Author
Tae-Hee Jo
Bio: Tae-Hee Jo is an academic researcher. The author has contributed to research in topics: Business transformation & Order (exchange). The author has an hindex of 1, co-authored 1 publications receiving 4 citations.
Papers
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TL;DR: This paper argued that market governance by the business enterprise and market regulation by the state are purposeful and necessary actions to save private business enterprises vis-a-vis fundamental instability inherent in the capitalist system.
Abstract: This article develops an argument from a heterodox microeconomic perspective that the business enterprise and the state have to control market institutions in order to protect the vested interests of the ruling class. Market governance by the business enterprise and market regulation by the state are in this regard purposeful and necessary actions to save private business enterprises vis-a-vis fundamental instability inherent in the capitalist system.
4 citations
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TL;DR: In this paper, the authors argue that the government protects the incomes and assets of financial institutions, but it does little to protect the incomes or assets of households, which are necessary for people to afford healthcare, education, emergencies, retirement, and so on.
Abstract: :Financialization challenges Karl Polanyi’s thesis of double movement, the thesis that efforts to extend the market evoke efforts to protect humans, nature, and means of production from market forces. Financialization refers to the increased power of financial institutions. The government protects the incomes and assets of financial institutions, but it does little to protect the incomes and assets of households, which are necessary for people to afford healthcare, education, emergencies, retirement, and so on. Polanyi criticized nineteenth-century civilization for transforming land, labor, and the means of production into commodities, using economic insecurity to motivate humans. The development of intangible property allowed business to expand the market in two ways: (i) restricting output to drive up profits and (ii) liquefying consumer assets to provide credit to consumers to increase spending. The implications of that process manifested themselves in the financial crisis of 2008. Market capit...
10 citations
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TL;DR: In this paper, the authors argue that market institutions are created and controlled by business enterprises and the state, competition and cooperation among business enterprises are two sides of the same coin, competition is regulated, and hence, market instability is managed, if not eliminated, by those who control the market.
Abstract: Grounded in the methodological commitments shared by various traditions in heterodox economics, this paper explores going enterprises’ cooperative actions to control markets through social networks. It is argued that 1) market institutions are created and controlled by business enterprises and the state, that 2) competition and cooperation among business enterprises are two sides of the same coin, that 3) competition is regulated, and hence that 4) market instability is managed, if not eliminated, by those who control the market. Such arguments lead to the managed competition thesis that encompasses corporate governance, market governance, and market regulation in an integrative manner.
7 citations
TL;DR: More than 150 years ago, Marx predicted that the working class would become the gravedigger of capitalism, a seemingly prescient prediction as socialism flourished between the two World Wars as discussed by the authors.
Abstract: More than 150 years ago, Marx predicted that the working class would become “the gravedigger of capitalism,” a seemingly prescient prediction as socialism flourished between the two World Wars. How...
2 citations
01 Jan 2015
TL;DR: The writings of the "muckrakers" informed and mobilized the general public to action regarding unfair business practices and corrupt political elites as mentioned in this paper, leading to significant changes in the American political, economic, and cultural landscape.
Abstract: Thorstein Veblen witnessed significant changes in the American political, economic, and cultural landscape. Industrialization replaced agriculture as the primary source of income for the American economy. Urban population centers flourished, and across the country, politicians debated social justice initiatives. The writings of the ‘muckrakers’ informed and mobilized the general public to action regarding unfair business practices and corrupt political elites. Veblen also witnessed the rise of the corporation and spread of unprecedented economic disparities.
1 citations