Pub Date : 2023-07-13DOI: 10.1177/04866134231183738
Arpita Biswas
In India, the politics of hope around slum relocation is created through claims that it would improve living standards of the poor and vulnerable families. Families, however, are not a unitary entity whose members are affected by relocation in the exact same ways. Motivated by the sets of feminist literature that problematize the family as a locus of both cooperation and conflict, and displacements as a gendered process, this article examines how forced relocation alters labor market engagements of (relocated) women, and why. Using an in-depth fieldwork-based case study of slums and a resettlement colony in Delhi, it elucidates if relocation-led sociospatial changes are reproducing gendered vulnerabilities in the city. Through that, my work underscores the need to transform the current policy into one that is gender sensitive and, hence, truly inclusive. JEL Classification: J46, R11, O20, P10
{"title":"The Gendered Effects of Urban Displacement: Insights from Delhi, India","authors":"Arpita Biswas","doi":"10.1177/04866134231183738","DOIUrl":"https://doi.org/10.1177/04866134231183738","url":null,"abstract":"In India, the politics of hope around slum relocation is created through claims that it would improve living standards of the poor and vulnerable families. Families, however, are not a unitary entity whose members are affected by relocation in the exact same ways. Motivated by the sets of feminist literature that problematize the family as a locus of both cooperation and conflict, and displacements as a gendered process, this article examines how forced relocation alters labor market engagements of (relocated) women, and why. Using an in-depth fieldwork-based case study of slums and a resettlement colony in Delhi, it elucidates if relocation-led sociospatial changes are reproducing gendered vulnerabilities in the city. Through that, my work underscores the need to transform the current policy into one that is gender sensitive and, hence, truly inclusive. JEL Classification: J46, R11, O20, P10","PeriodicalId":46719,"journal":{"name":"Review of Radical Political Economics","volume":"5 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2023-07-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87446692","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 : 2023-07-11DOI: 10.1177/04866134231183739
M. Howard
{"title":"Book Review: Rentier Capitalism: Who Owns the Economy, and Who Pays for It?","authors":"M. Howard","doi":"10.1177/04866134231183739","DOIUrl":"https://doi.org/10.1177/04866134231183739","url":null,"abstract":"","PeriodicalId":46719,"journal":{"name":"Review of Radical Political Economics","volume":"2 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2023-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85310648","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 : 2023-07-08DOI: 10.1177/04866134231180259
Carlos Alberto Duque Garcia
Following Marx’s general law of capitalist accumulation, the present article seeks to evaluate the impact of fixed capital stock, labor productivity, and the mass of profits on the dynamics of employment in Colombia from 1965 to 2019 using a Vector Error Correction Model. The results show that the level of employment exhibits a significant long-term relationship with both the fixed capital stock and labor productivity. In line with Marx’s theory, employment expands with fixed capital stock and contracts with labor productivity. In turn, the mass of profits has positive effects on both the capital stock and labor productivity. The empirical findings also support the existence of Marx’s biased technical change as well as a negative feedback effect from employment to profits. JEL Classification: J21, C21, C22, B51
{"title":"Dynamics of Employment and Accumulation of Capital in Colombia, 1965–2019: An Econometric Analysis","authors":"Carlos Alberto Duque Garcia","doi":"10.1177/04866134231180259","DOIUrl":"https://doi.org/10.1177/04866134231180259","url":null,"abstract":"Following Marx’s general law of capitalist accumulation, the present article seeks to evaluate the impact of fixed capital stock, labor productivity, and the mass of profits on the dynamics of employment in Colombia from 1965 to 2019 using a Vector Error Correction Model. The results show that the level of employment exhibits a significant long-term relationship with both the fixed capital stock and labor productivity. In line with Marx’s theory, employment expands with fixed capital stock and contracts with labor productivity. In turn, the mass of profits has positive effects on both the capital stock and labor productivity. The empirical findings also support the existence of Marx’s biased technical change as well as a negative feedback effect from employment to profits. JEL Classification: J21, C21, C22, B51","PeriodicalId":46719,"journal":{"name":"Review of Radical Political Economics","volume":"110 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2023-07-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75063542","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 : 2023-06-15DOI: 10.1177/04866134231175177
Daniel Ossa
The declining gender wage gap (GWG) and the wage-productivity decoupling (WPD) are two emerging phenomena for the United States since the 1980s. This article proposes an extension to the usual decomposition method of the profit rate to account for both the GWG and the WPD on aggregate income distribution. It then uses this framework to study the US manufacturing sector from 1960 to 2017. It suggests that gender wage inequality was a source of profitability, especially before 1986, but which was slowly petered out. Since 2001, increases in the profit share have mostly been due to the WPD. These results highlight the relevance of gender-based inequality in the more traditional analysis of the profit rate dynamics. JEL Classification: B51, E11, E25, J16
{"title":"Gender Wage Gap, Wage-Productivity Decoupling, and the Rate of Profit","authors":"Daniel Ossa","doi":"10.1177/04866134231175177","DOIUrl":"https://doi.org/10.1177/04866134231175177","url":null,"abstract":"The declining gender wage gap (GWG) and the wage-productivity decoupling (WPD) are two emerging phenomena for the United States since the 1980s. This article proposes an extension to the usual decomposition method of the profit rate to account for both the GWG and the WPD on aggregate income distribution. It then uses this framework to study the US manufacturing sector from 1960 to 2017. It suggests that gender wage inequality was a source of profitability, especially before 1986, but which was slowly petered out. Since 2001, increases in the profit share have mostly been due to the WPD. These results highlight the relevance of gender-based inequality in the more traditional analysis of the profit rate dynamics. JEL Classification: B51, E11, E25, J16","PeriodicalId":46719,"journal":{"name":"Review of Radical Political Economics","volume":"54 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2023-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86841288","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 : 2023-05-24DOI: 10.1177/04866134231174568
A. Davis
In periods of history with rapid social and economic change, it is useful to examine the long-term history of particular arrangements. Money is one of these institutions that seems eternal and unchanging, but that has changed dramatically over time. For example, money was typically conceived as coins made of precious metal and stamped with the image of the ruler. As long-distance trade expanded in the early modern period, money was represented by paper, most often letters of exchange among merchants who trusted one another because of common membership in a community. The emergence of the fiscal/military state enabled populations to have some role in the issue and uses of money, such as the Italian city-states of Republican form, like Florence and Venice. After the “Glorious Revolution” in 1688, the Bank of England (BOE) innovated with merchant monopoly corporations engaging in state-supported long-distance trade, the stock of which backed public debt. The political controversies surrounding the formation of the BOE reveal some of the alternative possibilities, a merchant-oriented bank, supported by the Whigs, or a land bank supported by the Tories. After the industrial revolution, the use of credit for real investment aided the accumulation of surplus, by the productivity treadmill. After the Great Depression, the extension of finance into the lives of the citizens proceeded, with debt financing for housing, education, and retirement, encompassing the entire life cycle. The dominance of the United States after World War II enabled that country to sustain a hegemonic currency, based on the expansion of trade and supply chains to Emerging Market Countries. Along with the tech bubble in the second decade of the twenty-first century, the crypto bubble expanded hopes for an alternative form of money. Such a long-term history can be informed by analysis of the role of money as a symbol, mobilized by meanings enacted in human institutions. Such a view can provide a method of interpreting the long term evolution of money, restoring the political dimension and human agency to the abstract impersonal mechanical notion of the market. Such a perspective can better inform consideration of alternative institutions to accommodate challenges like geopolitical competition, war, and climate change. JEL Classification: B51, B52, G20, N20, P48
{"title":"Genealogy of Finance: Long-term History and Alternatives","authors":"A. Davis","doi":"10.1177/04866134231174568","DOIUrl":"https://doi.org/10.1177/04866134231174568","url":null,"abstract":"In periods of history with rapid social and economic change, it is useful to examine the long-term history of particular arrangements. Money is one of these institutions that seems eternal and unchanging, but that has changed dramatically over time. For example, money was typically conceived as coins made of precious metal and stamped with the image of the ruler. As long-distance trade expanded in the early modern period, money was represented by paper, most often letters of exchange among merchants who trusted one another because of common membership in a community. The emergence of the fiscal/military state enabled populations to have some role in the issue and uses of money, such as the Italian city-states of Republican form, like Florence and Venice. After the “Glorious Revolution” in 1688, the Bank of England (BOE) innovated with merchant monopoly corporations engaging in state-supported long-distance trade, the stock of which backed public debt. The political controversies surrounding the formation of the BOE reveal some of the alternative possibilities, a merchant-oriented bank, supported by the Whigs, or a land bank supported by the Tories. After the industrial revolution, the use of credit for real investment aided the accumulation of surplus, by the productivity treadmill. After the Great Depression, the extension of finance into the lives of the citizens proceeded, with debt financing for housing, education, and retirement, encompassing the entire life cycle. The dominance of the United States after World War II enabled that country to sustain a hegemonic currency, based on the expansion of trade and supply chains to Emerging Market Countries. Along with the tech bubble in the second decade of the twenty-first century, the crypto bubble expanded hopes for an alternative form of money. Such a long-term history can be informed by analysis of the role of money as a symbol, mobilized by meanings enacted in human institutions. Such a view can provide a method of interpreting the long term evolution of money, restoring the political dimension and human agency to the abstract impersonal mechanical notion of the market. Such a perspective can better inform consideration of alternative institutions to accommodate challenges like geopolitical competition, war, and climate change. JEL Classification: B51, B52, G20, N20, P48","PeriodicalId":46719,"journal":{"name":"Review of Radical Political Economics","volume":"38 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2023-05-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79245386","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 : 2023-05-24DOI: 10.1177/04866134231171441
R. Westra
{"title":"Book Review: Theory of Crisis","authors":"R. Westra","doi":"10.1177/04866134231171441","DOIUrl":"https://doi.org/10.1177/04866134231171441","url":null,"abstract":"","PeriodicalId":46719,"journal":{"name":"Review of Radical Political Economics","volume":"12 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2023-05-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84396708","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 : 2023-05-24DOI: 10.1177/04866134231174281
M. Keaney
{"title":"Book Review: The Myth of Private Equity: An Inside Look at Wall Street’s Transformative Investments","authors":"M. Keaney","doi":"10.1177/04866134231174281","DOIUrl":"https://doi.org/10.1177/04866134231174281","url":null,"abstract":"","PeriodicalId":46719,"journal":{"name":"Review of Radical Political Economics","volume":"10 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2023-05-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85029450","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 : 2023-05-16DOI: 10.1177/04866134231167204
Pelin Akçagün-Narin, A. Elveren
Based on Arrighi, we empirically investigate whether financialization and militarization are mutually reinforcing phenomena in the United States. Military spending during the 1950–1960s in the United States counteracted the stagnation of the monopolistic stage of capitalism. Monopoly capital was transformed into finance monopoly capital as the intensity of financial capital increased during the late 1970s in response to stagnation. Considering alternative financialization variables and the profit rate in the financial sector, and using several parametric and nonparametric methods, we found a significant relationship between financialization and militarization in the United States for 1949–2019. The results suggest that the rise in financialization is parallel to the decline in the profit rates, leading to larger military expenditure in total, but with relatively smaller share in GDP. JEL Classification: C14, E11, G32
{"title":"Financialization and Militarization: An Empirical Investigation","authors":"Pelin Akçagün-Narin, A. Elveren","doi":"10.1177/04866134231167204","DOIUrl":"https://doi.org/10.1177/04866134231167204","url":null,"abstract":"Based on Arrighi, we empirically investigate whether financialization and militarization are mutually reinforcing phenomena in the United States. Military spending during the 1950–1960s in the United States counteracted the stagnation of the monopolistic stage of capitalism. Monopoly capital was transformed into finance monopoly capital as the intensity of financial capital increased during the late 1970s in response to stagnation. Considering alternative financialization variables and the profit rate in the financial sector, and using several parametric and nonparametric methods, we found a significant relationship between financialization and militarization in the United States for 1949–2019. The results suggest that the rise in financialization is parallel to the decline in the profit rates, leading to larger military expenditure in total, but with relatively smaller share in GDP. JEL Classification: C14, E11, G32","PeriodicalId":46719,"journal":{"name":"Review of Radical Political Economics","volume":"18 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2023-05-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74924988","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 : 2023-05-16DOI: 10.1177/04866134231166988
Ilene Grabel
The crises of 1997–98, 2008, and the pandemic accelerated contradictory changes in global financial governance. Taken together, the change and stasis propelled by these crises is coalescing around a fragmented “post-American financial order.” The war in Ukraine represents another inflection point. The war has facilitated the reassertion of American financial power and cooperation among rich nations. However, like previous crises, the war is creating fissures in financial governance. The landscape offers risks and opportunities against a backdrop of heightened financial fragilities, authoritarianism and fascism, inequalities, devastation associated with the pandemic and war, and climate crisis. In such moments, Hirschman’s “possibilism” is both elusive and necessary. In this context, we might aspire to “permissive multilateralism s” rather than nostalgia for a new Bretton Woods. JEL Classification: F02, F51
{"title":"The War in Ukraine and the End of the American Financial Order?","authors":"Ilene Grabel","doi":"10.1177/04866134231166988","DOIUrl":"https://doi.org/10.1177/04866134231166988","url":null,"abstract":"The crises of 1997–98, 2008, and the pandemic accelerated contradictory changes in global financial governance. Taken together, the change and stasis propelled by these crises is coalescing around a fragmented “post-American financial order.” The war in Ukraine represents another inflection point. The war has facilitated the reassertion of American financial power and cooperation among rich nations. However, like previous crises, the war is creating fissures in financial governance. The landscape offers risks and opportunities against a backdrop of heightened financial fragilities, authoritarianism and fascism, inequalities, devastation associated with the pandemic and war, and climate crisis. In such moments, Hirschman’s “possibilism” is both elusive and necessary. In this context, we might aspire to “permissive multilateralism s” rather than nostalgia for a new Bretton Woods. JEL Classification: F02, F51","PeriodicalId":46719,"journal":{"name":"Review of Radical Political Economics","volume":"32 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2023-05-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89959643","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 : 2023-05-16DOI: 10.1177/04866134231167627
Antonio Carneiro de Almeida Júnior
We revisit the recent past of the Brazilian economy in an attempt to present an alternative characterization of the nature of the late 1990s crisis. The theoretical basis of this analysis is Marxian political economy. This choice is justified by the contraposition between the Marxian theory of overproduction cyclical crisis and the most popular currency crisis theories, revealing that while the latter focus on the phenomenon’s appearance, the former analyzes it in depth. The analysis of capital accumulation during Brazil’s Real Plan shows that the examined crisis can be characterized as another manifestation of the aforementioned phenomenon: the overproduction cyclical crisis. JEL Classification: B51, E32, N16
{"title":"Currency Crisis or Overproduction? A Marxian Analysis of the Exchange Rate Peg Collapse in Brazil","authors":"Antonio Carneiro de Almeida Júnior","doi":"10.1177/04866134231167627","DOIUrl":"https://doi.org/10.1177/04866134231167627","url":null,"abstract":"We revisit the recent past of the Brazilian economy in an attempt to present an alternative characterization of the nature of the late 1990s crisis. The theoretical basis of this analysis is Marxian political economy. This choice is justified by the contraposition between the Marxian theory of overproduction cyclical crisis and the most popular currency crisis theories, revealing that while the latter focus on the phenomenon’s appearance, the former analyzes it in depth. The analysis of capital accumulation during Brazil’s Real Plan shows that the examined crisis can be characterized as another manifestation of the aforementioned phenomenon: the overproduction cyclical crisis. JEL Classification: B51, E32, N16","PeriodicalId":46719,"journal":{"name":"Review of Radical Political Economics","volume":"125 1","pages":"466 - 489"},"PeriodicalIF":1.3,"publicationDate":"2023-05-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85300330","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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