The question of the relation between the economic reforms introduced in or contemplated by the East European communist countries (including now a days the Soviet Union as well) and China, and the pattern of income distribution is obviously of great interest: how will the increased use of market mechanisms affect the degree of inequality? Strong views on the matter are frequently voiced both by proponents and opponents of market-oriented reforms, but there is surprisingly litde empirical evidence based (...) on systematic research. To my knowledge the work under review is the first book with such an explicit objective. (shrink)

Reform of the economic structure is a profound revolution that not only affects every aspect of China's political and economic life but stimulates changes in the way of social life, the mode of thought, and the concepts of social ethics and morality. The relationship between people reflected by these changes is closely related to the basic issues, principles, and standards of morality. Ethically, the changes themselves contain moral issues. The current economic reforms are changing and enriching (...) people's concepts of morality and will doubtless enhance their development. (shrink)

Scholarly focus on the political relationship between monasteries and the state has obscured other dynamics in the post-Mao revival and development of dGe-lugs-pa monasticism in China and led to its marginalization in wider discussions about Buddhism in the contemporary world. The present article seeks to broaden our understanding by examining economic reforms at a monastery in A-mdo. Based on fieldwork conducted 2008-2009, it argues that while recent monastic economic developments converge with state policies, monks’ narratives place agency (...) for reforms within the monastic community and present impetus for reform as a moral issue. Consideration of the moral dimension of reforms, drawing on Sayer’s conception of moral economy, allows for a thicker understanding of contemporary monastic development which takes into account dynamics that extend beyond monastic interactions with the political and hegemonic power of the Chinese state. (shrink)

This second collection of essays for the Societas series by Tom Rubens continues the author’s discussion of contemporary issues contained in "Progressive Secular Society". The present book is divided into three main sections. The first deals with social, economic and cultural issues; the second with topics which are essentially philosophical; and the third with themes which are chiefly literary. Throughout, the viewpoint expressed is that of secular humanism.

Whilst the field of contemporary art has been impeded until recently by Saudi Arabia’s blasphemy laws and heavy censorship, the last decade has seen a rapid growth of art networks and institutions. Incidents such as the conviction of internationally lauded artist and curator Ashraf Fayadh in 2015 on charges of apostasy show that Islamic authorities still claim to define what is acceptable and not acceptable in the field of cultural production, but several renowned Saudi artists have started to question the (...) hegemony of the Islamic field. This article discusses these processes in the context of radical economic reform led by the Saudi crown prince Mohammed bin Salman. Why do state actors see an investment in art and creativity as a necessity for economic renewal? What role does contemporary art play in strategies to rebrand the negative image of Saudi Arabia? How do artists relate to Islamic narratives and material culture to claim authority in Islamic debates and provide legitimacy for their concerns? By focusing on the interactions between economic reform and new spaces of Islamic critique, the paper aims to shed light on the way in which the drive for economic transformation is remapping the social boundaries between Islamic authorities, the creative economy and the state. (shrink)

This book provides a detailed theoretical overview and analytical understanding of informal labour markets in the context of economic reforms. Grounded in the neo-classical general equilibrium framework, it analyses the impact of deregulatory policies on the welfare of informal workers in a segmented labour market.

Although the history of centrally planned economies has been widely studied, the development of socialist thinking on the subject has remained largely uncharted. In this 1991 work, Pekka Sutela presents a detailed analysis of Soviet economic thought and theory. Dr Sutela traces the competing currents in the Marxist tradition of socialist economies from the Revolution to the present day. In particular he shows how the Gorbachev economic reform programme of 1987 rose from the work of Nobel Prize economist (...) L. V. Kantorovich and his followers. However, this programme failed and the author explains in some detail why this happened. Since then, Soviet economists have tried to abandon their traditional theory of central planning and move along the path and long established contacts with leading Soviet economists, Pekka Sutela is able to show how Soviet economic thinking has moved from dogmatism through reformism to pragmatism. (shrink)

The quest for freedom from hunger and repression has triggered in recent years a dramatic, worldwide reform of political and economic systems. Never have so many people enjoyed, or at least experimented with democratic institutions. However, many strategies for economic development in Eastern Europe and Latin America have failed with the result that entire economic systems on both continents are being transformed. This major book analyzes recent transitions to democracy and market-oriented economic reforms in Eastern (...) Europe and Latin America. Drawing in a quite distinctive way on models derived from political philosophy, economics, and game theory, Professor Przeworski also considers specific data on individual countries. Among the questions raised by the book are: What should we expect from these experiments in democracy and market economy? What new economic systems will emerge? Will these transitions result in new democracies or old dictatorships? (shrink)

Title: Remaking the Economic Institutions of Socialism: China and Eastern Europe Publisher: Stanford University Press ISBN: 0804714940 Author: Victor Nee and David Stark Title: Market Reforms in Socialist Societies: Comparing China and Hungary Publisher: L. Rienner Publishers ISBN: 1555870961 Author: Peter Van Ness.

The Eurozone crisis has triggered profound political and economic changes across the debtor member states. This article shows how the crisis and the imposition of austerity policies by the Troika have forced Spain to pursue internal devaluation as a means of economic adjustment through the reduction of real wages, increased pressure for liberalizing labor market institutions, and given Spain’s conservative government the opportunity and cover to pursue radical neoliberal labor law reforms. Spain’s 2012 labor law reforms (...) went well beyond external demands. The crisis and the Troika’s policy demands generated mass unemployment, devastated Spain’s Socialist Party, and created the enabling conditions for economic reforms. But domestic partisan considerations led the conservative People’s Party to commandeer the crisis to weaken unions as the electoral and organizational base of the center-left opposition. The PP channeled reform into an attack on labor that decisively shifted power to employers. As organized labor relations were reduced to concession bargaining, real wages have plummeted for the vast majority of Spaniards, even as mass unemployment and economic stagnation persist. Analysis suggests the emergence of a winner-take-all economy that will have lasting consequences for the Eurozone and the European Union. (shrink)

Modern socialist economic reforms which center on the establishment of a commodity based economic system, demand a reconsideration of human nature. Marxism and human sociobiology give different answers to questions about human nature, but neither is complete in itself. It seems timely, therefore, to suggest that a combination of biological understanding with a Marxist-based social understanding would produce a more adequate notion of human nature, thereby helping us to resolve a number of problems posed by reforms (...) currently taking place in socialist countries. We might also hope to face new challenges posed in the future. (shrink)

The article reveals the essential features and conditions of the long-term process of development of competitive innovation economy - knowledge economy on the example of Ukraine, where the dialogue of late postmodernism and early post-industrialism create special regional conditions. The article characterizes education as not just a form of social consciousness and practice, but as a social and cultural engine and simultaneously marker of civilization development level; considers higher education system from the point of view of society request to form (...) specialists of high qualification level and as a result powerful factor of regional economic growth; offers the directions of Ukraine higher education reforming, which still has signs of late postmodernism. The authors of this article have proved that the synergy of the economic and educational-scientific spheres is capable of changing the global laws of society's existence and returning the course of history to a truly humanistic, technological and divinely attentive course. The development of innovative activities, the introduction of new technologies, which in the long term to overcome the negative trends, primarily related to the need for structural reform of the educational sector in Ukraine and other regions, which are attractors of world change. In particular, cardinal changes require higher education as the most important resource potential that determines the direction of sustainable economic development. (shrink)

In this century Australia has enjoyed the highest per capita incomes and probably the most equal distribution of income of any nation in the world. Australia has been a lighthouse social democracy. We assess the impact of the vigorous liberal economic reforms of the 1980s on economic management and steering, social integration and cohesion, on the public sector, on civil society and the public sphere. We see that the reforms have been ideologically driven and that they (...) have negatively affected the distribution of income, the deliberative capacity of the policy apparatus, and the unique institutional features of social democracy in Australia. (shrink)

In this book, the author attempts to reveal the heart of a Chinese intellectual.

It is perhaps too early in the long history of humanity to draw definitive conclusions concerning the historical trajectories of traditional socialist countries. It is well known that major changes have been occurring in these countries, with most even turning away from socialism altogether. Many explanations have been propounded for this phenomenon. Some observers explain the turn away fromsocialism as a result of the backward stage of the development of productive forces. Everyone knows that most socialist countries were set up (...) during times of poor economic conditions. Certainly, it is difficult to say how advanced the productive forces need to be in order to set up a durable and practical socialist system. In discussing the problem, I will be re-examining the practice of so-called traditionalsocialism in concentrating mostly on China, a country which has been and still is guided by its understanding of Marx’s theory of historical materialism. (shrink)

The essay examines the conditions that gave rise to undesirable trends in Russian economic transformation leading to creation of a market that the author refers to as a “wild” market opposing it to the form of market economy inherent in the West. Discussing specific archetypes of Russian mass consciousness and Russian system of fundamental values, the author emphasizes the importance of balancing the specific steps of contemporary economic reforms in the country against unique features of Russian mentality (...) and cultural traditions. (shrink)

In the context of divisive disagreements about how the British left should orient itself towards the current Labour Party, this intervention uses the Gorzian category of non-reformist reforms to critically evaluate the 2017–19 policy programme developed by the Corbyn-led Labour Party and draw out the implications for current strategic debates. It argues that the radical core of the Corbynite economic programme lay in its proposals for widening ownership and extending economic democracy, but that there was a tension (...) between commodified and decommodifying visions of these proposals. Exploring the different conceptions of political transformation implicit within each vision, the paper argues that only the latter had the potential to be non-reformist in the Gorzian sense. However, Gorz was concerned not merely with a reform’s content but also with how it was formulated and pursued. The paper ends by arguing that the transformative potential of the economic programme was not reflected in its political strategy and that this has important lessons for strategy today. (shrink)

The first decades of the twentieth century saw the emergence of Calvinist economics in the Netherlands. This clearly normative approach to economics was inspired by Abraham Kuyper and was criticized by mainstream economists from the outset. It would eventually disappear under pressure of positive economics, but survived until at least the middle of the century. Calvinist economics itself was highly critical of classical economics and, unlike the neo-classical school, strove after an entire reformation of economic thought. Calvinists writers like (...) T. de Vries, P. A. Diepenhorst, J. A. Nederbragt and J. Ridder did not constitute a school of economic thought, but nevertheless shared some fundamental ideas such as the influence of world views on economics, the existence of divine ordinances for the economic domain, and the central place of man in God’s plan for the economy. In this article, I describe the rise, sources of inspiration, fundamentals, aim and methodology of Calvinist economics. Although the perspective of this article is historical, this episode from the history of economic thought may inform us about the relationship between Christianity and the science of economics as well as that between economics and the economic crisis. (shrink)

Free trade agreements are about reducing tariffs, market access in services, protection of intellectual property rights, streamlining customs procedures, trade remedy measures, and dispute settlement mechanism. Equally important if not even more important than these provisions is the designation of rules of origin. Many benefits can be lost if restrictive rules of origin are incorporated. Rules of origin are supposed to be straightforward and easy-to-follow methods used to determine origin of imported goods. The policy question that arises is how to (...) improve trade integration among Arab countries through more effective rules of origin. (shrink)

: In its response to pressures to rationalize health care resource allocation, the American health care system has embraced managed care without concurrent comprehensive health care reform, either in the form of the centralized tax-based systems found in Europe and Canada or that of the Clinton reform plan. What survives is managed care without managed competition, employer mandates, or universal access. Two problems inherent in the incentive structure of managed care plans developed in the absence of comprehensive health care reform (...) work against the public interest. First, sacrifices in terms of medical innovation and quality of care may not be offset by greater equity in the distribution of health care. Second, such managed care plans fail to address the need for long-term accountability. (shrink)

This book looks at the distinctive features of the development of German economics & draws attention to its divergences from the Anglo-Saxon tradition. The book covers the period when economics became established as a systematically taught discipline in German universities. It concentrates on the textbooks in use at the time, both because they were a major means by which economic ideas were disseminated, & for their use in the teaching of state officials.

The average annual profits before fees of the $10 billion plus Renaissance Technologies’ hybrid Medallion “Leveraged, High Frequency, Artificial Intelligence ” trading hedge fund between 1988 and 2019 were about 66 percent. Total trading profits during this period were over $100 billion. The fund has never had a losing year. The fund is not open to the general public. First, distinctions among, in more or less historical order, the traditional market-maker trading model, the hedge fund trading model, the artificial intelligence (...) trading model, and the hybrid LHFAI trading model are discussed. Second, the micro components of the LHFAI trading model are explained in the context of Renaissance Technologies’ Medallion Fund. Third, key positive contributions of the model with respect to profitability, low annual volatility, market liquidity, and intellectual property development; negative ethical issues concerning exclusive access, tax fairness, financial transparency, shared responsibility for losses and systemic risk, and short vs. long-term capital allocation are discussed. Potential reforms that retain the positives, reduce the negatives, and that could positively transform the model are discussed. Fourth, potential impacts that the potential reforms might have on the macro LHFAI form of finance capitalism and the larger finance capitalism political-economic system are considered. Fifth, conclusions are offered and discussed. (shrink)

Thomas C. Leonard presents an intellectual history of the Progressive Era from the perspective of economists. It is hard to understate the influence this group had in developing Progressive ideas. Leonard brilliantly details how Progressive economists wielded enormous influence not only in spreading ideas about traditional economic concepts, but also ideas and theories that influenced political and civil liberties. For example, the Progressives gave us the social science professor, the scholar-activist, social worker, muckraking journalist, and expert government advisor. All (...) of these reform-vocations, according to Leonard, sought to replace the invisible hand of the market with the visible hand of the administrative state. In short, Leonard’s book is a must-read for everyone remotely interested in political economy. (shrink)

Tolstoy became acquainted with the works of Henry George as he was writing his treatise “What Then Should We Do?” George’s economic ideas fascinated him so much that he stepped away from the treati...