This book addresses the problem of how to make a large-scale socio-technical transition to renewable energy, so as to realize an environmentally sustainable economy in the long run. Transition thinking has in a short time managed to occupy a central position in the policy debate on sustainable development. The transition approach offers an innovative view on the role and content of public policy, compared with traditional views from economic, administrative and political sciences. The main motivation for using this notion is that while it links up with the system-wide approach of sustainable development, it has the advantage of shifting the attention from a vague end goal (blueprint) to the processes leading towards this goal. These processes in turn provide a concrete basis for thinking about appropriate public policies, taking account of the complex relations between technologies, institutions and behaviours. This book offers perspectives from a wide range of disciplines, addressing macro, regional and local scales. Contributions come from mainstream economics, evolutionary economics, sociology, political sciences, innovation studies, spatial economics and decision theory. Important lessons are also drawn from historical transitions. Managing the Transition to Renewable Energy will appeal to academics and researchers in environmental science and economics, environmental and technological policy advisors, evolutionary economists and researchers on technological innovation.

In the work of most classical economists - including Smith and Keynes - theory was often embedded in application. But from the second half of the last century on, mainstream economics styled itself as "pure" economics, where the theory is presented in a very abstract form detached from any application. This book maintains that economics is a social science whose mission is to explain and, when possible, predict, phenomena of the real-world economy. The book argues that the first step to restoring economics as a social science is to define what issues economics should address. Only after this research agenda is established should the appropriate methodology be chosen, not the other way around. In this respect, examples from other social sciences as well as from natural sciences are considered more appropriate models for economics rather than physics. Moreover, the need for a closer interaction with psychology, sociology and other social sciences is required to restore the discipline to that field instead of acting as a branch of applied mathematics. The book also argues for a more pluralist approach to economic education to enable prospective economists to understand real-world economic phenomena and potential policy solution. For this reason, a good economics education should necessarily include the study of economic history and of the institutional environment. This book is essential reading for anyone who wants to see economics return to its origins as a social science.

Aiming to go beyond reiterating the stereotypical narrative of the rise of welfare states, this interdisciplinary book examines the long-run historical processes of the development of the welfare state. It focuses on the complex political, social, economic and institutional transformations which give rise to these peaceful and cohesive societies. Welfare is crucial to the story of peaceful social integration and this book explores and explains this vital connection, taking a non-linear view of the history of moving from fragmentation to peace with comprehensive welfare institutions. Chapters collectively focus on three central areas: (a) types of socio-political fragmentation, (b) the interconnection of social, political, and economic forces that led to the institutionalisation of integrationist processes and policies (including re-distributional welfare systems), and (c) how this new institutional development helped achieve, or failed to achieve, social peace and welfare. The international panel of expert contributors provide case studies from a rich variety of country contexts, including Germany, South Africa, the Netherlands, Austria, and the Nordic Countries. This thought-provoking collection of essays is well suited for advanced students and researchers in social history, economic history, political economy and social policy.

The tensions in the South China Sea pose considerable challenges to the rules-based liberal international maritime order. The situation demonstrates the interplay between maritime nationalism and geostrategic rivalry; fuelling militarisation and endangering freedom of navigation, over-flight and exploitation of natural resources. China's dedicated "terraclaims", land reclamation and island-building spree - enhanced with military surveillance, communications and logistics infrastructure-building in the form of port facilities, military installations and airstrips - have escalated these tensions. China declares that these territories are an integral part of its "core interests", taking an uncompromising stance on the question of sovereignty and its determination to protect the domain militarily. India, although not a South China Sea littoral state, sees both the general principle of the rules-based order and the specific issue of navigation between the Indian and Pacific Oceans as core to its own national interest. Chakraborti and Chakraborty assess the rationale and implications of India's strategies and responses vis-a-vis the South China Sea dispute, and their impact on its overall "Act East" initiative in Southeast Asia policy. They also analyse the implications of India's stance on the Association of Southeast Asian Nations (ASEAN), five member-states of which (Brunei, Indonesia, Malaysia, the Philippines and Vietnam) are involved in territorial disputes with China in the South China Sea. The analysis focuses on the administrative tenures of both the United Progressive Alliance from 2004 until 2014 and the National Democratic Alliance from 2014 onwards.

Economics used to be called political economy, and the loss of the "political" tracks the ascendance of the idea of rational choice within the discipline. Where does this idea of economic rationality - choosing to maximize benefits and minimize costs - come from? What are the consequences of its rise? In this new book, Stephen Engelmann assesses these questions through a consideration of the often-hidden links between choice and government, ranging from the Benthamic utilitarianism that inspired modern economics to the contemporary economic psychologists trying to nudge everyone to choose more rationally. Multiple global crises are exposing how deficient economic rationality is as a political theory, since a focus on choice turns actors away from relations in the common. Political economy once targeted aristocratic rule - heralding a politics and ethics of egalitarian self-command and spurring democratic reform - but economics allows domination and forecloses alternatives to it. This accessible volume will be of interest to students and scholars of politics and economics, and to general readers concerned about the various ways that psychology and management have infiltrated our politics.

'Ground-breaking and ambitious' - Nick Srnicek, author of Platform Capitalism Whoever controls the platforms, controls the future. Platform Socialism sets out an alternative vision and concrete proposals for a digital economy that expands our freedom. Powerful tech companies now own the digital infrastructure of twenty-first century social life. Masquerading as global community builders, these companies have developed sophisticated new techniques for extracting wealth from their users. James Muldoon shows how grassroots communities and transnational social movements can take back control from Big Tech. He reframes the technology debate and proposes a host of new ideas, from the local to the international, for how we can reclaim the emancipatory possibilities of digital platforms. Drawing on sources from forgotten histories to contemporary prototypes, he proposes an alternative system and charts a roadmap for how we can get there.

The relationship between the global economy and national security has been an enduring source of interest and debate. This volume contains a set of pioneering studies that paved the way for contemporary work on the political economy of national security as well as some more recent contributions to this literature. These papers address the influence of international economic relations on political conflict, the use and effectiveness of economic statecraft, and the effects of national security concerns on foreign economic relations. The articles contained in this volume will chart a path for research on these topics for years to come. 19 articles, dating from 1948 to 2001

The Routledge Handbook of the Anthropology of Labor offers a cross-cultural examination of labor around the world and presents the breadth of a growing and vital subfield of anthropology. As we enter a new crisis-ridden age, some laboring people are protected, while others face impoverishment and death, as they work in unsafe conditions, migrate to gain livelihoods, languish in the unwaged sector, and become targets of law enforcement. The contributions to this volume address questions surrounding the categorization and visibility of work, the relationship of labor to the state, and how divisions of labor map onto racial, gendered, sexual, and national inequalities. In addition to the emotional dimensions and subjectivities of labor, the book also examines how laborers can articulate common experiences and identities, build organizational forms, and claim power together. Bringing together the work of an impressive group of international scholars, this Handbook is essential for anthropologists with an interest in labor and political economy, as well as useful for scholars and students in related fields such as sociology and geography.

Walter Bagehot noticed once that "John Bull can stand many things, but he cannot stand two per cent." Well, for several years, he has had to stand interest rates well below that, in some countries even below zero. However, despite this sacrifice, the economic recovery from the Great Recession has been disappointingly weak. This book's aim is to answer this question. The central thesis of the book is that the standard understanding of the monetary transmission mechanism is flawed. That understanding adopts erroneous assumptions-such as, that low interest rates always stimulate economic growth by boosting the credit supply, investment, and consumption-and does not fully take into account several unintended channels of monetary policy, such as risk-taking, high level of debt, or zombification of the economy. In other words, the effectiveness of monetary policy is limited during economic downturns accompanied by the debt overhang and the balance sheet recession, and generates negative effects, which can make the policy counterproductive. The author provides a thorough analysis of the issues related to the interest rates in the conduct of monetary policy, such as the risk-taking channel of monetary policy, the portfolio-balance channel and the wealth effect, zombie firms in the economy, the misallocation of resources, as well as the neutral interest rate targeting and the difference between the neutral and natural interest rate and the negative interest rate policy. The book is written in an accessible and engaging manner and will be a valuable resource for scholars of monetary economics as well as readers interested in (unconventional) monetary policy.

Over the past few decades, the world economy has undergone radical transformations, in part connected to the expansion of the 'digital economy', in part to the growing interconnection via the internet of the world of objects and physical processes. This 'great transformation' poses the dilemma on the capitalism's ability to reconcile economic and social value, keeping together economic well-being, social cohesion and political freedom. The Economy of Collaboration can offer a contribution in this direction but requires courageous policies to mediate the various interests at stake, as well as to rethink and make more sustainable its development, by increasing the benefits not only for businesses but also for workers and consumers. In short, to create shared value. This book refers to a mode of organizing the production, distribution and consumption of goods and services based on cooperative relations. The main reference is to activities linked to the digital economy, since they are the emerging forms of a definitely older phenomenon, but which is expanding on an ever-wider scale thanks to new technologies. These collaborative activities can be regulated differently, along a continuum that ranges from the pole of market exchanges to that of generalized reciprocity, with various intermediate mixed forms.

Marx's Capital, Capitalism and Limits to the State examines the capitalist state in the abstract, and as it exists in advanced capitalism and peripheral capitalism, illustrating the ideas with evidence from the North and the South. The volume unpacks the capitalist state's functions in relation to commodity relations, private property, and the crisis-ridden production of (surplus) value as a part of the capital circuit (M-C-M'). It also examines state's political and geographical forms. It argues that no matter how autonomous it is, the state cannot meet the pressing needs of the masses significantly and sustainably. This is not because of so-called capitalist constraints, but because the state is inherently capitalist. Each chapter begins with Capital volume 1. And each chapter ends with theoretical/practical implications of the ideas which taken together counter existing state theory's focus on state autonomy and reforms and point to the necessity for the masses to establish a new transitional democratic state. But the book goes 'beyond' Marx too, as it deploys the combined Marxism of 19th and 20th centuries. Marx's Capital, Capitalism and Limits to the State will interest scholars researching state-society/economy relations. It is suitable for university students as well as established scholars in sociology, political science, heterodox economics, human geography, and international development.

State-owned enterprises (SOEs) combine economic activities resulting from their position on the market with non-economic functions determined by the state owner. In many of the world's major economies, SOEs play an important role, and in some, such as China, India, Russia and Brazil, they are outright dominant. At the same time, the existence of SOEs is largely ignored by economic theory and the current figures on SOEs on a global scale available in the literature are questionable in terms of their methodological validity and thus they do not allow for a proper cross-country analysis. This book fills this research gap. It focuses on the scope and importance of SOEs in a broad group of the largest economies, primarily on a variety of quantitative estimates. It contains the results of an extensive and unique empirical study of 37 of the world's largest economies over the period from 2009 to 2018. The findings showed that the average share of SOEs - measured by operating revenues and total assets - in the group of the largest 100 enterprises (Top 100) of a given country is nearly 30%, while in the Top 20 group it is even slightly higher. The authors present an econometric analysis showing the relationship between the scope of SOEs and the various economic and non-economic characteristics of the studied set of countries. The book also contains an in-depth discussion of selected key issues, such as the functions of SOEs in various types of economies, the role of SOEs in capital markets and the phenomenon of SOEs with foreign capital. This work is addressed to both academic economists, dealing with macroeconomics and economic policy, as well as researchers and analysts from various international organizations and think-tanks.

Central Asian Survey has remained as the premier world-leading peer-reviewed journal for Central Asian studies for four decades. To mark the 40th anniversary of the journal, this volume is intended to be a reader of selected essays from the journal over the last four decades. This book is not just a mere collection, but also a critical reflection on the field over that time. Each of the nine sections in the book feature a critical appraisal of the selected excerpts by young scholars who analyse the reproduced excerpts and the contribution they make to advancing our understanding of the field. The nine sections encapsulate prominent themes in Central Asian studies: history, identity and nationalism, Islam, governing and the state, informal institutions, contentious politics, gender, everyday life, and regional and global perspectives. The book is not just intended to reflect on the role of Central Asian Survey in the development of Central Asian studies, but also the aim is for the volume to be used as a teaching resource where the different sections in the collection could correlate to specific teaching weeks in courses on the region. The different contributions cover many case studies from across a range of countries that have featured in the journal over the years, and thus is not just restricted to the Central Asian republics but also includes Mongolia, Azerbaijan, and Xinjiang. This book will serve as a great resource for researchers and students of Central Asian history, politics, culture, society, and international relations.

The Caspian Sea region has hitherto largely been investigated from a `New Great Game' perspective that depicts the region as a geopolitical battle ground between regional and external great powers, where tensions have been exacerbated by the sea's rich natural resources, strategic location, and legal disagreements over its status. This book, by contrast, portrays a new image of the region, which still ac knowledges the difficulties and problematic starting situation of power poli tics there. It, however, seeks to show that there are ways forward by identifying mechanisms and means to transform the `New Great Game' into processes of functional co-operation. Drawing on theoretical insights from a functionalist framework, this book examines three intertwined case studies, namely the Baku-Tbilisi-Ceyhan pipeline (BTC), the Southern Gas Corridor (SGC), and the Caspian Environmental Program (CEP). It shows that lessons learned from environmental co-operation have influenced the discussion over the un certain legal status of the sea, which culminated in the signing in 2018 of the Convention on the legal status of the Caspian Sea. This book analyzes the three phases of the BTC and the SGC projects: the planning of the pipeline, its construction, and its use, none of which have been adequately addressed yet. This book illustrates the increasing role of actors beyond and besides the states in the Caspian Sea region, such as transnational corporations, non-governmental organizations, and intergovernment organizations.

This book investigates how technology and innovation policies in contemporary China are impacted by collaboration and conflicts between different classes and interests in a world economy, in which competitiveness is defined by the successful leverage of emerging technologies. Focusing on the actual processes and outcomes of technological upgrading in three dynamic sectors, the book presents an alternative approach to understanding China's industrial upgrading strategies, by examining the ways in which the making and implementation of policies are shaped by political struggles between state actors and dominant capitalist interests in the context of global capitalism. In doing so, the book challenges influential institutionalist approaches as explanations of institutional change, positing instead a political economy framework grounded in social conflict theory to reveal how power relationships and politics are intrinsic to the evolution, form, and function of institutions. This book will be of key interest to scholars and students of international political economy, development studies, globalisation and innovation, China and Chinese politics, and public policy.

This book explores how leading news media responded to the 2008 financial crisis and its aftermath, showing how journalists regularly framed discussions about post-crisis regulatory reform in ways that reinforced the same market liberal policy paradigm that had ushered in the crisis. Drawing on an analysis of nearly three years of news coverage and on interviews with journalists who covered the financial crash for major media groups, Adam Cox demonstrates how this framing of issues, often focusing on the costs of tighter regulation rather than the preventive benefits, formed the basis of a post-crisis narrative in the United States that undermined the role of the state, despite the wreckage that had just occurred. He looks at how state actors, think tanks and the financial industry worked in concert to encourage such a narrative, ultimately lending support to a market liberal worldview that was being seriously challenged for the first time in decades. While highlighting journalists' ability to resist agenda-building efforts by powerful actors, this book offers a methodology for considering media narratives based on quantitative analysis of framing patterns. News Media and the Financial Crisis is aimed at students and researchers working at the intersection of communications, journalism, political economy and public policy.

This book explores the emergent relationship between food and family in contemporary China through an empirical case study of Guangzhou, a typical city, to understand the texture of everyday life in the new consumerist society. The primary focus of this book is on the family dynamics of middle-income households in Guangzhou, where everyday food practices, including growing food, shopping, storing, cooking, feeding, and eating, play a pivotal role. The book aims to conduct a comprehensive and integrated analysis of themes such as material and emotional domestic cultures, family relationships, and social connections between the domestic and the public, based on a discussion of family food practices. These topics will not only offer academic readers a full understanding of the most innovative recent critical engagements with urban Chinese families but also provide more general readers with a broader view of food consumption patterns within the scope of domestic and family issues. This book will be of interest to sociologists, anthropologists, and human geographers as well as post graduate students who are interested in food studies and Chinese studies.

Rent Seeking and Human Capital: How the Hunt for Rents Is Changing Our Economic and Political Landscape explores the debates around rent seeking and contextualizes it within the capitalist economy. It is vital that the field of economics does a better job of analyzing and making policy recommendations that reduce the opportunities and rewards for rent seeking, generating returns from the redistribution of wealth rather than wealth creation. This short and provocative book addresses the key questions: Who are the rent seekers? What do they do? Where do they come from? What are the consequences of rent seeking for the broader economy? And, finally: What should policymakers do about them? The chapters examine the existing literature on rent seeking, including looking at the differences between rent seeking and economic rent. The work provides an in-depth look at the case of the impact of rent seeking degrees in the United States, particularly in business and law, and explores potential policy remedies, such as a wealth tax, changes to the rules on financial transactions, and patent law reform. This text provides an important intervention on rent seeking for students and scholars of heterodox economics, political economy, inequality, and anyone interested in the shape of the modern capitalist economy.

This book applies and develops the concept of "ersatz capitalism" in the analysis of industrial policy blockades to economic development in Malaysia and Indonesia. Drawing on insights from international political economy, development studies, industrial and innovation policy, and new institutionalism to refer to a specific type of capitalism, the book analyzes different paths and institutions of economic development within the entire East Asian region. Comprehensive theoretical insights are complemented by empirical case studies that relate to country and sectoral studies - the automotive and ICT industries - in Malaysia and Indonesia. Applying contemporary research on international political economy to refer to a specific type of capitalism, the author examines how conflicts of interest between factions of state apparatus, associations, and companies contribute to the failure of developmental policies. The unique combination of theory formation and empirical analysis provides a novel approach to international comparative research on capitalism. The book will be of interest to researchers in the fields of international political economy, development studies, new institutionalism, East Asian and Southeast Asian studies, and industrial and innovation policy.

The globally spreading privatisation wave that occurred in the 1990s deeply changed the structure of economic institutions worldwide. This turmoil overturned not only economic institutions, but shared cultural and societal institutions as well. This book is the result of an investigation into the history of the privatisation of the steel industry in Italy, completed between 1994 and 1995. It explores the history of the Italian steel industry by looking at the interplay of local intertwined interests, political relations, and ideological formations that characterised an idiosyncratic hegemonic historical bloc. Rather than stigmatising this pattern as the legacy of a dysfunctional provincialism, the authors mobilise Gramsci's theory of hegemony to explain how the Italian privatisation process unfolded to accommodate economic pressures, political interests, and ideological constraints of a hegemonic social group, or aggregation of social groups. Thus, in reconstructing the privatisation of Italian steel, this book proposes a hegemony theory of privatisation and, more generally, describes a model that explains how political and cultural dynamics give rise to idiosyncratic local variations in globally spreading policies. It will be of interest to researchers, academics, and students in the fields of business history, economics, sociology, and political science.

Karl Marx hypothesized that there is a long-term tendency for the profit rate to fall in capitalist economies. Immanuel Wallerstein hypothesized that capitalist development tends to drive up labor cost, material cost, and taxation cost. This book evaluates Marx's and Wallerstein's hypotheses by studying the long-term movement of the profit rate and contributing factors in major capitalist economies. During the twentieth century, leading capitalist economies largely succeeded in stabilizing the profit rate. However, the current decline of the profit rate in China may precipitate the global capitalist economy into a new major crisis. As economic growth slows down in all major capitalist economies, Marx's original hypothesis may be verified by the global economic events in the twenty-first century.

A LITHUB BOOK OF THE DECADE. The US is one of the largest democracies in the world - or is it? America is experiencing an age of profound economic inequality. Employee protections have been decimated, and state welfare is virtually non-existent, while hedge fund billionaires are grossly under-taxed and big businesses make astounding profits at the expense of the environment and of their workers. How did this come about, and who were the driving forces behind it? In this powerful and meticulously researched work of investigative journalism, New Yorker staff writer Jane Mayer exposes the network of billionaires trying to buy the US electoral system - and succeeding. Led by libertarian industrialists the Koch brothers, they believe that taxes are a form of tyranny and that government oversight of business is an assault on freedom. Together, they have spent hundreds of millions of dollars influencing politicians and voters, and hijacking American democracy for their own ends. Dark Money brilliantly illuminates a shady corner of US politics. It is essential reading for anybody interested in the future of democracy.

The authors provide a fresh and accessible multi-disciplinary perspective on public management reform in this study. The work includes a broad survey of the paradigms and patterns that have shaped and differentiated the reform process in different countries. The book focuses on two themes not usually considered together. First, the scope and limits of the role economists have played in reform processes, not simply in terms of providing analytical models but in the actual leadership required to advance reform coherently. Secondly, the authors examine the importance of developing leadership at all levels of the public sector to take advantage of the opportunities reforms have generated, and to create new sources of public value. In bringing these themes together they uniquely show how the family of economic theories (public choice, agency theory and new institutional economics) can be adapted to explain why there might be a demand for developing public sector leadership that reflects an 'appreciative' managerial style as opposed to the hard-edged contractualism often associated with public management reform.

In the aftermath of the Napoleonic Wars Britain found itself faced with a stagnant economy. Economist David Ricardo believed that the full re-integration of Britain into the world market would allow for both capital accumulation and population growth, and used arguments that anticipate ideas entertained in modern contributions to the theory of economic growth and development. However, several of these arguments have not yet been translated into the language of modern classical economics. Ricardo's Theory of Growth and Accumulation seeks to overcome this striking lacuna. The latest entry in the Graz Schumpeter lecture series, this text explores and elaborates Ricardo's arguments and the models utilized by those who subsequently followed in support of his work. The Ricardian system is first examined through a one-sector economy, following Kaldor's model, and a two-sector economy, following Pasinetti's model. These building blocks are developed through the exploration of a small open economy, which allows an analysis of the impact of international trade in exceedingly simple circumstances. This discussion expands further by considering the world economy. More sophisticated variants of the two-sector model are presented, in which commodity prices are endogenously determined by the trading interplay amongst several countries. A final analysis makes Ricardo's case by introducing accumulation in the world economy. This book is of interest to students and scholars of Ricardo, classical economics, and - more broadly - growth theory, the theory of international economics, and globalization. The author was keen to render the analytical parts compelling to the historian and the historical parts compelling to the theorist.

The different approach taken by China and the West towards finance and the real economy rests upon philosophical foundations that have diverged fundamentally since the Ancient World. Since the Asian Financial Crisis in 1997-98 a tremendous transformation has taken place in the financial systems in both China and the West. China has persisted steadily with reform of its financial system but it remains heavily protected from international competition. In the West regulatory structures have been progressively dismantled, permitting an unprecedented secular expansion of asset prices and debt relative to GDP. The structure crashed to the ground with the collapse of asset prices in 2008-09. In the decade since the GFC asset prices and debt in the West have rebounded. The West's financial system stands on a knife- edge. In 2018 China announced the intention to accelerate the opening up of the country's capital markets. The way in which the Chinese and the West's financial system interact constitutes a central issue in global political economy in the years ahead.