Economy and Society
Опубликовано на портале: 15-12-2002Philip Hanson Economy and Society. 2002. Vol. 31. No. 1. P. 62 - 84.
Russia's economic adjustment to the fall of communism has been notoriously troubled. The output recovery since 1998 is widely judged to be fragile. What is less often noted is that Russia is far from unique in its 'transition' troubles. In this paper the main hypotheses put forward to account for Russia's transition difficulties are reviewed in the context of economic change in all ex-communist countries. Accounts relying on (unexplained) mistakes in economic policy are inadequate. Two accounts may be sustainable in the light of evidence from other ex-communist countries: one based on inherited economic structure and one based on cultural factors. The latter hypothesis is shown to be susceptible to testing.
Опубликовано на портале: 15-12-2002Nicholas Thoburn Economy and Society. 2002. Vol. 31. No. 3. P. 434 - 460.
This article considers the place of difference in Marx's politics through an exploration of his categories of the lumpenproletariat and the proletariat. Far from a simple set of class subjects or empirical peoples, these two categories are argued to describe particular modes of political composition. Despite the frisson of difference and excess which is usually associated with Marx's lumpenproletariat, it is argued to describe a mode of composition - and, in relation to anarchism, a politics - oriented not towards difference and becoming, but towards present identity. The proletariat, on the other hand, is shown to be not a People, historical Subject or identity, but a 'minor' political mode of composition immanent to the manifolds of capitalism, and premised on the condition that, as Deleuze puts it, 'the people are missing'.
Опубликовано на портале: 15-12-2002Milan Zafirovski Economy and Society. 2000. Vol. 29. No. 2. P. 181 - 206.
That the extension of the rational choice model beyond the economy to all society can finally lead to integration of social theory is often claimed by the models advocates. The underlying assumption is that this model is valid for both the economy and society, in the form of an economic approach to, or a utilitarian paradigm of, all social behaviour. The meta-theoretical presupposition or injunction that agents are (should be) profit-seekers or utility-optimizers is therewith given the mission to integrate and save contemporary social science. However, such extensions of the rational choice model from the economy to society neglect the fact that this presupposition has been partly mitigated and compromised within economics itself. If so, then suspicion is strong that the rational choice model would be even less appropriate for the other social sciences and thus fall short of achieving its self-designated role of integration of social theory. The conclusion of an interdisciplinary analysis drawing both from economics and sociology is that rational choice is far from being an integrative model of the economy and society.
Fine tuning the Zelizer view [статья]
Опубликовано на портале: 09-09-2003Viviana Zelizer Economy and Society. 2000. Vol. 29. No. 3. P. 383 - 389.
Fine and Lapavitsas accept my critique of neoclassical economics as well as my empirical findings, but too hastily reject the arguments underlyng both of them. Despite their complaints to the contrary, my work provides viable definitions of money and markets, offers a theoretically motivated research program, demonstrates the heterogeneity of money and markets, deals with standard economic processes, and addresses general theoretical issues. Within recent economic sociology, both 'context' and 'alternative' approaches improve on the stark choice between neoclassical economics and conventional Marxist political economy posed by Fine and Lapavitsas.
Опубликовано на портале: 12-11-2008Sigurt Vitols Economy and Society. 2001. Vol. 30. No. 4. P. 553-564.
Germany's bank-based financial system has been generally perceived as good at providing long-term debt finance to traditional industry but poor at supplying equity capital to high-tech start-ups. In 1997 a special segment of the Frankfurt stock exchange, the Neuer Markt, was founded to improve the supply of high-risk equity capital in Germany. The subsequent listing of over 300 companies on the Neuer Markt, many of them in technology-intensive sectors, has led to speculation that Germany is rapidly closing the gap with the US, the world leader in high technology. Contrary to this view, this article suggests that these companies have more in common with traditional German small and medium-sized companies (SMEs) than with the Silicon Valley model of governance and innovation.
How and Why Capitalisms Differ [статья]
Опубликовано на портале: 18-03-2008Robert Boyer Economy and Society. 2005. Vol. 34. No. 4. P. 509-557.
The variety of capitalism school (VOC) and regulation theory (TR) are both analyses of the diversity of contemporary national economies. If VOC challenges the primacy of liberal market economies (LME) and stresses the existence of an alternative form, i.e. coordinated market economies (CME), TR starts from a long-term analysis of the transformation of capitalism in order to search for alternatives to the Fordist regime that emerged after the post-Second World War era. Both approaches make intensive use of international comparisons, challenge the role of market as the exclusive coordinating mechanism, and raise doubts about the existence of a ‘one best way’ for capitalism. Finally, they stress that globalization does deepen the competitive advantage associated with each institutional architecture. Nevertheless, their methodology differs: VOC stresses private firm governance, whereas TR considers the primacy of systemic and macroeconomic coherence. Whereas for VOC there exist only LME and CME, TR recurrently finds at least four brands of capitalism: market-led, meso-corporatist, social democrat and State-led. VOC seems to consider that the long-term stability of each capitalism can be challenged only by external shocks, but TR stresses the fact that the very success of a regulation mode ends up in a structural crisis, largely endogenous.
Insuring morality [статья]
Опубликовано на портале: 15-12-2002Tom Baker Economy and Society. 2000. Vol. 29. No. 4. P. 559 - 577.
This article describes and compares two forms of moral regulation employed in connection with insurance institutions. The first governs through moralized personal attributes or pressures like 'temptation' and 'character'. The second governs through moralized institutional or system attributes and processes described in terms of 'efficiency'. The article traces these forms of moral regulation from the mid-nineteenth century to the present, arguing that both continue to inform popular and specialized discourses of risk.
Опубликовано на портале: 25-03-2008Robert Boyer Economy and Society. 2000. Vol. 29. No. 1. P. 111-145 .
The viability and desirability of a nance-led growth regime is rst assessed against the historical evidence about the many alternative regimes that have been proposed as successors to Fordism. A purely hypothetical model is then built by assembling various hypotheses derived from the observation of current American trends. The imposition of nancial norms, such as shareholder value, requires a new and coherent architecture for the mode of governance of rms, the form of competition, the wage labour nexus and the objectives of monetary policy, public budget and tax system. According to the model, any requirement for increased pro t has a variable macro-economic impact on wages and economic activity according to the size of accelerator effects and the relative importance of wage and pro t in income formation. The stability of an equity-based regime depends on monetary policy which controls nancial bubbles and thus the diffusion of nance may push the economy into a zone of structural instability. The next major nancial crisis may originate in the USA whose economy approximates most closely to the model. But, the so-called American ‘new economy’ combines diverse but interdependent structural transformations: diffusion of Information and Communication Technologies, search for new rules for competition, increased exibility in wages and employment, shift from manufacturing to services. Finance is an element in, but not the whole of, this complex emerging regime.
Опубликовано на портале: 15-12-2002Ben Fine, Costas Lapavitsas Economy and Society. 2000. Vol. 29. No. 3. P. 357 - 382.
This article addresses the issue of how the market and the non-market are to be understood especially by concentrating on the theory of money. For mainstream economics, the market is simply an institution facilitating exchange, money being the key instrument for alleviating the inefficiencies of barter. In contrast, recent work in other social sciences, such as that by Zelizer, distinguishes among markets, and various roles of money, depending on cultural and social content. While being sympathetic to such an approach, we claim that the commodity is a better analytical starting point than the market. Based on Marx's work, we then show what commodities have in common and establish a common essence for money as generalized purchasing power. This is a peculiarly bland essence that allows money to undertake the variety of social roles identified by Zelizer.
Опубликовано на портале: 15-12-2002Michael Pryke, John Allen Economy and Society. 2000. Vol. 29. No. 2. P. 264 - 284.
This paper examines some of the ways in which the everyday is becoming connected into the world of finance, a process facilitated through so-called derivatives.The increasing use of derivatives is traced to the collapse of the Bretton Woods agreement and the ways in which innovative developments in financial engineering were used to overcome the uncertainties of interest rate, currency and price risks that grew apace from the early 1970s. We argue that these risks are not more of the same.They are qualitatively different and run deeper through the highly integrated financial markets of today. And, as later parts of the paper argue taking their cue from the works of Paul Virilio and Georg Simmel, notably the latters Philosophy of Money, the manner in which these risks interact and the speed of their interaction suggest the emergence of new forms of money, a new monetization of time-space. The paper then moves on to consider how the calculative practices that lie at the heart of derivatives involve a process of socialization of the understanding of the risks that new money forms are made to negotiate successfully. The idea of money of what it is now supposed to be capable of doing with and across time-space thus stems from a new money imaginary. The paper concludes by reemphasizing the reasons why, when understood through areading of Virilio and Simmel, derivatives should be viewed as representing new forms of money.