Colonial global economy: towards a theoretical reorientation of political economy
TL;DR: The emergence of the modern global economic order has its origins in the expansion of markets or in the changing nature of the social relations of capitalist production as mentioned in this paper, which is not the case here.
Abstract: Standard accounts of the emergence of the modern global economic order posit its origins in the expansion of markets or in the changing nature of the social relations of capitalist production. Each...
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TL;DR: In this paper, the reader enters a deep conversation with Gargi Bhattacharyya on what racial capitalism is, and it is very clear in the brilliant introductory chapter that this is not a...
Abstract: Upon opening this book, the reader enters a deep conversation with Gargi Bhattacharyya on what racial capitalism is. She makes it very clear in the brilliant introductory chapter that this is not a...
81 citations
TL;DR: In this paper, the authors look back to the history of political economy and at the ways in which we have come to tell that history, in order to understand how we got to the present moment and identify the key blind spots in the field and make sense of how many scholars missed or misconstrued important dynamics that define contemporary capitalism and the other systems and sources of social inequality that characterise our present.
Abstract: Contemporary political economy is predicated on widely shared ideas and assumptions, some explicit but many implicit, about the past. Our aim in this Special Issue is to draw attention to, and to assess critically, these historical assumptions. In doing so, we hope to contribute to a political economy that is more attentive to the analytic assumptions on which it is premised, more aware of the potential oversights, biases, and omissions they contain, and more reflexive about the potential costs of these blind spots. This is an Introduction to one of two Special Issues that are being published simultaneously by New Political Economy and Review of International Political Economy reflecting on blind spots in international political economy. Together, these Special Issues seek to identify the key blind spots in the field and to make sense of how many scholars missed or misconstrued important dynamics that define contemporary capitalism and the other systems and sources of social inequality that characterise our present. This particular Special Issue pursues this goal by looking backwards, to the history of political economy and at the ways in which we have come to tell that history, in order to understand how we got to the present moment.
36 citations
TL;DR: The authors start from the premise that International Political Economy (IPE) literature has a blind spot for the colonial and contested histories of financial in-turns in the UK and the US.
Abstract: This article starts from the premise that International Political Economy (IPE) literature – with some notable exceptions – has a blind spot for the colonial and contested histories of financial in...
33 citations
Cites background from "Colonial global economy: towards a ..."
...…need to be much more attentive to the postcolonial nature of modern finance and the ways in which coreperiphery relations endure and are reproduced in highly modern systems, as is being done in a number of contributions to this blind spot special issue (Bhambra, 2020; Shilliam, 2020; Singh, 2020)....
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Book•
28 Mar 2001
TL;DR: In this paper, the key to the institutional system of the 19 century lay in the laws governing market economy, which was the fount and matrix of the system was the self-regulating market, and it was this innovation which gave rise to a specific civilization.
Abstract: But the fount and matrix of the system was the self-regulating market. It was this innovation which gave rise to a specific civilization. The gold standard was merely an attempt to extend the domestic market system to the international field; the balance of power system was a superstructure erected upon and, partly, worked through the gold standard; the liberal state was itself a creation of the self-regulating market. The key to the institutional system of the 19 century lay in the laws governing market economy. (p. 3).
8,514 citations
"Colonial global economy: towards a ..." refers background in this paper
...more generally, is seen to be the endogenous locus of what Polanyi (2001 [1944])...
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TL;DR: The question of genocide is never far from discussions of settler colonialism Land is life or, at least, land is necessary for life Thus contests for land can be—indeed, often are—contests for war crimes as mentioned in this paper.
Abstract: The question of genocide is never far from discussions of settler colonialism Land is life—or, at least, land is necessary for life Thus contests for land can be—indeed, often are—contests for li
3,214 citations
Book•
01 May 1973
TL;DR: O'Connor as discussed by the authors argued that the economic crisis of the U.S. is the result of the simultaneous growth of monopoly power and the state itself, and pointed out that the state can be seen as a form of economic exploitation and thus a problem for class analysis.
Abstract: Fiscal Crisis of the State refers to the tendency of government expenditures to outpace revenues in the U.S. in the late 1960s and early 1970s, but its relevance to other countries of the period and also in today's global economy is evident. When government expenditure constitutes a larger and larger share of total economy theorists who ignore the impact of the state budget do so at their own (and capitalism's) peril. This volume examines how changes in tax rates and tax structure used to regulate private economic activity. O'Connor theorizes that particular expenditures and programs and the budget as a whole can be understood only in terms of power relationships within the private economy. O'Connor's analysis includes an anatomy of American state capitalism, political power and budgetary control in the United States, social capital expenditures, social expenses of production, financing the budget, and the scope and limits of reform. He shows that the simultaneous growth of monopoly power and the state itself generate an increasingly severe social crisis. State monopolies indirectly determine the state budget by generating needs that the state must satisfy. The state administration organizes production as a result of a series of political decisions. Over time, there is a tendency for what O'Connor calls the social expenses of production to rise, and the state is increasingly compelled to socialize these expenses. The state has three ways to finance increased budgetary outlays: create state enterprises that produce social expenditures; issue debt and borrowing against further tax revenues; raise tax rates and introduce new taxes. None of these mechanisms are satisfactory. Neither the development of state enterprise nor the growth of state debt liberates the state from fiscal concerns. Similarly, tax finance is a form of economic exploitation and thus a problem for class analysis. O'Connor contends that the fiscal crisis of the capitalist state is the inev
2,590 citations
"Colonial global economy: towards a ..." refers background in this paper
...While decolonization involves no reparation for the previous colonial drain, it does reduce the flow with consequences for welfare state finances and the fiscal crisis (O’Connor, 1973) they enter even if that relation goes unrecognized....
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Book•
01 Jan 1986TL;DR: The sources of social power trace their interrelations throughout human history as discussed by the authors, from neolithic times, through ancient Near Eastern civilizations, the classical Mediterranean age and medieval Europe up to just before the Industrial Revolution in England.
Abstract: Distinguishing four sources of power in human societies – ideological, economic, military and political – The Sources of Social Power traces their interrelations throughout human history In this first volume, Michael Mann examines interrelations between these elements from neolithic times, through ancient Near Eastern civilizations, the classical Mediterranean age and medieval Europe, up to just before the Industrial Revolution in England It offers explanations of the emergence of the state and social stratification; of city-states, militaristic empires and the persistent interaction between them; of the world salvation religions; and of the particular dynamism of medieval and early modern Europe It ends by generalizing about the nature of overall social development, the varying forms of social cohesion and the role of classes and class struggle in history First published in 1986, this new edition of Volume 1 includes a new preface by the author examining the impact and legacy of the work
2,186 citations
"Colonial global economy: towards a ..." refers background in this paper
...As such, Michael Mann (2012) argues that warfare and welfare were conjoined in bringing together the idea of citizens as a nation and through their recognition as national citizens for which the state now took on explicit responsibility....
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...Instead of warfare and welfare being conjoined, as Mann (2012) suggests, we see that warfare was the basis for increased extraction from the colonies at the same time as welfare began the process of creating social democratic national institutions distinct from empire, although funded significantly…...
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TL;DR: In this paper, the authors discuss the role of the European slave trade in African underdevelopment and its role in the development of the African economy from the pre-colonial period up to the early 20th century.
Abstract: Preface Addition to the preface Introduction Chapter One - Some Questions on Development What is Development What is Underdevelopment? Chapter Two - How Africa Developed Before the Coming of the Europeans up to the 15th Century General Over-View Concrete Examples Chapter Three - Africa's Contribution to European Capitalist Development - the Pre-Colonial Period How Europe Became the Dominant Section of a World- Wide Trade System Africa's contribution to the economy and beliefs of early capitalist Europe Chapter Four - Europe and the Roots of African Underdevelopment - to 1885 The European Slave Trade as a Basic Factor in African Underdevelopment Technological Stagnation and Distortion of the African Economy in the Pre-Colonial Epoch Continuing Politico-Military Developments in Africa - 1500 to 1885 Chapter Five - Africa's Contribution to the Capitalist Development of Europe - the Colonial Period Expatriation of African Surplus Under Colonialism The Strengthening of Technological and Military Aspects of Capitalism Chapter Six - Colonialism as a System for Underdeveloping Africa The Supposed Benefits of Colonialism to Africa Negative Character of the Social, Political and Economic Consequences Education for Underdevelopment Development by Contradiction
2,031 citations