Pub Date : 2020-04-02DOI: 10.1080/08911916.2020.1778865
M. Sawyer
{"title":"Julio López Gallardo: Some Personal Recollections","authors":"M. Sawyer","doi":"10.1080/08911916.2020.1778865","DOIUrl":"https://doi.org/10.1080/08911916.2020.1778865","url":null,"abstract":"","PeriodicalId":44784,"journal":{"name":"INTERNATIONAL JOURNAL OF POLITICAL ECONOMY","volume":"49 1","pages":"101 - 101"},"PeriodicalIF":1.2,"publicationDate":"2020-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/08911916.2020.1778865","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48805522","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 : 2020-04-02DOI: 10.1080/08911916.2020.1778867
M. Seccareccia
It is with profound sadness that we learned of the loss of one of our distinguished members of the editorial board of the International Journal of Political Economy, Dr. Julio Lopez Gallardo, who p...
{"title":"In Memoriam: Julio López Gallardo 1941–2020","authors":"M. Seccareccia","doi":"10.1080/08911916.2020.1778867","DOIUrl":"https://doi.org/10.1080/08911916.2020.1778867","url":null,"abstract":"It is with profound sadness that we learned of the loss of one of our distinguished members of the editorial board of the International Journal of Political Economy, Dr. Julio Lopez Gallardo, who p...","PeriodicalId":44784,"journal":{"name":"INTERNATIONAL JOURNAL OF POLITICAL ECONOMY","volume":"49 1","pages":"93 - 93"},"PeriodicalIF":1.2,"publicationDate":"2020-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/08911916.2020.1778867","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49238929","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 : 2020-04-02DOI: 10.1080/08911916.2020.1778863
J. C. Moreno-Brid, C. Panico, Martín Puchet Anyul
This remembrance is written with sadness for the departure of Julio, a dear and highly cultivated friend, with a contagious sense of humor and love for books and cinema, always available for intense conversations be it on world affairs or on personal matters. A man full of qualities, devoted to Pelusa, Manuela and Antonia–wife and daughters, in strict order of appearance–who is sorely missed. But, it is also written in celebration of his passion for economics and in recognition of his extraordinary career and contributions to the dismal science. Be it on applied, theoretical, or on history of economic thought matters, Julio in his publications pushed the frontier of knowledge on numerous relevant topics in economics. His academic quest was carried out from a perspective linked to Kalecki and the Post-Keynesian school and to the Structuralist school on development of the golden years of the Economic Commission for Latin America and the Caribbean (ECLAC). These analytical roots cemented his contributions to economics, intensively focused on Latin America and Mexico. Julio’s creativity and talent for academic research was matched by his commitment to teach and serve as a mentor for students and colleagues. In his many years as Full Professor, he was a captivating lecturer and demanding supervisor. He had the ability to broaden the minds of his students and push them to exploit fully their capacities. He also had the knack to inspire their hearts to pursue meaningful careers as professional economists–be it academic, civil servant or otherwise–in the sense of leaving a mark to improve the lives of others. His mentorship provided crucial guidance in the formation of generations of well-trained economists; many of them now with distinguished careers in academia or in the civil service. When the grave news of his passing reached UNAM’s campus, deep sadness engulfed not only his friends, standing among them his closest friend Gerardo Fujii, and peers of his generation, but also many young PhDs who had been his students or his research assistants. Julio’s solid academic training was the product of a most fortunate and unique coincidence of the times and place where he spent his youth and of the path he decided to follow for his training. His undergraduate education was at the Universidad de Chile, in Santiago, site of ECLAC s Headquarters. The Commission was at the time the most important center in the world for the study of the dynamics and determinants of economic development and the policies to overcome its binding constraints. Being a regional initiative, its focus was on Latin America. But its theoretical contributions and policy recommendations gained relevance urbi et orbi. Given the links between the Universidad de Chile and ECLAC, Julio–and his generation of the then called Commercial Engineers–studied under some of the brightest thinkers of the Latin American Structuralist School. Among his teachers were An ıbal Pinto and Osvaldo Sunkel, two lea
{"title":"Julio López: Thinker, Sailor, Mentor, Friend","authors":"J. C. Moreno-Brid, C. Panico, Martín Puchet Anyul","doi":"10.1080/08911916.2020.1778863","DOIUrl":"https://doi.org/10.1080/08911916.2020.1778863","url":null,"abstract":"This remembrance is written with sadness for the departure of Julio, a dear and highly cultivated friend, with a contagious sense of humor and love for books and cinema, always available for intense conversations be it on world affairs or on personal matters. A man full of qualities, devoted to Pelusa, Manuela and Antonia–wife and daughters, in strict order of appearance–who is sorely missed. But, it is also written in celebration of his passion for economics and in recognition of his extraordinary career and contributions to the dismal science. Be it on applied, theoretical, or on history of economic thought matters, Julio in his publications pushed the frontier of knowledge on numerous relevant topics in economics. His academic quest was carried out from a perspective linked to Kalecki and the Post-Keynesian school and to the Structuralist school on development of the golden years of the Economic Commission for Latin America and the Caribbean (ECLAC). These analytical roots cemented his contributions to economics, intensively focused on Latin America and Mexico. Julio’s creativity and talent for academic research was matched by his commitment to teach and serve as a mentor for students and colleagues. In his many years as Full Professor, he was a captivating lecturer and demanding supervisor. He had the ability to broaden the minds of his students and push them to exploit fully their capacities. He also had the knack to inspire their hearts to pursue meaningful careers as professional economists–be it academic, civil servant or otherwise–in the sense of leaving a mark to improve the lives of others. His mentorship provided crucial guidance in the formation of generations of well-trained economists; many of them now with distinguished careers in academia or in the civil service. When the grave news of his passing reached UNAM’s campus, deep sadness engulfed not only his friends, standing among them his closest friend Gerardo Fujii, and peers of his generation, but also many young PhDs who had been his students or his research assistants. Julio’s solid academic training was the product of a most fortunate and unique coincidence of the times and place where he spent his youth and of the path he decided to follow for his training. His undergraduate education was at the Universidad de Chile, in Santiago, site of ECLAC s Headquarters. The Commission was at the time the most important center in the world for the study of the dynamics and determinants of economic development and the policies to overcome its binding constraints. Being a regional initiative, its focus was on Latin America. But its theoretical contributions and policy recommendations gained relevance urbi et orbi. Given the links between the Universidad de Chile and ECLAC, Julio–and his generation of the then called Commercial Engineers–studied under some of the brightest thinkers of the Latin American Structuralist School. Among his teachers were An ıbal Pinto and Osvaldo Sunkel, two lea","PeriodicalId":44784,"journal":{"name":"INTERNATIONAL JOURNAL OF POLITICAL ECONOMY","volume":"49 1","pages":"94 - 97"},"PeriodicalIF":1.2,"publicationDate":"2020-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/08911916.2020.1778863","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45146522","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 : 2020-04-02DOI: 10.1080/08911916.2020.1778862
Wesley C. Marshall, E. Correa
Abstract This article applies a Polanyian framework to the rise of populism in the countries of the North Atlantic and the fall of the Pink Tide governments in Latin America. By taking a global vantage point from the perspective of Latin America, we argue that haute finance has served as the fulcrum of a single political movement that has washed out governments serving the general will in the South, and washed in governments that do not in the North. As we argue, a Polanyian framework offers clarity in the muddled understanding of populism, and the recent experiences of Latin America offer greater insight into the second global neoliberal wave.
{"title":"Populism and (Neo) Liberalism: The Polanyian Perspective Seen from Latin America","authors":"Wesley C. Marshall, E. Correa","doi":"10.1080/08911916.2020.1778862","DOIUrl":"https://doi.org/10.1080/08911916.2020.1778862","url":null,"abstract":"Abstract This article applies a Polanyian framework to the rise of populism in the countries of the North Atlantic and the fall of the Pink Tide governments in Latin America. By taking a global vantage point from the perspective of Latin America, we argue that haute finance has served as the fulcrum of a single political movement that has washed out governments serving the general will in the South, and washed in governments that do not in the North. As we argue, a Polanyian framework offers clarity in the muddled understanding of populism, and the recent experiences of Latin America offer greater insight into the second global neoliberal wave.","PeriodicalId":44784,"journal":{"name":"INTERNATIONAL JOURNAL OF POLITICAL ECONOMY","volume":"383 3","pages":"124 - 138"},"PeriodicalIF":1.2,"publicationDate":"2020-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/08911916.2020.1778862","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41281194","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 : 2020-04-02DOI: 10.1080/08911916.2020.1778868
J. Toporowski
{"title":"Julio López Gallardo and Writing About Kalecki","authors":"J. Toporowski","doi":"10.1080/08911916.2020.1778868","DOIUrl":"https://doi.org/10.1080/08911916.2020.1778868","url":null,"abstract":"","PeriodicalId":44784,"journal":{"name":"INTERNATIONAL JOURNAL OF POLITICAL ECONOMY","volume":"49 1","pages":"100 - 98"},"PeriodicalIF":1.2,"publicationDate":"2020-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/08911916.2020.1778868","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42485420","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 : 2020-04-02DOI: 10.1080/08911916.2020.1778861
Thomas P. Ferguson, Benjamin I. Page, Jacob E. Rothschild, Arturo Chang, Jie Chen
Abstract Using survey data from the American National Election Study (ANES) and aggregate data on Congressional districts, this article assesses the roles that economic and social factors played in Donald J. Trump’s 2016 “populist” presidential candidacy. It shows the hollowness of claims that economic issues played little or no role. While agreeing that racial resentment and sexism were important factors, the article shows how various economic considerations helped Trump win the Republican nomination and then led significant blocs of voters to shift from supporting Democrats or abstaining in 2012 to vote for him. It also presents striking evidence of the importance of political money and Senators’ “reverse coattails” in the final result.
{"title":"The Roots of Right-Wing Populism: Donald Trump in 2016","authors":"Thomas P. Ferguson, Benjamin I. Page, Jacob E. Rothschild, Arturo Chang, Jie Chen","doi":"10.1080/08911916.2020.1778861","DOIUrl":"https://doi.org/10.1080/08911916.2020.1778861","url":null,"abstract":"Abstract Using survey data from the American National Election Study (ANES) and aggregate data on Congressional districts, this article assesses the roles that economic and social factors played in Donald J. Trump’s 2016 “populist” presidential candidacy. It shows the hollowness of claims that economic issues played little or no role. While agreeing that racial resentment and sexism were important factors, the article shows how various economic considerations helped Trump win the Republican nomination and then led significant blocs of voters to shift from supporting Democrats or abstaining in 2012 to vote for him. It also presents striking evidence of the importance of political money and Senators’ “reverse coattails” in the final result.","PeriodicalId":44784,"journal":{"name":"INTERNATIONAL JOURNAL OF POLITICAL ECONOMY","volume":"49 1","pages":"102 - 123"},"PeriodicalIF":1.2,"publicationDate":"2020-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/08911916.2020.1778861","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47857699","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 : 2020-04-02DOI: 10.1080/08911916.2020.1778864
P. Ramazzotti
Abstract The paper discusses neoliberalism’s success in the achievement of consensus despite its negative consequences in terms of growth performance, income distribution and overall precarious living conditions. It contends that there is more to the issue than ideology. Its main contention is that (neoliberal) policy feeds back on how people view the economy, society and themselves. It changes the way they self-identify and their salient identities. It ultimately affects how voters choose policy makers. Over the past decades this process reinforced social consensus for neoliberal policies even though those policies did not make people better off. Contrary to idealized views of democracy, it reflected a reduction of the capabilities that should allow people to choose how to conduct their lives. From a methodological perspective, this suggests that economic policy does not consist in the mere application of theory to reality, in that policy goals depend on an envisaged future that theory helps to understand but cannot fully systematize. From a policy perspective, it calls for a more active role of intermediate collective agents in the determination of those goals.
{"title":"Economic Policy, Social Identity and Social Consensus","authors":"P. Ramazzotti","doi":"10.1080/08911916.2020.1778864","DOIUrl":"https://doi.org/10.1080/08911916.2020.1778864","url":null,"abstract":"Abstract The paper discusses neoliberalism’s success in the achievement of consensus despite its negative consequences in terms of growth performance, income distribution and overall precarious living conditions. It contends that there is more to the issue than ideology. Its main contention is that (neoliberal) policy feeds back on how people view the economy, society and themselves. It changes the way they self-identify and their salient identities. It ultimately affects how voters choose policy makers. Over the past decades this process reinforced social consensus for neoliberal policies even though those policies did not make people better off. Contrary to idealized views of democracy, it reflected a reduction of the capabilities that should allow people to choose how to conduct their lives. From a methodological perspective, this suggests that economic policy does not consist in the mere application of theory to reality, in that policy goals depend on an envisaged future that theory helps to understand but cannot fully systematize. From a policy perspective, it calls for a more active role of intermediate collective agents in the determination of those goals.","PeriodicalId":44784,"journal":{"name":"INTERNATIONAL JOURNAL OF POLITICAL ECONOMY","volume":"49 1","pages":"139 - 152"},"PeriodicalIF":1.2,"publicationDate":"2020-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/08911916.2020.1778864","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42684420","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 : 2020-01-02DOI: 10.1080/08911916.2019.1693165
P. Temin
Abstract The American economy changed rapidly since the World Wars as producers expanded new products and services in communication, computers and transportation. We kept track of this transformation through the National Income and Product Accounts (NIPA), a set of statistical constructs designed before these changes started. The national accounts stretched to accommodate these new and growing activities, but efforts to fit them into our measurement of national product and of economic growth have not yet borne fruit. I argue in this paper that our current economic data fail to describe accurately the path of growth in our new economy. They fail to reveal that the United States is consuming its capital stock now and will suffer later, rather like killing the family cow to have a steak dinner.
{"title":"Finance and Intangibles in American Economic Growth: Eating the Family Cow","authors":"P. Temin","doi":"10.1080/08911916.2019.1693165","DOIUrl":"https://doi.org/10.1080/08911916.2019.1693165","url":null,"abstract":"Abstract The American economy changed rapidly since the World Wars as producers expanded new products and services in communication, computers and transportation. We kept track of this transformation through the National Income and Product Accounts (NIPA), a set of statistical constructs designed before these changes started. The national accounts stretched to accommodate these new and growing activities, but efforts to fit them into our measurement of national product and of economic growth have not yet borne fruit. I argue in this paper that our current economic data fail to describe accurately the path of growth in our new economy. They fail to reveal that the United States is consuming its capital stock now and will suffer later, rather like killing the family cow to have a steak dinner.","PeriodicalId":44784,"journal":{"name":"INTERNATIONAL JOURNAL OF POLITICAL ECONOMY","volume":"49 1","pages":"23 - 42"},"PeriodicalIF":1.2,"publicationDate":"2020-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/08911916.2019.1693165","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41492391","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 : 2020-01-02DOI: 10.1080/08911916.2019.1693163
Alban Mathieu
Abstract This study has sought to assess the evolution of the French state’s monetary power in comparison with Germany and the United States since the introduction of the euro. From a macroeconomic aspect, monetary power acts through the balance of payments. A set of characteristics improve (or reduce) the power to delay and deflect the adjustment of the balance of payments: financial variables, sensitivity and vulnerability of an economy, and international role of a country’s currency. From that perspective, we analyzed the impact of a monetary union in the case of France and came to three conclusions. First, the international role of the euro increased the French state’s power to delay, but also the power to deflect, relative to the United States. Second, the German government decided the rules of the game inside the monetary union based on the ordoliberal philosophy. Third, the economic structure of the German economy provided an advantage in comparison with France, which led to a change of France’s status. As a result, the French state has lost its capacity to implement its own macroeconomic policies, become monetary dependent relative to Germany and, consequently, has lost its monetary power.
{"title":"Power and Currency: Did the Euro Improve the French State’s Monetary Power?","authors":"Alban Mathieu","doi":"10.1080/08911916.2019.1693163","DOIUrl":"https://doi.org/10.1080/08911916.2019.1693163","url":null,"abstract":"Abstract This study has sought to assess the evolution of the French state’s monetary power in comparison with Germany and the United States since the introduction of the euro. From a macroeconomic aspect, monetary power acts through the balance of payments. A set of characteristics improve (or reduce) the power to delay and deflect the adjustment of the balance of payments: financial variables, sensitivity and vulnerability of an economy, and international role of a country’s currency. From that perspective, we analyzed the impact of a monetary union in the case of France and came to three conclusions. First, the international role of the euro increased the French state’s power to delay, but also the power to deflect, relative to the United States. Second, the German government decided the rules of the game inside the monetary union based on the ordoliberal philosophy. Third, the economic structure of the German economy provided an advantage in comparison with France, which led to a change of France’s status. As a result, the French state has lost its capacity to implement its own macroeconomic policies, become monetary dependent relative to Germany and, consequently, has lost its monetary power.","PeriodicalId":44784,"journal":{"name":"INTERNATIONAL JOURNAL OF POLITICAL ECONOMY","volume":"49 1","pages":"62 - 82"},"PeriodicalIF":1.2,"publicationDate":"2020-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/08911916.2019.1693163","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46362367","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 : 2020-01-02DOI: 10.1080/08911916.2020.1733775
G. Bertocco, A. Kalajžić
Abstract Since the publication of The General Theory the relationship between money and the principle of effective demand has been a matter of never-ending studies by the Keynesian economists. There are at least three different ways to explain this relationship. The first explanation lies in the liquidity preference theory. The second, points out that the decisions to accumulate a kind of money differing from a commodity obtained by labor may cause a level of aggregate demand insufficient to absorb the level of income corresponding to full employment. Finally, the third explanation is associated with the endogenous money theory. The first aim of this paper is to highlight the limits of these analyses. The second aim is to present a different explanation of the monetary nature of the principle of effective demand based on Schumpeter’s analytical approach which underlines the role of bank money in a capitalist economy.
{"title":"On the Monetary Nature of the Principle of Effective Demand","authors":"G. Bertocco, A. Kalajžić","doi":"10.1080/08911916.2020.1733775","DOIUrl":"https://doi.org/10.1080/08911916.2020.1733775","url":null,"abstract":"Abstract Since the publication of The General Theory the relationship between money and the principle of effective demand has been a matter of never-ending studies by the Keynesian economists. There are at least three different ways to explain this relationship. The first explanation lies in the liquidity preference theory. The second, points out that the decisions to accumulate a kind of money differing from a commodity obtained by labor may cause a level of aggregate demand insufficient to absorb the level of income corresponding to full employment. Finally, the third explanation is associated with the endogenous money theory. The first aim of this paper is to highlight the limits of these analyses. The second aim is to present a different explanation of the monetary nature of the principle of effective demand based on Schumpeter’s analytical approach which underlines the role of bank money in a capitalist economy.","PeriodicalId":44784,"journal":{"name":"INTERNATIONAL JOURNAL OF POLITICAL ECONOMY","volume":"49 1","pages":"1 - 22"},"PeriodicalIF":1.2,"publicationDate":"2020-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/08911916.2020.1733775","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42426564","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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