In this article I remind readers about the existence of “sacrificial generations” within global capitalist history. By sacrificial generation I mean a group of people at a point in time that experiences suffering with the immanent or intentional effect of changing economic, political or social conditions, which are in turn disproportionately enjoyed by another group of people at a later period in time. I identify four areas in which there systematically exists sacrificial generations: three stages of capitalist development (state formation, capitalist property rights transition and early industrialization) and a cyclical aspect of capitalism (Polanyian-Marxian cycles). It could also be argued that the future generations which would disproportionately experience the environmental costs of past and present generations’ consumption are “climatic sacrificial generations”, but this will not be explored. Read More »
There has recently been much talk that the hegemony of the United States is crumbling, from the decline in its share of world GDP to its possible submission to a new economic power such as China. However, little has been said about the fundamental pillar that sustains the power of the United States, the US dollar.
Globally, the dollar is the most utilized currency, both in trade in products and services and in cross-border financial operations. Given the continued dominance of the US dollar as the key currency of the international monetary system, it is difficult to speak of a declining US hegemony. But how to explain the power of the dollar and the apparent immunity of the United States hegemony in times of financialization?Read More »
The recent attack by a Senior World Bank Official, against the Centre for Global Development (CGD) has been rightly publicised on social media, for failing to engage with critique and misconstruing it as ideology. The encounter was based on a discussion with a CGD economist, where an excerpt of a critique of World Bank’s much debated Ease of Doing Business Index was presented. The well researched and evidence-based critique prompted an unwarranted response by the World Bank employee, where the CGD economists were labelled as ‘reformed Marxists’ and the critique labelled as originating from Das-Capital.Read More »
Immanuel Maurice Wallerstein, historical social scientist, anti-colonial militant, world systems theorist, intellectual provocateur and polymath, has passed – and with him has passed the last giant of the golden age of anti-Eurocentric history. Wallerstein was born in 1930, educated at Columbia, from where he successively received BA, MA, and PhD degrees by 1959. From his early adulthood, he was seasoned and beguiled by national liberation struggles, reading the texts of Nehru and Gandhi, attending youth congresses alongside participants from African countries in the heat of anti-colonial militance. His earliest works focused on colonial and post-colonial African governments, including a number of neglected monographs and co-authored document collections on the African liberation movements.Read More »
More expansionary fiscal and monetary policies are needed to meet the Sustainable Development Goals
This month, the international community will gather at the United Nations in New York to review progress on the implementation of the 17 Sustainable Development Goals (SDGs) that are intended to reduce poverty, hunger and economic inequality and promote development, particularly in developing countries. But only one of the SDGs, #17, says anything about how to finance all the efforts. While SDG 17 calls for more international cooperation and foreign aid, it only suggests that developing countries strengthen domestic resource mobilization (DRM) by improving their tax collection and curtailing illicit financial flows, etc.
While important, this approach neglects much bigger problems with the prevailing set of macroeconomic policies that hamper the ability of developing countries to increase public investment, employment and scale-up the long-term investments in the underlying health and education infrastructure needed to achieve the SDGs. The policy framework used in many developing countries is characterized by an overly restrictive low-inflation target achieved by using high interest rates and backed up by strict inflation targeting regimes at independent central banks.Read More »
This summer, we take stock of the most interesting economics-related books that have been released over the past year. Every year, Martin Wolf of the Financial Times makes a similar list. However, by his own admission, he only reads within the tradition of his own training in mainstream economics. While his 2019 summer list includes several excellent books, such as The Case for People’s Quantitative Easing by Frances Coppola and The Sex Factor by Victoria Bateman, we are still struck by the strong white-male-mainstream-Western bias in Wolf’s list, with the books almost all written by white (20/21) men (18/21) about topics mostly focused on the US and Europe.
To complement Wolf’s list, we have put together an Alternative Economics Summer Reading list with authors from across the world, with more varied backgrounds – and writing about more wide-ranging topics, and from a wider variety of critical perspectives. Our alternative list also reflects our belief that issues such as structural racism, imperialism, ideology and the philosophy of science are central to understanding economics.
It is not that we think that Martin Wolf is in particular responsible for the lack of diversity and monism in our reading decisions: other curators such as the Economist (for example, here) also perpetuate the myth that the books worth reading about economics are mostly those written about the US and Europe, by white men trained trained in mainstream economics. Read More »
“Economics is unique among the social sciences in having a single monolithic mainstream, which is either unaware of or actively hostile to alternative approaches.” (John King 2013: 17)
What does heterodox economics mean? Is the label helpful or harmful? Being outside of the mainstream of the Economics discipline, the way we position ourselves may be particularly important. For this reason, many around us shun the use of the term “heterodox” and advise against using it. However, we believe the reluctance to use the term stems in part from misunderstandings of (and sometimes disagreement over) what the term means and perhaps disagreements over strategies for how to change the discipline.
In other words, this is an important debate about both identification and strategy. In this blog, we wish to raise the issue in heterodox and mainstream circles, by busting a few common myths about Heterodox Economics – mostly stemming from the orthodoxy. This is a small part of a larger project on defining heterodox economics.
By Ushehwedu Kufakurinani, Ingrid Harvold Kvangraven and Maria Dyveke Styve
When the sad news came of Samir Amin’s passing on August 12th, 2018, a plethora of beautiful obituaries were published in his memory (see for example here, here, here or here). These have made it more than evident not only how important his scholarship and work through the World Social Forum is, but also what an extraordinary person he was. We never had the privilege of meeting Samir Amin in person, but he was very kind to grant us an interview over Skype for an e-book we put together in 2017 on the contemporary relevance of dependency theory (since published by the University of Zimbabwe Publishers). Now we wish to unpack his contributions to our understanding of political economy and uneven development, and explore how his ideas have been interpreted and adopted in different contexts, and their relevance today.