Pub Date : 2024-09-10DOI: 10.1177/04866134241270675
Ramya Vijaya
This article examines sovereign credit rating methodologies and their impact on fiscal space in developing economies. While sovereign ratings are meant to reflect default risk, the biases embedded in the rating methodologies result in overly punitive rating actions in developing economies that often limit their ability to implement countercyclical policies. In addition, with a singular focus on austerity, they tend to shift focus away from critical development priorities and social welfare spending. Using panel data of credit rating changes in 133 countries over the period 2000–2020 from Moody’s, we explored the long-term trends in the impact of ratings. Negative rating actions have been intensifying in developing economies since 2010. We found that rating changes did tend to influence fiscal priorities. Downgrades lowered the proportion of spending on health and education and increased the proportion of spending on interest payments. We situate this examination of credit ratings within the framework of the financial subordination literature. We suggest that credit ratings are a new manifestation of financial subordination and have created a new dimension in reproducing and deepening the inequalities in the global financial system.JEL Classification: B5, F34, F02
{"title":"Sovereign Credit Rating: Impact on Social Investment and Role in Financial Subordination","authors":"Ramya Vijaya","doi":"10.1177/04866134241270675","DOIUrl":"https://doi.org/10.1177/04866134241270675","url":null,"abstract":"This article examines sovereign credit rating methodologies and their impact on fiscal space in developing economies. While sovereign ratings are meant to reflect default risk, the biases embedded in the rating methodologies result in overly punitive rating actions in developing economies that often limit their ability to implement countercyclical policies. In addition, with a singular focus on austerity, they tend to shift focus away from critical development priorities and social welfare spending. Using panel data of credit rating changes in 133 countries over the period 2000–2020 from Moody’s, we explored the long-term trends in the impact of ratings. Negative rating actions have been intensifying in developing economies since 2010. We found that rating changes did tend to influence fiscal priorities. Downgrades lowered the proportion of spending on health and education and increased the proportion of spending on interest payments. We situate this examination of credit ratings within the framework of the financial subordination literature. We suggest that credit ratings are a new manifestation of financial subordination and have created a new dimension in reproducing and deepening the inequalities in the global financial system.JEL Classification: B5, F34, F02","PeriodicalId":46719,"journal":{"name":"Review of Radical Political Economics","volume":"31 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2024-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142227547","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-09-09DOI: 10.1177/04866134241270550
Woocheol Lee
A few East Asian newly industrialized countries that used to belong to the Global South not only have joined the Global North but also have organized their own production chains in specific industries. Given the imperialist and exploitative nature of global production chains established by the Global North, it should be questioned whether the production chains organized by the East Asian newly industrialized countries are free from the innate nature of production chains. This article adopts a multiregional input-output analysis to examine the bilateral trade relationship between Korea and Vietnam. It finds that the Korean economy has unequally captured the benefits from the bilateral trade with Vietnam in terms of the domestic value-added share and the spillover effect derived from the final demand for Vietnamese products in the textile and electronics industries.JEL Classification: F62, F63
{"title":"From a Spoke to a Hub: The Case of South Korea","authors":"Woocheol Lee","doi":"10.1177/04866134241270550","DOIUrl":"https://doi.org/10.1177/04866134241270550","url":null,"abstract":"A few East Asian newly industrialized countries that used to belong to the Global South not only have joined the Global North but also have organized their own production chains in specific industries. Given the imperialist and exploitative nature of global production chains established by the Global North, it should be questioned whether the production chains organized by the East Asian newly industrialized countries are free from the innate nature of production chains. This article adopts a multiregional input-output analysis to examine the bilateral trade relationship between Korea and Vietnam. It finds that the Korean economy has unequally captured the benefits from the bilateral trade with Vietnam in terms of the domestic value-added share and the spillover effect derived from the final demand for Vietnamese products in the textile and electronics industries.JEL Classification: F62, F63","PeriodicalId":46719,"journal":{"name":"Review of Radical Political Economics","volume":"436 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2024-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142222500","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-09-04DOI: 10.1177/04866134241268407
Zengping He
Pluralist economics education aims to liberate students from the worship of mainstream economics and develop their ability to think critically from the perspective of pluralist economic theories. This study introduces class debate as a pedagogical tool for pluralist economics education in a course on the history of economic thought. The results show that the debates made students more supportive of economic pluralism. According to students’ self-assessments, the debates improved their understanding of pluralist economic theories and real-world issues, motivated their active thinking, and encouraged them to compare different economic theories. Class debates are a worthwhile pedagogical method for promoting economic pluralism.JEL Classification: A2, B0, B5
{"title":"Debate as a Pedagogical Tool for Pluralist Economics Education","authors":"Zengping He","doi":"10.1177/04866134241268407","DOIUrl":"https://doi.org/10.1177/04866134241268407","url":null,"abstract":"Pluralist economics education aims to liberate students from the worship of mainstream economics and develop their ability to think critically from the perspective of pluralist economic theories. This study introduces class debate as a pedagogical tool for pluralist economics education in a course on the history of economic thought. The results show that the debates made students more supportive of economic pluralism. According to students’ self-assessments, the debates improved their understanding of pluralist economic theories and real-world issues, motivated their active thinking, and encouraged them to compare different economic theories. Class debates are a worthwhile pedagogical method for promoting economic pluralism.JEL Classification: A2, B0, B5","PeriodicalId":46719,"journal":{"name":"Review of Radical Political Economics","volume":"3 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2024-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142222501","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-08-29DOI: 10.1177/04866134241264606
{"title":"Abstracts Chinese September 2024","authors":"","doi":"10.1177/04866134241264606","DOIUrl":"https://doi.org/10.1177/04866134241264606","url":null,"abstract":"","PeriodicalId":46719,"journal":{"name":"Review of Radical Political Economics","volume":"40 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2024-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142222502","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-08-29DOI: 10.1177/04866134241258513
{"title":"Abstracts Spanish September 2024","authors":"","doi":"10.1177/04866134241258513","DOIUrl":"https://doi.org/10.1177/04866134241258513","url":null,"abstract":"","PeriodicalId":46719,"journal":{"name":"Review of Radical Political Economics","volume":"7 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2024-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142227529","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-08-12DOI: 10.1177/04866134241258292
Manuel Gracia Santos, Miguel Montanyá, María J. Paz
Conventional analysis has sought to explain the determinants of price competitiveness by way of national factors, but given the current degree of international fragmentation of production, a more holistic perspective needs to be explored. This document develops a specific proposal that permits the indicator on vertically integrated unit labor costs (VIULCs) to be broken down into its fundamental components; also, the evolution of this indicator is explored for the German automotive sector, to determine which component might best elucidate the evolution of the VIULCs. The results show a decrease in VIULCs deriving from the German sector as well as from its suppliers, confirming the relevant effects of outsourcing and offshoring strategies. Moreover, wage restraint among suppliers coupled with productivity gains are found to explain the overall reduction in VIULCs.JEL classification: P16, F15, F23,
{"title":"Decomposition and Dynamics of Unit Labor Costs in a Context of International Fragmentation of Production: Evidence from the German Automotive Sector","authors":"Manuel Gracia Santos, Miguel Montanyá, María J. Paz","doi":"10.1177/04866134241258292","DOIUrl":"https://doi.org/10.1177/04866134241258292","url":null,"abstract":"Conventional analysis has sought to explain the determinants of price competitiveness by way of national factors, but given the current degree of international fragmentation of production, a more holistic perspective needs to be explored. This document develops a specific proposal that permits the indicator on vertically integrated unit labor costs (VIULCs) to be broken down into its fundamental components; also, the evolution of this indicator is explored for the German automotive sector, to determine which component might best elucidate the evolution of the VIULCs. The results show a decrease in VIULCs deriving from the German sector as well as from its suppliers, confirming the relevant effects of outsourcing and offshoring strategies. Moreover, wage restraint among suppliers coupled with productivity gains are found to explain the overall reduction in VIULCs.JEL classification: P16, F15, F23,","PeriodicalId":46719,"journal":{"name":"Review of Radical Political Economics","volume":"22 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2024-08-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142222503","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-08-03DOI: 10.1177/04866134241267362
Ricardo R. Fuentes-Ramírez
This article challenges the mainstream economic argument that attributes Puerto Rico’s economic struggles to overly generous federal welfare programs or an excessively high minimum wage. It traces the root of the island’s structural economic issues to its mid-twentieth-century dependent growth strategy, pre-dating these commonly cited factors. Examining the role of Puerto Rican elites, the article argues that their vested interests in the current model could undermine a suitable industrial policy program. The article posits that the island’s vibrant worker cooperative movement and Social and Solidarity Economy (SSE) offer a more promising foundation for an effective industrial policy agenda. Finally, it introduces the concept of Social and Solidarity Industrial Policy as a framework for sustainable development in Puerto Rico and potentially other Global South economies, leveraging democratic state firms, worker cooperatives, and other SSE initiatives.JEL Classification: B50, L52, O54
{"title":"Beyond Dependency in Puerto Rico: Exploring Social and Solidarity Industrial Policy as an Alternative for the Global South","authors":"Ricardo R. Fuentes-Ramírez","doi":"10.1177/04866134241267362","DOIUrl":"https://doi.org/10.1177/04866134241267362","url":null,"abstract":"This article challenges the mainstream economic argument that attributes Puerto Rico’s economic struggles to overly generous federal welfare programs or an excessively high minimum wage. It traces the root of the island’s structural economic issues to its mid-twentieth-century dependent growth strategy, pre-dating these commonly cited factors. Examining the role of Puerto Rican elites, the article argues that their vested interests in the current model could undermine a suitable industrial policy program. The article posits that the island’s vibrant worker cooperative movement and Social and Solidarity Economy (SSE) offer a more promising foundation for an effective industrial policy agenda. Finally, it introduces the concept of Social and Solidarity Industrial Policy as a framework for sustainable development in Puerto Rico and potentially other Global South economies, leveraging democratic state firms, worker cooperatives, and other SSE initiatives.JEL Classification: B50, L52, O54","PeriodicalId":46719,"journal":{"name":"Review of Radical Political Economics","volume":"58 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2024-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141947073","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-07-25DOI: 10.1177/04866134241261145
Smita Ramnarain, Anna Santucci
This article shares an experience with an “ungrading” experience in a radical political economy course at the University of Rhode Island (URI). Using qualitative data in the form of student narratives gathered from their written work, we argue that this form of student assessment empowers students to deepen metacognition, fosters their resilience and self-awareness, and privileges principles such as cooperation, collaboration, and sharing in learning, in contrast to the individualized and competitive atmosphere conventional grading creates. Student narratives also point to ways in which ungrading allowed them to engage deeply with the world around, to examine their own lives and work in the context of capitalism, and to uncover possibilities for resistance and action. Thus, ungrading can provide an entry point into anti-capitalist assessment practices.JEL classification: A20, B14, B50
{"title":"Bringing Radical Assessment into Radical Political Economy: An Ungrading Experience","authors":"Smita Ramnarain, Anna Santucci","doi":"10.1177/04866134241261145","DOIUrl":"https://doi.org/10.1177/04866134241261145","url":null,"abstract":"This article shares an experience with an “ungrading” experience in a radical political economy course at the University of Rhode Island (URI). Using qualitative data in the form of student narratives gathered from their written work, we argue that this form of student assessment empowers students to deepen metacognition, fosters their resilience and self-awareness, and privileges principles such as cooperation, collaboration, and sharing in learning, in contrast to the individualized and competitive atmosphere conventional grading creates. Student narratives also point to ways in which ungrading allowed them to engage deeply with the world around, to examine their own lives and work in the context of capitalism, and to uncover possibilities for resistance and action. Thus, ungrading can provide an entry point into anti-capitalist assessment practices.JEL classification: A20, B14, B50","PeriodicalId":46719,"journal":{"name":"Review of Radical Political Economics","volume":"13 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2024-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141772787","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-05-11DOI: 10.1177/04866134241252426
Jonathan Diskin
{"title":"Book Review: The Tragic Science: How Economists Cause Harm (Even as They Aspire to Do Good)","authors":"Jonathan Diskin","doi":"10.1177/04866134241252426","DOIUrl":"https://doi.org/10.1177/04866134241252426","url":null,"abstract":"","PeriodicalId":46719,"journal":{"name":"Review of Radical Political Economics","volume":"18 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2024-05-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140939211","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-04-22DOI: 10.1177/04866134241247885
Mark Howard
{"title":"Book Review: Mission Economy: A Moonshot Guide to Changing Capitalism","authors":"Mark Howard","doi":"10.1177/04866134241247885","DOIUrl":"https://doi.org/10.1177/04866134241247885","url":null,"abstract":"","PeriodicalId":46719,"journal":{"name":"Review of Radical Political Economics","volume":"88 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2024-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140636353","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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