The relevance of Marx’s theory of value and his ‘law of the tendency of the rate of profit to fall’ to the analysis of the financial crisis of 2007–8 and the ensuing global slump is affirmed. The hypertrophic growth of unproductive constant capital, including the wages of ‘socially necessary’ unproductive labour and tax revenues, is identified as an important manifestation of an historical-structural crisis of capitalism, alongside the increasing weight of fictitious capital and the proliferation of fictitious profits in the (...) lead-up to the financial crisis. These phenomena have obscured the deepest roots of the global slump in the long-term profitability problems of productive capital – that is, in a crisis of surplus-value production. With these considerations taken into account, a better empirical assessment of trends in the composition of capital becomes possible, and with it a more accurate understanding of the impact of the ongoing displacement of living labour from production on the average rate of profit and the future of US and global capitalism. (shrink)

This book documents the growth of unproductive activity in the United States economy since World War II and its relation to the economic surplus, capital accumulation, and economic growth. Unproductive activities broadly consist of those involved in the circulation process, including wholesaling and retailing, banking and financial services, advertising, legal services, business services and many government activities. The results indicate that the level of unproductive activity in the postwar economy has been a significant factor in the slowdown in (...) the rate of capital accumulation, productivity growth and the overall growth rate. Here, the villain is shown to be the gradual but persistent shift of resources to unproductive activities. The consequence has been a reduction in new capital formation and productivity growth and an erosion in the rate of growth in per capita living standards. Moreover, the rise in unproductive activity is itself seen to be rooted in the logic of advanced capitalism. The forces of competition, which in the early stages of capitalism lead to rapid technical change and productivity growth, promote non-productive and even counterproductive activities in its more advanced stages. (shrink)

This chapter contains sections titled: American Liberalism The Constitutional System Federal Patronage Looking Forward.

In the middle of 2020, Buddhism in Thailand looked quite different than it had just prior to the COVID-19 pandemic. Monasteries had closed their doors to the public, and monastic ordinations ceased. The institution of Thai Buddhism stayed relevant, however, largely by promoting a quite unusual practice. In addition to the typical religious activity of lay followers offering food to monks, and receiving merit from the monks in return, the path that food traveled during the pandemic also turned the other (...) way around. In a curious series of events, monks at monasteries throughout the country began to hand out food to lay Buddhist followers. In a religious landscape with a very codified system of exchange, this was spiritually precarious: if monks give out food, where does the merit lie, and what are the karmic results? To answer this, I examine attitudes about monks’ activities, drawing on interviews conducted in Chiang Mai in 2021, and relationships to textual accounts of nutrients and healing across Buddhist history. Rather than signifying a break from spiritual relationships, I argue that this a-typical movement during the pandemic helps to highlight the continuing importance of monastic hope within interpersonal affective economies of Thai Buddhist practice. (shrink)

Future mobility planning to cope with ongoing environmental challenges such as air pollution has to be anchored in the work of every public authority worldwide. One recent trend that could support public authorities to meet the European Union’s sustainability targets is the creation and sharing of transport and mobility “big” data between public authorities via tools such as crowdsourcing. While the benefits of the use of big data to increase public authorities’ efficiency and effectivity and their citizens’ lives is well (...) understood, examples from the public sector that highlight public authorities’ engagement in such sharing activities is still missing. To date relevant literature has highlighted issues around the capacity of public authorities that hinder shared activities. In this paper we want to raise distrust as a key reason for lack of engagement. Based on comprehensive data collected over the period of 4 years via several workshops and semi-structured interviews with seven public authorities in Europe, we are able to demonstrate that a major obstacle for not providing and sharing data via crowdsourcing for mutual benefit lies primarily in the hands of the public authority’s servants of the middle and high-level management. Our results show firstly, that distrust may emerge toward different referents such as the community, particular individuals, or the technology itself and thus, managerial implications have to be very specific to overcome distrust. Secondly, we show how distrust may spread from one referent to another through negative reciprocity and which, if unchecked may lead to an all-encompassing state that affects the whole sharing economy framework and inhibits potential benefits. (shrink)

Building on previous works which argued that scalar implicatures can be computed in embedded positions, this paper proposes a constraint on exhaustification which restricts the conditions under which an exhaustivity operator can be licensed. We show that this economy condition allows us to derive a number of generalizations, such as, in particular, the ‘Implicature Focus Generalization’: scalar implicatures can be embedded under a downward-entailing operator only if the scalar term bears pitch accent. Our economy condition also derives specific (...) predictions regarding the licensing of so-called Hurford disjunctions. (shrink)

Circular economy thinking has become the subject of academic enquiry across several disciplines recently. Yet whilst its technical and business angles are more widely discussed, its philosophical underpinnings and socio-economic implications are insufficiently investigated. In this article, we aim to contribute to their understanding by uncovering the circular economy role in shaping a new vision, highlighting the social and economic dimensions of future imaginaries and the mechanisms that can enable them to bring about change in the social context. (...) We believe that defining the vision that the circular economy is contributing to shape is key to explain its conceptual framework and activities. Drawing on the concept of fictional expectations, we uncover one of the plausible social dimensions inherent to the circular economy thinking thereby opening up a new perspective on the current debate in the circular economy literature wherein authors, by contrast, are emphasising the lack of an explicit social dimension. Fictional expectations are introduced to refer to those imaginaries of the future that can catalyse social action in the present and counteract societal addictions, in which modern society seems to be trapped. We show how a circular economy inspired vision can be instrumental to the emergence of a fictional expectation that can provide therapies to the current societal addiction of wasteful production and consumption systems. This philosophical background allows us to provide, in conclusion, a new conceptualisation of the circular economy as a cognitive framework instrumental to the emergence of a future imaginary. (shrink)

The transition economy of Vietnam enjoyed remarkable achievements in the first 20 years of economic renovation (Doi Moi) from 1986 to 2006. Notably, the economy grew at an average annual rate of 7.5% in 1991-2000 period. Vietnam’s Amended Constitution 1992 recognized the role of private sector in the economy. U.S.-Vietnam Trade Bilateral Agreement (US-BTA) was signed in 2001. The country's stock market made debut trading in 2000. Vietnam became a member of Association of Southeast Asian Nations (ASEAN) (...) in 1995, then proceeded to full membership of the World Trade Organization in 2007, following which registered foreign direct investment (FDI) reached an all-time high of US$71.7 billion in 2008. Together with the impressive economic achievements, Vietnam also saw its diplomatic and political status constantly improved in the international arena. The country has established diplomatic relations with more than 170 countries in the world, strategic partnerships with 12 important economies, both developed and emerging, namely China, Japan, Russia, India, England, France, North Korea, Italy, Germany, Indonesia, Malaysia and Thailand. The country also successfully hosted important events including the Asia Pacific Economic Cooperation (APEC) in 2006. (shrink)

This paper draws upon the events surrounding two small United States Department of Agriculture-funded projects in order to explore some preliminary ideas about the influence of corporations in US policy-making through federal advisory committees created by the 1972 Federal Advisory Committee Act. Following a synopsis of the political controversy created by the efforts of these projects to generate more discussion of geographical indications in the US, this paper outlines a path for further analysis of the relationships between members of advisory (...) committees to the US Trade Representative and a newly established non-profit, the Consortium for Common Food Names. After a brief discussion of two worlds of geographic indications defined on the one hand by key principles of terroir and on the other hand those embodied in US Patent & Trademark Policy, the paper concludes with short discussions of two approaches for bringing geographic indications into federal and state policy discussions. (shrink)

There have long been calls from industry for guidance in implementing strategies for sustainable development. The Circular Economy represents the most recent attempt to conceptualize the integration of economic activity and environmental wellbeing in a sustainable way. This set of ideas has been adopted by China as the basis of their economic development, escalating the concept in minds of western policymakers and NGOs. This paper traces the conceptualisations and origins of the Circular Economy, tracing its meanings, and exploring (...) its antecedents in economics and ecology, and discusses how the Circular Economy has been operationalized in business and policy. The paper finds that while the Circular Economy places emphasis on the redesign of processes and cycling of materials, which may contribute to more sustainable business models, it also encapsulates tensions and limitations. These include an absence of the social dimension inherent in sustainable development that limits its ethical dimensions, and some unintended consequences. This leads us to propose a revised definition of the Circular Economy as “an economic model wherein planning, resourcing, procurement, production and reprocessing are designed and managed, as both process and output, to maximize ecosystem functioning and human well-being”. (shrink)

Before the Doi Moi reforms in 1986, Viet Nam’s economy was devastated by 30 years of warfare with two major military powers, France and the US, ending in 1975. In the subsequent 10 years, Viet Nam suffered from failing economic experiments, including agricultural cooperatization, “industry-commerce rehabilitation,” price-wage-currency reform, among others, under the centrally planned mechanism (Wood 1989), as well as the international isolation and a US trade embargo when its troops entered Cambodia to overthrow the Khmer Rouge (Riedel and (...) Turley 1999). Its per-capita gross domestic product (GDP) declined to USD 97 in 1989 whereas the ratio of external debt to GDP reached 330%. 1 The economy languished and became one of the poorest in the world (VGP 2016). (shrink)

In 1984, William Friedland proposed a Commodity Systems Analysis framework for describing the stages through which a commodity is transformed and how it acquires value. He challenged us to think of commodities as entities with a social as well as a physical presence. Friedland's argument enriched the concept of commodity production, but it remains essentially a supply side perspective.Since then, many commentators have argued that power is shifting from producers to consumers. Furthermore, some are claiming that, contrary to much traditional (...) Marxist thinking about how individuals find meaning through their productive capacities, it is now through consumption that individuals are identifying themselves. Given the significance of this view, it seems timely to extend Friedland's framework to incorporate the consumption perspective.In light of other claims that the distance between production and consumption is increasing, it is equally important to acknowledge the processes that structure the relationship between the two spheres. This entails using new retail geographical and cultural studies to explore further what takes place in distribution and exchange.This article describes a new model for understanding power in commodity systems, one that acknowledges the input and interests of a range of actors beyond the agricultural sector. The proposed cultural economy model also emphasizes a range of value adding processes that are wider than those that apply to commodity production. (shrink)

Andrew Sayer and Dave Elder-Vass are both advocates of ‘moral economy’. To this end, Elder-Vass offers a theory of appropriative practices that enables us to evaluate the enormous variety of forms...

In this article, I argue that a mistaken economy–culture dualism underlies the pitting of identity politics against class. I propose we be ‘non-dualists’ instead, viewing economic distributions and cultural representations as importantly co-constitutive, since this non-dualism lets us best theorise the intersections of injustices like class and race. I argue that the most sophisticated dualist attempt to transcend class versus identity debates – Nancy Fraser’s ‘perspectival dualism’ – inadvertently instantiates ‘methodological whiteness’ and struggles to illuminate the intersections of race (...) and class, overlooking how culturally specific representations and understandings importantly constitute economic structures and distributions. Jodi Dean’s contemporary restaging of the class versus identity debate, I suggest, repeats some of Fraser’s dualist missteps. To end, I propose a non-dualist approach which understands the economy as an ideological objectification of certain practices – an objectification which naturalises relations of raced, classed and gendered domination. Building on social reproduction currents of thought, I suggest a counter-hegemonic understanding of the economy – one informed by anti-racist, feminist and socialist rethinkings of what constitutes labour and who constitutes the ‘public’ of the economy’s imaginaries of public value. (shrink)

In the first thirty years after World War II, the US economy performed very well. The rate of growth averaged 4—5%, the rate of unemployment was seldom above 5%, inflation was almost non-existent, and the living standards of workers improved steadily. These were the ‘good old days'. However, this long period of expansion and prosperity ended in the 1970s. Since then, both the rate of unemployment and the rate of inflation have been much higher than before, and the average (...) real wages of workers have declined some 20%. Productivity growth has also slowed down and the debt burden of both capitalist enterprises and the Federal government has increased dramatically. It is in this sense that we may refer to the ‘economic crisis’ of the US economy over the last two decades. This crisis has certainly not been as severe as the Great Depression of the 1930s, but the economic performance has been significantly worse than in the early post-war period. (shrink)

This book provides a systematic commentary on the first two books of the Bible: Genesis and Exodus. Drawing on these two essential books, it subsequently offers new readings of several issues relevant for today’s economic and social life. Western Humanism has its own founding cultural and symbolic codes. One of them is the Bible, which has for millennia provided a wealth of expressions on politics and love, death and economy, hope and doom. Biblical stories have been revived and reinterpreted (...) by hundreds of generations, and have informed many of our most beautiful works of art, not to mention the dreams of children and adults alike. And they have given us hope during the many painful times of exile and oppression that we have gone through, and are going through still. Among the books of the Bible, in both the Jewish and Christian traditions, Genesis and Exodus represent the true foundation of biblical theology and anthropology, but in them we also find the roots of the culture of markets, money and commerce, which would go on to flourish during the Middle Ages and ultimately form the ‘spirit of capitalism’ or the ‘religion of capitalism’ in the modern era. This book examines the Biblical foundations of our conception of social relations, and offers new insights on the present economic and social discourse. (shrink)

This book provides an alternative foundation for the measurement of the production of nations, and applies it to the US economy for the postwar period. The patterns which result are significantly different from those derived within conventional systems of national accounts. Conventional national accounts seriously distort basic economic aggregates, because they classify military, bureaucratic and financial activities as creation of new wealth, when in fact they should be classified as forms of social consumption which, like personal consumption, actually use (...) up social wealth in the performance of their functions. The difference between the two approaches has an impact not only on basic aggregate economic measures, but also on the very understanding of the observed patterns of growth and stagnation. In a world of burgeoning militaries, bureaucracies, and sales forces, such matters can assume great importance at the levels of both theory and policy. (shrink)

The purpose of this paper is to reconstruct a Christian theology of “hospitality” through a critical reading of Jacques Derrida and Friedrich Nietzsche as well as through an in-depth biblical and theological reflection on the ethics of hospitality. Out of this reconstructive investigation, I propose a new Christian ethics of hospitality as a radical kind. As a new paradigm, this radical hospitality is distinguished from other types in that it is no longer conceived on the model of “gift”. The new (...) Christian ethics of hospitality is rather reconstructed on the model of “forgiveness” by critically appropriating the concept of “invisible debt” that lies between the hosting citizens and the migrants in the senses of “you owe us your presence” and “I owe you my security and success.” While the hospitality of the gift defines the relationship between the hosting citizens and the migrants as givers and givees, the new paradigm of hospitality identifies this relationship as between creditors and debtors. In this regard, a new Christian hospitality called for unto citizens of the hosting society is a radical kind that challenges them to transcend the creditor-debtor consciousness. (shrink)

Many worry that global warming may produce dire consequences not just for humankind, but for many other living organisms on the planetEarth. This has raised concerns about the desirability of the political and economic policies that brought us to this point in history, a period of markedly higher levels of consumptionConsumption that produce higher levels of CO2. That, in turn, has raised new concerns about the ideologies and theoretical paradigms upon which such political and economic policies are based. Many now (...) call for a rejection of free marketFree Market economies to make room for more centrally planned economic systems. Even the idea of Homo EconomicusHomo Economicus – the primary actor in the modern free marketFree Market economy – is under fire in favor of a new conceptualization of the primary actor: Homo CuratorHomo Curator. This essay explains why these changes are both unnecessary and dangerous. I argue they are unnecessary by showing: (1) Homo Economicus and excessive consumptionConsumption are not the root of the problem, and (2) how the theory of market failure already gives us proven means to address problems like global warming. I argue that abandoning Homo Economicus and the free marketFree Market economy is dangerous because it will inevitably lead to a world that is far less likely to support individual and collective human flourishing; one that poorer, less free, and less respectful of the sanctity of the individual. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Economy, Society, Tragedy: Moral Reflections in an Age of Crisis and Austerity LOUIS A. RUPRECHT JR. Precisely their tragedies prove that the Greeks were not pessimists... In this sense, I have the right to understand myself as the first tragic philosopher—that is to say, the most extreme antithesis and antipode of a pessimistic philosopher. —Nietzsche, Ecce Homo, “The Birth of Tragedy” Orgiastic religion leads most readily to song (...) and music; ritualistic religion inclines toward the pictorial arts; religions enjoining love favor the development of poetry and music. In all of this, the one important fact for us is the significance of the marked rejection of all distinctively aesthetic devices by those religions which are rational, in our special sense. —Max Weber, The Sociology of Religion tragedy and society The title of this review essay is taken from Max Weber’s posthumous magnum opus, Economy and Society,1 an ambitious and wide-ranging comparative sociological analysis of economic orders, social orders and the normative structures that both emerge from and lend meaning to the intersecting economic, political and religious spheres in which complex human arion 28.2 fall 2020 Kathryn A. Kozaitis, Indebted: An Ethnography of Despair and Resilience in Greece’s Second City (New York, NY: Oxford University Press, 2021), 248 pages. This book is the fifteenth in Oxford’s important series, “Issues of Globalization: Case Studies in Contemporary Anthropology,” edited by Carla Freeman and Li Zhang. 138 economy, society, tragedy societies take shape. To Weber’s grand and capacious sociological categories, economy and society, I have added a third literary and philosophical term: tragedy. Now, to be sure, Weber thought a great deal about tragedy,2 and was drawn to tragic themes in many of his most salient and influential sociological studies. One need think only of his account of the bureaucratic “routinization” of prophetic charisma in The Sociology of Religion,3 or his depiction of modern humanity’s self-imposed “iron cage” in the rousing final pages of The Protestant Ethic and the Spirit of Capitalism,4 a text to which I will return at the end of this essay.5 But tragedy entails far more than systemic collapse or self-inflicted disaster. In this essay, I want to explore some of the implications of combining close attention to the lived experience of concrete individuals to the highly theoretical, systems-level analysis inspired by such Weberian categories. Put another way, how may Cultural Anthropology, and more specifically Ethnography, deepen such a globally-oriented Sociology? Here, I intend to supplement Weber’s sociological dyad, economy and society, with a conception of tragedy drawn from the cognate social sciences of Comparative Religion and Cultural Anthropology; I will be using Attic Greek tragedy as a benchmark. More specifically, I wish to highlight some of the ways in which the first book-length ethnographic study of the Greek economic crisis may add vital nuance to Weber’s more theoretical, world-systems approach. That book is Kathryn Kozaitis’s Indebted: An Ethnography of Despair and Resilience in Greece’s Second City, an ethnographic study of the lived reality of Greeks experiencing the double -whammy of a sovereign debt crisis and externally imposed austerity regimes in the Greek city of Thessaloniki; the book is the fifteenth to appear inOxford’s “Issues of Globalization: Case Studies in Contemporary Anthropology” series, edited by Carla Freeman and Li Zhang. As Kozaitis demonstrates with sensitivity and eloquence, by zeroing in on the people, rather than the economic policies or the social and administrative structures, Louis A. Ruprecht Jr. 139 certain normative categories and ethical stances become more relevant, many of them implicated in ancient Greek tragedy, and drama more broadly. tragic crises appropriately to a work of cultural ethnography, Kozaitis links the personal to her profession; further still, she weaves her own personal story into the story of the people to whom she is attempting to give voice. This, she notes, constitutes “the auto-ethnography in this ethnography” (4–6). How, then, did this professor of Cultural Anthropology, based in the United States, find her way to Greece’s “second city”? The path was circuitous, and its destination unclear for quite some time. That Kozaitis’s personal... (shrink)

This paper attempts to reconcile two different views of sacrifice. The first is transactional. It is as old as the ancient view that prayer and sacrifice are what we offer to the gods; in return they provide us with their benefits. It also appears in the biblical view that God not only returns good for good, but, in imposing misfortunes for our sins, exchanges evil for evil. The second view of sacrifice sees it as transcending any economy or system (...) of exchange. Thus, when a parent sacrifices for a child—for example, when she spends sleepless nights to stay with a sick child—she does not think of an exchange. Neither does a soldier who sacrifices himself for his comrades. In this article, I try to reconcile these two views of sacrifice in terms of the embodiment that does not just place us, through our needs, in an economy, but also, in its uniqueness, opens up the possibility of our transcending every transactional arrangement. (shrink)

The capitalist mode of production and consumption is caught in a double bind: its expansion destabilises natural systems and fails to curb social inequities, while slowdown destabilises the inner workings of the economic system itself. To better understand what is happening in this phase of instability, this article proposes a System Dynamics representation that combines elements of Georgescu-Roegen's Ecological Economics with Marxian theory. Specifically, it draws from a diagram recently developed by David Harvey to communicate Marx's political economy in (...) its totality; Harvey's diagram is then adapted to incorporate the flow-fund model developed by Georgescu-Roegen. The contribution made by this adaptation is twofold: first, it allows us to emphasise key connections and discrepancies between the two traditions; second, it extends System Dynamics into (eco-)Marxian analysis, which serves to visualise the fundamental causes and consequences of a spiralling, ever-expanding capitalist economy. (shrink)

This article analyses the general economy of Georges Bataille (1897–1962) in relation to political economy. In the first section I present a critical perspective on economy that is necessary in order to appreciate Bataille’s conception of general economy, which is presented in the second section. The general economy is first considered in a macro-perspective, which comprises the whole of the universe, second in a micro-perspective, where the subjective aspect of economy is maintained as non-objectified (...) desire and inner experience. In the third section I turn to the general economy as it was explicitly intended, namely as a political economy. First I argue that the suggestions that Bataille himself presents are apolitical in an ordinary sense of politics, and that this can be shown to be due to some conceptual slides between nature and society and between history and ontology. I then sketch some postmodern attempts to legitimize respectively capitalism and communism, which refer to the general economy, but argue finally that Bataille can escape both, since he maintains the important distinction between need and desire. Although Bataille’s conception of economy thus reminds us of aspects often overlooked by economy in an ordinary sense, it also contains some serious aporias, which means that it cannot constitute the theoretical basis of a new general political economy, as Bataille had hoped. (shrink)