Pub Date : 2023-01-01DOI: 10.13169/worlrevipoliecon.14.3.0480
{"title":"Guidelines for Contributors","authors":"","doi":"10.13169/worlrevipoliecon.14.3.0480","DOIUrl":"https://doi.org/10.13169/worlrevipoliecon.14.3.0480","url":null,"abstract":"","PeriodicalId":41482,"journal":{"name":"World Review of Political Economy","volume":"52 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135151208","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-01-01DOI: 10.13169/worlrevipoliecon.14.2.0234
Maxi Nieto
For the Austrian School, the problem of efficient allocation of scarce resources is not computational in nature (ability to collect and process data) but economic-entrepreneurial (human assessment and decision around new ends and means of productive activity), and that can only be resolved through exchanges and private property rights, thereby making the market an experimental and decentralized entrepreneurial process. This thesis has two variants: the Misesian emphasizes the role of economic calculation as an entrepreneurial appraisement made in conditions of uncertainty; and the Hayekian the coordinating role of entrepreneur in the face of the cognitive limits of agents (where omniscience is impossible). In this article, we show the inconsistency of this thesis in both its variants and argue that the theory of cyber-communism offers a solution that combines technological and institutional responses to the not merely computational complexity of the allocation problem.
{"title":"Economic Calculation, Complexity, and Cyber-Communism: Bad News for the Austrian School","authors":"Maxi Nieto","doi":"10.13169/worlrevipoliecon.14.2.0234","DOIUrl":"https://doi.org/10.13169/worlrevipoliecon.14.2.0234","url":null,"abstract":"For the Austrian School, the problem of efficient allocation of scarce resources is not computational in nature (ability to collect and process data) but economic-entrepreneurial (human assessment and decision around new ends and means of productive activity), and that can only be resolved through exchanges and private property rights, thereby making the market an experimental and decentralized entrepreneurial process. This thesis has two variants: the Misesian emphasizes the role of economic calculation as an entrepreneurial appraisement made in conditions of uncertainty; and the Hayekian the coordinating role of entrepreneur in the face of the cognitive limits of agents (where omniscience is impossible). In this article, we show the inconsistency of this thesis in both its variants and argue that the theory of cyber-communism offers a solution that combines technological and institutional responses to the not merely computational complexity of the allocation problem.","PeriodicalId":41482,"journal":{"name":"World Review of Political Economy","volume":"1 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66275388","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-01-01DOI: 10.13169/worlrevipoliecon.14.3.0386
Satoshi Ohira, Chen Li
This study constructs a two-sector two-class economic growth model to analyze an economy described in Marx’s Capital , where only the capitalist owns the means of production and maximizes the surplus value, while the worker provides labor in exchange for the minimum subsistence wage. Unlimited labor supply is the critical factor for the wage to be at the minimum subsistence level. In contrast to the Marxian optimal growth model, which indicates that the growth path in the capitalist economy follows a stable path to a steady state and is appropriate for analyzing the developed capitalist economy, our model demonstrates that, except in some rare cases, there is no stable path to a steady state in the economy and it is valid for analyzing an economy with an excessive labor supply. The results further indicate that it is common for capital to follow the process of unlimited self-growth, which causes the capitalist economy to be unstable.
{"title":"A Marxian Optimal Growth Model for Economies with Minimum Subsistence Wages","authors":"Satoshi Ohira, Chen Li","doi":"10.13169/worlrevipoliecon.14.3.0386","DOIUrl":"https://doi.org/10.13169/worlrevipoliecon.14.3.0386","url":null,"abstract":"This study constructs a two-sector two-class economic growth model to analyze an economy described in Marx’s Capital , where only the capitalist owns the means of production and maximizes the surplus value, while the worker provides labor in exchange for the minimum subsistence wage. Unlimited labor supply is the critical factor for the wage to be at the minimum subsistence level. In contrast to the Marxian optimal growth model, which indicates that the growth path in the capitalist economy follows a stable path to a steady state and is appropriate for analyzing the developed capitalist economy, our model demonstrates that, except in some rare cases, there is no stable path to a steady state in the economy and it is valid for analyzing an economy with an excessive labor supply. The results further indicate that it is common for capital to follow the process of unlimited self-growth, which causes the capitalist economy to be unstable.","PeriodicalId":41482,"journal":{"name":"World Review of Political Economy","volume":"55 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135156647","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-01-01DOI: 10.13169/worlrevipoliecon.14.1.0063
C. Flamant
The labor theory of value has been rejected by Morishima on the grounds that it would be incompatible with joint production, which would create negative labor values. This article starts by recalling the various definitions of joint production, as well as the way they relate to the real world. For Morishima, the labor theory of value is a particular case of Sraffa’s theory of production prices; it is recalled that in Sraffa’s treatment of joint production the occurrence of negative multipliers and therefore of negative quantities comes from the construction of a standard commodity. Morishima extends this demonstration to labor values in the case of joint production, but the article shows that his example of giving negative labor values is absurd. Finally, using a method initially developed by statisticians to deal with joint production and simple matrix calculations, it is demonstrated that it is perfectly possible to obtain positive labor values in a theoretical but realistic model of joint production.
{"title":"The Labor Theory of Value and the Problem of Joint Production","authors":"C. Flamant","doi":"10.13169/worlrevipoliecon.14.1.0063","DOIUrl":"https://doi.org/10.13169/worlrevipoliecon.14.1.0063","url":null,"abstract":"The labor theory of value has been rejected by Morishima on the grounds that it would be incompatible with joint production, which would create negative labor values. This article starts by recalling the various definitions of joint production, as well as the way they relate to the real world. For Morishima, the labor theory of value is a particular case of Sraffa’s theory of production prices; it is recalled that in Sraffa’s treatment of joint production the occurrence of negative multipliers and therefore of negative quantities comes from the construction of a standard commodity. Morishima extends this demonstration to labor values in the case of joint production, but the article shows that his example of giving negative labor values is absurd. Finally, using a method initially developed by statisticians to deal with joint production and simple matrix calculations, it is demonstrated that it is perfectly possible to obtain positive labor values in a theoretical but realistic model of joint production.","PeriodicalId":41482,"journal":{"name":"World Review of Political Economy","volume":"1 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66275244","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-01-01DOI: 10.13169/worlrevipoliecon.14.1.0149
O. Osman
This article provides an analysis of the economic cost incurred by the world through the use of the fiat international reserve currency since the end of the 1971 gold standard system. The article uses the Quantity Theory of Money to provide an empirical manifestation of how reserve currency yields income to its issuing country through the provision of an inflation buffer, which is equivalent to what the article frames as an imperial rent of reserve currency. The article then provides a method to estimate the cumulative quantity of this rent by using data on the broad money supply, nominal GDP, and world total official foreign exchange holdings of the currency of the country in question. The article estimates that the quantity of the imperial rent of reserve currency that accrued to the four major reserve currency-issuing states (US, Euro area, UK, Japan) from the end of the gold standard until the end of 2021, which was accumulated through the official channel only, is of a value equivalent to 11.1 trillion USD, 71 % of this amount went to the US singly.
{"title":"Analysis of the Imperial Rent of Reserve Currency","authors":"O. Osman","doi":"10.13169/worlrevipoliecon.14.1.0149","DOIUrl":"https://doi.org/10.13169/worlrevipoliecon.14.1.0149","url":null,"abstract":"This article provides an analysis of the economic cost incurred by the world through the use of the fiat international reserve currency since the end of the 1971 gold standard system. The article uses the Quantity Theory of Money to provide an empirical manifestation of how reserve currency yields income to its issuing country through the provision of an inflation buffer, which is equivalent to what the article frames as an imperial rent of reserve currency. The article then provides a method to estimate the cumulative quantity of this rent by using data on the broad money supply, nominal GDP, and world total official foreign exchange holdings of the currency of the country in question. The article estimates that the quantity of the imperial rent of reserve currency that accrued to the four major reserve currency-issuing states (US, Euro area, UK, Japan) from the end of the gold standard until the end of 2021, which was accumulated through the official channel only, is of a value equivalent to 11.1 trillion USD, 71 % of this amount went to the US singly.","PeriodicalId":41482,"journal":{"name":"World Review of Political Economy","volume":"1 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66275319","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-01-01DOI: 10.13169/worlrevipoliecon.14.2.0204
T. Subaşat, Stavros D Mavroudeas
The financialization hypothesis (FH) is a popular leitmotiv which argues that the financial system conquers the commanding heights of the capitalist economy. It maintains that finance gained independence from productive-capital and began to dominate it. The FH bases this argument on several empirical claims concerning the size and the strategic role of financial entities. This article offers a critique of crucial analytical and empirical claims of the FH. It argues that the FH overrates the importance of novel financial instruments, misunderstands their function and, thus, fails to situate the role of finance in the capitalist system. Especially, it erroneously divorces finance from and superimposes it on productive-capital. Moreover, this article argues that crucial empirical claims of the FH do not stand up to scrutiny.
{"title":"Financialization Hypothesis: A Theoretical and Empirical Critique","authors":"T. Subaşat, Stavros D Mavroudeas","doi":"10.13169/worlrevipoliecon.14.2.0204","DOIUrl":"https://doi.org/10.13169/worlrevipoliecon.14.2.0204","url":null,"abstract":"The financialization hypothesis (FH) is a popular leitmotiv which argues that the financial system conquers the commanding heights of the capitalist economy. It maintains that finance gained independence from productive-capital and began to dominate it. The FH bases this argument on several empirical claims concerning the size and the strategic role of financial entities. This article offers a critique of crucial analytical and empirical claims of the FH. It argues that the FH overrates the importance of novel financial instruments, misunderstands their function and, thus, fails to situate the role of finance in the capitalist system. Especially, it erroneously divorces finance from and superimposes it on productive-capital. Moreover, this article argues that crucial empirical claims of the FH do not stand up to scrutiny.","PeriodicalId":41482,"journal":{"name":"World Review of Political Economy","volume":"1 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66275379","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-01-01DOI: 10.13169/worlrevipoliecon.14.3.0478
{"title":"WAPE Membership Information","authors":"","doi":"10.13169/worlrevipoliecon.14.3.0478","DOIUrl":"https://doi.org/10.13169/worlrevipoliecon.14.3.0478","url":null,"abstract":"","PeriodicalId":41482,"journal":{"name":"World Review of Political Economy","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135151225","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-01-01DOI: 10.13169/worlrevipoliecon.14.3.0405
Salimah Valiani
For decades, African governments have cited debt servicing and international credit ratings as the reasons for continued policies of austerity. It is demonstrated here that though unjust and anti-developmental, as critics of so-called structural adjustment have argued, IMF prescriptions and other capitalist structural reforms have been a success from the perspective of world elites. It is shown how, from the 1970s, rich country elites, as well as African elites, have created the conditions for Africa to become a major locus for the maintenance of liberalized financial and trade flows. Comprador bourgeois capitalism, with a new twist—the amassing of public debt and offshore transactions—is argued to be the African expression of financial expansion in Giovanni Arrighi’s fourth (US) systemic cycle of accumulation. A systemic, class-based explanation is offered for what is commonly understood as the anti-democratic nature of international financial institutions, and corruption of African leaders. The analysis provides an explanation for why, not a single African state has defaulted on external debt, as Argentina did, in 2001.
{"title":"The Debt-Austerity Crutch: African Elite Agency in the Fourth (US) Cycle of Accumulation of Historical Capitalism","authors":"Salimah Valiani","doi":"10.13169/worlrevipoliecon.14.3.0405","DOIUrl":"https://doi.org/10.13169/worlrevipoliecon.14.3.0405","url":null,"abstract":"For decades, African governments have cited debt servicing and international credit ratings as the reasons for continued policies of austerity. It is demonstrated here that though unjust and anti-developmental, as critics of so-called structural adjustment have argued, IMF prescriptions and other capitalist structural reforms have been a success from the perspective of world elites. It is shown how, from the 1970s, rich country elites, as well as African elites, have created the conditions for Africa to become a major locus for the maintenance of liberalized financial and trade flows. Comprador bourgeois capitalism, with a new twist—the amassing of public debt and offshore transactions—is argued to be the African expression of financial expansion in Giovanni Arrighi’s fourth (US) systemic cycle of accumulation. A systemic, class-based explanation is offered for what is commonly understood as the anti-democratic nature of international financial institutions, and corruption of African leaders. The analysis provides an explanation for why, not a single African state has defaulted on external debt, as Argentina did, in 2001.","PeriodicalId":41482,"journal":{"name":"World Review of Political Economy","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135151443","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-01-01DOI: 10.13169/worlrevipoliecon.14.1.0034
Chenxi Gao, Masao Watanabe
This article attempts to clarify certain misunderstandings about productive/unproductive labour (PUPL) concerning the “service economy.” The concept of service labour is embedded in the discussion of PUPL. After examining Smith’s and Marx’s definitions of “service” and “service labour,” we demonstrate that criticisms of the connotation of “service” in Smith’s literature are based on a misinterpretation of the classical definition of the term and are not consistent with the post-industrialist dogma on “service economy.” Therefore, despite the growing importance of tertiary activities, we have to reject certain Marxists’ proposals that urge us to regard non-material labour in the tertiary industry as “labour productive of value,” and remain careful in applying the PUPL theory to the modern economy.
{"title":"Understanding the “Service Economy”—A Marxist Critical Approach","authors":"Chenxi Gao, Masao Watanabe","doi":"10.13169/worlrevipoliecon.14.1.0034","DOIUrl":"https://doi.org/10.13169/worlrevipoliecon.14.1.0034","url":null,"abstract":"This article attempts to clarify certain misunderstandings about productive/unproductive labour (PUPL) concerning the “service economy.” The concept of service labour is embedded in the discussion of PUPL. After examining Smith’s and Marx’s definitions of “service” and “service labour,” we demonstrate that criticisms of the connotation of “service” in Smith’s literature are based on a misinterpretation of the classical definition of the term and are not consistent with the post-industrialist dogma on “service economy.” Therefore, despite the growing importance of tertiary activities, we have to reject certain Marxists’ proposals that urge us to regard non-material labour in the tertiary industry as “labour productive of value,” and remain careful in applying the PUPL theory to the modern economy.","PeriodicalId":41482,"journal":{"name":"World Review of Political Economy","volume":"1 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66275235","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-01-01DOI: 10.13169/worlrevipoliecon.14.1.0122
Abdilcelil Koç
Using data from 31 OECD countries, this study analyzes labor and capital incomes in the international manufacturing and finance sectors during the years 1995 to 2019. The study examines three periods: the years between 1995 and 2007, before the global crisis; between 2008 and 2019, during and after the global crisis; and the 1995–2019 period overall. In addition, the variables were subjected to general trend analysis, to analysis of the relative change between the beginnings and ends of the various periods, and to analysis of the annual average percentage changes. The results show that in both the manufacturing and financial sectors, the incomes of capital increased more than those of labor. Comparing the two sectors, it can be stated that between 1995 and 2019 the degree of class inequality in favor of capital saw a greater increase in the sector of manufacturing industry.
{"title":"A Comparison of Capital and Labor Incomes in Finance and Manufacturing Sectors in OECD Countries: 1995–2019","authors":"Abdilcelil Koç","doi":"10.13169/worlrevipoliecon.14.1.0122","DOIUrl":"https://doi.org/10.13169/worlrevipoliecon.14.1.0122","url":null,"abstract":"Using data from 31 OECD countries, this study analyzes labor and capital incomes in the international manufacturing and finance sectors during the years 1995 to 2019. The study examines three periods: the years between 1995 and 2007, before the global crisis; between 2008 and 2019, during and after the global crisis; and the 1995–2019 period overall. In addition, the variables were subjected to general trend analysis, to analysis of the relative change between the beginnings and ends of the various periods, and to analysis of the annual average percentage changes. The results show that in both the manufacturing and financial sectors, the incomes of capital increased more than those of labor. Comparing the two sectors, it can be stated that between 1995 and 2019 the degree of class inequality in favor of capital saw a greater increase in the sector of manufacturing industry.","PeriodicalId":41482,"journal":{"name":"World Review of Political Economy","volume":"29 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66275312","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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