DOCSLIB.ORG

Deciphering Markets and Money: a Sociological Analysis of Economic Institutions

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Deciphering Markets and Money: a Sociological Analysis of Economic Institutions A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Gronow, Jukka Book — Published Version Deciphering markets and money: A sociological analysis of economic institutions Provided in Cooperation with: Helsinki University Press (HUP) Suggested Citation: Gronow, Jukka (2020) : Deciphering markets and money: A sociological analysis of economic institutions, ISBN 978-952-369-001-1, Helsinki University Press (HUP), Helsinki, http://dx.doi.org/10.33134/HUP-1 This Version is available at: http://hdl.handle.net/10419/233551 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 under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. https://creativecommons.org/licenses/by/4.0/ www.econstor.eu Jukka Gronow Jukka Jukka Gronow ukka Gronow’s book Deciphering Markets and Money solves the problem of the specific social Jconditions of an economic order based on money Deciphering and the equal exchange of commodities. Gronow scrutinizes the relation of sociology to neoclassical andDeciphering Markets Money economics and reflects on how sociology can contribute Markets and to the analyses of the major economic institutions. The question of the comparability and commensuration of economic objects runs through the chapters of the book. Money The author shows that due to the multidimensionality and principal quality uncertainty of products, markets A Sociological would collapse without market devices that are either procedural, consisting of technical standards and measuring Analysis of instruments, or aesthetic, relying on the judgements of taste, or both. In his book, Gronow demonstrates that in Economic this respect, financial markets share the same problem as Institutions the markets of wines, movies, or PCs and mobile phones, and hence offer a highly actual case to study their social constitution in the process of coming into being. Jukka Gronow is professor emeritus of sociology at Uppsala University, Sweden, and docent at the University of Helsinki, Finland. He has published on sociology of consumption, history of sociology and social theory. Deciphering Markets and Money A Sociological Analysis of Economic Institutions Jukka Gronow Published by Helsinki University Press www.hup.fi © Jukka Gronow 2020 First published 2020 Cover design by Ville Karppanen Print and digital versions typeset by Siliconchips Services Ltd. ISBN (Paperback): 978-952-369-000-4 ISBN (PDF): 978-952-369-001-1 ISBN (EPUB): 978-952-369-002-8 ISBN (Kindle): 978-952-369-003-5 https://doi.org/10.33134/HUP-1 This work is licensed under the Creative Commons Attribution 4.0 International License (unless stated otherwise within the content of the work). To view a copy of this license, visit http://creativecommons.org/licenses/by/4.0/ or send a letter to Creative Commons, 444 Castro Street, Suite 900, Mountain View, California, 94041, USA. This license allows for copying any part of the work for personal and commercial use, providing author attribution is clearly stated. The full text of this book has been peer reviewed to ensure high academic standards. For full review policies, see http://www.hup.fi/ Suggested citation: Gronow, J. 2020. Deciphering Markets and Money: A Sociological Analysis of Economic Institutions. Helsinki: Helsinki University Press. https://doi. org/10.33134/HUP-1. License: CC BY 4.0 To read the free, open access version of this book online, visit https://doi.org/10.33134/HUP-1 or scan this QR code with your mobile device: Contents Acknowledgments v Preface vii Chapter 1. Introduction: Making the Incomparable Comparable 1 Chapter 2. Economic Sociology in a Theory-historical Perspective 19 Classical sociology and economics 19 The advent of Weber’s Economy and Society and the tasks of economic sociology 26 Weber’s critique of the theoretical postulates of Marginalism 28 The historical validity of theoretical economics 34 Weber’s own sociological concepts of economy 37 Formal rationality and the importance of accounting 41 Economy and society once again—35 years later 44 Chapter 3. What is Money? 51 The functions of money 51 The secret of the social form of money—or ‘moneyness’ 58 Chapter 4. Sociological Theories of the Market 69 Market identities and status hierarchies 69 Quality uncertainty and market devices 79 Regimes of market coordination 96 Market regimes and the price formation 99 Chapter 5. The Three Social Formations of Taste in Economic Markets 105 Fashion 105 Social worlds 108 Fields of culture 112 Chapter 6. The Aesthetization of Everyday Consumption 119 Chapter 7. Finance Capital and the New Financial Markets 127 Financialization of almost everything 127 Market devices and the commodification of risk 137 Chapter 8. Conclusion 145 Notes 163 Literature 171 Index 185 Acknowledgements This work would not have been possible without the support, encouragement, and critical feedback of colleagues and friends. I am grateful in particular to Ilkka Arminen, Patrik Aspers, Arto Noro, Keijo Rahkonen, Aino Sinnemäki, Petri Ylikoski, and Alan Warde, who all read and commented—many of them quite thoroughly—the manuscript at various stages of writing. I also remain indebted to Uskali Mäki, who gave me valuable advice concerning some basic issues of economic theory. I found the suggestions and critical comments of the publisher’s two anonymous reviewers extremely useful in trying to make my arguments more coherent and convincing. I have noted the smaller shortcom- ings and inconsistencies in the text that they pointed out as best as I could. As always, I alone am responsible for the final result. The Eminentia grant that The Finnish Cultural Foundation generously awarded me was not only welcome as an economic support but also as a sign of others having faith in my project. The faculty of the social sciences at the Uni- versity of Helsinki has generously provided me with office space and facilities during the years that I have been working on this project. Last but not least, I am very glad that my book has been accepted in the publication series of the new Finnish academic publishing house, Helsinki University Press. The publishing director, Leena Kaakinen, and the publishing manager, Aino Rajala, have been supportive and very helpful during the whole process of editing and publication. Preface This book is an attempt to give at least a provisional answer to two questions that have occupied my mind during the best part of my academic career: What is the relation of sociology to economics, and what can sociology contribute to the analyses of the major economic institutions? From its very beginning, at the turn of the 19th and 20th centuries, sociology’s relation to economics and to the study of economic institutions has been rather complicated and ambigu- ous. Sociologists have repeatedly criticized what they consider the problematic presumptions of economic theory; they have also argued that one should take the historical specificity and the social embeddedness of the economic rela- tions and institutions seriously into account. At the same time, sociology has made, with some remarkable exceptions, only relatively modest contributions to the analyses of modern economic institutions. It has not succeeded seri- ously in challenging economics’ conception as the standard interpretation of economic life. More recently, however, the situation has changed with growing interest among the sociologists in economic phenomena that has already led to many valuable new theoretical insights and empirical results. The growing impor- tance of economic sociology has certainly many causes. The recent economic crises, the increasing importance of the financial markets and the globaliza- tion of economy are certainly among the most evident ones. The neoliberal regime of governance, which has dominated political thinking in Europe, North America, and the world at large during the last decades, has led also to viii Deciphering Markets and Money a situation in which the economic discourse has gained an almost hegemonic position in politics as the interpreter of the economic and political reality. As such, it poses an obvious challenge to the other social sciences and sociology in particular. The present study takes up this challenge. With the help of the classics of sociology as well as modern economic sociologists, it presents a con- tribution of its own to developing genuinely sociological concepts and theoreti- cal understanding of the functioning of the modern economic institutions. As argued here, economic sociology is in need of a specific sociological
Load more

Recommended publications
  • The Austrian School in Bulgaria: a History✩ Nikolay Nenovsky A,*, Pencho Penchev B
    Russian Journal of Economics 4 (2018) 44–64 DOI 10.3897/j.ruje.4.26005 Publication date: 23 April 2018 www.rujec.org The Austrian school in Bulgaria: A history✩ Nikolay Nenovsky a,*, Pencho Penchev b a University of Picardie Jules Verne, Amiens, France b University of National and World Economy, Sofia, Bulgaria Abstract The main goal of this study is to highlight the acceptance, dissemination, interpretation, criticism and make some attempts at contributing to Austrian economics made in Bulgaria during the last 120 years. We consider some of the main characteristics of the Austrian school, such as subjectivism and marginalism, as basic components of the economic thought in Bulgaria and as incentives for the development of some original theoreti- cal contributions. Even during the first few years of Communist regime (1944–1989), with its Marxist monopoly over intellectual life, the Austrian school had some impact on the economic thought in the country. Subsequent to the collapse of Communism, there was a sort of a Renaissance and rediscovery of this school. Another contribution of our study is that it illustrates the adaptability and spontaneous evolution of ideas in a different and sometimes hostile environment. Keywords: history of economic thought, dissemination of economic ideas, Austrian school, Bulgaria. JEL classification: B00, B13, B30, B41. 1. Introduction The emergence and development of specialized economic thought amongst the Bulgarian intellectuals was a process that occurred significantly slowly in comparison to Western and Central Europe. It also had its specific fea- tures. The first of these was that almost until the outset of the 20th century, the economic theories and different concepts related to them were not well known.
    [Show full text]
  • “Until That Song Is Born”: an Ethnographic Investigation of Teaching and Learning Among Collaborative Songwriters in Nashville
    “UNTIL THAT SONG IS BORN”: AN ETHNOGRAPHIC INVESTIGATION OF TEACHING AND LEARNING AMONG COLLABORATIVE SONGWRITERS IN NASHVILLE By Stuart Chapman Hill A DISSERTATION Submitted to Michigan State University in partial fulfillment of the requirements for the degree of Music Education—Doctor of Philosophy 2016 ABSTRACT “UNTIL THAT SONG IS BORN”: AN ETHNOGRAPHIC INVESTIGATION OF TEACHING AND LEARNING AMONG COLLABORATIVE SONGWRITERS IN NASHVILLE By Stuart Chapman Hill With the intent of informing the practice of music educators who teach songwriting in K– 12 and college/university classrooms, the purpose of this research is to examine how professional songwriters in Nashville, Tennessee—one of songwriting’s professional “hubs”—teach and learn from one another in the process of engaging in collaborative songwriting. This study viewed songwriting as a form of “situated learning” (Lave & Wenger, 1991) and “situated practice” (Folkestad, 2012) whose investigation requires consideration of the professional culture that surrounds creative activity in a specific context (i.e., Nashville). The following research questions guided this study: (1) How do collaborative songwriters describe the process of being inducted to, and learning within, the practice of professional songwriting in Nashville, (2) What teaching and learning behaviors can be identified in the collaborative songwriting processes of Nashville songwriters, and (3) Who are the important actors in the process of learning to be a collaborative songwriter in Nashville, and what roles do they play (e.g., gatekeeper, mentor, role model)? This study combined elements of case study and ethnography. Data sources included observation of co-writing sessions, interviews with songwriters, and participation in and observation of open mic and writers’ nights.
    [Show full text]
  • Uncorrected Transcript
    1 DEBT-2015/03/13 THE BROOKINGS INSTITUTION SAUL/ZILKHA ROOM REACHING THE LIMIT: ENDING THE CYCLE OF DEBT CEILING SHOWDOWNS Washington, D.C. Friday, March 13, 2015 PARTICIPANTS: Introduction and Moderator: RON HASKINS Senior Fellow and Co-Director, Budgeting for National Priorities Project The Brookings Institution Panelists: STEVE BELL Senior Director of Economic Policy Bipartisan Policy Center DOUGLAS HOLTZ-EAKIN President American Action Forum MAYA MacGUINEAS President Committee for a Responsible Federal Budget DAVID WESSEL Director, Hutchins Center on Fiscal and Monetary Policy, and Senior Fellow, Economic Studies The Brookings Institution * * * * * ANDERSON COURT REPORTING 706 Duke Street, Suite 100 Alexandria, VA 22314 Phone (703) 519-7180 Fax (703) 519-7190 2 DEBT-2015/03/13 P R O C E E D I N G S MR. HASKINS: (in progress) -- thanks to everybody that we ought to do something about the debt. And as you can see, we've been extremely successful in getting the Federal debt way down. So we are -- MR. HOLTZ-EAKIN: If the deficit is going the right way? MR. HASKINS: The deficit, yes, but -- MR. HOLTZ-EAKIN: They’ve got to take credit for something. MR. HASKINS: I know, but it's still higher than it's almost ever been except for the last couple years, but -- So, we should have called this event. Here we are again, the debt ceiling has been increased something like 100 times, actually more than 100, and 18 times just during the Reagan Administration. And in recent years it has been the cause of great sound and fury, including playing a major role in the 17-day Government Shutdown in 2013.
    [Show full text]
  • Social Economics: Organizations John B
    Marquette University e-Publications@Marquette Economics Faculty Research and Publications Economics, Department of 1-1-1998 Social Economics: Organizations John B. Davis Marquette University, [email protected] Published version. "Social Economics: Organizations," in Encyclopedia of Political Economy. Eds. Phillip Anthony O'Hara. London: Taylor & Francis (Routledge), 1998: 1038-1040. Publisher Link. © 1998 Taylor & Francis (Routledge). Used with permission. social economics: organizations Selected references ment, social security, credit policy, the Federal Reserve and postwar reconstruction). ThoUgh Apter, David E. (1993) "Social Democracy," in early contributors were influenced by neoclas_ William Outhwaite and Tom Bottomore sical economists, solidarism, a theoretical (eds), Blackwell Dictionary of Twentieth­ orientation critical of neoclassical economics Century Social Thought, Oxford: Blackwell. with origins in the work of Heinrich Pesch and Bernstein, Eduard (1898) Evolutionary Social­ Goetz Briefs in interwar Germany, became ism, New York: Schocken, 1961. increasing influential. Members of the ASE Milner, Henry (1990) Sweden: Social Democ­ tended to reject liberalism and laissez-faire, and racy in Practice, Oxford: Oxford University argued for a social market economy and an Press. economic process embedded in the larger living Nettl, IP. (1973) "Social Democracy in Ger­ context of society. many and Revisionism," in Dictionary of the In 1970 the members of the Association History of Ideas, vo l. 4, Studies of Selected elected to give up their strict identification with Pivotal Ideas, ed. Philip P. Wiener, New York: Catholic social thought, and gave the organiza­ Charles Scribner's Sons. tion its current name to refle~t the increasingly Pierson, Christopher (1991) Beyond the Welfare pluralistic character of its membership.
    [Show full text]
  • Neoliberal Reason and Its Forms: Depoliticisation Through
    Neoliberal Reason and Its Forms: De-Politicisation Through Economisation Yahya M. Madra and Fikret Adaman Department of Economics, Boğaziçi University, Istanbul, Turkey; [email protected] Abstract: This paper offers a historically contextualised intellectual history of the entangled development of three competing post-war economic approaches, viz the Austrian, Chicago and post-Walrasian schools, as three forms of neoliberalism. Taking our cue from Foucault’s reading of neoliberalism as a mode of governmentality under which the social is organised through “economic incentives”, we engage with the recent discussions of neoliberal theory on three accounts: neoliberalism is read as an epistemic horizon including not only “pro-” but also “post-market” positions articulated by post- Walrasian economists who claim that market failures necessitate the design of “incentive-compatible” remedial mechanisms; the Austrian tradition is distinguished from the Chicago-style pro-marketism; and the implications of the differences among the three approaches on economic as well as socio-political life are discussed. The paper maintains that all three approaches promote the de-politicisation of the social through its economisation albeit by way of different theories and policies. Keywords: Michel Foucault, economisation, Austrian School, Chicago School, post- Walrasian School Introduction More than half a decade after the 2008 Crash and with no end in sight to depressive economic conditions, neoliberal reason displays a certain resiliency. In time, the initial calls for intervention and regulation transformed into austerity programs run by technocratic governments. In the absence of a major redistribution of wealth and income, returning to a New Deal arrangement with well paying secure jobs for all, comprehensive social security, free and quality education, accessible healthcare and active government involvement in social welfare, appears to many a nostalgic indulgence.
    [Show full text]
  • Socioeconomics: Choice and Challenges Jeffrey L
    University of Florida Levin College of Law UF Law Scholarship Repository Faculty Publications Faculty Scholarship 2-1-2004 Socioeconomics: Choice and Challenges Jeffrey L. Harrison University of Florida Levin College of Law, [email protected] Follow this and additional works at: http://scholarship.law.ufl.edu/facultypub Part of the Law Commons Recommended Citation Jeffrey L. Harrison, Socioeconomics: Choice and Challenges, 41 San Diego L. Rev. 257 (2004), available at http://scholarship.law.ufl.edu/facultypub/181 This Article is brought to you for free and open access by the Faculty Scholarship at UF Law Scholarship Repository. It has been accepted for inclusion in Faculty Publications by an authorized administrator of UF Law Scholarship Repository. For more information, please contact [email protected]. Socioeconomics: Choice and Challenges JEFFREY L. HARRISON* TABLE OF CONTENTS I. INTRO DUCTION ................................................................................................... 257 II. EXPLAINING CHOICES AND PREFERENCES ........................................................... 257 III. C HA LLENG ES ...................................................................................................... 263 A. M oving from "See, e.g." to "See". .......................................................... 264 B. Socioeconomics as an End ....................................................................... 265 C. A Positive Messagefor Teaching and Beyond .......................................... 267 I. INTRODUCTION
    [Show full text]
  • Ecad Agosto 2020
    PLANILHA DE PROGRAMAÇÃO MUSICAL - RÁDIO RAZÃO SOCIAL: SISTEMA 103 DE RADIOS LTDA - EPP CNPJ: 82721226000146 NOME FANTASIA: DIAL: 103.7 CIDADE: UF: EXECUÇÃO DATA HORA MÚSICA INTÉRPRETE AUTOR GRAVADORA AO VIVO MECÂNICA 01/08/2020 00:01 JUST LIKE YOU LOUIS TOMLINSON X 01/08/2020 05:31 SONHO LOUCO CHRYSTIAN E RALF X 01/08/2020 05:34 SEM VOCE ME DESESPERO CELITA X 01/08/2020 05:37 MAIS UMA CARTA TRIO PARADA DURA X 01/08/2020 05:40 AS PAREDES AZUIS JOÃO MINEIRO E MARCIANO X 01/08/2020 05:47 VAI DURVAL E DAVI X 01/08/2020 05:50 A CARNE É FRACA CHITÃOZINHO E XORORÓ X 01/08/2020 05:53 VOCE MARCOU PRA MIM CEZAR E PAULINHO X 01/08/2020 05:57 PORTA FECHADA TEODORO E SAMPAIO X 01/08/2020 06:02 X - SALADA BOB E ROBISON X 01/08/2020 06:06 ESTRELA DE OURO FELIPE E FALCAO X 01/08/2020 06:09 AGULHA CHICO REY E PARANÁ X 01/08/2020 06:12 APAIXONADO DEMAIS GILBERTO E GILMAR X 01/08/2020 06:19 DE CARA COM A SAUDADE MILIONARIO E JOSE RICO X 01/08/2020 06:23 SOU LOUCA POR ELE AS MINEIRINHAS X 01/08/2020 06:26 CAMINHOS ROBERTO E MEIRINHO X 01/08/2020 06:30 PELA PORTA DA COZINHA PEAO CARREIRO E PRAIANO X 01/08/2020 06:40 PARA QUE CHORAR DUDUCA E DALVAN X 01/08/2020 06:43 PISCINA CHRYSTIAN E RALF X 01/08/2020 06:52 VOCE EM MINHA VIDA GIAN E GIOVANI X 01/08/2020 06:55 VOCÊ É TUDO QUE PEDI PRA DEUS CEZAR E PAULINHO X 01/08/2020 07:03 NAO SEI MAIS DORMIR SOZINHO LEANDRO E LEONARDO X 01/08/2020 07:07 VOCE SO ME FAZ FELIZ ADALBERTO E ADRIANO X 01/08/2020 07:12 BRIGUE COMIGO MAS NAO VA ZEZE DI CAMARGO E LUCIANO X 01/08/2020 07:16 AINDA FAÇO AMOR COM ELA RENÊ E RONALDO
    [Show full text]
  • Marginal Revolution
    MARGINAL REVOLUTION It took place in the later half of the 19th century Stanley Jevons in England, Carl Menger in Austria and Leon walras at Lausanne, are generally regarded as the founders of marginalist school Hermann Heinrich Gossen of Germany is considered to be the anticipator of the marginalist school The term ‘Marginal Revolution’ is applied to the writings of the above economists because they made fundamental changes in the apparatus of economic analysis They started looking at some of the important economic problems from an altogether new angle different from that of classical economists Marginal economists has been used to analyse the single firm and its behavior, the market for a single product and the formation of individual prices Marginalism dominated Western economic thought for nearly a century until it was challenged by Keynesian attack in 1936 (keynesian economics shifted the sphere of enquiry from micro economics to macro economics where the problems of the economy as a whole are analysed) The provocation for the emergence of marginalist school was provided by the interpretation of classical doctrines especially the labour theory of value and ricardian theory of rent by the socialists Socialists made use of classical theories to say things which were not the intention of the creators of those theories So the leading early marginalists felt the need for thoroughly revising the classical doctrines especially the theory of value They thought by rejecting the labour theory of value and by advocating the marginal utility theory of value, they could strike at the theoretical basis of socialism Economic Ideas of Marginalist School This school concentrated on the ‘margin’ to explain economic phenomena.
    [Show full text]
  • Downloadable Software, Such As Spreadsheets, Or Simulations That Enable Students to Create Data Sets and See Immediate Changes in a Bar Graph Or
    TEACHERS’ USE OF INSTRUCTIONAL MOVES DURING TECHNOLOGY-BASED MATHEMATICAL ACTIVITIES by Susan B. Miller B.S. Chemical Engineering, Bucknell University, 1989 M.B.A., University of Denver, 2000 A dissertation submitted to the Faculty of the Graduate School of the University of Colorado in partial fulfillment of the requirement for the degree of Doctor of Philosophy School of Education 2017 This dissertation entitled: Teachers’ Use of Instructional Moves During Technology-Based Mathematical Activities written by Susan B. Miller has been approved for the School of Education __________________________________ David C. Webb __________________________________ Daniel Liston __________________________________ Joseph Polman __________________________________ Edd V. Taylor __________________________________ Ben Shapiro Date_______________ The final copy of this thesis has been examined by the signatories, and we find that both the content and the form meet acceptable presentation standards of scholarly work in the above mentioned discipline. IRB protocol # 13-0182 ii Miller, Susan B. (Ph.D., Curriculum and Instruction [Mathematics], School of Education) Teachers’ Use of Instructional Moves During Technology-Based Mathematical Activities Dissertation directed by Associate Professor David C. Webb ABSTRACT This study investigates instructional moves by teachers in mathematics classrooms in which technology-based activities (i.e., student-oriented simulations) and features of those simulations influence classroom practices. Four teachers were studied over the course of a year as an exploratory study to build interpretive cases that described instructional practices in technology- based lessons. Teachers developed lessons using PhET simulations designed to support algebraic reasoning. Data sources included teachers’ process of selecting and designing lessons, observations of teachers’ non-technology and technology-based mathematical activities, and teacher interviews and reflections.
    [Show full text]
  • Education and Income Inequality: a Meta-Regression Analysis
    Education and Income Inequality: A Meta-Regression Analysis Abdul Jabbar Abdullah* Hristos Doucouliagos Elizabeth Manning - FIRST DRAFT - Please do not quote without permission from the authors September 2011 Abstract This paper revisits the literature that investigates the effects of education on inequality. Specifically, the paper provides a comprehensive quantitative review of the extant econometrics literature through a meta-regression analysis of 64 empirical studies that collectively report 868 estimates of the effects of education on inequality. We find that education affects the two tails of the distribution of incomes; it reduces the income share of top earners and increases the share of the bottom earners, but has no effect on the share of the middle class. Inequality in education widens income inequality. Education has a larger negative effect on inequality in Africa. The heterogeneity in reported estimates can be largely explained by differences in the specification of the econometric model. JEL Codes: I24, C01 Keywords: Education, inequality, meta-regression analysis Number of words: 12,683 * Corresponding author. Abdullah: Universiti Teknologi Mara Sarawak Campus, Malaysia and PhD Candidate Deakin University, [email protected] Doucouliagos: School of Accounting, Economic and Finance, Deakin University, [email protected] Manning: School of Accounting, Economic and Finance, Deakin University, [email protected] 1 Education and Income Inequality: A Meta-Regression Analysis 1. Introduction Income inequality is a critically important social, political and economic issue in the study of economic development. Inequality can affect economic growth and development and it can impact upon political stability and class and ethnic tensions.1 The empirical literature identifies various factors that shape inequality, such as urbanization, the level of development, political regime, government intervention and land inequality.
    [Show full text]
  • Nine Lives of Neoliberalism
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Plehwe, Dieter (Ed.); Slobodian, Quinn (Ed.); Mirowski, Philip (Ed.) Book — Published Version Nine Lives of Neoliberalism Provided in Cooperation with: WZB Berlin Social Science Center Suggested Citation: Plehwe, Dieter (Ed.); Slobodian, Quinn (Ed.); Mirowski, Philip (Ed.) (2020) : Nine Lives of Neoliberalism, ISBN 978-1-78873-255-0, Verso, London, New York, NY, https://www.versobooks.com/books/3075-nine-lives-of-neoliberalism This Version is available at: http://hdl.handle.net/10419/215796 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 under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative
    [Show full text]
  • THE NEOLIBERAL THEORY of SOCIETY Simon Clarke
    THE NEOLIBERAL THEORY OF SOCIETY Simon Clarke The ideological foundations of neo-liberalism Neoliberalism presents itself as a doctrine based on the inexorable truths of modern economics. However, despite its scientific trappings, modern economics is not a scientific discipline but the rigorous elaboration of a very specific social theory, which has become so deeply embedded in western thought as to have established itself as no more than common sense, despite the fact that its fundamental assumptions are patently absurd. The foundations of modern economics, and of the ideology of neoliberalism, go back to Adam Smith and his great work, The Wealth of Nations. Over the past two centuries Smith’s arguments have been formalised and developed with greater analytical rigour, but the fundamental assumptions underpinning neoliberalism remain those proposed by Adam Smith. Adam Smith wrote The Wealth of Nations as a critique of the corrupt and self-aggrandising mercantilist state, which drew its revenues from taxing trade and licensing monopolies, which it sought to protect by maintaining an expensive military apparatus and waging costly wars. The theories which supported the state conceived of exchange as a ‘zero-sum game’, in which one party’s gain was the other party’s loss, so the maximum benefit from exchange was to be extracted by force and fraud. The fundamental idea of Smith’s critique was that the ‘wealth of the nation’ derived not from the accumulation of wealth by the state, at the expense of its citizens and foreign powers, but from the development of the division of labour. The division of labour developed as a result of the initiative and enterprise of private individuals and would develop the more rapidly the more such individuals were free to apply their enterprise and initiative and to reap the corresponding rewards.
    [Show full text]