Pub Date : 2022-07-03DOI: 10.1080/08911916.2022.2145675
Giorgio Colacchio, Guglielmo Forges Davanzati
Abstract The RRP (Italian National Plan for Recovery and Resilience) is the plan for Italian economic policy in the context of the European Next Generation EU (NGEU) and is structured in the form of investments designed to achieve the goals of growth and resilience. The aim of this article is to provide an analysis of this Plan, for the purpose of studying its adequacy in reducing imbalances both among European countries and within Italy, as well as in reducing unemployment.
{"title":"Wage Moderation, Regional Imbalances in Europe and the Recovery and Resilience Plan","authors":"Giorgio Colacchio, Guglielmo Forges Davanzati","doi":"10.1080/08911916.2022.2145675","DOIUrl":"https://doi.org/10.1080/08911916.2022.2145675","url":null,"abstract":"Abstract The RRP (Italian National Plan for Recovery and Resilience) is the plan for Italian economic policy in the context of the European Next Generation EU (NGEU) and is structured in the form of investments designed to achieve the goals of growth and resilience. The aim of this article is to provide an analysis of this Plan, for the purpose of studying its adequacy in reducing imbalances both among European countries and within Italy, as well as in reducing unemployment.","PeriodicalId":44784,"journal":{"name":"INTERNATIONAL JOURNAL OF POLITICAL ECONOMY","volume":"51 1","pages":"265 - 288"},"PeriodicalIF":1.2,"publicationDate":"2022-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49330177","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 : 2022-07-03DOI: 10.1080/08911916.2022.2158643
Ozlem Omer
{"title":"In memory of Lance Taylor","authors":"Ozlem Omer","doi":"10.1080/08911916.2022.2158643","DOIUrl":"https://doi.org/10.1080/08911916.2022.2158643","url":null,"abstract":"","PeriodicalId":44784,"journal":{"name":"INTERNATIONAL JOURNAL OF POLITICAL ECONOMY","volume":"51 1","pages":"174 - 175"},"PeriodicalIF":1.2,"publicationDate":"2022-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41559619","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}
(1) Background: The Fst statistic is widely used to characterize between-breed relationships. Fst = 0.1 has frequently been taken as indicating genetic distinctiveness between breeds. This study investigates whether this is justified. (2) Methods: A database was created of 35,080 breed pairs and their corresponding Fst values, deduced from microsatellite and SNP studies covering cattle, sheep, goats, pigs, horses, and chickens. Overall, 6560 (19%) of breed pairs were between breeds located in the same country, 7395 (21%) between breeds of different countries within the same region, 20,563 (59%) between breeds located far apart, and 562 (1%) between a breed and the supposed wild ancestor of the species. (3) Results: General values for between-breed Fst were as follows, cattle: microsatellite 0.06-0.12, SNP 0.08-0.15; sheep: microsatellite 0.06-0.10, SNP 0.06-0.17; horses: microsatellite 0.04-0.11, SNP 0.08-0.12; goats: microsatellite 0.04-0.14, SNP 0.08-0.16; pigs: microsatellite 0.06-0.27, SNP 0.15-0.22; chickens: microsatellite 0.05-0.28, SNP 0.08-0.26. (4) Conclusions: (1) Large amounts of Fst data are available for a substantial proportion of the world's livestock breeds, (2) the value for between-breed Fst of 0.1 is not appropriate owing to its considerable variability, and (3) accumulated Fst data may have value for interdisciplinary research.
{"title":"Genetic Differentiation among Livestock Breeds-Values for F<sub>st</sub>.","authors":"Stephen J G Hall","doi":"10.3390/ani12091115","DOIUrl":"10.3390/ani12091115","url":null,"abstract":"<p><p>(1) Background: The F<sub>st</sub> statistic is widely used to characterize between-breed relationships. F<sub>st</sub> = 0.1 has frequently been taken as indicating genetic distinctiveness between breeds. This study investigates whether this is justified. (2) Methods: A database was created of 35,080 breed pairs and their corresponding F<sub>st</sub> values, deduced from microsatellite and SNP studies covering cattle, sheep, goats, pigs, horses, and chickens. Overall, 6560 (19%) of breed pairs were between breeds located in the same country, 7395 (21%) between breeds of different countries within the same region, 20,563 (59%) between breeds located far apart, and 562 (1%) between a breed and the supposed wild ancestor of the species. (3) Results: General values for between-breed F<sub>st</sub> were as follows, cattle: microsatellite 0.06-0.12, SNP 0.08-0.15; sheep: microsatellite 0.06-0.10, SNP 0.06-0.17; horses: microsatellite 0.04-0.11, SNP 0.08-0.12; goats: microsatellite 0.04-0.14, SNP 0.08-0.16; pigs: microsatellite 0.06-0.27, SNP 0.15-0.22; chickens: microsatellite 0.05-0.28, SNP 0.08-0.26. (4) Conclusions: (1) Large amounts of F<sub>st</sub> data are available for a substantial proportion of the world's livestock breeds, (2) the value for between-breed F<sub>st</sub> of 0.1 is not appropriate owing to its considerable variability, and (3) accumulated F<sub>st</sub> data may have value for interdisciplinary research.</p>","PeriodicalId":44784,"journal":{"name":"INTERNATIONAL JOURNAL OF POLITICAL ECONOMY","volume":"48 1","pages":""},"PeriodicalIF":2.7,"publicationDate":"2022-04-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9103131/pdf/","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87923022","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-04-03DOI: 10.1080/08911916.2022.2072313
Mohammad Muaz Jalil
Abstract The paper is structured around a thesis that the historical and colonial roots of modern development shape contemporary development themes and discourses, and that these in turn influence the metrics and indicators used to measure development. The article looks into how colonial relations shape contemporary development themes; the historical evolution of the key themes and measurements of development; finally, how various important “developers,” particularly multilateral and bilateral development agencies, use their epistemic privilege to influence the metrics or indicators that we use to measure development, with particular emphasis on the measures of poverty and inequality. The paper uses a historically grounded narrative structure in demonstrating how colonial legacies have continued to influence development discourse and the related metrics and indicators used in development theory and practice. Finally, the author identifies future avenues of research, particularly how metrics or measures might correspondingly shape emerging development themes and discourses.
{"title":"Colonial Roots of Modern Development Discourse","authors":"Mohammad Muaz Jalil","doi":"10.1080/08911916.2022.2072313","DOIUrl":"https://doi.org/10.1080/08911916.2022.2072313","url":null,"abstract":"Abstract The paper is structured around a thesis that the historical and colonial roots of modern development shape contemporary development themes and discourses, and that these in turn influence the metrics and indicators used to measure development. The article looks into how colonial relations shape contemporary development themes; the historical evolution of the key themes and measurements of development; finally, how various important “developers,” particularly multilateral and bilateral development agencies, use their epistemic privilege to influence the metrics or indicators that we use to measure development, with particular emphasis on the measures of poverty and inequality. The paper uses a historically grounded narrative structure in demonstrating how colonial legacies have continued to influence development discourse and the related metrics and indicators used in development theory and practice. Finally, the author identifies future avenues of research, particularly how metrics or measures might correspondingly shape emerging development themes and discourses.","PeriodicalId":44784,"journal":{"name":"INTERNATIONAL JOURNAL OF POLITICAL ECONOMY","volume":"51 1","pages":"137 - 150"},"PeriodicalIF":1.2,"publicationDate":"2022-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41414801","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 : 2022-04-03DOI: 10.1080/08911916.2022.2072386
Riccardo Zolea
Abstract This article seeks to understand, compare, discuss and systematize the theories on the causal relationship between the rate of interest and the rate of profit, as proposed by various authors, while highlighting their similarities and differences. One group of authors asserts that the rate of interest determines the rate of profit, and thus the distribution of income, while a second argues that once the distribution is determined, it is the rate of profit that governs the rate of interest. This attempt to analyze and systematize the main approaches forms a significant first step in understanding contemporary finance.
{"title":"A History of the Relationship Between Interest Rate and Profit Rate in Heterodox Approaches","authors":"Riccardo Zolea","doi":"10.1080/08911916.2022.2072386","DOIUrl":"https://doi.org/10.1080/08911916.2022.2072386","url":null,"abstract":"Abstract This article seeks to understand, compare, discuss and systematize the theories on the causal relationship between the rate of interest and the rate of profit, as proposed by various authors, while highlighting their similarities and differences. One group of authors asserts that the rate of interest determines the rate of profit, and thus the distribution of income, while a second argues that once the distribution is determined, it is the rate of profit that governs the rate of interest. This attempt to analyze and systematize the main approaches forms a significant first step in understanding contemporary finance.","PeriodicalId":44784,"journal":{"name":"INTERNATIONAL JOURNAL OF POLITICAL ECONOMY","volume":"51 1","pages":"121 - 136"},"PeriodicalIF":1.2,"publicationDate":"2022-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48335878","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 : 2022-04-03DOI: 10.1080/08911916.2022.2078009
Ümit Akçay, Eckhard Hein, Benjamin Jungmann
Abstract In recent years, diverging demand and growth regimes received greater scholarly attention. Particularly, the intersection between variants of Comparative Political Economy and the post-Keynesian macroeconomic analysis provides a promising avenue for understanding the main dynamics of various growth regimes. Yet, the majority of these studies focused on the global North. We expand this analysis to the global South by examining eight large emerging capitalist economies (ECEs), Argentina, Brazil, China, India, Mexico, Russia, South Africa, and Turkey, during the periods 2000–2008 and 2009–2019. In so doing, we not only uncover the main demand and growth regimes of ECEs for the two periods but also link them to the main trends in the demand and growth regimes of developed capitalist economies (DCEs) for both periods. One main finding of our research is that ECEs did not follow the same path as DCEs after the Great Recession. While there was a clear shift in the demand and growth regimes of DCEs toward export orientation, the main pattern in the ECEs remained as the continuation of a trend that already emerged before the 2007–09 crisis, i.e., domestic demand-led regimes associated with considerable financial deficits of domestic private and/or public sectors. Finally, we provide some observations on the puzzle of resilient domestic demand-led regimes in ECEs.
{"title":"Financialisation and Macroeconomic Regimes in Emerging Capitalist Countries Before and After the Great Recession","authors":"Ümit Akçay, Eckhard Hein, Benjamin Jungmann","doi":"10.1080/08911916.2022.2078009","DOIUrl":"https://doi.org/10.1080/08911916.2022.2078009","url":null,"abstract":"Abstract In recent years, diverging demand and growth regimes received greater scholarly attention. Particularly, the intersection between variants of Comparative Political Economy and the post-Keynesian macroeconomic analysis provides a promising avenue for understanding the main dynamics of various growth regimes. Yet, the majority of these studies focused on the global North. We expand this analysis to the global South by examining eight large emerging capitalist economies (ECEs), Argentina, Brazil, China, India, Mexico, Russia, South Africa, and Turkey, during the periods 2000–2008 and 2009–2019. In so doing, we not only uncover the main demand and growth regimes of ECEs for the two periods but also link them to the main trends in the demand and growth regimes of developed capitalist economies (DCEs) for both periods. One main finding of our research is that ECEs did not follow the same path as DCEs after the Great Recession. While there was a clear shift in the demand and growth regimes of DCEs toward export orientation, the main pattern in the ECEs remained as the continuation of a trend that already emerged before the 2007–09 crisis, i.e., domestic demand-led regimes associated with considerable financial deficits of domestic private and/or public sectors. Finally, we provide some observations on the puzzle of resilient domestic demand-led regimes in ECEs.","PeriodicalId":44784,"journal":{"name":"INTERNATIONAL JOURNAL OF POLITICAL ECONOMY","volume":"51 1","pages":"77 - 100"},"PeriodicalIF":1.2,"publicationDate":"2022-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49098014","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 : 2022-04-03DOI: 10.1080/08911916.2022.2073663
Emir J. Phillips
Abstract Securitization to attain bankruptcy remoteness separates the risks of the originator bank from the income-producing asset by structuring the asset sale between the Special Purpose Vehicle and the transferor as a “true sale” as opposed to that of financing an asset transfer. Should the transferor subsequently file for bankruptcy, the transferred assets will be exempted from the transferor’s bankruptcy estate, and the investors’ secured assets in the SPV are not at risk of loss. Once commercial banks no longer bear the risk of these bankruptcy-remote securitized loans, creeping deterioration in bank lending standards occurred/are occurring via weaker screening, lower denial rates, and misreporting of credit quality. When this type of structured finance became institutionally pervasive, what may have reduced risk at the micro-level quietly engenders non-linear systemic risk. In remedy to this, the Dodd-Frank Wall Street Reform is at best an incomplete international vision. Regulators must make-up for its inadequacies by increasing capital adequacy requirements which ensure banks operate in a prudential manner. Profit-maximization (shareholders) and capital adequacy (Society) must err on the side of capital adequacy given the public-private hybrid nature of money that is backstopped by the private-public Federal Reserve.
通过将特殊目的载体和转让方之间的资产出售结构为“真正的出售”，而不是为资产转让融资，实现破产远程的证券化将发起银行的风险与产生收益的资产分开。如果转让方随后申请破产，转让的资产将从转让方的破产遗产中获得豁免，投资者在SPV中的担保资产也不会有损失的风险。一旦商业银行不再承担这些濒临破产的证券化贷款的风险，通过更弱的筛选、更低的拒绝率和对信贷质量的错误报告，银行贷款标准就会逐渐恶化。当这种类型的结构性融资在机构中变得普遍时，可能在微观层面降低风险的东西会悄然产生非线性的系统性风险。为了弥补这一点，多德-弗兰克华尔街改革(Dodd-Frank Wall Street Reform)充其量只是一个不完整的国际视野。监管机构必须通过提高资本充足率要求来弥补其不足，以确保银行以审慎的方式运营。利润最大化(股东)和资本充足率(社会)必须在资本充足率方面犯错误，因为货币的公私混合性质是由公私合营的美联储支持的。
{"title":"Have We Adequately Accommodated the Non-linear Systemic-Risk of Bankruptcy-Remote Securitization within Shadow Banking?","authors":"Emir J. Phillips","doi":"10.1080/08911916.2022.2073663","DOIUrl":"https://doi.org/10.1080/08911916.2022.2073663","url":null,"abstract":"Abstract Securitization to attain bankruptcy remoteness separates the risks of the originator bank from the income-producing asset by structuring the asset sale between the Special Purpose Vehicle and the transferor as a “true sale” as opposed to that of financing an asset transfer. Should the transferor subsequently file for bankruptcy, the transferred assets will be exempted from the transferor’s bankruptcy estate, and the investors’ secured assets in the SPV are not at risk of loss. Once commercial banks no longer bear the risk of these bankruptcy-remote securitized loans, creeping deterioration in bank lending standards occurred/are occurring via weaker screening, lower denial rates, and misreporting of credit quality. When this type of structured finance became institutionally pervasive, what may have reduced risk at the micro-level quietly engenders non-linear systemic risk. In remedy to this, the Dodd-Frank Wall Street Reform is at best an incomplete international vision. Regulators must make-up for its inadequacies by increasing capital adequacy requirements which ensure banks operate in a prudential manner. Profit-maximization (shareholders) and capital adequacy (Society) must err on the side of capital adequacy given the public-private hybrid nature of money that is backstopped by the private-public Federal Reserve.","PeriodicalId":44784,"journal":{"name":"INTERNATIONAL JOURNAL OF POLITICAL ECONOMY","volume":"60 1","pages":"101 - 120"},"PeriodicalIF":1.2,"publicationDate":"2022-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59453536","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 : 2022-04-03DOI: 10.1080/08911916.2022.2086727
Léo Vigny
Abstract The Greek crisis shocked many by its magnitude and by the nature of the policies implemented in its aftermath. The radical nature of the so-called Memorandum of Understanding was justified by the imbalances that the Greek economy experienced before the crisis. The current account deficit had been rising, as private and external debts. In addition, the ratio of public debt to GDP exceeded 100%. The crisis has been widely explained by a lack of fiscal discipline, a loss of competitiveness, and the rise of capital inflows. In this article, we seek to refute these narratives and offer a post-Keynesian interpretation of the Greek economic trajectory. Growing private indebtedness boosted imports. The resulting current account deficits were offset by rising capital inflows. Greece’s high level of public debt goes back to the 1980s. The narrow tax base of the country and usurious interest rates are to blame. However, none of these trends was sufficient to trigger the sovereign debt crisis. We argue that the main cause of the Greek crisis lies in the political economy of the Eurozone, and more particularly in its asymmetric governance.
{"title":"The Greek Sovereign Crisis: A Post-Keynesian Synthesis","authors":"Léo Vigny","doi":"10.1080/08911916.2022.2086727","DOIUrl":"https://doi.org/10.1080/08911916.2022.2086727","url":null,"abstract":"Abstract The Greek crisis shocked many by its magnitude and by the nature of the policies implemented in its aftermath. The radical nature of the so-called Memorandum of Understanding was justified by the imbalances that the Greek economy experienced before the crisis. The current account deficit had been rising, as private and external debts. In addition, the ratio of public debt to GDP exceeded 100%. The crisis has been widely explained by a lack of fiscal discipline, a loss of competitiveness, and the rise of capital inflows. In this article, we seek to refute these narratives and offer a post-Keynesian interpretation of the Greek economic trajectory. Growing private indebtedness boosted imports. The resulting current account deficits were offset by rising capital inflows. Greece’s high level of public debt goes back to the 1980s. The narrow tax base of the country and usurious interest rates are to blame. However, none of these trends was sufficient to trigger the sovereign debt crisis. We argue that the main cause of the Greek crisis lies in the political economy of the Eurozone, and more particularly in its asymmetric governance.","PeriodicalId":44784,"journal":{"name":"INTERNATIONAL JOURNAL OF POLITICAL ECONOMY","volume":"51 1","pages":"151 - 169"},"PeriodicalIF":1.2,"publicationDate":"2022-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44079870","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 : 2022-01-02DOI: 10.1080/08911916.2022.2046345
Diogo Martins, R. Mamede
Abstract Over the past two decades, real GDP per capita in Portugal has nearly stagnated. The conventional account attributes this to the mismanagement of public finances and the lack of structural reforms in labor and product markets prior to the “adjustment program” agreed with the troika in the early 2010s. In the same vein, the neoclassical-inspired interpretation explains the subsequent recovery based on supply-side and fiscal reforms implemented during the troika years, which would account for the reduced fiscal deficits, external equilibrium and employment growth registered in the pre-COVID-19 period. In this article, we challenge this optimistic view, identifying structural weaknesses of the Portuguese economy that would have soon become apparent even if the pandemic had not happened. Addressing these weaknesses requires changes that go beyond the EU and national responses to the pandemic crisis.
{"title":"Alternative Views on Portuguese Stagnation: From the Euro’s Inception to the COVID-19 Pandemic","authors":"Diogo Martins, R. Mamede","doi":"10.1080/08911916.2022.2046345","DOIUrl":"https://doi.org/10.1080/08911916.2022.2046345","url":null,"abstract":"Abstract Over the past two decades, real GDP per capita in Portugal has nearly stagnated. The conventional account attributes this to the mismanagement of public finances and the lack of structural reforms in labor and product markets prior to the “adjustment program” agreed with the troika in the early 2010s. In the same vein, the neoclassical-inspired interpretation explains the subsequent recovery based on supply-side and fiscal reforms implemented during the troika years, which would account for the reduced fiscal deficits, external equilibrium and employment growth registered in the pre-COVID-19 period. In this article, we challenge this optimistic view, identifying structural weaknesses of the Portuguese economy that would have soon become apparent even if the pandemic had not happened. Addressing these weaknesses requires changes that go beyond the EU and national responses to the pandemic crisis.","PeriodicalId":44784,"journal":{"name":"INTERNATIONAL JOURNAL OF POLITICAL ECONOMY","volume":"51 1","pages":"49 - 64"},"PeriodicalIF":1.2,"publicationDate":"2022-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41786574","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 : 2022-01-02DOI: 10.1080/08911916.2022.2046350
Pedro M. Rey-Araújo, Luis Buendía
Abstract This article explores the evolution of Spain’s capitalism during the last decades in order to unveil the factors underlying the harshness with which the COVID-19 pandemic has impacted Spain. We present a twofold thesis. On the one hand, we argue that Spanish capitalism has harbored certain internal vulnerabilities, relative to its productive specialization, its labor market, its welfare institutions, and indebtedness levels, which successive boom and busts have reproduced and ultimately exacerbated. On the other hand, we contend that these various vulnerabilities have abruptly come to the fore with the irruption of the COVID-19 pandemic, thus accounting for its singularly dramatic consequences. In order to substantiate our hypotheses, we provide a political economy analysis of the recent trajectory of Spanish capitalism. The economic boom initiated in the 1990s developed various vulnerabilities, which the years following the onset of the Great Recession did not attenuate and to which various others were added during the last expansion phase, all coming to the fore with the sudden outbreak of the COVID-19 pandemic.
{"title":"The Long-Term Vulnerabilities of Spanish Capitalism in Light of the COVID-19 Pandemic: A Political Economy Approach","authors":"Pedro M. Rey-Araújo, Luis Buendía","doi":"10.1080/08911916.2022.2046350","DOIUrl":"https://doi.org/10.1080/08911916.2022.2046350","url":null,"abstract":"Abstract This article explores the evolution of Spain’s capitalism during the last decades in order to unveil the factors underlying the harshness with which the COVID-19 pandemic has impacted Spain. We present a twofold thesis. On the one hand, we argue that Spanish capitalism has harbored certain internal vulnerabilities, relative to its productive specialization, its labor market, its welfare institutions, and indebtedness levels, which successive boom and busts have reproduced and ultimately exacerbated. On the other hand, we contend that these various vulnerabilities have abruptly come to the fore with the irruption of the COVID-19 pandemic, thus accounting for its singularly dramatic consequences. In order to substantiate our hypotheses, we provide a political economy analysis of the recent trajectory of Spanish capitalism. The economic boom initiated in the 1990s developed various vulnerabilities, which the years following the onset of the Great Recession did not attenuate and to which various others were added during the last expansion phase, all coming to the fore with the sudden outbreak of the COVID-19 pandemic.","PeriodicalId":44784,"journal":{"name":"INTERNATIONAL JOURNAL OF POLITICAL ECONOMY","volume":"51 1","pages":"33 - 48"},"PeriodicalIF":1.2,"publicationDate":"2022-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46317658","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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