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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
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
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’.
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
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
Rethinking Economics or get involved all the relevant information is available at: http://www.rethinkeconomics.org/. 6 The econocracy Notes 1 Albert Camus, speech at the Nobel Banquet at the City Hall in Stockholm, 10 December 1957. Available at: http://www.nobelprize.org/ nobel_prizes/literature/laureates/1957/camus-speech.html (accessed 16 May 2016). 2 For full poll results see: https://d25d2506sfb94s.cloudfront.net/cumulus_ uploads/document/5tw8cdop65/RethinkingEconomicsResults_160229_ Media&Economics_w.pdf (accessed 27 April 2016). 3 John Lanchester, How to Speak
. The benefits and dangers of HFT are discussed in the ‘Foresight’ report commissioned by the UK government (Government Office for Science 2012 ). We give below a summary of its main conclusions. Chapter 3 of that report presents an excellent survey of the literature. Broadly speaking, any beneficial impacts on market quality have come from three sources: liquidity, price
9 Conclusion Stan Metcalfe and Alan Warde In conclusion we draw together and evaluate a number of the themes raised in this volume and begin to sketch an agenda for future research about markets and the competitive process. Happily, this book resides within a now-flourishing broader stream of ideas at the interface between economics and sociology. Some of this new work signals the resurrection of economic sociology, while other aspects of it emanate from within the literature on innovation processes and, more generally, from evolutionary economics. There has
, literature, critique, policy, movement, way of life and attack on the ideology of economic growth (2015). Based on the accumulated work of the thinkers mentioned above, de- growth is a radical critique of neo-classical thinking on economic growth. As Andreonia and Galmarini say, the de-growth paradigm ‘proposes a solution that consists of reducing the scale of the socio-economic system to fit within the biophysical limits of the planet’ (2013:65). Perhaps most importantly, de- growth insists upon the incompatibility of consumer capitalism and ecological sustainability
persons with many of the same rights as natural persons. This third section argues that the duties of corporate actors operating in a foundational sphere should be made explicit and the private companies active in these areas should be brought within a reframed constitution. The moral basis of foundational provision It has long been recognised that economies do have moral foundations and that the behaviour of economic institutions and individuals should be guided by moral ends. In the classical economic literature, Adam Smith’s Wealth of Nations (1776) is underpinned by