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Problems of polysemy and idealism
Andrew Sayer

market exchange as the atomic structure of all economic processes, and as the default form of economic co-ordination, so that any other forms of organisation are either marginalised or treated as problematic exceptions. The second target of critique concerns literature on the socially embedded character of economic processes, on the nature of networks, and the role of trust. While largely endorsing the importance attached to these factors in recent literature, I argue that their treatment has suffered frequently from being idealist, both in the sense of underestimating

in Market relations and the competitive process
Bill Dunn

Introduction Keynesian scholarship is enormous and diverse. It is impossible to know, much less to present, this contradictory richness in a single chapter. Rather than feigning an overview of the literature, the chapter sketches three broad trajectories to make an argument that each of these strands of the Keynesian critique remain limited by an ambiguous and unsatisfactory break with neo-classical economics. The problem can perhaps be couched in terms of the analogy with physics mentioned in the Introduction. Keynes saw his theory as general in the same

in Keynes and Marx

The well-being of Europe’s citizens depends less on individual consumption and more on their social consumption of essential goods and services – from water and retail banking to schools and care homes – in what we call the foundational economy. Individual consumption depends on market income, while foundational consumption depends on social infrastructure and delivery systems of networks and branches, which are neither created nor renewed automatically, even as incomes increase. This historically created foundational economy has been wrecked in the last generation by privatisation, outsourcing, franchising and the widespread penetration of opportunistic and predatory business models. The distinctive, primary role of public policy should therefore be to secure the supply of basic services for all citizens (not a quantum of economic growth and jobs). Reconstructing the foundational has to start with a vision of citizenship that identifies foundational entitlements as the conditions for dignified human development, and likewise has to depend on treating the business enterprises central to the foundational economy as juridical persons with claims to entitlements but also with responsibilities and duties. If the aim is citizen well-being and flourishing for the many not the few, then European politics at regional, national and EU level needs to be refocused on foundational consumption and securing universal minimum access and quality. If/when government is unresponsive, the impetus for change has to come from engaging citizens locally and regionally in actions which break with the top down politics of ‘vote for us and we will do this for you’.

Philipp Staab

Chapter 5 examines the consequences of proprietary markets for labour. Two points in particular are stressed: first, market-owning companies use their power to extract value from the economy and especially from the supply side of proprietary markets. Producers within these systems come to depend more and more on the market-like meta-platforms, which can then increase the proportion they extract. As a consequence, the share taken by the meta-platforms for market participation is missing on the external provider’s revenue income side and cannot be distributed in wages. Digital capitalism’s accumulation model is thus a driver of social inequality. Second, the chapter uses material case studies and the broader literature to demonstrate how algorithmic management methods are applied to expand control and exploitation in the digital labour process. The digital tracking, performance rating, scoring technologies and information asymmetries employed for labour control are captured as filiations of the control strategies developed for proprietary markets. The chapter elaborates their dissemination through new business models and in particular the ‘gig economy’, through corporate software and through wearable technologies in manufacturing. While the bottom line is that the new means of control are again drivers of social inequality, day-to-day resistance strategies and the limitations of digital control are also discussed.

in Markets and power in digital capitalism
Mike Buckle
John Thompson

already processed the available information. In this section we provide a brief survey of the literature on market efficiency with respect to the foreign exchange markets. This research is ongoing and the interested reader is recommended to examine the original literature. We first consider the evidence concerning the existence or otherwise of PPP. Efficiency with respect to PPP is

in The UK financial system (fifth edition)
Clive L. Spash

Nature, dematerialisation and alternative modes of living (from self-sufficiency to communes). However, the popular environmental literature really took off in the 1970s and then spread into wider economic debates. Topics expanded from population growth (Ehrlich and Holdren 1971 ), to general limits to economic growth (Meadows et al. 1972 ), to questioning the means of production (Schumacher 1973 ) and social impacts of

in Foundations of social ecological economics
Abstract only
Japhy Wilson

consumer and the non-Western recipient can be accused of legitimating or obscuring the profound global inequalities that underpin it, and the literature on ethical consumption tends to critique it in these terms, accusing it of a disingenuous morality that ‘celebrates a culture of global capitalism while sympathising with its victims’, 2 and that constitutes a ‘therapeutic discourse of the West, a

in Clickbait capitalism
Sandy Brian Hager

to uncover the psychological dimensions of capitalism via comparison with the archaic. 5 What is the point, then, of journeying down this path again? One reason is that recent literature ignores the most crucial insights of the postwar thinkers and, as a result, draws misleading parallels between capitalist and archaic practices. Another reason is that these postwar insights were developed during the

in Clickbait capitalism
Abstract only
Joe Earle
Cahal Moran
, and
Zach Ward-Perkins

Rethinking Economics or get involved all the relevant information is available at: 6  The econocracy Notes 1 Albert Camus, speech at the Nobel Banquet at the City Hall in Stockholm, 10 December 1957. Available at: nobel_prizes/literature/laureates/1957/camus-speech.html (accessed 16 May 2016). 2 For full poll results see: uploads/document/5tw8cdop65/RethinkingEconomicsResults_160229_ Media&Economics_w.pdf (accessed 27 April 2016). 3 John Lanchester, How to Speak

in The econocracy
Bill Dunn

anti-Keynesian. The second section argues, however, that structural shifts have weakened national bases of economic organisation, potentially limiting the scope and efficacy, and crucially also the institutional supports, of Keynesian intervention. The growth of finance and of financial power alongside industrial ‘globalisation’ pull in an anti-Keynesian direction. There is a vast, if contested, literature which suggests this restructuring also means that any future return towards Keynes becomes more difficult. There are, at least, powerful vested interests in

in Keynes and Marx