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William Biebuyck and Judith Meltzer

Whether this means that we are seeing a significant crisis of capitalism, of an order which could usher in a substantively new order, remains an open question and one which deserves continued careful attention. To this extent, the inescapable conclusion is that incremental change will not be sufficient to address the distributional implications of the GVC world. The nationalistic, nativistic response of the political right in this context is deeply unpalatable and alarming to many, but has not yet been met with a coherent challenge from the centre or the left.

A compelling vision is needed of a progressive, internationalist politics that is capable of addressing the issues of power and inequality in the global political economy which have led us to this juncture, and capable of producing a foundation for significantly more equitable and inclusive forms of growth and development. Oxford University Press is a department of the University of Oxford.

It furthers the University's objective of excellence in research, scholarship, and education by publishing worldwide. Sign In or Create an Account. Sign In. Advanced Search. Article Navigation. Close mobile search navigation Article Navigation. Volume Article Contents. Asymmetries of market power. Asymmetries of social power. Asymmetries of political power.

Power and inequality in the global political economy Nicola Phillips. Oxford Academic. Google Scholar. I am sincerely grateful to the Martin Wight Memorial Trust and the LSE for their invitation and generous hospitality, and to International Affairs for the opportunity to publish this revised version.

Cite Citation. Permissions Icon Permissions. Abstract Inequality in all its forms is the defining global problem and increasingly the defining political problem of our age. Open in new tab Download slide. Unless otherwise noted at point of citation, all URLs cited in this article were accessible on 25 Jan. Atkinson, Inequality: what can be done?

The choice of conceptual labels in this debate is, as ever, contentious, and in my view the differences between the GVC and GPN approaches are overstated in ways that impede their common endeavour. Frederick W. Global value chains: investment and trade for development Geneva, International Labour Organization, World employment social outlook: the changing nature of jobs Geneva, Richard P.

William E. Benton, eds, The informal economy: studies in advanced and less developed countries Baltimore, MD: Johns Hopkins University Press, ; Ulrich Beck, The brave new world of work Cambridge: Polity, ; Melissa Wright, Disposable women and other myths of global capitalism London: Routledge, ; Matt Davies and Magnus Ryner, eds, Poverty and the production of world politics: unprotected workers in the global economy Basingstoke: Palgrave, ; Marcus Taylor, ed.

Dev Nathan and Sandip Sarkar, Blood on your mobile phone? Capturing the gains for artisanal miners, poor workers and women , Capturing the Gains Briefing Note no. See e. Haiyan Wang, Richard P. John G. Ruggie, Just business: multinational corporations and human rights New York: Norton, , pp. Jill Esbenshade, Monitoring sweatshops: workers, consumers, and the global apparel industry Philadelphia: Temple University Press, , p. Wolfgang Streeck, How will capitalism end?

Essays on a failing system London: Verso, All rights reserved. For permissions, please e-mail: journals. For commercial re-use, please contact journals. Issue Section:. Download all figures. View Metrics. Email alerts New issue alert. Advance article alerts. Article activity alert. Subject alert. Receive exclusive offers and updates from Oxford Academic. Related articles in Web of Science Google Scholar.

Citing articles via Web of Science At the beginning, the book discusses some of the most important variables of modern dynamic economies, such as innovation, uncertainty and entrepreneurship as well as the explanatory power of their interactions, and directs some criticisms to past economic thought for completely or partially ignoring these variables.

Afterwards, those criticisms are expanded by turning to the method of economic and social science, showing that the analysis of social reality needs a third method that is in addition to and distinct from those of the natural sciences and the logic-formal sciences — a method that is founded on completely different postulates, rules and classifications.

On such a basis, some contemporary conflicts among schools of thought are discussed, particularly the opposition between mainstream and heterodox economics, which troubles current economic theory and even the teaching of eminent scholars. The devised model has been formalized at the maximum level of sectoral disaggregation one sector for each specific good and simulated with a restricted number of sectors. It provides an explanation of business cycles that largely differs from current explanations, as it derives from the notion of dynamic competition and shows that the duration of cycles, especially the long waves, is shortened by the intensity of dynamic competition as a result of the values of some parameters.

The analysis and formalization is then extended from the sectoral to the micro level, and a micro analysis with regard to the firm is developed, followed by a substantial broadening to radical uncertainty, the most typical and the most embarrassing element of economic dynamics, and probably, notwithstanding its growing importance, the most misunderstood. The extension to the micro level provides a more complete representation of the economic process as a whole, bringing to light in particular entrepreneurial action.

The question of the firm is considered in close connection with the phenomenon of radical uncertainty. Some of the main issues in the dense debate over the firm are set out and criticized, most notably the controversy between those who, distrusting organization and favoring spontaneous motion, tend to pass over the significance of the firm, and those concerned with the evolution of institutions that, on the contrary, see the firm as a crucial economic institution.

The book also offers some reflections upon the problem of the size of the firm. An analysis of the limitations of and stimulants to dimensional growth is undertaken. The importance of measuring the variable uncertainty at sectoral level is insisted on, with the benefits of BTS Business Tendency Surveys , as enabling the definition of various indicators of radical uncertainty.

The failures of opinion polls, as based on a probabilistic feature, in predicting the results of elections, are stressed. A simple model based on the interaction between uncertainty and innovation is formalized; it examines the connected business cycle; some econometric estimations of the model for Italy, the United Kingdom, France and Germany indicate differences between these countries in the operation of the phenomenon of dynamic competition.

Part II moves from the theoretical side of our work to the reformations it implies or suggests and to questions of political economy more generally. Specifically, the analysis now combines the account of the process of dynamic competition and the cyclical motion it implies, with the notion of particular historical phases of development: a combination disregarded by current economics and yet essential if we are to understand the changing character over time of growth processes and cycles. The earlier treatment of institutions now facilitates a distinction between different historical phases as well as a perception of the circumstances of their advent.

This supplies important knowledge concerning the basic content of present and future ages as well as the changes over time of cyclical behaviour. Those developments allow important clarifications on a theme that has generated substantial misunderstanding and yet long been a great source of inspiration for political economy, namely Keynesian and post-Keynesian assumptions as to the leading role of demand in the economy and in the definition of economic policies.

They decreased to 6. The open question is whether the decrease is the beginning of a long downward trend or just an intermezzo. See, for overview, Ott with respect to strong sustainability, and Ott b with respect to Habermasian deliberative democracy. Welfare state justifications might be found, among others, in Rawls and Cohen To Cairns, it is highly likely that military bodies might carry out SAI.

The prospects and pitfalls of a securitization framing are outlined in Engelke and Chiu To establish a strong causal nexus would require far more studies in the field of the economies in the U. Such hypothesis shouldn't be confused with conspiracy speculations. The line between field experiments and field tests is fuzzy. Thus, EKC is a prescriptive rather than a descriptive model. The idea that SAI can be viewed as a macro-rebound originally belongs to Barbara Muraca oral communication. Quaas et al.

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Xia, V. Bex, and P. Jamieson, D. Reason in a Dark Time. Oxford: Oxford University Press. Kearnes, L. Religions and Philosophies for the Earth , eds L. Kearnes and C. Keith, D. Geoengineering the climate: history and prospect. Energy Environ. Case for Climate Engineering. Klepper, G. The real economics of climate engineering. Lin, A. Does geoengineering present a moral hazard? Law Quart. Lipson, L. The Great Issues of Politics, 2nd Edn. MacMartin, D. Solar geoengineering as part of an overall strategy for meeting the 1.

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Gesellschaft, Politik und Geschichte , ed W. Mommsen Frankfurt: Suhrkamp , — Mooney, C. Moore, J. Will China be the first to initiate climate engineering?

The Political Economy of Longevity: Developing New Forms of Solidarity for Later Life

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