Towards a New Political Economy of the Crisis: Getting What Went Wrong Right
Jeremy Green,Colin Hay +1 more
TLDR
The authors argue that despite the public focus upon the failings of mainstream economics, the rise of alternative disciplinary and epistemological perspectives has been muted, despite the intimate connection between politics and economics.Abstract:
Not only did the global financial crisis transform the prevailing institutions, policies and practices of contemporary capitalism, it also had a profound impact upon the discipline of economics itself. From 2008 a different crisis, one of public legitimacy, engulfed academic economics as critics railed against its failure to predict the onset of unprecedented global economic turmoil. But despite the public focus upon the failings of mainstream economics, the rise of alternative disciplinary and epistemological perspectives has been muted. Scholars of international political economy (IPE), unconstrained by the debilitating equilibrium assumptions of neoclassical economics and keenly aware of the intimate connectivity between politics and economics, might justifiably have expected to make gains during the economics profession's darkest hour. That they have not managed, thus far, to substantially unsettle the intellectual and institutional predominance of economics should not, however, be a source of dismay....read more
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From Performativity to Political Economy: Index Investing, ETFs and Asset Manager Capitalism
TL;DR: In this article, an analysis of the gradual, performative evolution of the investment intermediation market is presented, where the traditional high-cost model of active asset management has been challenged by the emergence of a low-cost alternative in the form of index-tracking investment funds.
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The IPE of money revisited
TL;DR: The main message of as mentioned in this paper is that "the study of money has become increasingly insular and introspective, largely detached from what goes on in the real world" and that "there is a steep decline of interest in broader systemic issues, as the pendulum has swung sharply toward the domestic level of analysis".
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The political economy of shadow banking
Cornel Ban,Daniela Gabor +1 more
TL;DR: When most political economists talk about finance, they mean the conventional banking sector that is subject to reserve requirements and other regulations but enjoying the safety nets offered by cen....
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How can interactions among interdependent structures, institutions, and agents inform financial stability? What we have still to learn from global financial crisis
TL;DR: In this article, an integrative framework that views financial stability as a function of these interactions that reinforce prudent financial behavior is proposed. But the authors do not consider the role of the financial sector in the global financial crisis.
References
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Policy paradigms, social learning, and the state: the case of economic policymaking in Britain
TL;DR: The authors examined the role of ideas in policy making, based on the concept of policy paradigms, and found that a conventional model of social learning fit some types of changes in policy well but not the movement from Keynesian to monetarist modes of policymaking.
Posted Content
Capital in the 21st Century
Andrew Haldane,Rachana Shanbhogue,Orazio Attanasio,Timothy Besley,Timothy Besley,Timothy Besley,Peter H. Lindert,Peter H. Lindert,Thomas Piketty,Jaume Ventura +9 more
TL;DR: A discussion forum based around Thomas Piketty's book, Capital in the twenty-first century, with a number of economists from academia, public sector bodies and private sector institutions was held at the Centre for Economic Policy Research and the Bank of England.
Book
Legal foundations of capitalism
TL;DR: In this paper, the authors present an evolutionary and behavioral theory of value and examine the decisions of the courts that are based on custom and that profoundly impact the nature and function of the economic system as such.
Book
Buying Time: The Delayed Crisis of Democratic Capitalism
TL;DR: In this paper, Streeck traces the transformation of the tax state into a debt state, and from there into the consolidation state of today, and traces the changing relationship between capitalism and democracy, in Europe and elsewhere, and the advancing immunization of the former against the latter.