Pub Date : 2021-03-24DOI: 10.1080/00346764.2021.1914342
H. James
This paper uses data for 53 countries from the World Values Survey in a multilevel regression analysis that seeks to disentangle individual, institutional and other-regarding factors affecting ethical decision-making. The dependent variable is an index of how intolerant people are of unethical conduct. The explanatory variables indicate the perceived trustworthiness and fairness of others. Controls include variables for individual and institutional factors. Findings are that perceptions of trustworthiness in people unknown to them and perceptions of fairness in others correlate with a greater tolerance of unethical behavior, especially in countries with moderate levels of institutional quality. High institutional quality moderates the negative relationship between perceptions and ethical attitudes. The findings confirm the relevance of other-regarding factors and reinforce the importance of quality institutions in supporting ethical decision-making.
{"title":"Is the Platinum Rule credible? An examination of other-regarding perceptions and attitudes toward unethical behavior","authors":"H. James","doi":"10.1080/00346764.2021.1914342","DOIUrl":"https://doi.org/10.1080/00346764.2021.1914342","url":null,"abstract":"This paper uses data for 53 countries from the World Values Survey in a multilevel regression analysis that seeks to disentangle individual, institutional and other-regarding factors affecting ethical decision-making. The dependent variable is an index of how intolerant people are of unethical conduct. The explanatory variables indicate the perceived trustworthiness and fairness of others. Controls include variables for individual and institutional factors. Findings are that perceptions of trustworthiness in people unknown to them and perceptions of fairness in others correlate with a greater tolerance of unethical behavior, especially in countries with moderate levels of institutional quality. High institutional quality moderates the negative relationship between perceptions and ethical attitudes. The findings confirm the relevance of other-regarding factors and reinforce the importance of quality institutions in supporting ethical decision-making.","PeriodicalId":46636,"journal":{"name":"REVIEW OF SOCIAL ECONOMY","volume":" ","pages":"601 - 621"},"PeriodicalIF":1.0,"publicationDate":"2021-03-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/00346764.2021.1914342","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44426581","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 : 2021-03-21DOI: 10.1080/00346764.2021.1901139
Trond Løyning
This article analyses effects of the law of gender quotas for company boards in Norway on the network of interlocking directorates in the period 2008–2016. It is argued that these networks are important regarding gender equality and diversity. Analysis of the regulated corporations (Public Limited Companies – PLCs) shows that female directors get and keep central positions in the networks during this period. Exploring possible impact on networks among non-regulated Private Limited Companies (Ltds) shows no similar effects. Thus, although the justification for the law is general, there are no notable spillover effects. However, women are central in the overall network (based on both PLCs and Ltds), since most of the network ties are among PLCs. Thus, the quota law seems effective in challenging the male-dominated networks in business, but several caveats to such a conclusion are discussed.
{"title":"Regulating for gender equality in business: the law on gender quotas and the network of interlocking directorates in Norway, 2008–2016","authors":"Trond Løyning","doi":"10.1080/00346764.2021.1901139","DOIUrl":"https://doi.org/10.1080/00346764.2021.1901139","url":null,"abstract":"This article analyses effects of the law of gender quotas for company boards in Norway on the network of interlocking directorates in the period 2008–2016. It is argued that these networks are important regarding gender equality and diversity. Analysis of the regulated corporations (Public Limited Companies – PLCs) shows that female directors get and keep central positions in the networks during this period. Exploring possible impact on networks among non-regulated Private Limited Companies (Ltds) shows no similar effects. Thus, although the justification for the law is general, there are no notable spillover effects. However, women are central in the overall network (based on both PLCs and Ltds), since most of the network ties are among PLCs. Thus, the quota law seems effective in challenging the male-dominated networks in business, but several caveats to such a conclusion are discussed.","PeriodicalId":46636,"journal":{"name":"REVIEW OF SOCIAL ECONOMY","volume":"81 1","pages":"493 - 519"},"PeriodicalIF":1.0,"publicationDate":"2021-03-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/00346764.2021.1901139","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49100359","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 : 2021-03-04DOI: 10.1080/00346764.2021.1887507
Manshu Li
ABSTRACT A wide use of markets is indispensable for a viable socialist economy. Yet, many considered market socialism a normatively compromised form of socialism. Some argue that the use of markets can only be justified by non-socialist values. This article argues that a wide use of markets in the spheres of commodities and finance can be justified by principled socialist reasons. It first recasts the central ideal of socialism as to promote people’s self-realization in productive work. Then it argues that people should freely produce for others’ genuine needs in order to satisfy this ideal. It is then shown that an egalitarian market economy, where citizens have relatively equal income and where extensive provision of public goods that contribute to developing people’s capability is available, better provides for people’s diverse and changing needs than a central-planning economy. Thus, it concludes, there is a socialist justification of the market.
{"title":"A socialist justification of the market","authors":"Manshu Li","doi":"10.1080/00346764.2021.1887507","DOIUrl":"https://doi.org/10.1080/00346764.2021.1887507","url":null,"abstract":"ABSTRACT A wide use of markets is indispensable for a viable socialist economy. Yet, many considered market socialism a normatively compromised form of socialism. Some argue that the use of markets can only be justified by non-socialist values. This article argues that a wide use of markets in the spheres of commodities and finance can be justified by principled socialist reasons. It first recasts the central ideal of socialism as to promote people’s self-realization in productive work. Then it argues that people should freely produce for others’ genuine needs in order to satisfy this ideal. It is then shown that an egalitarian market economy, where citizens have relatively equal income and where extensive provision of public goods that contribute to developing people’s capability is available, better provides for people’s diverse and changing needs than a central-planning economy. Thus, it concludes, there is a socialist justification of the market.","PeriodicalId":46636,"journal":{"name":"REVIEW OF SOCIAL ECONOMY","volume":"79 1","pages":"419 - 438"},"PeriodicalIF":1.0,"publicationDate":"2021-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/00346764.2021.1887507","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44987436","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 : 2021-02-26DOI: 10.1080/00346764.2021.1890194
A. Schiavone
I analyze the impact of the CARES Act unemployment subsidy on US income and inequality in the first month of the COVID-19 crisis using March-April Current Population Survey data. I then use monthly industry unemployment data to extend this panel to July. Next, I estimate the impact of the expiration of the CARES Act subsidy on average income and inequality. Finally, I extend the panel to November to simulate the effects of proposed HEALS and HEROES Acts. I find the CARES Act subsidy was effective at increasing average income above pre-crisis levels and reducing inequality. The expiration of the CARES Act subsidy caused a decrease in average income and increase in inequality relative to pre-crisis levels. I find the proposed HEALS legislation will return inequality to near pre-crisis levels, while the proposed HEROES Act will result in higher income and lower inequality than existed before the crisis.
{"title":"Essentially unemployed: potential implications of the COVID-19 crisis and fiscal response on income inequality","authors":"A. Schiavone","doi":"10.1080/00346764.2021.1890194","DOIUrl":"https://doi.org/10.1080/00346764.2021.1890194","url":null,"abstract":"I analyze the impact of the CARES Act unemployment subsidy on US income and inequality in the first month of the COVID-19 crisis using March-April Current Population Survey data. I then use monthly industry unemployment data to extend this panel to July. Next, I estimate the impact of the expiration of the CARES Act subsidy on average income and inequality. Finally, I extend the panel to November to simulate the effects of proposed HEALS and HEROES Acts. I find the CARES Act subsidy was effective at increasing average income above pre-crisis levels and reducing inequality. The expiration of the CARES Act subsidy caused a decrease in average income and increase in inequality relative to pre-crisis levels. I find the proposed HEALS legislation will return inequality to near pre-crisis levels, while the proposed HEROES Act will result in higher income and lower inequality than existed before the crisis.","PeriodicalId":46636,"journal":{"name":"REVIEW OF SOCIAL ECONOMY","volume":"81 1","pages":"469 - 492"},"PeriodicalIF":1.0,"publicationDate":"2021-02-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/00346764.2021.1890194","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44575626","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 : 2021-02-22DOI: 10.1080/00346764.2021.1886319
Tully Rector
Capitalism is not only an economic order, but a form of life. Market socialism is proposed as an alternative, and should be assessed according to the standards of second-order coherence and social rationality that make a form of life habitable. I argue that it fails to meet those standards. Competitive market practices encode values that determine specific reasons for action and belief, reasons antithetical to those given by the principle of community. That principle, however, validates the politics under which common capital ownership is secured. The selfsame agents, in their fulfillment of essential and non-negotiable functional roles, are required to be equally responsive to incompatible reasons. This undermines the case for market socialism’s general stability.
{"title":"Market socialism as a form of life","authors":"Tully Rector","doi":"10.1080/00346764.2021.1886319","DOIUrl":"https://doi.org/10.1080/00346764.2021.1886319","url":null,"abstract":"Capitalism is not only an economic order, but a form of life. Market socialism is proposed as an alternative, and should be assessed according to the standards of second-order coherence and social rationality that make a form of life habitable. I argue that it fails to meet those standards. Competitive market practices encode values that determine specific reasons for action and belief, reasons antithetical to those given by the principle of community. That principle, however, validates the politics under which common capital ownership is secured. The selfsame agents, in their fulfillment of essential and non-negotiable functional roles, are required to be equally responsive to incompatible reasons. This undermines the case for market socialism’s general stability.","PeriodicalId":46636,"journal":{"name":"REVIEW OF SOCIAL ECONOMY","volume":"79 1","pages":"581 - 606"},"PeriodicalIF":1.0,"publicationDate":"2021-02-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/00346764.2021.1886319","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42748418","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 : 2021-02-10DOI: 10.1080/00346764.2021.1878260
K. Madden, Nicholas J. Armstrong
ABSTRACT Flourishing life being the objective, John Ruskin’s Unto This Last (1866) posits that the implementation of virtue in political economy also reduces inequality and power-over structures of single individuals over multitudes, generates superior product quality and nurtures the ecological system. This essay re-introduces the primary directive of Unto This Last: to design an economics based in virtue. Adopting the virtues of higher order justice, affection, integrity, and ‘sense and firmness,’ this essay replaces Ruskin’s penchant for authoritarian paternalism with responsiveness to individual conscience and respect for self determination. Practical insight into a virtuous political economy includes explicit descriptions of virtuous economic behavior. This virtuous political economy makes explicit assumptions, adopts key definitions, expands on institutions, and reiterates implications.
约翰·罗斯金（John Ruskin）的《Unto This Last》（1866）认为，以繁荣生活为目标，在政治经济中实施美德也减少了对个体结构的不平等和权力对群体结构的控制，产生了卓越的产品质量，并培育了生态系统。本文重新介绍了Unto This Last的主要指示：设计一种基于美德的经济学。本文采用了更高阶的正义、情感、正直和“理智和坚定”的美德，用对个人良知的回应和对自决的尊重取代了罗斯金对独裁家长作风的偏好。对良性政治经济的实践见解包括对良性经济行为的明确描述。这种良性的政治经济学做出了明确的假设，采用了关键的定义，扩展了制度，并重申了其含义。
{"title":"Designing a virtuous political economy: an adaptation of Unto This Last emphasizing individual conscience and self determination","authors":"K. Madden, Nicholas J. Armstrong","doi":"10.1080/00346764.2021.1878260","DOIUrl":"https://doi.org/10.1080/00346764.2021.1878260","url":null,"abstract":"ABSTRACT Flourishing life being the objective, John Ruskin’s Unto This Last (1866) posits that the implementation of virtue in political economy also reduces inequality and power-over structures of single individuals over multitudes, generates superior product quality and nurtures the ecological system. This essay re-introduces the primary directive of Unto This Last: to design an economics based in virtue. Adopting the virtues of higher order justice, affection, integrity, and ‘sense and firmness,’ this essay replaces Ruskin’s penchant for authoritarian paternalism with responsiveness to individual conscience and respect for self determination. Practical insight into a virtuous political economy includes explicit descriptions of virtuous economic behavior. This virtuous political economy makes explicit assumptions, adopts key definitions, expands on institutions, and reiterates implications.","PeriodicalId":46636,"journal":{"name":"REVIEW OF SOCIAL ECONOMY","volume":"81 1","pages":"304 - 333"},"PeriodicalIF":1.0,"publicationDate":"2021-02-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/00346764.2021.1878260","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42318629","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 : 2021-02-10DOI: 10.1080/00346764.2021.1881150
Oscar Garza-Vázquez
The idea that discussions about justice ought to offer practical political guidance has gained force in recent years. In this context, Sen's Idea of Justice (2009) aims at fulfilling this role. I assess to what extent Sen's comparative approach to justice succeeds in providing a useful conceptual framework to reduce injustice in practice, as it claims. Using the context of poverty in Mexico, and the social programme Oportunidades/Prospera as illustration, I argue that Sen's approach remains insufficient to guide injustice-reduction actions effectively. First, I note that despite enhancing individual's capabilities, these social improvements have not translated into a more just social reality overall. Second, I associate these shortcomings to the failure of capability-enhancing policies in accounting for the relational reproduction of injustice. Therefore, I conclude that to reduce injustice, we need to broaden the scope of injustice-reduction policies to address the ways in which injustice is reproduced through social interactions.
{"title":"Why expanding capabilities does not necessarily imply reducing injustice: an assessment of Amartya Sen’s Idea of Justice in the context of Mexico’s Oportunidades/Prospera","authors":"Oscar Garza-Vázquez","doi":"10.1080/00346764.2021.1881150","DOIUrl":"https://doi.org/10.1080/00346764.2021.1881150","url":null,"abstract":"The idea that discussions about justice ought to offer practical political guidance has gained force in recent years. In this context, Sen's Idea of Justice (2009) aims at fulfilling this role. I assess to what extent Sen's comparative approach to justice succeeds in providing a useful conceptual framework to reduce injustice in practice, as it claims. Using the context of poverty in Mexico, and the social programme Oportunidades/Prospera as illustration, I argue that Sen's approach remains insufficient to guide injustice-reduction actions effectively. First, I note that despite enhancing individual's capabilities, these social improvements have not translated into a more just social reality overall. Second, I associate these shortcomings to the failure of capability-enhancing policies in accounting for the relational reproduction of injustice. Therefore, I conclude that to reduce injustice, we need to broaden the scope of injustice-reduction policies to address the ways in which injustice is reproduced through social interactions.","PeriodicalId":46636,"journal":{"name":"REVIEW OF SOCIAL ECONOMY","volume":"81 1","pages":"442 - 468"},"PeriodicalIF":1.0,"publicationDate":"2021-02-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/00346764.2021.1881150","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49422277","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 : 2021-01-23DOI: 10.1080/00346764.2020.1869294
Alan Thomas
ABSTRACT This paper assesses the claim that to avoid labour market domination we must be market socialists committed to an extensive sector of worker-owned firms. The labour republican tradition offers three perspectives on this argument: Ellerman argues that non-domination demands that all workplaces be worker owned. Hockett has argued that it demands a policy that the state function as the employer of last resort. Taylor argues that all that republicanism requires is a strengthened exit right for workers. This paper develops the claim that mandatory market socialism would be illiberal by thinning the market for labour and removing the fair value of exit rights. The most reasonable view, overall, accepts that the state must be the employer of last resort so as to eliminate labour market domination, but this is a macro-level commitment that does not place any meso-level restrictions on the nature of the firm.
{"title":"Market socialism, labour market domination, and the state as employer of last resort","authors":"Alan Thomas","doi":"10.1080/00346764.2020.1869294","DOIUrl":"https://doi.org/10.1080/00346764.2020.1869294","url":null,"abstract":"ABSTRACT This paper assesses the claim that to avoid labour market domination we must be market socialists committed to an extensive sector of worker-owned firms. The labour republican tradition offers three perspectives on this argument: Ellerman argues that non-domination demands that all workplaces be worker owned. Hockett has argued that it demands a policy that the state function as the employer of last resort. Taylor argues that all that republicanism requires is a strengthened exit right for workers. This paper develops the claim that mandatory market socialism would be illiberal by thinning the market for labour and removing the fair value of exit rights. The most reasonable view, overall, accepts that the state must be the employer of last resort so as to eliminate labour market domination, but this is a macro-level commitment that does not place any meso-level restrictions on the nature of the firm.","PeriodicalId":46636,"journal":{"name":"REVIEW OF SOCIAL ECONOMY","volume":"79 1","pages":"528 - 553"},"PeriodicalIF":1.0,"publicationDate":"2021-01-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/00346764.2020.1869294","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49328908","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 : 2021-01-14DOI: 10.1080/00346764.2020.1854333
C. Neuhäuser
The paper discusses why on the one hand William Edmundson thinks that market socialism is superior to property-owning democracy, while on the other hand Alan Thomas thinks that an egalitarian version of property-owning democracy is superior to market socialism. For the purpose of this discussion, the concepts of property-owning democracy and market socialism are systematized and it is argued that those concepts, as understood by Rawls, do not exhaust the list of possible alternatives to capitalism and state socialism. Economic democracy, understood as mandatory workplace democracy, will be introduced as a middle ground, somewhat closer to market socialism than property-owning democracy. Against this background, it is argued that questions of transition and stability are important for deciding between these regimes and the importance of two realistic constraints in making this choice, namely egoism of powerful agents and path-dependency in institutional design, is highlighted.
{"title":"Property-owning democracy, market socialism and workplace democracy","authors":"C. Neuhäuser","doi":"10.1080/00346764.2020.1854333","DOIUrl":"https://doi.org/10.1080/00346764.2020.1854333","url":null,"abstract":"The paper discusses why on the one hand William Edmundson thinks that market socialism is superior to property-owning democracy, while on the other hand Alan Thomas thinks that an egalitarian version of property-owning democracy is superior to market socialism. For the purpose of this discussion, the concepts of property-owning democracy and market socialism are systematized and it is argued that those concepts, as understood by Rawls, do not exhaust the list of possible alternatives to capitalism and state socialism. Economic democracy, understood as mandatory workplace democracy, will be introduced as a middle ground, somewhat closer to market socialism than property-owning democracy. Against this background, it is argued that questions of transition and stability are important for deciding between these regimes and the importance of two realistic constraints in making this choice, namely egoism of powerful agents and path-dependency in institutional design, is highlighted.","PeriodicalId":46636,"journal":{"name":"REVIEW OF SOCIAL ECONOMY","volume":"79 1","pages":"554 - 580"},"PeriodicalIF":1.0,"publicationDate":"2021-01-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/00346764.2020.1854333","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41914910","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 : 2021-01-14DOI: 10.1080/00346764.2020.1870710
Ana Carolina Cordilha
Public Health Systems (PHS) are under continuous transformation in line with economic, political, and ideological changes in capitalist economies. The current stage of capitalism is underpinned by the process of financialization, meaning an increasing dominance of financial actors, markets, practices, measurements, and narratives over other agents, including the State. This article examines how financialization has been reshaping PHS, with an in-depth study of the French case. First, we suggest how to incorporate the concept of financialization into the research on PHS transformation. We then apply this concept to reassess the trajectory of the French system from the 1990s onwards. We show the increasing participation of financial capital for long-term, short-term, and infrastructure financing, occupying roles previously fulfilled by the public sector. We then discuss how the adoption of financialized strategies led to shifts in how public actors behave, and the potentially adverse effects for solidarity, stability, and democratic participation.
{"title":"Public health systems in the age of financialization: lessons from the French case","authors":"Ana Carolina Cordilha","doi":"10.1080/00346764.2020.1870710","DOIUrl":"https://doi.org/10.1080/00346764.2020.1870710","url":null,"abstract":"Public Health Systems (PHS) are under continuous transformation in line with economic, political, and ideological changes in capitalist economies. The current stage of capitalism is underpinned by the process of financialization, meaning an increasing dominance of financial actors, markets, practices, measurements, and narratives over other agents, including the State. This article examines how financialization has been reshaping PHS, with an in-depth study of the French case. First, we suggest how to incorporate the concept of financialization into the research on PHS transformation. We then apply this concept to reassess the trajectory of the French system from the 1990s onwards. We show the increasing participation of financial capital for long-term, short-term, and infrastructure financing, occupying roles previously fulfilled by the public sector. We then discuss how the adoption of financialized strategies led to shifts in how public actors behave, and the potentially adverse effects for solidarity, stability, and democratic participation.","PeriodicalId":46636,"journal":{"name":"REVIEW OF SOCIAL ECONOMY","volume":"81 1","pages":"246 - 273"},"PeriodicalIF":1.0,"publicationDate":"2021-01-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/00346764.2020.1870710","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48552020","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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