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on Post Keynesian Economics |
| By: | Mark Setterfield (Department of Economics, New School For Social Research, USA) |
| Abstract: | Neoliberalism eviscerated the value-sharing ethos of the post-war Golden Age (1945- 73), seeking to maintain social cohesion in civil society by `managing the discontent of the losers'. This involved reconciling working households to the realities of the neoliberal labour market by means of coercion, distraction, and debt accumulation { the latter serving to limit the growth of consumption inequality in the face of burgeoning income inequality. The global financial crisis (GFC) and Great Recession undermined the process of household debt accumulation, creating a crisis of neoliberal accumulation. Key to the institutional renewal required to address this crisis will be managing the discontent of the losers inherited from the neoliberal era. One possibility is Authoritarian Neoliberalism, based on increasingly illiberal amplification of the `coerce and distract' elements inherited from the Neoliberal Boom (1990-2007). The only viable alternative is Social Capitalism. This involves a renewal of social democracy that manages the discontent of the losers at its source, by creating inclusive and sustainable growth that both reduces the need and desire for illiberalism in the sphere of civil society. |
| Keywords: | Social structure of accumulation, capital-citizen accord, household debt, inequality, populism |
| JEL: | E21 B51 B52 P16 |
| Date: | 2024–01 |
| URL: | http://d.repec.org/n?u=RePEc:new:wpaper:2401&r=pke |
| By: | Khan, Haider |
| Abstract: | The main purpose of this paper is to explore a fairly comprehensive strategy for development as freedom beyond the ecological and other crises-filled capitalism in the 21st century. Accordingly, I try to find a way to integrate useful markets with the key characteristics of the Enabling Ecological Developmental State(EEDS) for the 21st Century in order to build a growing ecologically sustainable economy with equity in terms of capabilities. This will doubtless require a new global financial and ecological architecture. Relative Degrowth which involves sustainable people’s capabilities enhancing growth in the Global South, and degrowth in the Global North is a necessary condition for such a postcapitalist planetary civilization. We aim for theoretical clarification as well as for aiding the strategies of popular democratic movements. A few tentative steps are taken here to serve this dual purpose. Proceeding from a critical capabilities perspective that is fully grounded in social reality of deepening structural and ecological crises of the Global Capitalist System, we discover that such a perspective leads to the need to include among the characteristics of the Enabling Ecological Developmental State for the 21st Century its capacity to build an ecologically sustainable egalitarian development strategy from the beginning. In addition, democracy must be deepened from the beginning. For the Global South including Eurasia, and particularly for Africa and Latin America, a new cooperative community of nations following their own rhythm to reach their own dynamic trajectories towards development as freedom will be possible if they cooperate regionally and globally on the basis of equal sovereignty and mutual respect. One precondition is to pragmatically unite for a common economic strategy. For this a decolonization of the mind in the global south is also necessary. I conclude with some further thoughts on extending the model to an information theoretic based fractal model of development. A mathematical model of integrated financial and real sectors on abstract function space is presented in the appendix that can be extended for this purpose. |
| Keywords: | Enabling Ecological Developmental State(EEDS), Stoffwechsel, Ecological Imperialism, Relative Degrowth, New Non-aligned Movement(NNAM), New International Economic Order, Global South, Democratic Internationalism, Egalitarianism, Ecological Crisis, Global Capitalist System(GCS), Counterhegemonic movements, Ecosocialism, Nonlinearities, Multiple equilibria, Entropy and Information Theory |
| JEL: | F50 O30 Q0 |
| Date: | 2024–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:119639&r=pke |
| By: | Apostolidis, Paul |
| Abstract: | This essay offers a new reading of Marx's chapter on ‘the working day’ in Capital Volume One by exploring the textual theme of night-time work. Even as Marx emphasises how the lengthening workday enables the super-exploitation of producers’ wage labour, his depictions of nocturnal experiences highlight more forcefully the destruction of workers’ reproductive resources, capacities and relationships. Night comes to represent the contracted time, condensed space, petrified relational bonds and thwarted desires for human reproduction in a free, fulsome sense that includes reinvigorating oneself, caring for others and enjoying experiences apart from work or care. Night's role as a privileged signifier and catalyst of these changes comes through in key passages about women, children and vampires, and in theoretically meaningful variances between Marx's German paraphrasing of English sources and those original texts, which replace Marx's phrases in English translations of Capital. Contemplating Marx's ambivalent reflections on legal-political action to limit workday hours, I argue for making struggles over social reproduction in a capacious sense central to working-class politics today. I demonstrate the power of this Marxian analytic by considering the compression of social-reproductive time among today's microworkers, who fuel the digital economy by performing platform-based ‘tasks’ at all hours for very low wages. |
| Keywords: | Capital; Karl Marx; microwork; night labour; social reproduction; working day; Sage deal |
| JEL: | R14 J01 |
| Date: | 2023–12–19 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:120843&r=pke |
| By: | Olney, Martha |
| Keywords: | Arts and Humanities, University of California, Berkeley, 150 Years of Women, Economics |
| Date: | 2023–12–18 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:cshedu:qt3728q22t&r=pke |