Tag Archives: Political economy

What is’t to us if taxes rise or fall? Thanks to our fortune, we pay none at all

The 18th-century English poet and satirist Charles Churchill wrote the following witty and sharp words, jeering and criticizing the aristocracy and the establishment of his time. The cit, a common-councilman by place, Ten thousand mighty nothings in his face, By situation … Continue reading

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Theodor Adorno on the division between economics and sociology

In May-July 1968, Theodor W. Adorno, an eminent philosopher, sociologist and one of the founders of the Frankfurt School of Critical Theory, gave his last lecture series which were published in 2000 as Introduction to Sociology. In these accessible and lucid … Continue reading

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David Ricardo: What is the Key Problem in Political Economy?

David Ricardo (1772 – 1823) was a prominent classical economist who gave systematized form to the rising discipline of economics, rightly termed then as political economy. The opening paragraph of his book On The Principles of Political Economy and Taxation (1817) contributes to this endeavour … Continue reading

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The Political Economy and Economic Sociology of Brexit

In the beginning, it is said, was Brexit. “Brexit is a revolution”, it is said from the right and by the left. Revolution, though, is a Janus-faced concept that “evokes dialectically linked oppositions: light and darkness; rupture and continuity; liberation and oppression; … 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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What is Political Economy? It is Essentially a Historical Science

In December 1867 a German positivist philosopher and economist Eugen Dührings published a critical review of Karl Marx’s Capital. Dühring, inter alia, disapproved the Marxist labour theory of value and asserted, based on his own concept of “ethics of sympathy”, that a dichotomy between … Continue reading

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Princes of the Yen and the Japanese Shock Doctrine

“It is better for the Bank of Japan not to attract attention and remain as quit as the forest in a rural shrine.” – Hisato Ichimada, the 18th Governor of the Bank of Japan, 1946-1954 (Werner 2003: 70) “Thanks to this … Continue reading

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Genealogy of Capitalism and Sacred Economics in Victorian Britain

“Labour is Life: from the inmost heart of the Worker rises his god-­given Force, the sacred celestial Life-­essence breathed into him by Almighty God…”                                                      … 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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Alexis de Tocqueville on democracy, materialism and political economy

Alexis de Tocqueville (1805 – 1859) was a notable French political scientist and historian, best known for Democracy in America, a perceptive and groundbreaking analysis of the social, political and economic system of the United States. This four-volume book is brimming with … Continue reading

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