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This volume is intended to serve as a review of the “next generation” of political economy scholars in what can be called the “Wagnerian” tradition, which traces its roots to Buchanan and De Viti De Marco in the 1930s, who argued that any decision that results from a political entity must be the product of individual decision makers operating within some framework of formal and informal rules. To treat these decisions as if they were the product of one single mind, or even simply the additive result of several decisions, is to fundamentally misunderstand and mischaracterize the dynamics of collective action. Today, Richard Wagner is among the most prominent theorists in analyzing the institutional foundations of the economy and the organization of political decision-making. In this collection of original essays, former students schooled in this tradition offer emerging insights on public choice theory, public finance, and political economy, across a range of topics from voting behavior to entrepreneurship.
Political economy is a field of study where theorists typically treat polities and markets as separate orders of activity within society. Moreover, the standard mode of analysis treats those entities as existing in states of equilibrium. To the contrary, this essay treats polities and markets as entangled and, moreover, as entities that have ecological and emergent character. Among other things, this shift in analytical focus means that turbulence and not stability is a key analytical feature to be incorporated into a theory of political economy. It also means that any human population system is open and not closed, which means in turn that the future is imaginable but not genuinely knowable, for it will be generated through complex interaction within an arena that entails both trade and conflict. In other words, the analytical framework set forth here is antithetical to the DSGE (Dynamic Stochastic General Equilibrium) that is highly popular among economists today.
Volume 18 Entangled Political Economy of the Book Series Advances in Austrian Economics examines the concept 'entangled political economy' from several distinct but complementary points of view. The volume is proof that Wagner's notion of entanglement opens new vistas for political economy in all its dimensions.
This book provides a comprehensive investigation of the messy and crisis-ridden relationship between the operations of capitalist finance, global capital flows, and state power in emerging markets. The politics, drivers of emergence, and diversity of these myriad forms of state power are explored in light of the positionality of emerging markets within the network of space and power relations that characterises contemporary global finance. The book develops a multi-disciplinary perspective and combines insights from Marxist political economy, post-Keynesian economics, economic geography, and postcolonial and feminist International Political Economy. Alami comprehensively reviews the theories, histories, and geographies of cross-border finance management, and develops a conceptual framework which allows unpacking the complex entanglement of constraint and opportunities, of growing integration and tight discipline, that cross-border finance represents for emerging markets. Extensive fieldwork research provides an in-depth comparative critical interrogation of the policies and regulations deployed in Brazil and South Africa. This volume will be especially useful to those researching and working in the areas of international political economy, contemporary geographies of money and finance, and critical development studies. It should also prove of interest to policy makers, practitioners, and activists concerned with the relation between finance and development in emerging markets and beyond.
This book shows how Rwanda’s development model and the organisation of genocide are two sides of the same coin. In the absence of mineral resources, the elite organised and managed the labour of peasant producers as efficient as possible. In order to stay in power and benefit from it, the presidential clan chose a development model that would not change the political status quo. When the latter was threatened, the elite invoked the preservation of group welfare of the Hutu, called for Hutu unity and solidarity and relied on the great mass (rubanda nyamwinshi) for the execution of the genocide. A strategy as simple as it is horrific. The genocide can be regarded as the ultimate act of self-preservation through annihilation under the veil of self-defense. Why did tens of thousands of ordinary people massacred tens of thousands other ordinary people in Rwanda in 1994? What has agricultural policy and rural ideology to do with it? What was the role of the Akazu, the presidential clan around president Habyarimana? Did the civil war cause the genocide? And what insights can a political economy perspective offer ? Based on more than ten years of research, and engaging with competing and complementary arguments of authors such as Peter Uvin, Alison Des Forges, Scott Strauss, René Lemarchand, Filip Reyntjens, Mahmood Mamdani and André Guichaoua, the author blends economics, politics and agrarian studies to provide a new way of understanding the nexus between development and genocide in Rwanda. Students and practitioners of development as well as everyone interested in the causes of violent conflict and genocide in Africa and around the world will find this book compelling to read. .
The recent financial crisis has provoked a raft of contending claims as to whether the cause of the crisis is better attributed to market failure or political failure. Such claims are predicated on a presumption that markets and polities are meaningfully separate entities. To the contrary, we argue that contemporary arrangements create an entangled political economy that renders theorizing based on separation often misleading. Within this alternative framework of entangled political economy, questions of market or polity as the source of crisis recede into the analytical background. What comes into the foreground is recognition that crisis is a systemic feature of a system of deeply entangled political economy. Control over such crises is thus more a matter of constitutional-level endeavors to curb the extent of entanglement. We use this framework of entangled political economy to illuminate both the recent Troubled Assets Relief Program (TARP) and the New Deal's National Recovery Act (NRA).
Once in a while the world astonishes itself. Anxious incredulity replaces intellectual torpor and a puzzled public strains its antennae in every possible direction, desperately seeking explanations for the causes and nature of what just hit it. 2008 was such a moment. Not only did the financial system collapse, and send the real economy into a tailspin, but it also revealed the great gulf separating economics from a very real capitalism. Modern Political Economics has a single aim: To help readers make sense of how 2008 came about and what the post-2008 world has in store. The book is divided into two parts. The first part delves into every major economic theory, from Aristotle to the present, with a determination to discover clues of what went wrong in 2008. The main finding is that all economic theory is inherently flawed. Any system of ideas whose purpose is to describe capitalism in mathematical or engineering terms leads to inevitable logical inconsistency; an inherent error that stands between us and a decent grasp of capitalist reality. The only scientific truth about capitalism is its radical indeterminacy, a condition which makes it impossible to use science's tools (e.g. calculus and statistics) to second-guess it. The second part casts an attentive eye on the post-war era; on the breeding ground of the Crash of 2008. It distinguishes between two major post-war phases: The Global Plan (1947-1971) and the Global Minotaur (1971-2008). This dynamic new book delves into every major economic theory and maps out meticulously the trajectory that global capitalism followed from post-war almost centrally planned stability, to designed disintegration in the 1970s, to an intentional magnification of unsustainable imbalances in the 1980s and, finally, to the most spectacular privatisation of money in the 1990s and beyond. Modern Political Economics is essential reading for Economics students and anyone seeking a better understanding of the 2008 economic crash.
"Political economy themes have - directly and indirectly - been a central concern of law and legal scholarship ever since political economy emerged as a concept in the early seventeenth century, a development which was re-inforced by the emergence of political economy as an independent area of scholarly enquiry in the eighteenth century, as developed by the French physiocrats. This is not surprising in so far as the core institutions of the economy and economic exchanges, such as property and contract, are legal institutions.In spite of this intrinsic link, political economy discourses and legal discourses dealing with political economy themes unfold in a largely separate manner. Indeed, this book is also a reflection of this, in so far as its core concern is how the law and legal scholarship conceive of and approach political economy issues"--
This handbook explores the political economy and governance of the Americas, placing particular emphasis on collective and intertwined experiences. Forty-six chapters cover a range of Inter-American key concepts and dynamics. The flow of peoples, goods, resources, knowledge and finances have on the one hand promoted interdependence and integration that cut across borders and link the countries of North and South America (including the Caribbean) together. On the other hand, they have contributed to profound asymmetries between different places. The nature of this transversally related and multiply interconnected hemispheric region can only be captured through a transnational, multidisciplinary and comprehensive approach. This handbook examines the direct and indirect political interventions, geopolitical imaginaries, inequalities, interlinked economic developments and the forms of appropriation of the vast natural resources in the Americas. Expert contributors give a comprehensive overview of the theories, practices and geographies that have shaped the economic dynamics of the region and their impact on both the political and natural landscape. This multidisciplinary approach will be of interest to a broad array of academic scholars and students in history, sociology, geography, economics and political science, as well as cultural, postcolonial, environmental and globalization studies.
This edited collection aims to contribute to the decolonial social and cultural analyses of global entangled inequalities by focusing on their local articulations. Drawing on empirical research conducted by scholars in Germany, Trinidad and Tobago, Australia and in Canada, the book engages with the conceptual framework of global inequalities and the methodological perspective on entanglement. It does so by approaching global inequalities and their local articulations: (a) global political economy, structural violence, entangled inequalities; (b) financial inequalities and state injustice; (c) inequality within and beyond race and ethnicity; (d) decolonial struggles against inequality; and (e) decolonial futurities. It is on these grounds that this edited volume aims to contribute to the analysis of entangled global inequalities by mobilizing a decolonial framework paying attention to the intersections of race, gender, labour, finances and the State.