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This collection brings together important materials concerning the study of the economy as a system of power, offering a sample of positions taken by contributors to the Journal of Economic Issues in response to the perceived problems of the social control of corporate power.
The articles in this volume address the fact and use of economic power in the American economy. The institutional economists' perspective exhibited here reflects a century-long focus on and concern with economic power begun by Thorstein Veblen. This volume presents a new generation of institutionalist scholars who add to that tradition a fresh and penetrating analysis of contemporary power centers and assessments of their use of power.
The Chicago School of Economics is arguably the most successful and influential since World War II. This volume provides an interpretation of the Chicago school through constructive critique of its doctrines. It is an inquiry into the nature, role, and significance of the school and its doctrines within both the economics profession and the larger world of ideas and action. This volume offers a deeper understanding of the school, of its strengths and weaknesses, and of the tasks of any body of thought that hopes to comprise an alternative.
A situation in economics that is little short of scandalous is the almost total neglect by mainstream economics of the importance of power in economic affairs. Power in this context means the ability to bend market forces in one's favor, influencing and shaping key economic variables such as prices, wages, and other income determinants. As John Kenneth Galbraith as tutely observes: a dominant fact in economic life is the desire of people everywhere and in all circumstances to get control over their personal lives and their incomes-to escape from the "tyranny of the market. " Power is the means to this end. Ever since Adam Smith, economists have been fascinated by and lavish in their praise for the workings of the market. All modern textbooks are built around Smithian ideas about markets and the way the "invisible hand" works through competition for society's better ment. Yet one can search nearly in vain through leading texts, under graduate and graduate alike, for any reference to market or economic power. This is the situation in spite of the fact that the drive for power, the urge to get control over one's income, permeates the economy as much as does competition. This is a scandal! For a discipline that claims for itself the mantle of a science-one which wants to be accorded the same respect given the natural sciences-it is almost incomprehensible that it should ignore a major force at work in the real economic world.
"A Pacific Research Institute for Public Policy book." Includes bibliographies and index.
Despite their differences, the USA and the USSR converge in many aspects of one ideology: the ideology of administration, which would convert issues of power and privilege into issues to be resolved by technical experts. This is demonstrated in Michael E. Urban's study of the ideology of administration in the United States and the former Soviet Union. Dr. Urban interviewed some 61 Soviet and American officials and analyzed published and unpublished works in both countries to bring an empirical and comparative perspective to his study. He reveals ways in which the ideology in both countries is still rich in contradictory symbols and shows how modern industrialism is changing traditional thinking about how government works and how power is maintained.
The godfather of Japanese revisionism, author of MITI and the Japanese Miracle and president of the Japan Policy Research Institute explains how--and why--Japan has become a world power in the past 25 years. Johnson lucidly explains here how the Japanese economy will thrive as it moves from a producer-dominated economy to a consumer-oriented headquarters for all of East Asia.