Since publication of Hetzel's The Monetary Policy of the Federal Reserve, the intellectual consensus that had characterized macroeconomics has disappeared. That consensus emphasized efficient markets, rational expectations and the efficacy of the price system in assuring macroeconomic stability. The 2008–9 recession not only destroyed the professional consensus about the kinds of models required to understand cyclical fluctuations but also revived the credit-cycle or asset-bubble explanations of recession that dominated thinking in the nineteenth century and the first half of (...) the twentieth century. These 'market-disorder' views emphasize excessive risk taking in financial markets and the need for government regulation. The present book argues for the alternative 'monetary-disorder' view of recessions. A review of cyclical instability over the last two centuries places the 2008–9 recession in the monetary-disorder tradition, which focuses on the monetary instability created by central banks rather than on a boom-bust cycle in financial markets. (shrink)

The main aim of this paper is to act as a corrective to the comparatively deafening silence of egalitarian political philosophy’s response to the Great Recession. The paper thus provides an accessible analysis of a new strand of empirical research into the causes of the crisis. This new literature, which has largely gone unnoticed by the broader philosophical community, maintains that the main driver of financial instability is income and wealth inequality coupled with income stagnation at the bottom (...) of the income distribution. Building on this empirical research, the paper puts forward six connections between egalitarian political philosophy broadly construed, and the findings of the new literature it surveys. These connections are understood as operating in two directions: that is, they both provide reasons for egalitarians to play a larger role in debates concerning the moral aspects of financial instability, and also offer valuable insights to egalitarians to reorient their position concerning central facets of their arguments. (shrink)

Rising income inequality was a major factor in the surge of household debt that brought on the financial crash and Great Recession. Other studies have identified rising household debt as a cause of the crash but not income inequality as a cause of the rising debt. Here the unusual rise in household debt post 1995 is documented. Econometric evidence links rising income inequality to the rise of household debt. Consumer expenditure data shows that prices of major necessities —shelter, (...) healthcare and education—rose faster than inflation as demand by high-income households surged. In order to maintain their consumption of such necessities, lower-income households resorted to massive borrowing. Their rising debt precipitated the financial crash and Great Recession. That link was overlooked by mainstream economists because they adhere to a theory of household consumption that posits no role for income inequality. (shrink)

When politicians feel popular pressure to act, but are unwilling or unable to address the root cause of the problem, they resort to symbolic policymaking. In this paper, I examine excessive executive compensation as an issue that rose to the top of the political agenda during both the Great Depression and the Great Recession. Presidential candidates, members of Congress, the media, and the public alike blamed corporate greed for the economic downturn. In both instances, however, enacted legislation (...) stopped short of changing the way in which executive pay was determined or placing effective, enforceable limits on it. I analyze the nature of the democratic process and contend that public policy scholars need to pay more attention to the occurrence of symbolic policies. The category of symbolic policies offers a more accurate approach to understanding the politics of executive compensation in the United States during the two crises and helps explain why, in spite of the recent legislative efforts, it continues to rise. (shrink)

Unemployment has been at historically high rates for an extended period, and while it has recently improved in certain countries, the unemployment that remains may be becoming structural. Aside from inequality, unemployment is accordingly the problem that is most likely to put critical pressure on our political institutions, disrupt the social fabric of our way of life, and even threaten the continuation of liberalism itself. Despite the obvious importance of the problem of unemployment, however, there has been a curious lack (...) of attention paid to this issue by contemporary non-Marxist political philosophers. Non-Marxists typically view unemployment as a technical matter, and doing something about it a question of means not ends, with the solution to this question depending on the kind of empirical determinations about what causes what that are best left to economists, not political philosophers. But I think this is a mistake. Because work is a major part of our social life, as well as something that for a great many people grounds their sense of who they are and provides the basis of their sense of self-respect, those unable to find work are missing out on a great deal of what makes for a meaningful life, and not just the economic benefits that social cooperation has to offer. Those who are unemployed accordingly have something to complain about, even if we do not let them starve, and the rest of us (or at least the institutions that represent us) may have some sort of moral obligation to take action to increase the number of employment opportunities currently available regardless of any uncertainty surrounding the effects that any actions open to us might have. The nature and extent of this moral obligation is what On Unemployment is dedicated to exploring. (shrink)

During 1980–90, Japan's annual real GDP growth rate was 4.6%, but which declined to 1.2% in the 1990s. While the drop in itself is a problem, at the same time it exacerbated many other problems, namely inequality, budget deficits, and the increasing burden of an aging society.

The Great Financial Crisis that broke in 2008 and the Great Recession that followed has led many to question the very structure of contemporary economies. Some argue that the economic model of the past forty years is now broken. Criticism has also been directed at the orthodoxies of economics. For example, neoclassical equilibrium economics, the mainstream economics of the day, is accused of failing to understand some of the most basic aspects of the modern economy, of supporting (...) policies that have led to the economic breakdown, and of failing to see the crisis coming. Consequently, heterodox thinking in economics is getting a hearing as never before. Heterodox economics offers itself as the requisite radical reconstruction of the science of economics and also proposes policies for the radical reconstruction of the major economics.Yet to talk of the reconstruction of the modern market economy is at the same time to raise the ethical question: what shape ought the market economy to take? Heterodox economics may acutely analyse the inadequacies of real economies and propose plausible reforms, but as an essentially descriptive science there will be limits on its ability to state what ought to be. Rather, what is required seems to be a systematic prescriptive ethics. In other words, recent events in the world of economics have provided an opening for what ethical philosophy should be best at providing. Determining whether a specific ethical philosophy, to be identified shortly, has the capacity to address the questions raised by heterodox economics is the task of this paper. (shrink)

After the global economic collapse triggered by the Great Recession, there has been an increased interest in the potential psychological implications of periods of economic decline. Recent evidence suggests that negative personal experiences linked to the economic crisis may lead to diminished generalized trust (i.e., the belief that most of the people of the society are honest and can be trusted). Adding to the growing literature on the psychological consequences of the economic crisis, we propose that the perceived (...) personal impact of the economic crisis not only would undermine generalized trust but also may lead to increased interpersonal trust (i.e., directed to specific and close people) and depersonalized in-group trust (i.e., directed to individuals who, while strangers, belong to the same group [e.g., social class]). Across three studies (N = 1379), we tested these central hypotheses and ascertained whether the perceived personal impact of the crisis would predict these types of trust (assessed using questionnaire and behavioral measures) independent of individuals’ socioeconomic status. Non-experimental data from Study 1 revealed that a higher perceived personal impact of the crisis is related to lower levels of generalized trust and higher levels of interpersonal trust. These effects were independent of participants’ socioeconomic status. Non-experimental data from Study 2 replicated the findings obtained in Study 1 and also showed a positive association between the perceived personal impact of the crisis and depersonalized in-group trust. This pattern of results emerged even after controlling for socioeconomic status, gender, age, political orientation, religiosity, and unemployment status. In Study 3, using an experimental design, we found that the salience of a possible economic downturn led to decreased generalized trust and increased interpersonal and depersonalized in-group trust—independently of socioeconomic status—compared with the control condition. These results challenge the conventional wisdom that economic crises invariably undermine trust in others. The implications of the present research as well as future research directions are discussed. (shrink)

This paper presents a brief discussion on the evolution of macroeconomics and economic policy after Keynes. Particularly, we describe the emergence of a new standard of economic research, after the «stagflation» of the 1970s, which resurrects the confidence in the self-correcting properties of the market economy. It also considers economic policy as a potential obstacle for the economic system in reaching the «natural» equilibrium. Finally, some perspectives for macroeconomics in the aftermath of the Great Recession are discussed.

The Great Recession has brought with it a renewed interest in Hayek's business-cycle theory, which holds that loose monetary policy generates an unsustainable boom characterized by a lengthening of the capital structure. Hayek's theory has received robust criticism for decades, although the criticisms have varied in quality. Various empirical disconfirmations pose the most serious challenge. The small empirical literature on the subject generally confirms Hayek's predictions about variations in the capital structure, but has not persuasively linked the capital (...) structure to the business cycle. A better option, then, may be to abandon Hayek's business-cycle theory, preserve his capital theory, and graft it onto a Keynesian or monetarist understanding of the business cycle that is more consistent with modern macroeconomics. (shrink)

The Great Recession of 2008 underscored the precarity of housing for many people living in the United States, as well as the unequal conditions that structure housing policy and practices. Victimized by predatory lending practices, many families lost their homes as a speculative housing bubble burst. Facing tremendous uncertainty, these families joined tens of thousands of others across the country who struggle with housing for a variety of reasons—leaving an abusive partner, struggling with medical and other unforeseen expenses, (...) coping with addiction and/or mental illness, and more. Indeed, as Melanie Loehwing explains in her important new book, “housed” and “unhoused” represent not fixed categories or stable life... (shrink)

While, as Marx argued, periods of expanded accumulation present the best conditions for increasing working-class living standards, the expansion that began in 1982 was based in large part on the rapidfallin the value of labour-power in the US. This recovery and rapid rise in the rate of surplus-value in the US was enabled by the collapse of union-resistance beginning in 1979 and the strategic choices made by union-leaders across the economy from that time on. The expansion was sustained in the (...) 1980s by dramatic work-reorganisation, enabled by the embrace of labour-management cooperation-schemes by much of the trade-union leadership, and the restructuring of several major industries that undermined the industry-wide bargaining on which rising postwar incomes had been based. Productivity, boosted by lean production-methods, would continue to outstrip real wages up until the ‘Great Recession’ of 2008 and resume again in the wake of a weak recovery in the US. The rapid geographic expansion of capital after 1990 provided new investment-possibilities, as did the explosion of financial instruments. What stands out, however, is that rising productivity, far from providing the basis for increases in working-class income, had become coupled with flat or declining real wages and a fall in the value of labour-power as the necessary condition to sustain almost any level of growth in the real economy. The link between productivity and wage-increases, central to Keynesian and institutional collective-bargaining theory, had been broken and Marx’s idea of the most favourable conditions stood on its head. The breaking of this link had, in the final analysis, been an outcome of class-struggle in which capital had the upper hand. All of this underlines the failed strategies and practices of most of the trade-union leadership in the US since 1979. New approaches to the workplace and broader forms of mobilisation will be needed. Signs of worker-resistance to the latest neoliberal clampdowns in Latin America, Europe, China, and even the US, however, may point to a renewed era of intensified class-struggle. (shrink)

Since the Great Recession of 2008–2009, practitioners of the liberal arts and sciences have experienced increasing pressure to demonstrate the relevance and value of liberal learning to working lives and careers. The economic crisis brought on by the COVID-19 pandemic is likely to increase that pressure. In this environment, how should defenders of the liberal arts and sciences be thinking about work and working lives? This essay attempts to answer that question by exploring broad trends in work and (...) workplaces and connecting those trends back to the traditional concerns of liberal learning. The essay also discusses some of the changes that will be necessary in the ways academic departments and college and university administrators think about the undergraduate curriculum. (shrink)

Rarely in the short history of liberal-democratic government has a primer on basic liberal-democratic values and institutions been more needed than now. Popular discontent, even anger, with democratic governments has grown steadily over the past twenty years. And not since the 1930s have citizens and their elected officials been so baffled about their respective roles in the maintenance of both democratic governments and liberal economies. This book attempts to address this growing need. Especially written as a primer for courses in (...) Philosophy, Politics and Economics (PPE), it has introductory chapters on all three main disciplines. It also has chapters on the rule of law and on three important public-policy areas: Corruption, Climate, and Civil Society. Individual topics discussed include free and fair elections, populism, responsible government, republican and Westminster systems of government, regulated free markets, the Great Recession of 2008, globalization, greenwashing, identity politics, academic freedom, utilitarianism, social contract theory, positive and negative liberty, and the good life. Historically informed, The Ethics and Economics of Liberal Democracies: Foundations for PPE is sure to be of interest to students who are interested in public-policy work, as well as those who are interested in both the theory and practice of democratic government. (shrink)

The big economic story of our times is not the Great Recession. It is how China and India began to embrace neoliberal ideas of economics and attributed a sense of dignity and liberty to the bourgeoisie they had denied for so long. The result was an explosion in economic growth and proof that economic change depends less on foreign trade, investment, or material causes, and a whole lot more on ideas and what people believe. Or so says Deirdre (...) N. McCloskey in _Bourgeois Dignity_, a fiercely contrarian history that wages a similar argument about economics in the West. Here she turns her attention to seventeenth- and eighteenth-century Europe to reconsider the birth of the industrial revolution and the rise of capitalism. According to McCloskey, our modern world was not the product of new markets and innovations, but rather the result of shifting opinions about them. During this time, talk of private property, commerce, and even the bourgeoisie itself radically altered, becoming far more approving and flying in the face of prejudices several millennia old. The wealth of nations, then, didn’t grow so dramatically because of economic factors: it grew because rhetoric about markets and free enterprise finally became enthusiastic and encouraging of their inherent dignity. An utterly fascinating sequel to her critically acclaimed book _The Bourgeois Virtues, Bourgeois Dignity_ is a feast of intellectual riches from one of our most spirited and ambitious historians—a work that will forever change our understanding of how the power of persuasion shapes our economic lives. (shrink)

Systemic financial risk is one of the most significant collective action problems facing societies. The Great Recession brought attention to a tragedy of the commons in capital markets, in which market participants, from the first-time homebuyer to Wall Street financiers, acted in ways beneficial to themselves individually, but which together caused substantial collective harm. Two kinds of risk are at play in complex chains of transactions in financial markets: ordinary market risk and systemic risk. Two moral questions are (...) relevant in such cases. First, from the standpoint of interactional morality, does a person have a moral duty to avoid risk of harm to others if their financial transactions contribute in some way, however small, to the loss or harm? This article identifies the conditions in which persons are morally responsible in such cases. Second, from the standpoint of institutional morality, how should society distribute the risk of harm associated with massively complex financial markets? This question is considered in the context of the home mortgage credit market. Luck egalitarianism, in particular a Dworkinian insurance scheme to allocate risks and resources relating to mortgage credit and private home ownership, offers substantial promise. (shrink)

The big economic story of our times is not the Great Recession. It is how China and India began to embrace neoliberal ideas of economics and attributed a sense of dignity and liberty to the bourgeoisie they had denied for so long. The result was an explosion in economic growth and proof that economic change depends less on foreign trade, investment, or material causes, and a whole lot more on ideas and what people believe. Or so says Deirdre (...) N. McCloskey in _Bourgeois Dignity_, a fiercely contrarian history that wages a similar argument about economics in the West. Here she turns her attention to seventeenth- and eighteenth-century Europe to reconsider the birth of the industrial revolution and the rise of capitalism. According to McCloskey, our modern world was not the product of new markets and innovations, but rather the result of shifting opinions about them. During this time, talk of private property, commerce, and even the bourgeoisie itself radically altered, becoming far more approving and flying in the face of prejudices several millennia old. The wealth of nations, then, didn’t grow so dramatically because of economic factors: it grew because rhetoric about markets and free enterprise finally became enthusiastic and encouraging of their inherent dignity. An utterly fascinating sequel to her critically acclaimed book _The Bourgeois Virtues, Bourgeois Dignity_ is a feast of intellectual riches from one of our most spirited and ambitious historians—a work that will forever change our understanding of how the power of persuasion shapes our economic lives. (shrink)

This book opens with a simple introduction to financial markets, attempting to understand the action and the players of Wall Street by comparing them to the action and the players of main street. Firstly, it explores the definition of a security by its function, the departure from the buyer beware environment of corporate law and the entrance into the seller disclose environment of securities law. Secondly, it shows that the cost of disclosure rules is justified by their capacity to combat (...) irrationalities, fads, and panics. The third section explains how the structure of class actions is designed to improve deterrence. Next it explores the economic harm from insider trading and how the law fights it. In sum, the book shows how all these parts of securities law serve the virtuous cycle from liquidity to accurate prices and more trading and how the great recession showed that our securities regulation reacted mostly adequately to the crisis. (shrink)

This project uses machine learning and computer vision techniques and a novel interactive visualization tool to provide street-level characterization of urban spaces such as safety and maintenance in urban neighborhoods. This is achieved by collecting and annotating street-view images, extracting objective metrics through computer vision techniques, and using crowdsourcing to statistically model the perception of subjective metrics such as safety and maintenance. For modeling human perception and scaling it up with a predictive algorithm, we evaluate perception predictions across two points (...) in time separated by economic changes in the urban core of Raleigh, North Carolina, in the aftermath of the 2008 Great Recession. We hypothesize specific socioeconomic processes can be substantially reflected in the built environment of cities and, thus, render themselves visible at the street level. This paper describes the process of incorporating subjective visual ratings across two datasets of temporally separated street-view images, an algorithm, and a visualization tool. This work serves as a case study for utilizing AI and visualization techniques in a richer characterization of urban spaces that includes both objective metrics such as income (that operates at a broader scale) and subjective metrics such as perception of individuals (that operates at a narrower scale at specific locations). We outline an interdisciplinary methodology to test this hypothesis in streetscape data from Raleigh, NC, from 2008 to 2020. We describe the results of training algorithms that utilized image features with crowdsourced human perception ratings. We provide a comparison of the results with income data. The analysis and interpretation of this comparison provide insight into the challenges and opportunities for using AI technology in characterizing changes in urban environments. One challenge is the ability of human domain experts to interpret the output of algorithms through manipulation and to integrate these results into their workflow. This is addressed with a novel interface designed for interactive analysis and visualization. We conclude with a discussion of some of the benefits and limitations of integrating AI models in the human expert’s decision-making process in the presence of both subjective and objective metrics. (shrink)

The purpose of this investigation is to define the centrality of the Global Financial Crisis in 2008–09 and its following stage—the Great Recession, which are controlled by business religion of the emerging global civilization. When democracy defeated totalitarianism in 1989 with the removal the Berlin Wall, we achieved a New World Order. For a long time nobody could explain its meaning and practicality, since it did not seem possible to decompose the emerging Global Civilization into its pieces; religion, (...) culture and infrastructure. Global culture and global infrastructure could be recognized and somehow defined, but “global religion” was unrecognized. No sacred religions could be accepted as the world’s universal religion! However, these authors assume that our newglobal religion is no longer a sacred one, but secular under the guise and practice of business. The global civilization is characterized and its impact upon the well being of world’s population is assessed. The framework of business religion as the new religion of the Global Civilization is modeled and characterized. The future of business religion is evaluated and the means to develop a better and sustainable alternative is offered. (shrink)

Wall Street and Main Street have become opposing icons in narratives of boom and bust that endeavor to account for the financial meltdown in fall 2008 and the Great Recession that followed. In many such narratives, Wall Street denizens are said to have brought on the economic collapse in which ordinary Main Streeters became collateral damage. Economic analysis and political advocacy are carried on in a metaphorics which implicates the fate of Main Street in the rituals of Wall (...) Street. Metaphors can enlighten and mislead, and likely these do both. The present effort aims to go behind the metaphors in order to understand the worlds of Wall Street and Main Street mobilizing the conceptual resources of Schutzian phenomenology. (shrink)

Innovatively combining existentialist philosophy with cutting edge post-structuralist and psychoanalytic perspectives, this book boldly reconsiders market freedom. Bloom argues that present day capitalism has robbed us of our individual and collective ability to imagine and implement alternative and more progressive economic and social systems; it has deprived us of our radical freedom to choose how we live and what we can become. Since the Great Recession, capitalism has been increasingly blamed for rising inequality and feelings of mass social (...) and political alienation. In place of a deeper liberty, the free market offers subjects the opportunity to continually reinvest their personal and shared hopes within its dogmatic ideology and policies. This embrace helps to temporarily alleviate growing feelings of anxiety and insecurity at the expense of our fundamental human agency. What has become abundantly clear is that the free market is anything but free. Here, Bloom exposes our present day bad faith in the free market and how we can break free from it. (shrink)

Extreme monetary policies successfully prevented the “Great Recession” of 2007–2009 from turning into a global depression. However, they did not address the underlying problems in global capitalism. In recent years prominent “insiders” of global capitalism have proposed reforms designed to remedy these defects. I argue that these proposals are inadequate, due in great part to a failure to acknowledge a profound change in the “deep structure” of capitalism. Technological change, which in the past has contributed so much (...) to the dynamism of capitalism development, no longer does so. The need for extreme monetary policies in the aftermath of the Great Recession of 2007–2009, the failure of these policies, and the lack of plausible alternatives to them, are all symptoms of an underlying disease beyond cure. A path towards a democratic form of socialism must be forged for the simple yet compelling reason Rosa Luxemburg articulated: it is a matter of socialism or barbarism. (shrink)

The recent arrival ofFrom Economics Imperialism to Freakonomicsby Fine and Milonakis is especially propitious given the context of the Great Recession of 2008 – and the associated decline of public faith in the verities of mainstream economics. Fine and Milonakis provide a magisterial critical survey of contemporary economics and demonstrate the need for a ‘new and truly interdisciplinary political economy’ capable of ‘incorporating the social and historical from the outset’. But their cause requires the explicit development of value (...) analysis within the framework of dialectical social theory. This requires foregrounding the ways in which Marx’s categories inCapitalare from the start historical precipitates that acknowledge their own inherent historicity. (shrink)

The article presents a figurational sociological perspective on the recent history of the discipline of economics in the wake of the global financial crisis or ‘Great Recession’ that began in 2007–8. It is argued that the orthodox mainstream of economics has provided ideological cover for abstract individualism, for short-term greed, and for the denial of the wider social responsibilities of business and finance. The faith in ‘free markets’ has been associated with a blindness to power relationships and an (...) indifference to economic inequality. Orthodox economics is congruent with the mythical American Dream. The article draws upon the writings of Norbert Elias to reflect upon economics, and then in turn uses those reflections to raise some questions about Elias’s theories, particularly his ideas concerning functional democratization and increasing pressures towards more habitual foresight. (shrink)

ExcerptIntroduction Is the neo-liberal era since the mid-1970s synonymous with a corporate capture of the state and the passage to “post-democracy”? And if so, might the failure of neo-liberalism since the onset of the international economic crisis in 2007 and the state-sponsored bailout of global finance presage a return to the primacy of democratic politics over “free-market” economics commonly associated with the post–World War II period? At the time of this writing, it is premature to analyze the aftermath of the (...) Great Recession (2007–09), which could yet mutate into a twenty-first-century Great Depression. However, the current…. (shrink)

ExcerptIn light of the 2008 global financial crisis and its underlying causes, a reassessment of our global market system seems to be afoot, at least in some quarters. If neoliberalism (too much market) yields the Great Recession, if socialist planned markets (not enough market) produce the failed economies of the former Soviet bloc, and if social-market combinations (too much centralization of the market) progress toward the high-cost, centralized programs and slow growth of Western Europe, what are better options? (...) One line of questioning asks, can the dynamism and inventiveness of the market be harnessed not only for corporate and individual…. (shrink)

This study constitutes an ethical analysis through the lens of distributive justice in the case of the Troubled Asset Relief Program (TARP), which was enacted in the midst of the Great Recession of 2007–2009. It begins by engaging with the visions of justice constructed by John Rawls and Robert Nozick, using their insights to locate the injustices of TARP according to their moral imaginations. However, this study argues that Rawls’ and Nozick’s theories of justice primarily envision the nature (...) of law as being restrictive of vice, not as instructors of virtue. Thus, it resources the legal philosophy of St. Thomas Aquinas to demonstrate how the positive pedagogy of law can enable a more just construction of economic rescue legislation, one that not only prevents future repetitions of economic vices and injustice, but is also formative for a society that prizes economic justice and virtues. In doing so, the study proposes two criteria for a more just consideration of economic rescue legislation that embraces law’s positive pedagogy. (shrink)

The contemporary debate on 21st century populism centres on a term that can be flled with multiple meanings. It provides the social sciences with a “meta-concept” that offers coherence to disciplinary discourses. In the 21st century, globalization and cosmopolitanism are often viewed as an irresistible force by intellectuals, with advocacy of cosmopolitanism becoming commonplace. For the most part, the academic community has only belatedly and reluctantly decided to address the electoral success of political parties that reject the political consensus of (...) the post-1989 “New World Order”. In sharp contrast to the intellectuals’ stance, the empirical evidence suggests that it is localism that has been on the rise in recent decades. Glocalization is connected to the formation of varied collective responses and representations, thereby giving rise to the mutually defined pair of cosmopolitanism and localism. The cosmopolitanism–localism binary relationship is a result of glocalization. However, the majority of social-scientifc perspectives do not give proper consideration to the notion of “local”. The notions of localization and de-globalization as part of post-Great Recession trends are discussed. The extent to which these can rectify shortcomings in current theorizing is explored. (shrink)

One of the main difficulties facing students today is how to contextualize the post-1990 world. Bringing the Nation Back In: Citizenship, Space, and Culture in Europe and the United States takes as its starting point a series of developments that shaped politics in the U.S. and Europe over the past thirty years: the end of the Cold War, the rise of financial and economic globalization, the creation of the European Union and the development of the postnational. This volume argues we (...) are now witnessing a break with the post-1945 world order and with modern politics. Two competing ideas have arisen--global cosmopolitanism on the one hand, and populist nationalism on the other. The former emerged in the 1990s and is characterized by discourses on globalization, feminism, and postcolonialism, among others. The latter, which emerged after the Great Recession of 2008-2009, consists of a reactionary nationalism that in the years that followed swept to power in the US and several European countries. The present volume argues this polarization of social ethos between cosmopolitanism and nationalism as a sign of a deeper political crisis, which it explores from different perspectives. Rather than taking sides the aim here is to diagnose the origins of the current impasse and to "bring the nation back in" by expanding what we mean by "nation" and national identity and by respecting the localizing processes that have led to national traditions and struggles. (shrink)

The recent financial crisis and Great Recession have been compared to other historical moments during which significant shifts in regimes of market governance have occurred. Here, we engage with the pieces that follow in this special section of Politics & Society as we consider three dimensions along which global market governance might be transformed in the direction of greater democracy. First, given that problems of market governance often extend across national boundaries, enhanced intergovernmental coordination could play a key (...) role in promoting the public interest. Second, broader country representation would help to ensure that the interests of different national publics are more fully addressed. Third, wider social participation would expand the definition of the public interest at both the national and global levels, allowing a range of social groups to enhance the quality of their representation by governments and IGOs, and to engage more directly in the project of market governance. (shrink)

Economic crises - such as the Great Recession of 2008 or the 2020 crisis triggered by the Covid-19 pandemic - have always represented an opportunity to address the relationship between macroeconomic variables and business and society’s reactions to them. Indeed, negative economic conjuncture, slump and stagnation, represent a challenge and may elicit the opportunity to rethink the role of business in tackling systemic global problems of the current system - such as persisting and raising inequalities and environmental unsustainability (...) – by focusing on Business Ethics both as a theory and a practice. Accordingly, the present work aims at shedding light on the link between the systematic production of inequality within the current economic system and the opportunities for entrepreneurs and managers to significantly reduce it by engaging in business ethics practices. For this purpose, the theoretical framework proposed rests on a step “back” to the discussion of the relation between economic sphere and society, particularly when addressing the issue of value creation/extraction and a step “forward” in the discussion on the purpose of the enterprise and the social role of the entrepreneur. In doing so, three main issues will be addressed: VALUE CREATION - the role of the enterprise in value creation between capital and labour; RESPONSIBILITY - responsible vs irresponsible capitalism; SOCIAL ACTOR - the conception of the enterprise as a social rather than only and economic actor. Bridging perspectives coming from economics, business studies and economic sociology, this paper depicts a robust theoretical and conceptual framework to be used for further empirical research. (shrink)

What explains Germany’s exceptional labor market performance during the Great Recession of 2008-09? Contrary to accounts that emphasize employment protection legislation or government policy, this article argues that actions by firms—embedded in ever-changing coordinative institutional structures—were crucial. Firms chose to keep rather than shed labor, a strategy induced by a “toolkit” of flexible labor market instruments that had evolved incrementally over the past thirty years; wage restraint and successful internal restructuring of firms during the past decade, which fueled (...) an export boom before the crisis. Firms thus had some margin for maneuver, using internal flexibility to protect their investment in skilled workers. These and other institutional changes driven by firms reflect a process of successful adaptation to external economic challenges, but did not fundamentally undermine Germany’s coordinated form of capitalism. The result is not a new German model that was purposefully designed; instead German firms slowly discovered new ways to cope with economic challenges. (shrink)

Wall Street and Main Street have become opposing icons in narratives of boom and bust that endeavor to account for the financial meltdown in fall 2008 and the Great Recession that followed. In many such narratives, Wall Street denizens are said to have brought on the economic collapse in which ordinary Main Streeters became collateral damage. Economic analysis and political advocacy are carried on in a metaphorics which implicates the fate of Main Street in the rituals of Wall (...) Street. Metaphors can enlighten and mislead, and likely these do both. The present effort aims to go behind the metaphors in order to understand the worlds of Wall Street and Main Street mobilizing the conceptual resources of Schutzian phenomenology. (shrink)

Extreme monetary policies successfully prevented the “Great Recession” of 2007–2009 from turning into a global depression. However, they did not address the underlying problems in global capitalism. In recent years prominent “insiders” of global capitalism have proposed reforms designed to remedy these defects. I argue that these proposals are inadequate, due in great part to a failure to acknowledge a profound change in the “deep structure” of capitalism. Technological change, which in the past has contributed so much (...) to the dynamism of capitalism development, no longer does so. The need for extreme monetary policies in the aftermath of the Great Recession of 2007–2009, the failure of these policies, and the lack of plausible alternatives to them, are all symptoms of an underlying disease beyond cure. A path towards a democratic form of socialism must be forged for the simple yet compelling reason Rosa Luxemburg articulated: it is a matter of socialism or barbarism. (shrink)

The most pressing issues of the twenty-first century—climate change and persistent hunger in a world of food surpluses, to name only two—are not problems that can be solved from within individual disciplines, nation-states, or cultural perspectives. They are predicaments that can only be resolved by generating sustained and globally robust coordination across value systems. The scale of the problems and necessity for coordinated global solutions signal a world historical transit as momentous as the Industrial Revolution: a transition from the predominance (...) of technical knowledge to that of ethical deliberation. This volume brings together leading thinkers from around the world to deliberate on how best to correlate worth (value) with what is worthwhile (values), pairing human prosperity with personal, environmental, and spiritual flourishing in a world of differing visions of what constitutes a moral life. Especially in the aftermath of what is now being called the Great Recession, awareness has mounted of the imperative to question the modern divorce of economics from ethics. While the domains of economics and ethics were from antiquity through at least the eighteenth century understood in many cultures to be coterminous and mutually entailing, the modern assumption has been that the goal of maximizing human prosperity and the aim of justly enhancing our lives as persons and as communities were functionally and practically distinct. Working from a wide array of perspectives, the contributors to this volume offer a set of challenges to the assumed independence of the quantitative and qualitative dimensions of human and planetary well-being. Reflecting on the complex interrelationship among economics, justice, and equity, the book resists "one size fits all" approaches and struggles to revitalize the marriage of economics and ethics by activating cultural differences as the basis of mutual contribution to shared human flourishing. The publication of this important collection will stimulate or extend critical debates among scholars and students working in a number of disciplines in the social sciences and humanities, including philosophy, history, environmental studies, economics, and law. Contributors: Roger T. Ames, James Behuniak Jr., Steve Bein, Nalini Bhushan, Purushottama Bilimoria, Steven Burik, Amita Chatterjee, Baoyan Cheng, Gordon Davis, Jay L. Garfield, Steven F. Geisz, Peter D. Hershock, Larry A. Hickman, Kathleen M. Higgins, Heidi M. Hurd, Thomas P. Kasulis, Workineh Kelbessa, Lori Keleher, Oliver Leaman, James McRae, Jin Y. Park, James Peterman, Naoko Saito, May Sim, Robert Smid, Paul Standish, Kenneth W. Stikkers, Karsten J. Struhl, Meera Sushila Viswanathan, Wu Shiu- Ching, Xu Di, T. Yamauchi, Yang Liuxin. (shrink)

The core argument of Jean Anyon’s classic _Radical Possibilities_ is deceptively simple: if we do not direct our attention to the ways in which federal and metropolitan policies maintain the poverty that plagues communities in American cities, urban school reform as currently conceived is doomed to fail. With every chapter thoroughly revised and updated, this edition picks up where the 2005 publication left off, including a completely new chapter detailing how three decades of political decisions leading up to the “ (...) class='Hi'>Great Recession” produced an economic crisis of epic proportions. By tracing the root causes of the financial crisis, Anyon effectively demonstrates the concrete effects of economic decision-making on the education sector, revealing in particular the disastrous impacts of these policies on black and Latino communities. Going beyond lament, _Radical Possibilities_ offers those interested in a better future for the millions of America’s poor families a set of practical and theoretical insights. Expanding on her paradigm for combating educational injustice, Anyon discusses the Occupy Wall Street movement as a recent example of popular resistance in this new edition, set against a larger framework of civil rights history. A ringing call to action, _Radical Possibilities_ reminds readers that throughout U.S. history, equitable public policies have typically been created as a result of the political pressure brought to bear by social movements. Ultimately, Anyon’s revelations teach us that the current moment contains its own very real radical possibilities. (shrink)

It is now more than six years since the Global Financial Crisis threatened to topple the banking systems of the Western world. Although a complete breakdown in the financial system was ultimately avoided, one consequence of the events of 2008 has been the biggest slump in economic activity since the Great Depression. Australia was, in the main, spared the economic damage that ravaged large parts of Europe, and there has been little discussion in these parts of the causes and (...) social effects of what the authors refer to as the 'Great Recession'. Somewhat surprisingly, on the evidence presented in this book it would seem that the Anglosphere at large is guilty of what the authors call the 'veil of complacency'. The book asserts that in those countries there is little concern for either the financial consequences or the victims of the crisis. Why should this be the case? Perhaps the Great Recession was not as bad as the headlines have suggested. (shrink)

The capacity to provide satisfactory nursing care is being increasingly compromised by current trajectories of healthcare funding and governance. The purpose of this paper is to examine how well Marxist theories of the state and its relationship with capital can explain these trajectories in this period of ever‐increasing austerity. Following a brief history of the current crisis, it examines empirically the effects of the crisis, and of the current trajectory of capitalism in general, upon the funding and organization of the (...) UK and US healthcare systems. The deleterious effect of growing income inequalities to the health of the population is also addressed. Marx's writings on the state and its relation to the capitalist class were fragmentary and historically and geographically specific. From them, we can extract three theoretical variants: the instrumentalist theory of the state, where the state has no autonomy from capital; the abdication theory, whereby capital abstains from direct political power and relies on the state to serve its interests; and the class‐balance theory, whereby the struggle between two opposed classes allows the state to assert itself. Discussion of modern Marxist interpretations includes Poulantzas's abdication theory and Miliband's instrumentalist theory. It is concluded that, despite the pluralism of electoral democracies, the bourgeoisie do have an overweening influence upon the state. The bourgeoisie's ownership of the means of production provides the foundation for its influence because the state is obliged to rely on it to manage the supply of goods and services and the creation of wealth. That power is further reinforced by the infiltration of the bourgeoisie into the organs of state. The level of influence has accelerated rapidly over recent decades. One of the consequences of this has been that healthcare systems have become rich pickings for the evermore confident bourgeoisie. (shrink)

The autosomal recessive genetic disorder, Nijmegen Breakage Syndrome, is characterised by an excessively high risk for the development of lymphatic tumours and an extreme sensitivity towards ionising radiation. The most likely explanation for these characteristics, a deficiency in the repair of DNA lesions, has been greatly substantiated by the recent cloning of the gene mutated in Nijmegen Breakage Syndrome patients and the analysis of its protein product, nibrin. The direct involvement of this protein in the processing of DNA double strand (...) breaks caused by ionising radiation and those also necessary for normal DNA metabolism can be correlated with many of the cellular and clinical aspects of the disease, including the cancer predisposition of patients and their heterozygous relatives. BioEssays 21:649–656, 1999. © 1999 John Wiley & Sons, Inc. (shrink)

This article challenges what is now the orthodoxy concerning the heritage of Bourdieu (1930–2002): namely, the judgement that his distinctive sociological innovation has been his theory of social reproduction, and that he has failed to provide a necessary theory of social change. Yet Bourdieu consistently claimed to offer a theory of social transformation as well as accounting for continuities of power. Indeed, he provides two substantive keys for an understanding of historical transformation—first, a theory of prophets (religious or secular) as (...) the authors of heresies or “symbolic revolutions” that dispel current doxa; second, a theory of the “corporatism of the universal”: the role of intellectuals or other educated professionals in pursuit of social justice and other universalistic goals. Moreover, Bourdieu fuses his theories of “symbolic revolutions” with a materialist analysis of their social preconditions, including a fresh account of social crises. Crises—war, famine, recession, and especially the intensified precarity of the educated—have, for him, a profound impact, both within differentiated fields and across fields. Conflicts that become effectivelysynchronizedacross fields acquire great resonance within the wider field of power, particularly due to hysteresis or “maladjusted habitus.” Indeed, the appearance of crises, together with new prophetic heresies, leads the subordinate classes to question the taken-for-granted order of things and to orchestrate their resistance. Alongside his corpus of published writings, this article draws widely on Bourdieu’s posthumously published lectures. These cast a distinctive new light on how his well-known conceptual instruments can aid us in the study of historical change. They also expand on how social science itself might be used to facilitate progressive social movements. (shrink)

The author identifies the major micro-, meso-, and macro-level financial risk shifting factors that contributed to the Great Global Recession and how the absence of a compelling moral vision of responsible financial risk management perpetuated the economic crisis and undermined the recovery by blind reliance upon insufficiently accountable bailouts. The author offers a new theoretical model of Sustainable Stakeholder Capitalism by exercising moral imagination which inclusively and moderately balances four multi-level factors: types of capitalism, moral theories, human nature (...) drives, and credit risk profiles. Finally, the author recommends micro-, meso-, and macro-level practical reforms to prevent a recurrence of the current economic freefall, to re-create systemic global financial institution integrity, and to promote responsible risk management for sustainable global prosperity for current and future generations. (shrink)

This third volume of _Order and History_ completes Voegelin's study of Greek culture from its earliest pre- Hellenic origins to its full maturity with the dominance of Athens. As the title suggests, _Plato and Aristotle_ is principally devoted to the work of the two great thinkers who represent the high point of philosophic inquiry among the Greeks. Through an absorbing analysis of the Platonic and Aristotelian vision of soul, polis, and cosmos, Voegelin demonstrates how the symbolic framework of the (...) older myth was superseded by the more precisely differentiated symbols of philosophy. Although this outmoding and rejection of past symbols of truth might seem to lead to a chaotic and despairing relativism, Voegelin makes it the basis of a profound conception of the historical process: "the attempts to find the symbolic forms that will adequately express the meaning [of a society], while imperfect, do not form a senseless series of failures. For the great societies have created a sequence of orders, intelligibly connected with one another as advances toward, or recessions from, an adequate symbolization of the truth concerning the order of being of which the order of society is a part." In this view, history has no obvious "meaning," yet each society makes a similar venture after truth. Although every society works out its destiny under different conditions, each nonetheless creates symbols"in its deeds and institutions"which bear the meaning of its own existence. History, then, acquires a unity in the common endeavor toward meaning and order. The rationality and nobility of this view of history has much to say to the present age. Dante Germino's powerful introduction to this edition of _Plato and Aristotle_ eloquently directs the reader into Voegelin's search through the thought of Plato foremost and Aristotle secondarily and toward a full understanding of their relevance to the "modern" world. This masterpiece, Germino argues, provides a welcome antidote to the spirit of an era Voegelin once called the Gnostic age. (shrink)

This posthumous book represents the first publication of one of the seminars of Cornelius Castoriadis, a renowned and influential figure in twentieth-century thought. A close reading of Plato's _Statesman_, it is an exemplary instance of Castoriadis's pragmatic, pertinent, and discriminating approach to thinking and reading a great work: "I mean really reading it, by respecting it without respecting it, by going into the recesses and details without having decided in advance that everything it contains is coherent, homogeneous, makes sense, (...) and is true." Castoriadis brings out what he calls _The Statesman_'s "quirky structure," with its three digressions, its eight incidental points, and its two definitions, neither of which is deemed good. He does not hesitate to differ with the text, to show that what is, in appearance, secondary is really essential, and that the denunciation of the Sophists accommodates itself quite well to the use of sophistical procedures. Castoriadis shows how _The Statesman_ takes us into the heart of what is distinctive in the late Plato: blending, acceptance of the mixed, of the intermediate. These transcriptions of Cornelius's afford the reader an opportunity to discover his trenchant, convincing, energetic, provocative, and often droll voice. Here is a hitherto unknown Castoriadis, who reflects as he speaks, collects himself, corrects himself, and doesn't hesitate to revisit key points. In short, this is Castoriadis's thinking in action. (shrink)

The ontological argument--first proposed by St. Anselm and subsequently deveIoped by Descartes, Leibniz, Kant, Hegel and Marx--furnishes a key to understanding the relationship between thought and reality. In this article we shall focus on Hegel’s attitude towards the ontological argument as set out in his Science of Logic, where it appears as a paradigm of the relationship between thought and reality. It should be remarked, moreover, that our choice of the subject was not random and that it was seIected for (...) the reason that belief in God is a preeminent social reality, inasmuch as faith in God creates His existence. Therefore, an investigation of the concept of God is an inquiry into the most profound recesses of human consciousness.The great opponents of the ontological argument, from Hume down to our day--and even Kant--have based their arguments upon the fundamental empiricist assertion that existential judgments are not analytical. In this paper we attempt to defend the ontological argument against its opponents. (shrink)

This posthumous book represents the first publication of one of the seminars of Cornelius Castoriadis, a renowned and influential figure in twentieth-century thought. A close reading of Plato’s Statesman, it is an exemplary instance of Castoriadis’s pragmatic, pertinent, and discriminating approach to thinking and reading a great work: “I mean really reading it, by respecting it without respecting it, by going into the recesses and details without having decided in advance that everything it contains is coherent, homogeneous, makes sense, (...) and is true.” Castoriadis brings out what he calls The Statesman’s “quirky structure,” with its three digressions, its eight incidental points, and its two definitions, neither of which is deemed good. He does not hesitate to differ with the text, to show that what is, in appearance, secondary is really essential, and that the denunciation of the Sophists accommodates itself quite well to the use of sophistical procedures. Castoriadis shows how The Statesman takes us into the heart of what is distinctive in the late Plato: blending, acceptance of the mixed, of the intermediate. These transcriptions of Cornelius’s afford the reader an opportunity to discover his trenchant, convincing, energetic, provocative, and often droll voice. Here is a hitherto unknown Castoriadis, who reflects as he speaks, collects himself, corrects himself, and doesn’t hesitate to revisit key points. In short, this is Castoriadis’s thinking in action. (shrink)

In this investigation we analyze, from the point of view of glottopolitics, the metalinguistics discourses published on “El Boletín” of the Chilean Academy of the Spanish Language between 1915 and 1931, the period of the institution’s reactivation. This phase has special significance because the Chilean Academy strives to reposition itself in the Chilean cultural field after a long recess in which relevant changes developed in the country. At the same time the hispanist cultural trend acts with great force, represented (...) by the Spanish Royal Academy and its American branches. Our frame of reference is historical glottopolitics, and our main analytical concept is language ideology. From this background we apply a discursive analysis oriented toward the contents of academic discourses published on the Academy’s official magazine in the already indicated period. Our conclusion is that the language ideology contained in the corpus corresponds in general terms to the standard language ideology but permeated by local specific context as well as global. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Response to Alexandra Kertz-Welzel’s “Two Souls, Alas, Reside within My Breast”: Reflections on German and American Music Education Regarding the Internationalization of Music EducationPhilosophy of Music Education Review, 21, no.1 (Spring 2013): 52–65Leonard TanAs a Singaporean who, like Kertz-Welzel, spent four years residing in the United States, I read the article with great interest. Born to traditional Chinese parents, I was raised steeped in Confucian values, savored Chinese (...) operas, and spoke Mandarin as a child. When I went to school in postcolonial Singapore, however, the medium of instruction was primarily English. I read Enid Blyton in primary school, Shakespeare in secondary school, and Chaucer in Junior College. My university studies in music were Western-centric. All seemed fine until my doctoral studies in the United States when I was inspired by my music education professor to revisit my cultural roots and to read Chinese philosophy. It was [End Page 113] no easy task reading the original texts—they were written on bamboo slips more than two thousand years ago in classical Chinese, and I needed tuition from my mother. Nevertheless, as I worked my way slowly but surely through each character, one thing became unmistakably clear: although I had read more Western than Asian philosophy, many ideas in the ancient Chinese texts resonate with the innermost recesses of my being and are unmistakably a part of who I am as a Chinese Singaporean, albeit one schooled in Western ways.Two souls, alas, have been residing within my breast! Like Kertz-Welzel, I had to find a way to reconcile my two scholarly identities. How may one negotiate the seeming chasm between the Chinese and Western philosophical worlds? In this paper, I sketch some insights gleaned from my journey into the world of comparative philosophy, specifically, classical Chinese philosophy and American pragmatism. In particular, I address two obstacles to the internationalization of music education identified by Kertz-Welzel, namely, the tendency for researchers to know only one scholarly tradition well, and the use of English as an international language. I then proffer Dewey’s metaphor of “friendship” as a way of charting a new “silk road”—one that blends Eastern and Western ideas—for the philosophy of music education.As noted by Kertz-Welzel, many researchers only know one scholarly tradition well. Dangers lurk when scholars have limited knowledge of foreign philosophical enterprises. To begin with, one may fall into the trap of stereotypical preconceptions. For example, I have been asked if it were methodologically sound to juxtapose Chinese philosophical aphorisms with the closely argued texts of the American pragmatists. The basis of this critique is understandable: think Confucius and aphoristic phrases that teach humans how to lead moral lives immediately spring to mind; think Dewey and one is reminded of the depth and breadth of his philosophical arguments. Chinese philosophical texts, however, are by no means mere aphorisms. While the Analects of Confucius may, prima facie, appear as if it were a random collection of brief sayings, many passages relate to one another and cohere as a philosophy. The rich commentarial tradition that spans over two thousand years further augment the range of insights embedded in the Analects. Post Confucius, Xunzi, the philosopher best known for his argument that human nature is evil and ought to be cultivated through ritual (li 禮) and music (yue 乐), articulated his philosophy through thirty-two books that rival Dewey in richness and complexity.1 For two souls to reside within one breast, one has to remain vigilant against potential stereotypes.The tendency to know only one scholarly tradition well may also inadvertently cause one to judge a foreign philosophical tradition using the standards of the familiar one. When encountering Confucius for the first time, scholars schooled in European philosophy may, as Hegel did, criticize him for being a [End Page 114] shallow moralizer obsessed with rituals (li 禮) rather than a speculative philosopher concerned with theoretical matters.2 Such a judgment is misguided as it ignores the fact that the Chinese philosophical tradition was founded on a set of metaphysical assumptions that differed from its Greek counterpart. Seeing the cosmos in discrete, quantitative, and unchanging terms, the ancient... (shrink)