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This paper explores the predictions of real business cycle theory on the roles of total factor productivity (TFP) and financial frictions to explain business cycles in emerging market economies (EMEs). I obtain evidence about TFP, price of capital, risk premium, and collateral constraint shocks by estimating structural vector autoregressions (SVARs) on a Brazilian sample from 1999Q1 to 2018Q4 and a Mexican sample from 1997Q1 to 2018Q4. On each sample, two SVARs are estimated. One SVAR identifies shocks by imposing restrictions on their short-run impact. The other SVAR is grounded on restrictions that shocks have long-run effects on business cycles in EMEs. Estimates of the SVARs show the TFP shock is the main driver of business cycle movements in Brazil and Mexico. However, this evidence is produced by the SVAR under the long-run restrictions, which indicates the identification of shocks matters to the explanation of business cycles in EMEs. Next, the Brazilian and Mexican business cycles are markedly different, as the contributions of shocks to aggregate fluctuations vary across the two countries. Hence, findings of this paper suggest although not all business cycles are alike in EMEs, "the cycle is the trend" view on aggregate fluctuations in EMEs remains valid. The empirical results of this paper are in support of the economic policies that aim to robustify the productivity process of EMEs. [ABSTRACT FROM AUTHOR]

With the development of the market economy, agricultural trade has become more and more significant for the development of the agricultural economy, which has triggered people's further thinking and exploration on the impact of agricultural trade on agricultural carbon emissions. This paper takes the measurement of trade implied carbon as the carbon dioxide emission index under the impact of agricultural trade and analyzes the impact of trade implied carbon and implied carbon balance on carbon emission. Taking the impact of Sino-US agricultural trade as an empirical background, this paper measures the impact of environmental changes in agricultural trade opening on China's agricultural development and its carbon emissions, so as to predict changes in China's regional agricultural carbon emissions performance. After calculation, it is found that the scale of China's exports has decreased by 0.089%, which is lower than the decline of 0.361% in the United States. The trade conflict has a significant impact on China's import and export structure. Under the scenario of mutual tariffs on agricultural products, China's exports to the United States are expected to decrease by 6.28%, while China's imports from the United States decreased by 13.02%. The Sino-US agricultural trade dispute will reduce China's carbon emissions by 0.013% and the United States' carbon emissions by 0.024%, which is related to the negative impact on the economy. Improving the performance of agricultural carbon emissions is not only the need for the green and sustainable development of the agricultural economy but also conducive to improving the international competitiveness of agricultural products. [ABSTRACT FROM AUTHOR]

This paper examines the macroeconomic effects of oil demand and supply shocks on an emerging market economy using a Bayesian vector autoregressive model combining zero and sign restrictions. The empirical analysis relies on a rich set of macroeconomic indicators mirroring the economic performance in Brazil. The effects on the Brazilian output of oil price changes driven by global demand shocks are much larger and more persistent than those driven by oil production. Oil price changes that are not related to changes in oil supply or global economic activity have a small impact on the Brazilian variables. The main policy implication of this study is that emerging market economies should identify correctly the source of oil price fluctuation for implementing the best economic policy. [ABSTRACT FROM AUTHOR]

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The aim of the paper is to identify and assess the role of economic sciences in relation to competitiveness and globalisation, two basic concepts of the market economy. This role is to explain and interpret their essence but also to determine their potential practical usefulness, primarily in the context of economic policy development. The considerations mentioned in the article are, as a rule, of a general and universal nature and do not relate especially to any particular countries or groups of countries. The basic method employed in the study is a critical analysis of the subject literature. The paper consists of an introduction, three sections, and conclusions. Section 1 contains a basic discussion of the subject of economic sciences and describes their four features: cognitive productivity, practical usefulness, dismal nature and beauty. Section 2 presents the contribution of economic sciences to understanding and interpreting the phenomenon of competitiveness. Section 3 focuses on defining and elucidating the idea of globalisation and an examination of its most important aspects. The paper ends with eight conclusions formulated on the basis of this discussion. [ABSTRACT FROM AUTHOR]

Copyright of Proceedings of the Faculty of Economics in East Sarajevo / Zbornik Radova Ekonomskog Fakulteta u Istočnom Sarajevu is the property of University of East Sarajevo and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Financial & Credit Activity: Problems of Theory & Practice is the property of University of Banking of the National Bank of Ukraine and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The paper contributes to a symposium of the Oxford Review of Economic Policy on 'Capitalism: What has Gone Wrong, What Needs to Change, and How can it be Fixed?'. The analysis starts from the observation that, in the United States, the United Kingdom, and continental Europe, widespread discontent has become an important political force. I attribute this discontent to a sense of unfairness in developments of the past few decades. I relate this sense of unfairness to: (i) negative effects of structural change, including joblessness and regional decline, (ii) the observation of extraordinary growth in executive remuneration and financial-sector remuneration, coupled with government bailouts in the global financial crisis, and (iii) changes in public policy and public discourse, with a retrenchment of public services and public investment, except for bailouts and a focus on 'efficiency', the meaning of which is driven by the perceptions of corporate executives rather than standard welfare economics. To capture these developments, one needs to think about 'capitalism' in the sense of French capitalisme or German Kapitalismus , with a focus on the symbiosis of wealth and power, including the elimination of competition, rather than merely another term for the market economy. [ABSTRACT FROM AUTHOR]

This paper overviews different exit strategies for the U.S. from the debt-overhang, and analyses their implications for emerging markets and global stability. These strategies are discussed in the context of the debates about secular-stagnation versus debt-overhang, the fiscal theory of the price level, the size of fiscal multipliers, prospects for a multipolar currency system, and historical case studies. We conclude that the reallocation of U.S. fiscal efforts towards infrastructure investment aiming at boosting growth, followed by a gradual tax increase, aiming at reaching a modest primary fiscal surplus over time are akin to an upfront investment in greater long-term global stability. Such a trajectory may solidify the viability and credibility of the U.S. dollar as a global anchor, thereby stabilizing Emerging Markets economies and global growth. [ABSTRACT FROM AUTHOR]

The paper starts with a brief discussion of two aspects of convergence hypothesis. The first one (theoretical) refers to standard growth theory, the second is of normative character and pertains to axiological aspects of socio-economic policy, also including the EU cohesion policy. Not aiming to provide any comprehensive evaluation of that policy from the viewpoint of its actual effect on elimination of differences in social and economic development among the European regions, the paper provides selected reflections concentrated on: • an attempt of formulating a viable interpretation of cohesion policy (CP) as a form of 'regulated capitalism'; the attempt in question refers to the normative approach towards public regulation in a market economy but defines the general rationality and fundamental objective of cohesion policy in terms of setting activities directed towards provision of the public goods that stimulate and facilitate exchange of goods and services among regions, thus contributing to the dynamization and endogenization of growth in poor or less developed regions; • the need of growth endogenization as the main objective (and main condition) of effective implementation of cohesion policy, provided that the definition of such endogenization is broader than that employed in the new growth theory. In particular, not rejecting the new growth theory definition of endogenous growth, the author pays special attention to the necessity of maximizing the regional value added through raising the level of processing broadly understood region-specific economic, social and others factors and resources; • correlations between the effects of distribution and growth within the scope of cohesion policy. It is analyzed from the perspective of three important questions: (1) Are the aims of social cohesion and growth competitive, or mutually complementary and reinforcing? (2) Why the hypothesis of regional convergence fails to explain the EU perspective, despite two decades of ongoing efforts of implementing active cohesion policy and regional policy? (3) Whether, and to what degree, the elimination of differences in the level of regional development is a legitimate strategy in the light of the controversy 'equality vs. effectiveness'. [ABSTRACT FROM AUTHOR]

The current global economic crisis has not come about because of some dramatic disjuncture in the productive capacity of the world's economies but through a failure of governance and political oversight. The system of rules and surveillance on which we came to rely let us down. This paper seeks to address regulation and its impact on the political system through a case study of a small European state. Ireland has experienced an ongoing process for regulatory reform. The impact of this process is viewed through the prisms of competition, transparency and innovation. The paper looks at how the pressures of local interests have been accommodated to the demands of globalised capitalism and discusses Ireland's approach to regulatory enforcement. It calls for a rebalancing of academic attention from the economic to the political agenda. The analysis of regulatory regimes, states and capitalisms has never been more prescient. By understanding the cross cutting pressures associated with regulation, it is possible to see why the political systems of some states were so adversely affected and to suggest ways of re-imagining regulation as a democratic process as well as a tool of economic policy. Case studies from different jurisdictions are frequently used to highlight practical and theoretical issues.3 In this paper, the experience of Ireland4 is used to look at how the pressures of local interests have been accommodated to the demands of globalised capitalism - sometimes by conceding, other times by colluding. Ireland is an especially interesting case because as Scott says: "Ireland is the world champion for creation of [regulating] agencies, surpassing even the United States". [ABSTRACT FROM AUTHOR]

This paper examines why the Singapore developmental state, unlike the other East Asian developmental states, has shown no signs of devolving but instead appears to be strengthening its position within society by embarking upon several 'post-industrial' economic programmes. By utilising a class relations perspective, the paper argues that the resilience of the Singapore developmental state results from the continued weakness of the domestic capitalist class as well as from the state's collaboration with transnational capital and government-linked corporations. At the same time the working class has continuously been 'incorporated' by the state. To illustrate these processes, the paper examines Singapore's Biomedical Sciences Initiative, and the Work Restructuring Scheme, which have reinforced the supremacy of the Singapore developmental state, particularly in the economic sphere. The paper concludes that developmental states need not necessarily devolve, if they can continue to provide economic growth as well as to carefully 'manage' class relations in society. [ABSTRACT FROM AUTHOR]

Copyright of Alternative Politics / Alternatif Politika is the property of Alternatif Politika and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The question of what should determine the boundaries between public and private firms in an advanced capitalist economy is a highly topical one. In this paper I discuss some recent theoretical thinking on this issue. I divide the paper into two parts. First, I make some general remarks about the relationship between the theoretical literature on privatization and incomplete contracting theories of the firm. Second, I use some of the ideas from this literature to develop a very preliminary model of public-private partnerships. [ABSTRACT FROM AUTHOR]

The kibbutz, once lauded as an exemplar of the utopian organization, has been criticized recently as yet another illustration that socialist arrangements are inferior to capitalist ones. In this paper, we test a number of explanations of what happened to the kibbutz, using an analysis of the founding rate of the kibbutz population. We find support for popular accounts that the kibbutz stagnated partly as a result of the development in Israel of capitalism and of alternatives for structuring community relations. We also find that a less recognized influence, the state, was a critical determinant of favorable and unfavorable kibbutz outcomes. Our analysis shows that early in the twentieth century, the kibbutz flourished as a source of the order that the states to which it was subject were unable to provide. Over time, the states of Palestine and Israel developed more capacity to govern and displaced the kibbutz from the order-provision role. We also show an active rivalry, with the State of Israel attacking the kibbutz to shore up its own autonomy and in the process delegitimizing the kibbutz movement. These results suggest revisions to the conclusions that are typically drawn from the "kibbutz experiment." They also suggest that some organizational forms may experience symbiosis, competition, and rivalry with the state and that these factors can be key determinants of the state's actions and the forms' evolution. [ABSTRACT FROM AUTHOR]

The aim of this research was to estimate the influencing factors on the size of the underground economy using fuzzy logic. The illegal nature of the underground economy also limits private investment and economic growth. For example, companies that operate in the underground economy are not able to use the institutions that support the market economy (judiciary and courts), which makes them less inclined to invest. Therefore, it can be said that one of the most important issues that should be considered in economic policies is the underground sector of the economy. The research method in this research is of a descriptive-survey type, and the type of research in the current research is causal and practical in terms of the purpose, because the expected results of the research can be used in examining the dimensions of the underground economy. It is used in university and economic resources. To estimate the index of the underground economy and examine its trend using fuzzy logic, it is necessary to perform these steps; Accurate determination of indicators, fuzzification, definition of basic rules, inference engine, determinism and sensitivity analysis. To estimate the index of the underground economy with fuzzy logic, they are divided into three sub-criteria including the financial sector, the monetary sector and the real sector. The results showed that the informal sector constitutes an important part of the economy and the labor market in developing countries. This sector plays a major role in production, creating employment and income by producing goods and services, transferring skills by newcomers to the sector, reducing unemployment and using individual capital. [ABSTRACT FROM AUTHOR]

The paper is a study of the dynamics of the efficient distribution of consumption in an exchange c\economy with many consumers, each of whom is subject to private, idiosyncratic taste shocks. We propose a recursive method for finding feasible allocations that are meentive compatible and that are Pareto optimal within this e.t. The method is applied to serval parametric examples. We find that in an efficient allocation the degree of in equainty continually increases, with a diminishing fraction of the population receiving an increasing fraction of the resources. We discuss the extent to which these allocations can be decentralized via market arrangement. [ABSTRACT FROM AUTHOR]

This paper examines the interactions between issues such as ideology, neoliberalism, institution-building and sustainable development. The central focus of the paper is to demonstrate that the neoliberalism hasn't succeeded just because it is an economic strategy which better serves the interests of the capitalist class (though it must be stressed that this fact has obviously contributed) but mainly because it has been promoted as an attractive economic strategy by respected, well organized and transnationalized institutions all around the globe, and understand the reasons behind this institutional support. After reviewing the interrelationships between the Bretton-Woods institutions and their relationship with the concepts of neoliberalism and sustainable development, the paper concludes claiming that the so-called neoliberal ideology operates behind the discourses of growth, progress and sustainability and that it is in charge of softening domination by diffusing legitimating ideas and granting concessions to subordinate forces, thus implying significations and values that transcend the possible manipulation of the world as an object. [ABSTRACT FROM AUTHOR]

The field of Islamic Economics has traditionally focused on two main areas of inquiry, banking and the public sector. The objective of this paper is an attempt to fill an important gap in the Islamic Economics literature that has been surprisingly overlooked by most scholars in the field. This gap concerns the nature and role of markets in an Islamic economic system. The primary concern is to investigate the nature and structure of an Islamic formulation of markets. The paper engages in a detailed analysis of Islamic scripture, the Qur'an and Hadith, pertaining to the issues of contracts, exchange, markets, prices, regulation, usury, and competition. The paper identifies an active and comprehensive treatment of markets in Islamic scripture that questions many of the misconceptions surrounding the relationship between Islam and markets. [ABSTRACT FROM AUTHOR]

Is finance-led capitalism politically sustainable? Finance-led growth regimes have been identified as unstable regimes of accumulation, and the question of whether they can be monitored by modes of regulation and thus be politically sustainable is highly debatable. This paper lists the pros and cons of arguments for their sustainability, and considers alternatives beyond the present situation of transition. [ABSTRACT FROM PUBLISHER]

This paper considers what happens in advanced industrial economies like that of the US, where traditional redistributive economic policies and programs have fallen out of favor, yet forces of crisis, which radicals once predicted would usher in a new, more egalitarian and democratic era, are well attenuated. It is argued that, paradoxically, as the growth potential of corporate capitalism declines and traditional redistributive mechanisms weaken, new spaces are opening up in which new, democratized forms of ownership and control of wealth are slowly emerging. After describing these developments, the paper explores the long-run possibilities and prospects their evolution may entail. [ABSTRACT FROM AUTHOR]

Purpose — Capitalist transformation of the public sector is global phenomenon that affects many countries. This paper seeks to examine recent public sector reforms introduced by the Government of Botswana to improve civil service performance. The underlying political philosophy behind the change in the public sector is explored by relating the neoliberal ideology which is driving the reform agenda to the discourse of new public management (NPM). Design/methodology/approach — A realist social theory is used to explain generative mechanisms and structures that are the driving force behind the change process. Findings — The paper suggests that the public sector provides essential services, which many poor people in the developing world depend on. Consequently, privatisation of public services is more likely to exacerbate poverty and to intensify inequality because the private sector is profit not needs centred. Moreover, these changes will have serious consequences for the workers. Already some have been retrenched and those remaining face a new work regime. Outsourcing is one facet of it in Botswana, which is associated with poor pay and bad working conditions. Practical implications — Provides a deeper understanding of restructuring of the public sector which is crucial for labour organisations and researchers on labour relations. Originality/value — Previous research on Botswana reforms has tended to promote neoliberal globalisation. This is the first paper that challenges comprehensively this dominant paradigm and its accompanying ideology of NPM by offering an alternative critique from a standpoint of the poor and exploited. [ABSTRACT FROM AUTHOR]

Swedish wage-earner funds (WEFs) represented a distinctive form of socialization of investment intended to counter the dynamic inefficiency of capitalism and facilitate Post Keynesian economic policy. This paper reviews the theoretical arguments for the socialization of investment, before evaluating its performance. It found that WEFs performed creditably in relation to financial targets, but less effectively regarding democratic objectives, while macroeconomic influence was ultimately constrained by the limited size of the scheme and shocks arising from financial deregulation. The paper concludes that WEFs have, however imperfectly, contributed toward the legitimization of the concept of collective investment funds as an economic policy instrument. [ABSTRACT FROM AUTHOR]

Purpose - The purpose of this paper is to counteract Epstein's views on the alienability of property. Epstein favors limitations of laissez-faire capitalism regarding such things as guns, liquor, narcotics, certain books and voting and this paper aims to criticize them from the perspective of full, free enterprise. Design/methodology/approach - The main method is that of the reductio ad absurdum. For example, Epstein favors prior restraint on books giving information as to how an atomic bomb may be built. He does so on grounds that such information can be extremely harmful. Marxist books are far more harmful. Yet Epstein would not ban them. So his case for prior restraint is undermined. Findings - Epstein's case for restrictions on alienability is unfounded. Practical implications - If the message of the paper is incorporated into public policy, the practical implication is that any move in the direction of laissez-faire capitalism will be much closer than by implementing Epstein's recommendations. Originality/value - This paper should interest people concerned about how much government regulation of the economy is justified. What is new is that Epstein, one of the most extreme defenders of the minimal state, is not a full advocate of this position. His arguments for exceptions to free enterprise private property rights system are untenable. [ABSTRACT FROM AUTHOR]

Conventional welfare state policies that centre on education, training, progressive taxation, and social insurance are inadequate to address labour market polarization, which is capitalism's most pressing inclusion challenge at present. We propose a strategy aimed directly at the productive sphere of the economy and targeting an increase in the supply of 'good jobs'. The main elements of this strategy are: (i) active labour market policies linked to employers; (ii) industrial and regional policies directly targeting the creation of good jobs; (iii) innovation policies that incentivize labour-friendly technologies; (iv) international economic policies that facilitate the maintenance of high domestic labour/social standards. These elements are connected both by their objective—expanding the number of good jobs—and by a new approach to regulation that is collaborative and iterative rather than top-down and prescriptive. We emphasize the importance of new institutional arrangements that enable strategic long-term information exchange and cooperation between governments and firms. [ABSTRACT FROM AUTHOR]

Following the implementation of Basel III criteria concerning the supervision of banks capital, this paper attempts to examine the competence of Merton-type probability of default as an indicator for measuring optimal capital in commercial banks of five Southeast Asian emerging economies. The estimated default risk changes are consistent with the changes in market value of banks' asset in countries studied. Using a forward-looking approach, the banks required capital has been measured to reach a hypothetical level of probability of default as an accepted level by policy makers. Empirical results show that the banks had to increase their current capital in order to reduce the risk of bankruptcy in crisis times. The findings of this study refer evidently to the efficiency of Merton-type default risk to estimate the adequate capital and to use in micro and macro-prudential studies or stress tests on commercial banks. [ABSTRACT FROM AUTHOR]

This paper focuses on why the debate over neoliberal globalization is so popular around the world at the beginning of the 21st century and investigates the new instituonal economics responses. Crises are not new to capitalism, but we all have been witnessing devastating economic, social, cultural, and political fluctuations in the global economic order. Classical welfare economics ignores distributional effects of theory and morality. Global poverty, inequality, unemployment, unfair trade, migration, environmental disasters etc. are paradoxes or evils of neoliberalism and not sustainable for future of humanity. In order to explain evolution of major causes of the conflicts related to globalization historically, we review a wide range of the literature and analyze the recent discussions of controversial topics on global welfare and governance implications of neoclassic economic thought. The study concludes that there is a growing consensus on the inedequacy of welfare economics in global society. Technological progress and corporate-led economic globalization in real World result in economic nationalism. Retreat from globalisation may be the beginning of a new phase of capitalism. The new instituonal economics says that institutions and social order matter on well-being and development. So we should rethink losers and winners from neoliberal globalization and reshape rules of global economic order in favor of global losers. [ABSTRACT FROM AUTHOR]

Economic development in Africa and everywhere else for that matter, is furthered by capital accumulation. And this is fostered by economic freedom and private property rights which encourages the saving and investment which are the sine qua non of economic growth. The present paper attempts to make this case with regard to the African continent. [ABSTRACT FROM AUTHOR]

The article presents information on the book "The Rise and Fall of Development Theory," by Colin Leys. Nine papers, most previously published, consider the challenges facing development theory, both generally and in relation to the development problems of Africa. In this book several papers discuss the rise and fall of development theory; critical notes on underdevelopment and dependency; Samuel Huntington and the end of classical modernization theory; the "new political economy" as development theory; African economic development in theory and practice; the state and the crisis of simple commodity production in Africa; learning from the Kenya debate; African capitalists and development; and development theory and the African tragedy.

This paper argues that the US economy is not entering a new era of prosperity, mainly because the rote of profit remains 30-40% below its earlier postwar peaks, in spite of a 20% reduction of real wages since the early 1970s Under these conditions, real wages are unlikely to increase very much (if at all) in the years ahead. The paper also argues that an important reason for the acceleration of growth in the US economy since 1995 is a large and rapidly increasing net inflow of foreign capital (which also precipitated the worsening depression in Asia).The final section argues that the chances of a recession in the US in 1999 are high, and that such a depression would probably propel the world capitalist economy into deep depression. [ABSTRACT FROM AUTHOR]

Copyright of Revista Subjetividades is the property of Revista Mal-estar e Subjetividade and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Will underdeveloped economies be able to achieve development in the twenty-first century? To advance towards a potential response to this question, this paper analyzes some aspects of the development processes of South Korea and China, pointing to the exceptional geopolitical and strategic conditions behind why their models are unsuitable to emulate. It also highlights the state authoritarianism, strict planning and discipline of both the ruling and ruled classes to guide investment and the growth of specific economic sectors. From this perspective, the paper then discusses some proposals formulated for the region by neo-developmentalism. [ABSTRACT FROM AUTHOR]

Thorstein Veblen's going concern theory of the business enterprise has been widely received by heterodox economists. Since Veblen's era, the capitalist social provisioning process has evolved toward money manager capitalism in a dialectical fashion. At the heart of the transformation are changes in the behavior of the business enterprise. In this paper, we make a threefold argument. First, while the going concern theory of the business enterprise is still important in the account of the economy as a continuing process of social provisioning, since a viable economy requires continuing business over historical time, more and more of the economy is being directed toward financial concerns. Second, as a consequence, the social provisioning process becomes more unstable and people's welfare becomes more vulnerable. Third, the concept of a going concern is, therefore, to be modified in order to put the business enterprise in the context of money manager capitalism. [ABSTRACT FROM PUBLISHER]

The article introduces the two research papers highlighted in the Policy Forum section of the January 1998 issue of "The Economic Journal." The Policy Forum focuses on the subject of New Keynesian macroeconomic policy. The first paper addresses New Keynesianism and Aggregate Economic Activity. The second paper deals with a policy framework designed to secure full employment. In the first paper, the author evaluates the attempts by New Keynesians in the 1980's and 1990's to reinforce the analytical framework of traditional Keynesianism. And in the second paper, the authors presume that there are five potential constraints to the achievement of full employment in a market economy.

Recent institutionalist scholarship has theorized the liberalization or 'disorganization' of capitalism as the result of shifts in economic actors' 'logic of action' towards opportunism. Little attention has been given to the reverse possibility that shifts in economic actors' 'logic of action' away from opportunism might contribute to 'embedding' or 'organizing' capitalism. This paper builds on recent scholarship to theorize this scenario and then demonstrate its empirical validity with an historical institutionalist study of the emergence of such a 'non-liberal' institution in Switzerland in 1961. The theoretical framework links three 'logics of action' - opportunism, enlightened self-interest and strong solidarity - to Höpner's typology of capitalist institutions - organized, coordinated, and liberal. It theorizes the interactions between these logics and the social mechanism - goal signaling - that can explain a shift from one logic of action to another, potentially leading to change from one type of institution to another. [ABSTRACT FROM AUTHOR]

This paper examines the Romanian economy and its version of capitalism from a long-term perspective and in a broad context. It focuses on economic prospects in the face of a legacy of backwardness and the endurance of domestic weaknesses, in the context of the Great Recession and the eurozone crisis. Romania has a pressing need to mobilise its internal resources and absorb EU funds on a much greater scale so that it can enhance economic growth and mitigate external shocks. To this end, Romania needs to undertake thorough reforms in the public sector, combat rent-seeking and waste, foster domestic savings. The functioning of institutions and of taxation should convey a sense of fairness to citizens. Romania needs to rethink its growth model. Romania must improve its education system by increasing the level of resources assigned to education and creating coherent policies to strengthen institutional capacities and to improve quality standards. The Romanian economy would benefit significantly from EU policies that are more responsive to the economic and social fractures revealed by the current crisis. Not least, financial markets have to be tamed in Europe and elsewhere if they are to serve economies. [ABSTRACT FROM AUTHOR]

This article assesses the institutionalist elements of Friedrich Hayek's neoliberal political economy by presenting his views on the entangled relations between the state and markets in capitalism. Through the analysis of Hayek's work, the article contributes to further consolidating the view that neoliberalism is an ideological project of institutional transformation which, despite some enduring myths, has an irreplaceable role for a state with many important functions in a more limited democracy. Markets, for their part, are politically contested social constructions that depend on previous non-market institutions for their existence and legitimation, This paper argues that Hayek's work corroborates this institutionalist claim. [ABSTRACT FROM AUTHOR]

This is a paper based on empirical investigation conducted in Western India between 2002 and 2012 especially at a time when the Indian economy is in a stage of transition from state capitalism to free market capitalism, albeit both of a retarded variety. It takes the 7 Ps of services marketing and cross verifies responses against seven dimensions of ethical conduct. The study is based on questionnaires followed by interviews. The target respondents were life insurance employees of bank assurance involved in marketing life insurance policies to customers in the urban sector. The study brought to the fore the fact that commissions were more important that telling the truth while selling policies. In the process ethical considerations conveniently went out of the window. To protect the interest of the unsuspecting clients a plea is made to have governance machinery in place that will make the insurance marketing personnel accountable for what and how they sell their wares. This need is especially felt in a country where the social security net is virtually non-existent and the erstwhile joint family system is on a fast decline. In such circumstances a lack of ethical norms on the part of the insurer is an unacceptable sociological proposition and borders on gross unethical behaviour. The task of people management experts to address this issue is of the paramount importance and urgency if the Indian life insurance industry is to sustain its social image in a highly competitive market where foreign players are steadily entering the domestic scene. [ABSTRACT FROM AUTHOR]

Whether it is about an imbalance of economic, informational, judicial nature or at the level of the representation of interests, the cleavages which intervene within the market in the relations between producer/trader and consumer unequivocally call for the intervention in favor of the latter. Consequently, the purpose of this paper is the argumentation of the importance of indirect consumer protection as an instrument for assuring his sovereignty within market economy. [ABSTRACT FROM AUTHOR]

This paper highlights contemporary China's long-term continuities with the historical East Asian developmental path in relation to its post-1978 revival of market-economy traditions. The revival of market economy traditions does not exemplify the unfolding of processes associated with the "one-size-fits-all" Washington Consensus. Rural land reforms were driven from below and strongly influenced policy changes from above. Neither rural nor urban land use relations suggest a more general unfolding of neoliberal processes of capitalist accumulation by dispossession. Contemporary Chinese land relations reflect the effects of continuities with historical East Asian regional traditions more strongly than do some discontinuities and ruptures that emerged in the conjuncture of the mid-1980s. These continuities remain more important in understanding the future of the China-led East Asian region. Like the Ming and Qing dynasties, China's Party-State is sharply focused on problems of governance. Retaining legitimacy and recreating a welfare state to promote harmonious development rather than growth fetishism appears to characterize China's current trajectory. [ABSTRACT FROM AUTHOR]

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Micro-finance is a left wing attack on the free enterprise system; as such, it ought to be opposed by all freedom lovers, at least in its present format. Other baggage weighing it down is, if not absolute fraud, then, what might well be considered at least serious chicanery. A further criticism is the cult-like behavior now surrounding it. The present paper offers a critique of it, and thus constitutes a defense of private markets. This claim is a matter of prudential judgment, not praxeology. Micro-finance constitutes an unwarranted attack on the free enterprise system; it relies on a philosophy of positive rights. There are other better ways to "cure poverty" than this misbegotten scheme. This initiative, paradoxically, exacerbates impoverishment by placing investment resources in hands less capable of making it grow than would otherwise be the case. [ABSTRACT FROM AUTHOR]

As long as the economy is not embedded in a superordinate societal framework the problem of sustainable development cannot be solved within the logic of the market system. The establishment of such a framework is an epochal cultural and political task. The well-known definition of sustainable development by the Brundtland Commission fails to make this clear since it neglects the importance of interpersonal obligations (rights and duties). But from an ethical perspective, interpersonal obligations are essential. The discourse on sustainability is dominated by the technocratic illusion that more "eco-efficiency" of our economic means is enough and that the purposes of our economic activities need not be put into question. Contrary to this illusion, it is argued here that we need to develop a socio-ecological understanding of the problem and to recognize that "sus- tainable development" after all is just another term for establishing social, international and intergenerational fairness and justice. After raising the awareness for this understanding in the first section, the second section of this paper presents a problem-solving approach that includes four elementary steps of rethinking and establishing socio-ecological policies by means of limiting the inherent necessities of market competition. [ABSTRACT FROM AUTHOR]

This paper aims to provide an introductory overview of Andrew Glyn's economics. Throughout his intellectual career, Glyn's central concern was to understand how economic efficiency can be made consistent with egalitarian objectives. In pursuing this concern, his work engaged critically with developments in contemporary capitalism and with different proposals for promoting egalitarian objectives, including revolutionary socialism, social democratic corporatism, and basic income capitalism. Glyn's legacy is a set of works which provide great insight into the development of capitalism and on the limits and possibilities of egalitarian advance. [ABSTRACT FROM AUTHOR]