is based on his liberal belief in the positive, built-in properties of a functioning market economy.” (“The Prize in Economics 1976 – Presentation … Continue reading

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Are we the 99%? The corporatization of activism and cooptation of social protests

Mass struggles and civil unrest have raged since the 2008 financial crisis. Across the world students, workers and environmentalists are taking to the streets fighting for social justice and against neoliberal austerity or state repressions. Protest Inc.: The Corporatization of Activism by Peter Dauvergne and Genevieve LeBaron, … Continue reading

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Lehman Brothers collapsed, but the neoliberal tune keeps playing on

Today marks the 7th anniversary of Lehman Brothers disastrous collapse and the ‘official’ beginning of the global financial crisis. This is what Citigroup CEO Chuck Prince said in July 2007, about a year before the financialization fete temporarily halted: “When the music stops, in terms of … Continue reading

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China’s Minsky moment? Stability leads to instability

Hyman Minsky (1919–1996) was a distinguished American scholar and prominent post-Keynesian economist. In the wake of the 2008-2009 crisis Minsky’s invaluable scientific contribution has widely spread, but soon he has unfortunately disappeared from public and economic discussions. While most of the mainstream economists are … Continue reading

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Fed with credit: financial “liberalization”, deregulation and the role of credit in Iceland’s collapse

Beginning in the 1990s, Iceland embarked on a major “liberalization” policy, privatizing its financial sector and reorganizing regulation. The resulting highly concentrated banking sector refocused on investment banking and international operations, while businesses, consumers and the finance industry itself borrowed … Continue reading

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Get free from the dogmas of the apostles of austerity: Fifteen Fatal Fallacies of Financial Fundamentalism

Just three days before he passed away, a notable Columbia University professor of economics William Vickrey was awarded 1996 Nobel Prize in Economic Sciences for fundamental contribution to the economic theory of incentives under asymmetric information. Throughout his prolific career, Vickrey developed methods … Continue reading

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“Aftermath of a Crisis”: Manuel Castells and his colleagues tackling the crisis and its consequences

“In this crisis, some people are trying to go back and other people are trying to discover what the future could be. What doesn’t work anymore is the present, for anyone. That’s why it’s Aftermath Time.” – Manuel Castells Shortly after … Continue reading

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Debt is a Product of Power Relations

Debt is a product of power relations which inherently exhibits capturing and dominating mechanisms of subordination, appropriation and exploitation in various societal, political and economic fields. Debt is a degrading institutional tool which not merely controls and masters labor in advance, it also self- … Continue reading

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