The trajectory of mainstream economics can be understood in terms of how the discipline historically responded to moments of crises by attempting to “theoretically fix” the understandings related to five core “questions” of capitalist political economy – namely land, trade, labour, state, and legal-institutional framework. This involved legitimising improvements in land that led to the dispossession and the destruction of the commons, justifying free trade based on comparative advantage as opposed to mercantilist state intervention, reducing labour to a factor of production that was supposedly rewarded based on its marginal productivity and hence not being exploited, legitimising state intervention to stabilise capitalism and developing a legal-institutional framework to protect markets from popular democratic pressures. These “theoretical fixes” served to ideologically legitimise, preserve, and perpetuate the core content of capitalist social relations even as it corresponded with the modification of the surface-level appearances of capitalism.Read More »
Category: History of Economic Thought
Remembering Ian Taylor
Last year in February, Professor Ian Taylor of the University of St Andrews passed away after a short struggle with cancer. Ian was a world-renowned scholar in the fields of African Studies, International Relations and Global Political Economy. Besides his remarkable academic achievements, Ian was an extremely passionate educator as well as a kind, humorous and supportive colleague and friend to many of us. This is a modest attempt to pay tribute to an inspiring intellectual and true friend of Africa.
Together with his twin brother Eric, Ian grew up on the Isle of Man, before the family relocated to West London where he spent his teens and would become a die-hard Brentford FC supporter – in his words a ‘100% local club’. Whilst there were few points of contact to Africa on the small Crown dependency in the Irish Sea, Ian, early on, developed an interest in Africa, as he heard stories from his grandmother whose parents had lived in South Africa, and where a large network of relatives still live.
After reading History and Politics at what was then the Leicester Polytechnic, Ian used a gap year in 1991-92 for his first travel to southern Africa – obviously at quite a formative time for the region. This trip clearly left a firm impression on him, as he would return to the region throughout his life. However, first he joined Jo, the love of his life whom he met in South Africa, when she took up Ph.D studies at the University of Hong Kong in 1994. Ian enrolled himself for a Master’s there. His 368-pages M.Phil thesis on China’s foreign policy vis-à-vis Africa laid the cornerstone for one of his research specialisations and arguably also for a new sub-discipline, China-Africa studies. One of his first academic articles, an output from his M.Phil research, was published in the Journal of Modern African Studies and has since been cited 357 times (Taylor 1998). Exactly 18 years later, Ian became co-editor-in-chief of this prestigious journal, together with Ebenezer Obadare.Read More »
The Nobel Prize winner that predicted a crisis between nature and capital
Since 1901, December has been a time for Nobel Prizes. Only in 1969, as an afterthought, the Swedish Central Bank established the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel — a decision that was met with protests by some members of the Nobel family.
Nevertheless, a scientist who used much of his time on economics was rewarded a Nobel Prize in 1921. Admittedly, Frederick Soddy (1877–1956) received the prize in chemistry, for his work on radioactivity. But in the period from 1921 to 1934 Soddy wrote four books campaigning for a radical restructuring of the global monetary system.
I have been leafing through Soddy’s book entitled, ‘Money versus Man’, published in 1931.[i] The book opens with a full-page quote from another English polymath, John Ruskin (1819–1900).[ii] The social problems of England in the 1840s — ‘The Hungry 40s’ — and the financial crises that followed in 1847 inspired Ruskin. The mass deaths in World War I and the crisis that started in 1929 provided new inspiration to Soddy.
For Ruskin, and later Soddy, consumption was the only purpose of the economy. ‘There is no wealth but life’ is the basic message in Soddy’s long quote from Ruskin. It is on this basis we should read the title of Soddy’s book, placing money as a kind of enemy for humankind. Here is a new type of economics: we have standard neoclassical economics, based on the metaphor of equilibrium between supply and demand, and we have evolutionary (Schumpeterian) economics based on a metaphor from biology (innovations as mutations). Soddy offered us a third angle: economics rooted in physics, in the laws of thermodynamics.Read More »
Constructing a Global History of Human Rights and Development
The history of global human rights has been, as Joseph Slaughter puts it: “hijacked” by Euro-American narratives (Slaughter, 2018). It has been claimed, through history books and the institutional memory of bodies such as the United Nations or Amnesty International, that human rights can be traced back to documents such as the Magna Carta, that they were intellectually developed and promoted globally through the ages of Enlightenment and Imperialism, and that they were enshrined in the Universal Declaration of Human Rights of 1948.
Even in recent decades, attempts to frame and conceptualise the latest milestone of human rights, which took place at the height of globalisation in the 1970s, was a Western ‘revival’ or ‘rediscovery’ of human rights as a transnational tool through which states could be held accountable for their violation of rights. Crucial reference points for scholars today include the so-called ‘Human Rights Utopia’ of the 1970s (see Moyn, 2010) or the development of ‘New’ Human Rights two decades later (see Nelson & Dorsey, 2008). To reconstruct the past, scholars often seek changes in the discourse of global institutions; they analyse the most widely reported human rights movements; they call upon the emergence and establishment of organisations such as Amnesty International; they run keyword searches of major international newspapers; and they look to the political discourse of major global players, all of which are largely based in the Global North.
No wonder, then, that the major turning point of the transnational human rights movement is so precisely associated with the year of 1977, when Amnesty International won the Nobel Peace Prize and US President Jimmy Carter incorporated human rights into the country’s foreign policy. The so-called utopia that was set forth during this transformative moment in history was that human rights came to represent an alternative to anti-establishment movements against US imperialism and consumerism. It also represented an alternative to socialist states, which for many of the Left was proving to be a disappointing avenue for meaningful change. A transnational social movement of solidarity was also imagined as the key to holding states accountable for the human rights violations of their own citizens.
The result of this revisionist history is not only an incomplete picture, but what Walden Bello calls “the [structural] resubordination of the [Global] South within a US-dominated global economy” (Bello, 1994 cited in Slaughter, 2018). As the agency of Global South-identifying actors is denied, so is their role in shaping what today are known as rights of self-determination, sustainable development, peace, minority, and rights to natural resources and the environment, among other things.
Yet there exists an alternative history to human rights that has been obscured through attempts to narrate the past. This history has been prevented from entering the debate, I would argue, for three key reasons: first, dominant historical narratives emphasise actors and institutions of the Global North as the leading protagonists in the process of the construction of human rights. Second, and as a result of the first, methodological approaches have been limited by what is perceived as the spaces within and through which concepts and practices of human rights are constructed and diffused globally. Third, potential alternative sources of ideas surrounding human rights and their global diffusion are and have almost always been brushed aside as anything but potential sources of human rights: they have been labelled as socialist, anti-colonialist, anti-imperialist, and even terrorist, none of which could possibly be compatible with human rights.
But the issue does not stop at asking the right questions. The problem cannot be solved simply by asking whether and if so what Global South actors and organisations contributed to human rights norms, concepts, and practices, but also how they did so. And this requires returning to the drawing board methodologically. If potential contributions do not take place within dominant institutions, state-to-state dialogue, and major international organisations, then we need to look beyond these spheres for our evidence.Read More »
Can Joan Robinson’s ideas cast some light on today’s profound economic challenges?
By Carolina Alves and Jan Toporowski
Cambridge Journal of Economics Special Issue / Deadline for submitting papers via CJE refereeing process: 30th April 2022.
2023 marks the fortieth year since the passing of Joan Robinson and her one-hundred-and-twentieth anniversary. This special issue of the Cambridge Journal of Economics aims at presenting a collection of papers that reflect the extraordinary breadth of Robinson’s career and examine what insights these might offer the economics profession and policy makers to address our seemingly most intractable problems of inadequate demand, rising margins with falling competition, and widespread and seemingly intransigent inequality and its consequences. For Robinson the purpose of our discipline is in understanding the real world to enable all global citizens to enjoy life to the full. It is therefore fitting that we follow her lead and demand that we ask of ourselves whether we have done enough to address her challenges to economic theory.
Despite making her international reputation in the Marshallian tradition of economics, she came to regard her generalisation of John Maynard Keynes’s theories and their integration with Kaleckian and Marxian insights as her more substantial contribution, along with a vigorous defence of rigorous evidence-based thought over inductive mathematical modelling. Among an impressive body of work, three books by Robinson mark key moments in the evolution of her ideas: The Economics of Imperfect Competition (1933), An Essay on Marxian Economics (1942), and The Accumulation of Capital (1956) (Marcuzzo, 2003).
In 1933, she made her international reputation with brilliant work within the orthodoxy on imperfect competition, offering an internal critique of the marginalist theory of distribution. Only a decade later, her reflections on reading Karl Marx persuaded Robinson to question the Marshallian methodology, in particular its polite theory of income distribution which became so incongruous during and after the depression (Marcuzzo, 2003).1 Finally, in 1956, she had the courage to follow the logic of her argument to examine the whole neoclassical theory of income distribution and its predominant method, facing the might of the now dominant American economics profession in the [in]famous capital controversy. She had to accept the pyrrhic victory of her interlocutors accepting she was right, yet the profession moving on regardless.Read More »
Walter Rodney’s Lost Book: One Hundred Years of Development in Africa
By Leo Zeilig.
One of the most astonishing books that Walter Rodney – the Guyanese revolutionary and historian – ever wrote was published several years after he was assassinated on 13 June 1980. The story of this book and how it came to be published is almost as remarkable as the life of the revolutionary himself. In 1978, Rodney was working as a full-time activist of the Working People’s Alliance (WPA) in Georgetown, the capital of Guyana. The WPA was a revolutionary organisation seeking to unite the African and Indian working class in the highly divided country, then run by the brutal Forbes Burnham. Rodney was the group’s principal organiser and intellectual, and to support himself and his family, and to fundraise for the WPA, he travelled overseas to teach and work.
One trip to Germany in 1978 shows us how his last book came to be. Rodney travelled from Guyana to Hamburg in April of that year. He was already the celebrated and outspoken author of How Europe Underdeveloped Africa, and his arrival was eagerly anticipated. He had been invited by the radical German scholar, Rainer Tetzlaff, to teach a course on the history of African development at the University of Hamburg.
The lecture course Rodney was employed to teach was titled, ‘African Development, 1878-1978’, and comprised, according to the one-page programme, ‘(i) a brief introduction to development concepts; (ii) a survey of African colonial economies with special reference to East and West Africa; and (iii) an examination of post-colonial developments in Kenya and Tanzania.’ According to the brief programme there were going to be twelve lectures, comprising, ‘The debate on development concepts in Africa’ and ‘Post-colonial development strategies’.1Read More »
The Uncomfortable Opportunism of Global Development Discourses
Since the 2008 financial crisis and the end of the Millennium Development Goals, academics and practitioners working in ‘development’ have been groping for a new development paradigm. Yearning for the end of neoliberalism and stumped by the rise of China, academics hopped on the Sustainable Development Goals (SDGs) bandwagon to call social scientists to think ‘globally’ beyond national-centric analyses. This was, of course, a noble goal – no different from the motives of the hopeful SDGs. New ‘Global Development’ proponents argued that we must think globally and relationally, surprising some within development studies that this had not been happening already (think Dependency theory).
As Development Studies departments found themselves new names and new networks were established, some academics took the opportunity to stake claim over the meaning of Global Development. New scholarship argued that a new Global Development paradigm would rescue us from development studies’ oppressive past, which obsessed over distinguishing between a backward developing world and a utopian ‘developed’ heaven. They reasoned that this was necessary because the ‘South’ was actually rising in comparison to the ‘North’ on the basis of growth and human development indicators. But in presenting this trend as a paradigm shift, these scholars misdiagnosed the problem. They presented the entire ‘South’ as rising, failing to isolate China’s rise and obscuring the fact that countries may have experienced very different trajectories.
In a Forum section that appeared in Development and Change, the case for Global Development was subjected to open debate. The case for Global Development is based on ‘converging divergence’, which suggest that there is increasing convergence between the North and South while there is increased evidence of sustained within-country inequalities (divergence). This elaboration of ‘Global Development’ selected 1990-2015 as the time series within which convergence was identified in terms of growth, health and education. The paper was roundly criticised for its sloppy use of indicators. For example, generalisations of wellbeing were based on the widely-criticised (in every intro to development studies course) Human Development Indicators. In selecting the time period 1990-2015, the paper implies that convergence resulted from the implementation of market-led policies, implicitly condoning neoliberalism, as Andrew Fischer argued. Of course, such claims stand directly opposed to the experiences of most countries in ‘the South’ where structural adjustment and the legacy of market-led reforms has limited prospects for structural transformation.
The paper was also criticised within the Forum on several other counts (see Jayati Ghosh’s contribution for example). For their part, Global Development proponents acknowledge most criticisms. However, they refuse to nuance their claims of converging divergence. They replied that the study was a purely empirical exercise and converging divergence was a stylized fact. It is as if selecting which data you use, as well as the time period, is not a choice.Read More »
Enduring Relevance: Samir Amin’s radical political economy
By Ingrid Harvold Kvangraven, Maria Dyveke Styve, Ushehwedu Kufakurinani and Ray Bush
In moments of great uncertainty there is refuge to be found in the work of intellectual titans like Samir Amin. After the sad news of his passing in August 2018 in Paris, aged 86, we began thinking about how best to explore the enduring relevance of his analysis and concepts to make sense of contemporary crises.
The pertinence and analytical heft of Amin’s work is particularly important in the contemporary period marked by the interconnected crises related to COVID-19, Black Lives Matter, the climate emergency, and looming debt crises across the periphery. In the years ahead, confronting these multiple and intertwined crises will require the kind of commitment to combining research with political engagement that Amin demonstrated.
Amin’s ability to weave together thorough analysis of the polarising effects of capitalism with concrete political projects for an international radical left makes his work particularly relevant in our quest to understand capitalism, its particularities across the world, and oppositions to it. There is a younger generation of scholars, of which we are a part, that is particularly hungry for Amin’s perspectives, one that came of age in a time where the universities have been thoroughly marketised and moulded by neoliberal processes, and where intellectual production and debates are not necessarily embedded within social struggles.Read More »