Tag Archives: Political economy

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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Was Karl Polanyi wrong? Land, labor, and private authority in the global economy

by Tim Bartley* Karl Polanyi famously argued that land, labor, and money are “fictitious commodities.” They cannot be fully subjected to the dictates of the market without spurring backlashes that seek to re-embed them in society.  It is easy to … Continue reading

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Marketcraft as the New Statecraft

by Steven K. Vogel* What if we thought of marketcraft (market governance) as a core government function comparable to statecraft? And what if we sought to optimize market governance rather than to minimize government intervention? I submit that this simple … Continue reading

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World Inequality Report 2018: Great Data, Bright Analysis, Perturbing Reality

The World Inequality Lab led by Thomas Piketty, Emmanuel Saez, Gabriel Zucman, Facundo Alvaredo and Lucas Chancel released today the first of its kind World Inequality Report 2018. The Report aims to become the comprehensive reference report on income and wealth inequality around … Continue reading

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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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