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Schumpeter's Theory of Economic Development
Journal of Insurance and Financial Management, Vol. 4, Issue 3 (2021) 65-81 Schumpeter’s Theory of Economic Development: A Study of the Creative Destruction and Entrepreneurship Effects on the Economic Growth Farrokh Emami Langroodi a,* a Goethe University Frankfurt, Graduate School of Economics, Finance, & Management (GSEFM), Department of Finance, Germany ARTICLE INFO ABSTRACT Article History This paper provides a multifaceted review and Submitted 11 Aug 2021 analysis of Schumpeter’s Theory of Economic Accepted 12 Aug 2021 Development and specifically the creative Available online 13 Aug 2021 destruction effect intertwined with the business JEL Classification cycles, and their effectiveness in explaining the A12 long-run economic growth by first, looking into the B13 main features of this theory; second, comparing the B31 fundamental similarities and differences of B52 Schumpeter theory with respect to Marxism and Keynesianism, third; a comparison of “Schumpeter” Keywords effect vs. the “refugee” effect in recently published Schumpeter Creative Destruction researches, and finally, the relationship of Capitalism Schumpeterian and Kirznerian opportunities in Kirznerian modern entrepreneurship. Marxism Keynesianism Journal of Insurance and Financial Management Economic Growth Business Cycle Entrepreneurship *Corresponding Author: [email protected] Author(s) retain copyright of the submitted paper (Please view the Copyright Notice of JIFM). This work is licensed under a Creative Commons Attribution 4.0 International License. Journal of Insurance and Financial Management (ISSN-Canada: 2371-2112) Emami Langroodi F. / Journal of Insurance and Financial Management, Vol. 4, Issue 3 (2021) 65-81 66 1. INTRODUCTION It is well known that Joseph Alois Schumpeter always explained that “analyzing business cycles means neither more nor less than analyzing the economic process of the capitalist era” (Schumpeter, 1939). -
Building a Movement in the Non-Profit Industrial Complex
Building A Movement In The Non-Profit Industrial Complex Dissertation Presented in Partial Fulfillment of the Requirements for the Degree Doctor of Philosophy in the Graduate School of The Ohio State University By Michelle Oyakawa Graduate Program in Sociology The Ohio State University 2017 Dissertation Committee: Korie Edwards, Advisor Andrew Martin Steve Lopez Copyrighted by Michelle Mariko Oyakawa 2017 Abstract Today, democracy in the United States is facing a major challenge: Wealthy elites have immense power to influence election outcomes and policy decisions, while the political participation of low-income people and racial minorities remains relatively low. In this context, non-profit social movement organizations are one of the key vehicles through which ordinary people can exercise influence in our political system and pressure elite decision-makers to take action on matters of concern to ordinary citizens. A crucial fact about social movement organizations is that they often receive significant financial support from elites through philanthropic foundations. However, there is no research that details exactly how non-profit social movement organizations gain resources from elites or that analyzes how relationships with elite donors impact grassroots organizations’ efforts to mobilize people to fight for racial and economic justice. My dissertation aims to fill that gap. It is an ethnographic case study of a multiracial statewide organization called the Ohio Organizing Collaborative (OOC) that coordinates progressive social movement organizations in Ohio. Member organizations work on a variety of issues, including ending mass incarceration, environmental justice, improving access to early childhood education, and raising the minimum wage. In 2016, the OOC registered over 155,000 people to vote in Ohio. -
Dynamics of Financialization After the Crisis? How Finance (Still) Gets Its Way
Dynamics of financialization after the crisis? How finance (still) gets its way Julie Froud Manchester Business School and Centre for Research in Socio‐Cultural Change (CRESC), UK Outline • Starting point: finance is not humbled, (despite current crisis, the resulting bailouts and large losses imposed in terms of foregone GDP and imposed austerity). But growing concerns about ‘imbalance’ • Explaining this as a story about power and elites, mainly about the UK (noting specificities of financialization), but with relevance elsewhere, by: a) looking back at C Wright Mills and b) moving forward with the finance and point value complex. • The aim is to highlight the pervasive, programmatic power of finance. To understand financialization, we have to understand many things. So, a contribution to a collective endeavour. (1) Finance unreformed The story so far… Unreformed finance a) investment banking • Half‐hearted reform in UK: limited structural change ‐> no major bank break‐up; ring fencing of investment banking, not separation; few constraints on long chain leveraged finance; (still) low capital requirements; bonuses survive (eg HSBC Feb 2014) and redundancies postponed • Scandals continue: Libor, exchange rate fixing (even after Libor) Collusion, manipulation of rates ‐> profit and bonus implications; Barclays Capital as ‘loose federation of money making franchises’ (not the ‘go‐to bank’). Finance Minister, George Osborne on Libor crisis: ‘we know what went wrong’…. No interest in learning. Unreformed finance b) retail banking • Half‐hearted reform in UK: more competition via ‘challenger banks’… (but not tackling business model, where RoE targets in mid‐teens drive mis‐selling eg Jenkins at Barclays: 15% RoE target in retail) • Scandals continue: ever more mis‐selling. -
Hustle and Flow: Prison Privatization Fueling the Prison Industrial Complex
FULCHER FINAL (DO NOT DELETE) 6/10/2012 2:43 PM Hustle and Flow: Prison Privatization Fueling the Prison Industrial Complex Patrice A. Fulcher* ABSTRACT The Prison Industrial Complex (“PIC”) is a profiteering system fueled by the economic interests of private corporations, federal and state correctional institutions, and politicians. The PIC grew from ground fertilized by an increase in the U.S. prison population united with an economically depressed market, stretched budgets, and the ineffective allocation of government resources. The role of the federal, state, and local governments in the PIC has been to allocate resources. This is the first of a series of articles exploring issues surrounding the PIC, including (1) prison privatization, (2) outsourcing the labor of prisoners for profit, and (3) constitutional misinterpretations. The U.S. prison population increased in the 1980s, in part, because of harsh drug and sentencing laws and the racial profiling of Blacks. When faced with the problem of managing additional inmates, U.S. correctional institutions looked to the promise of private prison companies to house and control inmates at reduced costs. The result was the privatization of prisons, private companies handling the management of federal and state inmates. This Article addresses how the privatization of prisons helped to grow the PIC and the two ways in which governments’ expenditure of funds to private prison companies amount to an inefficient allocation of resources: (1) it creates an incentive to increase the prison population, which led to a monopoly and manipulation of the market by Correction Corporation of America (“CCA”) and The GEO Group, Inc. -
Social Alternatives
EDITORIAL COLLECTIVE Social Alternatives Bronwyn Stevens University of the Sunshine Coast Social Alternatives is an independent, quarterly refereed Clare Archer-Lean University of the Sunshine Coast journal which aims to promote public debate, commentary and Ella Jeffrey Queensland University of Technology dialogue about contemporary social, political, economic and Jennifer Mays Queensland University of Technology environmental issues. Julie Matthews University of Adelaide Ginna Brock University of the Sunshine Coast Social Alternatives analyses, critiques and reviews contemporary social issues and problems. The journal seeks Debra Livingston University of the Sunshine Coast to generate insight, knowledge and understanding of our Graham Maddox University of New England contemporary circumstances in order to determine local, Cassandra Star Flinders University national and global implications. We are committed to the George Morgan University of Western Sydney principles of social justice and to creating spaces of dialogue Hayley Baxter University of Queensland intended to stimulate social alternatives to current conditions. Helen McLaren Flinders University Social Alternatives values the capacity of intellectual and artistic endeavour to prompt imaginative solutions and Lee-Anne Bye University of the Sunshine Coast alternatives and publishes refereed articles, review essays, Christine Morley Queensland University of Technology commentaries and book reviews as well as short stories, Elizabeth Eddy poems, images and cartoons. ADVISORY BOARD The journal has grappled with matters of contemporary concern for four decades, publishing articles and themed Roland Bleiker University of Queensland issues on topics such as peace and conflict, racism, Verity Burgmann Monash University Indigenous rights, social justice, human rights, inequality and Parlo Singh Griffith University the environment. Please show your support by subscribing to Don Alexander University of Queensland the journal. -
Austrian Theorizing: Recalling the Foundations
AUSTRIAN THEORIZING: RECALLING THE FOUNDATIONS WALTER BLOCK t is a pleasure to reply to Caplan’s (1999) critique of Austrian economics. Unlike other such recent reactions1 this one shows evidence of great familiarity with the IAustrian (praxeological) literature, and a deep interest in its analytical foundations. Thus, Caplan correctly identifies the works of Ludwig von Mises and Murray N. Rothbard as the core of what sets Austrian economics apart from the neoclassical mainstream. And he insightfully relegates the writings of F.A. Hayek and Israel M. Kirzner to an intermediate position between the praxeological and neoclassical approaches.2 We shall defend this core of Austrian economics against Caplan’s criticisms, and show that, just as in the case of these others, his arrows fall wide of their mark. It is nevertheless instructive to highlight his errors. The benefits are a better understanding of the Austrian School, and greater insight into neoclassical short- comings. This article follows the outline of Caplan (1999) and is divided into the same four sections as his: first an introduction, second, consumer theory, third, welfare economics, and fourth, a conclusion. WALTER BLOCK is economics department chairman and professor at the University of Cen- tral Arkansas, Conway. The author would like to thank Guido Hülsmann and Michael Levin for helpful comments to an earlier draft of this paper. He would also like to thank an anony- mous referee who made no fewer than seven suggestions, all of which were incorporated into this paper, much to its improvement. All remaining errors are, of course, my responsibil- ity. 1See in this regard Rosen (1997), Tullock (1998), Timberlake (1987), Demsetz (1997), Yeager (1987) and Krugman (1998). -
Military-Industrial Complex: Eisenhower's Unsolved Problem
MILITARY-INDUSTRIAL COMPLEX: EISENHOWER'S UNSOLVED PROBLEM by )/lrS THOMAS JENKINS BADGER Bo A., George Washington University., 1949 A MASTER'S THESIS submitted fn pa 1 ful 111b nt of the .'_-. -.- ... — -\-C MASTER OF ARTS Department of Political Science KANSAS STATE UNIVERSITY Manhattan, Kansas 1965 Approved by: ~ Major Professor XOOl 1105 6<3 ACKHQWLEOGEMENT TO: Dr. Louis Douglas for suggesting the subject, offering continuous encouragement and valuable advice, and insisting upon a measure of scholar- ship. Or. Robin Higham for reading the manuscript, professional advice and suggestions. Dr. Joseph Hajda, who as the Major Professor, was responsible for the thesis and who tirelessly read and reread drafts, and who patiently pointed out weaknesses needing amplification, correction, or deletion. It Is not Intended to Indicate that these gentlemen concur with the entire thesis. They don't. The errors and misconceptions In the thesis are mine as well as the conclusions but without their assistance the thesis would be unacceptable as a scholarly work. If I could have followed their advice more Intelligently the thesis would be considerably Improved, but whatever merit this work may have the credit belongs to them. CHAPTER I INTRODUCTION of the United One hundred and sixty-eight years ago, the first President had served so States presented his farewell address to the country which he from a divided well and which he, as much as any other person, had changed Washington's group of self-oriented states Into a cohesive nation. George permanent alliances principal advice to this young nation was to stay clear of west to settle} with foreign nations. -
Capitalism Versus Democracy? Also by Boris Frankel
CAPITALISM VERSUS DEMOCRACY? ALSO BY BORIS FRANKEL Democracy Versus Sustainability Fictions of Sustainability: The Politics of Growth and Post-Capitalist Futures Zombies, Li"iputians and Sadists: The Power of the Living Dead and the Future of Australia When the Boat Comes In: Transforming Australia in the Age of Globalisation From the Prophets Deserts Come: The Stru#le to Reshape Australian Political Culture The Post Industrial Utopians Beyond the State? Dominant Theories and Socialist Strategies Marxian Theories of The State: A Critique of Orthodoxy CAPITALISM VERSUS DEMOCRACY? RETHINKING POLITICS IN THE AGE OF ENVIRONMENTAL CRISIS BORIS FRANKEL GREENMEADOWS Copyright © Boris Frankel 2020 First published in 2020 by Greenmeadows P.O. Box 128 Elsternwick, Melbourne 3185 This book is copyright. Apart from any fair dealing for the purpose of private study, research, criticism or review, as permitted under the Copyright Act, no part may be reproduced by any process without written permission. Enquiries should be made to the publisher. A catalogue record for this book is available from the National Library of Australia. Name: Frankel, Boris, author. Title: Capitalism Versus Democracy? Rethinking Politics in the Age of Environmental Crises/ Boris Frankel. Includes Notes and References and Index. Subjects: 1. Politics of environmental sustainability. 2. Fascism, socialism and democracy. 3. Post-capitalism – post-growth societies. 4. Social reform – alternative policies ISBN: (pbk) 978-0-6483633-4-7 ISBN: (epub) 978-0-6483633-5-4 Typeset in Hoefler Text. Cover Design by Emile Frankel. The publisher has endeavoured to ensure that the URLs for external websites referred to in this book were accurate and active at the time of going to press. -
Healthcare in the Usa: Understanding the Medical-Industrial Complex
B3 | HEALTHCARE IN THE USA: UNDERSTANDING THE MEDICAL-INDUSTRIAL COMPLEX Introduction In the mid-1960s a group of progressively-minded New York activists came together to found the Health Policy Advisory Center or Health/PAC as it came to be called It was a time of intense activism in New York as poor communi- ties took to the streets demanding improved services and were emboldened to actually take over Lincoln Hospital in the Bronx (known locally as ‘the butcher shop’) 1 Following a 1967 ‘exposé-analysis’ written by one of the authors of this chapter (Robb Burlage), Health/PAC began publishing a monthly bulletin offering a ‘New Left’ perspective on health Three years later in 1970, John and Barbara Ehrenreich published a book-length critique of US healthcare based on the Health/PAC article, titled The American Health Empire. The medical–industrial complex In November 1969, Health/PAC first used the phrase ‘medical–industrial complex’ (MIC) as a way of characterizing the US health system The term was a spin-off from President Eisenhower’s farewell address in 1961, during which he discussed the dangers of the “military–industrial complex” Health/PAC’s use of the term ‘MIC’ incorporated the perception that healthcare was moving away from a system built on individual doctors and small community hospitals; healthcare was becoming more and more the ‘business’ of large academic centres that Health/PAC characterized as medical empires These medical empires were constructed around a central (private, academic) hospital and outlying satellite -
2.4 the Fourth World War: the EZLN Analysis of Neoliberalism
We Are from Before, Yes, but We Are New: Autonomy, Territory, and the Production of New Subjects of Self-government in Zapatismo by Mara Catherine Kaufman Department of Cultural Anthropology Duke University Date:_______________________ Approved: ___________________________ Orin Starn, Co-Supervisor ___________________________ Charles Piot, Co-Supervisor ___________________________ Anne Allison ___________________________ Kathi Weeks ___________________________ Michael Hardt Dissertation submitted in partial fulfillment of the requirements for the degree of Doctor of Philosophy in the Department of Cultural Anthropology in the Graduate School of Duke University 2010 ABSTRACT We Are from Before, Yes, but We Are New: Autonomy, Territory, and the Production of New Subjects of Self-government in Zapatismo by Mara Catherine Kaufman Department of Cultural Anthropology Duke University Date:_______________________ Approved: ___________________________ Orin Starn, Co-Supervisor ___________________________ Charles Piot, Co-Supervisor ___________________________ Anne Allison ___________________________ Kathi Weeks ___________________________ Michael Hardt An abstract of a dissertation submitted in partial fulfillment of the requirements for the degree of Doctor of Philosophy in the Department of Cultural Anthropology in the Graduate School of Duke University 2010 Copyright by Mara Catherine Kaufman 2010 Abstract The 1994 Zapatista uprising in Chiapas, Mexico, created a rupture with a series of neoliberal policies implemented in Mexico and on a global scale over the last few decades of the 20th century. In a moment when alternatives to neoliberal global capitalism appeared to have disappeared from the world stage, the Zapatista Army for National Liberation (EZLN) initiated a movement and process that would have significance not only in Chiapas and for Mexico, but for many struggles and movements around the world that would come to identify with a kind of “alter-globalization” project. -
The Place of the Prison in the New Government of Poverty Loïc
The Place of the Prison in the New Government of Poverty Loïc Wacquant * More than the specifics of statistical figures and trends, it is the deep-seated logic of this swing from the social to the penal that one must grasp here. Far from contradicting the neoliberal project of deregulation and decay of the public sector, the irresistible rise of the U.S. penal state constitutes, as it were, its negative — in the sense of obverse but also of revelator — since it manifests the implementation of a policy of criminalization of poverty that is the indispensable complement to the imposition of precarious and underpaid wage labor as civic obligation for those locked at the bottom of the class and caste structure, as well as the redeployment of social- welfare programs in a restrictive and punitive sense that is concomitant with it. At the time of its institutionalization in the United States of the mid-nineteenth century, “imprisonment was above all a method aiming at the control of deviant and dependent populations,” and inmates were mainly poor people and European immigrants recently arrived in the New World.1 Nowadays, the carceral apparatus of the United States fills an analogous role with respect to those groups rendered superfluous or incongruous by the twofold restructuring of the wage labor relation and state charity: the declining fractions of the working class and poor blacks at the core of formerly industrial cities. In so doing, it has regained a central place in the system of the instruments for the government of poverty, at the crossroads of the deskilled labor market, the collapsing urban ghetto, and social-welfare services “reformed” with a view to buttressing the discipline of desocialized wage work. -
Churchill, Wavell and Greece, 1941*
Robin Higham Duty, Honor and Grand Strategy: Churchill, Wavell and Greece, 1941* In our previous works, then Capt. Harold E. Raugh and I took too limited a Mediterranean view of the background of the Greek campaign of 6-26 April 19411. Far from its being Raugh’s “disastrous mistake,” I argue that General Sir Archibald Wavell’s actions fitted both traditional British practice and the general policy worked out in London. In 1986 and 1987 I argued after long and careful thought since 1967 that Wavell went to Greece as part of a loyal deception of Prime Minister Winston Churchill, whose bellicose way at war was the antithesis of Wavell’s own professionalism. Further, whereas Raugh took the narrow military view, mine was a grand-strategic approach relating ends to means. My argument here is that a restudy of the campaign in Greece of 6-27 April 1941 utilizing the Orange Leonard ULTRA messages reconfirms my thesis that going to Greece was a deception and that far from being the miserable defeat which Raugh imagined, the withdrawal was a strategic triumph in the manner of a Wellington in Spain and Portugal or of the BEF’s in France in 1940. For this Wavell deserves full credit. In this respect, then, the so-called campaign in Greece must be seen not as an ignominious retreat in the face of superior forces, but rather as a skilful, carefully planned withdrawal and ultimate evacuation. It was a successful, though materially costly, gamble. * This paper was accepted for publication in late 2005 but delayed by the Balkan Studies financial crisis.