Werner Sombart's ʻovercomingʼ of Marxism
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Modern Monetary Theory: a Marxist Critique
Class, Race and Corporate Power Volume 7 Issue 1 Article 1 2019 Modern Monetary Theory: A Marxist Critique Michael Roberts [email protected] Follow this and additional works at: https://digitalcommons.fiu.edu/classracecorporatepower Part of the Economics Commons Recommended Citation Roberts, Michael (2019) "Modern Monetary Theory: A Marxist Critique," Class, Race and Corporate Power: Vol. 7 : Iss. 1 , Article 1. DOI: 10.25148/CRCP.7.1.008316 Available at: https://digitalcommons.fiu.edu/classracecorporatepower/vol7/iss1/1 This work is brought to you for free and open access by the College of Arts, Sciences & Education at FIU Digital Commons. It has been accepted for inclusion in Class, Race and Corporate Power by an authorized administrator of FIU Digital Commons. For more information, please contact [email protected]. Modern Monetary Theory: A Marxist Critique Abstract Compiled from a series of blog posts which can be found at "The Next Recession." Modern monetary theory (MMT) has become flavor of the time among many leftist economic views in recent years. MMT has some traction in the left as it appears to offer theoretical support for policies of fiscal spending funded yb central bank money and running up budget deficits and public debt without earf of crises – and thus backing policies of government spending on infrastructure projects, job creation and industry in direct contrast to neoliberal mainstream policies of austerity and minimal government intervention. Here I will offer my view on the worth of MMT and its policy implications for the labor movement. First, I’ll try and give broad outline to bring out the similarities and difference with Marx’s monetary theory. -
Cultural Consensus, Political Conflict: the Problem of Unity Among German Intellectuals During World War I
University of Tennessee, Knoxville TRACE: Tennessee Research and Creative Exchange Masters Theses Graduate School 5-2006 Cultural Consensus, Political Conflict: The Problem of Unity among German Intellectuals during World War I Benjamin Taylor Shannon University of Tennessee, Knoxville Follow this and additional works at: https://trace.tennessee.edu/utk_gradthes Part of the History Commons Recommended Citation Shannon, Benjamin Taylor, "Cultural Consensus, Political Conflict: The Problem of Unity among German Intellectuals during World War I. " Master's Thesis, University of Tennessee, 2006. https://trace.tennessee.edu/utk_gradthes/4498 This Thesis is brought to you for free and open access by the Graduate School at TRACE: Tennessee Research and Creative Exchange. It has been accepted for inclusion in Masters Theses by an authorized administrator of TRACE: Tennessee Research and Creative Exchange. For more information, please contact [email protected]. To the Graduate Council: I am submitting herewith a thesis written by Benjamin Taylor Shannon entitled "Cultural Consensus, Political Conflict: The Problem of Unity among German Intellectuals during World War I." I have examined the final electronic copy of this thesis for form and content and recommend that it be accepted in partial fulfillment of the equirr ements for the degree of Master of Arts, with a major in History. Vejas Liulevicius, Major Professor We have read this thesis and recommend its acceptance: A. Denise Phillips, John Bohstedt Accepted for the Council: Carolyn R. Hodges Vice Provost and Dean of the Graduate School (Original signatures are on file with official studentecor r ds.) To the Graduate Council: I am submitting herewith a thesis written by Benjamin Taylor Shannon entitled "Cultural Consensus, Political Conflict: The Problem of Unity among German Intellectuals during World War I." I have examined the finalpaper copy of this thesis for formand content and recommend that it be accepted in partial fulfillment of the requirements for the degree of Master of Arts, with a major in History. -
Karl Helfferich and Rudolf Hilferding on Georg Friedrich Knapp's State
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Greitens, Jan Conference Paper — Manuscript Version (Preprint) Karl Helfferich and Rudolf Hilferding on Georg Friedrich Knapp’s State Theory of Money: Monetary Theories during the Hyperinflation of 1923 Suggested Citation: Greitens, Jan (2020) : Karl Helfferich and Rudolf Hilferding on Georg Friedrich Knapp’s State Theory of Money: Monetary Theories during the Hyperinflation of 1923, Annual Conference of the European Society for the History of Economic Thought (ESHET) 2020, Sofia., ZBW - Leibniz Information Centre for Economics, Kiel, Hamburg This Version is available at: http://hdl.handle.net/10419/216102 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available -
Weimar Republic Hyperinflation Through a Modern Monetary Theory Lens Phil Armstrong and Warren Mosler 2020 Abstract
Weimar Republic Hyperinflation through a Modern Monetary Theory Lens Phil Armstrong and Warren Mosler 2020 Abstract The hyperinflation in Weimar Germany in 1922-23 has become the poster child of mainstream economists - and especially the monetarists- when presenting the benefits of constraining governments by the rules of ‘sound finance’. Their narrative presumes that governments are naturally inclined to spend beyond their means and that, if left to their profligate ways, inflation ‘gets out of hand’ and leads to hyperinflation in a continuous, accelerating, unstoppable catastrophic collapse of the value of the money. In contrast to this ubiquitous mainstream analysis, we recognize a fundamentally different origin of inflation, and argue that inflation requires sustained, proactive policy support. And, in the absence of such policies, inflation will rapidly subside. We replace the erroneous mainstream theory with the knowledge of Modern Monetary Theory (MMT) identifying both the source of the price level and what makes it change. We are not Weimar scholars, and our aim is not to present a comprehensive historical analysis. We examine the traditionally reported causal forces behind the Weimar hyperinflation, along with the factors that contributed to the hyperinflation and to its abrupt end. The purpose of this paper is to present our view of the reported information from an MMT perspective. In that regard, we identify the cause of the inflation as the German government paying continuously higher prices for its purchases, particularly those of the foreign currencies the Allies demanded for the payment of reparations, and we identify the rise in the quantity of money and the printing of increasing quantities of banknotes as a consequence of the hyperinflation, rather than its cause. -
Technology in Sombart's Sociology
Technology in Sombart’s sociology Gennaro Iorio Abstract This paper outlines Sombart’s thought in respect to technology. After describing the cultural context, the paper presents Chapter XXIX, entitled “The Spirit of Technology”, of his most important work Modern Capitalism (Sombart 1902/1972), but mostly we will look at an in-depth study done on the essay “Technology and Culture” of 1911, which Sombart presented to the German Sociology Society at its first congress. The conclusions will emphasize how useful a reflection on technology can be, so as to propose once again original excerpts drawn from the thought of a great nineteenth-century European intellectual. Keywords : Technology, Modernity, Capitalism, Culture, Sombart 1. Introduction This essay delineates Sombart’s thought in regard to technology. After having defined the cultural context within which scientific production regarding the topic on technology is assembled, the essay presents Sombart’s thought, utilizing chapter XXIX entitled: “The Spirit of Technology”, of his most important work Modern Capitalism (Sombart 1902/1972). Moreover we shall be going more in depth on the essay “Technology and Culture” of 1911, which Sombart presented at the first congress of the German Sociological Society. In concluding, we will show how useful a reflection on technology can be, by re-proposing unedited excerpts from the thought of a great nineteenth-century German intellectual. 2. Technology and Modernity: the context of the debate in Sombart’s time One of the arguments around which German intellectual reflection is organized, between the nineteenth and twentieth centuries, concerns the character of technology, which increasingly takes on the form of domination regarding the nature and the life of man. -
Ladislaus Von Bortkiewicz Statistician, Economist, and a European Intellectual
statistician, economist, economist, statistician, Forschungsgemei SFB * * Max Planck Institut and a European a European and Wolfgang Karl Hä Karl Wolfgang 649 This wasresearch supported the by Deutsche Ladislaus von Ladislaus * Bortkiewicz SFB 649, Humboldt Annette B. Vogt B. Annette Humboldt Spandauer Straße 1, D intellectual Discussion Paper 20 http://sfb649.wiwi.hu nschaft through theSFB 649 "EconomicRisk". - ISSN 1860 Universitä for t he - Universität zu Berlin History of Sciences, Germany t zu Berlin,Germany - 5664 - 10178 Berlin - berlin.de rdle * * - 14 * - 015 SFB 6 4 9 E C O N O M I C R I S K B E R L I N S F B XXX E C O N O M I C R I S K B E R L I N Ladislaus von Bortkiewicz statistician, economist, and a European intellectual Wolfgang Karl H¨ardle Ladislaus von Bortkiewicz Chair of Statistics, C.A.S.E. - Center for Applied Statistics and Economics, Humboldt-Universit¨atzu Berlin, Unter den Linden 6, 10099 Berlin, Germany Lee Kong Chian School of Business, Singapore Management University Annette B. Vogt Max Planck Institute for the History of Science, Boltzmannstraße 22, 14195 Berlin, Germany Abstract Ladislaus von Bortkiewicz (1868 - 1931) was a European statistician. His scientific work covered theoretical economics, stochastics, mathematical statistics and radiology, today we would call him a cross disciplinary scientist. With his clear views on mathema- tical principles with their applications in these fields he stood in conflict with the mainstream economic schools in Germany at the dawn of the 20th century. He had many prominent students (Gumbel, Leontief, Freudenberg among them) and he carved out the path of modern statistical thinking. -
The German Historical School1): Toward the Integration of the Social Sciences*
The German Historical School1): Toward the Integration of the Social Sciences* Yukihiro Ikeda Abstract: This article surveys the major secondary literature on the German Historical school produced for the most part from the 1990s onward. Following a brief introduction, and using the customary terms Older, Younger, and Youngest to identify periods of development in the school, I note with critical comment works on the Older Histori- cal school. Then in the following section we turn to work done on the Younger and Youngest members of the School. In the last section, centering on the questions of what has been accomplished and what is necessary to promote further studies, some general suggestions are given regarding future research. JEL classification numbers: B15, B25. “I did not know Schmoller’s works or theories very well; what was impor- tant to me was only that I catch sight of him in the halls of the University of Berlin. I was afraid that he might die before I arrived in Berlin. How fortunate I was. I was sitting in the front hall when I first saw Schmoller, with grey hair and whiskers and wearing a frock coat. I was so very glad to have seen him.”( Koizumi 2001, 432) countries, eagerly sought to see Gustav I Introduction Schmoller, Werner Sombart, or another of The German Historical school contributed a the great Historical school names at least major current in economic thought up to the once in their lifetime. Without exaggeration outbreak of World War I. Countless students, it can be said that these people were among not only from Germany but from many other the economic science superstars of their day. -
Erik Grimmer-Solem, Department of History, Wesleyan University DATE
TO: Georg Weizsaecker, Verein für Socialpolitik FROM: Erik Grimmer-Solem, Department of History, Wesleyan University DATE: January 19, 2021 SUBJECT: Gustav von Schmoller (1838-1917) This report is in response to your request on behalf of the executive board of the Verein für Socialpolitik to investigate the integrity of Gustav von Schmoller in light of questions about his views on race to assist the broader aim of your organization to improve diversity. These questions were raised by the Verein in light of reference to the second chapter of the first book of volume one of Schmoller’s Grundriss der allgemeinen Volkswirtschaftslehre (1900) entitled “Die Rassen und Völker.” 1 The chapter in question is an elaborate treatment of the topic “races and peoples” that served as a foundation for Schmoller’s treatment of political economy from the perspective of the “younger” German Historical School. The chapter was part of a much larger conceptual foundation that included the psychological and customary basis of economic activity, the relationship of economic activity to the natural environment, the impact of population movements, and the historical development of technology. It extended into discussions of the family economy, settlement patterns, the division of labor, property, the formation of social classes, and the emergence of business enterprise. That is, an understanding of “races and peoples” was part of a much broader project to understand the economy as an historically-evolving, comprehensive social system. As Schmoller makes clear -
Footsteps of Man, Traces of Thought. Vom Menschen of Werner Sombart
Footsteps of man, traces of thought. Vom Menschen of Werner Sombart Roberta Iannone Footsteps of man, traces of thought. Vom Menschen of Werner Sombart Abstract In his work – Vom Menschen – Sombart wonders “Who is man?”. This article tries to answer this timeless question, by revisiting some of the key points of the work. Sombart, as well as the author of this present work, have a similar objective: to deal in scientific terms, not only with the human being but also with his body language, soul and spirit. The purpose is to portray “a human science with a critical edge”, a “science of rational comprehension”. A question arises in relation to the bond between body, soul, and spirit: do they harmoniously constitute man? Or, do they lead to de-humanization? (a certain deprivation of the constitutive essence of man). These key questions are addressed to the following subjects: a) ancestors, in view of which centuries of theoretical elaborations of fundamental anthropology are reviewed; b) Erfahrungswissen, which is the experience that leads to knowledge of facts and Evidenzswissen, or known evidence, which is the a priori knowledge; c) actions and reasons; d) the spirit. Keywords: man/human being, science of rational comprehension, de-humanization, soul, spirit. 1. Introduction Every age is also a humanistic season; no age passes without taking into account the theme of man and the problems he faces. The literature on this subject is vast and therefore no century in the history of mankind passed without crossing this theme. This explains why I entitled my reflection “footsteps of man, traces of thought”. -
The Monetary and Fiscal Nexus of Neo-Chartalism: a Friendly Critique
JOURNAL OF ECONOMIC ISSUES Vol. XLVII No. 1 March 2013 DOI 10.2753/JEI0021-3624470101 The Monetary and Fiscal Nexus of Neo-Chartalism: A Friendly Critique Marc Lavoie Abstract: A number of post-Keynesian authors, called the neo-chartalists, have argued that the government does not face a budget constraint similar to that of households and that government with sovereign currencies run no risk of default, even with high debt-to-GDP ratio. This stands in contrast to countries in the eurozone, where the central bank does not normally purchase sovereign debt. While these claims now seem to be accepted by some economists, neo-chartalists have also made a number of controversial claims, including that the government spends simply by crediting a private-sector-bank account at the central bank; that the government does need to borrow to deficit-spend; and that taxes do not finance government expenditures. This paper shows that these surprising statements do have some logic, once one assumes the consolidation of the government sector and the central bank into a unique entity, the state. The paper further argues, however, that these paradoxical claims end up being counter-productive since consolidation is counter-factual. Keywords: central bank, clearing and settlement system, eurozone, neo-chartalism JEL Classification Codes: B5, E5, E63 The global financial crisis has exposed the weaknesses of mainstream economics and it has given a boost to heterodox theories, in particular, Keynesian theories. The mainstream view about the irrelevance of fiscal activism has been strongly criticized by the active use of fiscal policy in the midst of the global financial crisis. -
Working Paper No. 19, Werner Sombart and National Socialism
Portland State University PDXScholar Working Papers in Economics Economics 3-15-2019 Working Paper No. 19, Werner Sombart and National Socialism Jenica M. Kramer Portland State University Follow this and additional works at: https://pdxscholar.library.pdx.edu/econ_workingpapers Part of the Economic History Commons, and the Economic Theory Commons Let us know how access to this document benefits ou.y Citation Details Kramer, Jenica M. "Werner Sombart and National Socialism, Working Paper No. 19", Portland State University Economics Working Papers. 19. (15 March 2019) i + 14 pages. This Working Paper is brought to you for free and open access. It has been accepted for inclusion in Working Papers in Economics by an authorized administrator of PDXScholar. Please contact us if we can make this document more accessible: [email protected]. Werner Sombart and National Socialism WORKING PAPER No. 19 Authored by: Jenica M. Kramer A Contribution to the Working Papers of the Department of Economics, Portland State University Submitted for: EC446 “Institutional Economics”, 15 March 2019; i + 14 pages Prepared for Professor John Hall Abstract: This inquiry seeks to establish that Werner Sombart serves as an example of an exponent of the German Historical School of Economic Thought who joined the National Socialists. This thesis is explored in three sections. The first examines the historical context in which Sombart was reared, considering aspects of his family life, economic class, education, and early academic career. In addition, this section explores Sombart’s relations to the Historical School and his mentor Gustav Schmoller, as well as Sombart’s relation to Marxism and socialism. -
Genealogy of German Intellectual Impacts on Making of Economic Planning in South Korea
Genealogy of German Intellectual Impacts on Making of Economic Planning in South Korea Young-Sue Han* <Abstract> This paper aims to explore the path of the genealogy of German intellectuals in the making of economic planning. The Schools of Liberalism criticised economic planning implements in communist states during the Cold War era. In spite of the hostile attitude of the liberalists to economic planning, American policy makers in South Korea consistently recommended introducing economic planning in the nation-making period of the last century. This paper will show that the American reliance on economic planning originates from German intellectuals’ influence by performing a three-fold task. First, this paper backgrounds the influx of the German Historical School into wartime economic planning in Imperial Japan. Consequently, this papers explores American scholarship in Germany in the early 20th century. Finally, this paper explores the roles of scholars in making theories on economic planning in Developmental State School. Key words: Economic planning, The German Historical School, Developmental State, Werner Sombart, Karl Mannheim, Lorenz von Stein * International Institute for Regional & Cultural Studies, Sogang University. 32 제9권 1집(통권 제16호, 2018년 3월) Contents Ⅰ. Introduction Ⅳ. German intellectual influences on Ⅱ. Japanese reception of the German the theoreticalization of economic Historical School of Economics planning Ⅲ. German intellectual influences on the Ⅴ. Conclusion formation of economic planning in the USA I. Introduction This paper aims to explore the path of the genealogy of German intellectuals in the making of economic planning. The purpose of this exploration arises from the lack of a considerable body of academic literature on economic development based on the economic planning of South Korea in the last century.