The time for a new economics is at hand

By Julie Matthaei

In early January I passed out a leaflet to my colleagues at the annual meeting of the American Economic Association in Boston, which brought together more than 11,000 economists and social scientists. The leaflet pointed out the profession’s failure to predict the 2008 financial crisis and challenged economics professors to incorporate new ideas into their teachings. As a self-proclaimed Marxist-feminist-anti-racist-ecological economist and economics professor, I was glad to take this opportunity to protest the lack of pluralism in the profession as well as the weaknesses of mainstream neoclassical economic theory, especially in the currently dominant free-market form.

Read rest here.

URPE at the Eastern Economic Association Meetings

URPE has organized several sesssions at the EEA Meetings, that will take place from Friday to Sunday at the Sheraton New York Times Square Hotel, New York, NY. Program here.

Sessions below.

<Friday, February 27, 8:00-9:20>
[A 18] Productivity, Labor Unions, Economic Disaster, and Social Class (JEL Code B)
First of Nineteen Sessions Sponsored by the Union for Radical Political Economics (URPE)
Session Chair: Eric Hoyt, Umass Amherst Session Organizers: Lopamudra Banerjee, New School for Social Research, Eric Hoyt, Umass Amherst, Ellen Russell, Wilfrid Laurier University

  • Social Class and Disaster Outcomes Lopamudra Banerjee, New School for Social Research
  • Private Sector Union Density, A Benefit of Wrongful Discharge Laws Eric Hoyt, Umass Amherst
  • Why Isn’t Productivity More Popular?: A Bargaining Power Approach to the Pay/Productivity Linkage in Canada Ellen Russell, Wilfrid Laurier University, Mathieu Dufour, Wilfrid Laurier University

[A 19] Growth Constraints in Developing Countries (JEL Code B)
Second of Nineteen Sessions Sponsored by the Union for Radical Political Economics (URPE) Chair: Ozgur Orhangazi, Kadir Has University, Turkey
Session Organizer: Armagan Gezici, Keene State College

  • Dynamics of Capital Accumulation in Post-2001 crisis in Turkey
    Ozgur Orhangazi, Kadir Has University Turkey, Armagan Gezici, Keene State College
  • Economic Capacity and Thirlwall’s Law, the Case of Mexico, 1951 – 2012
    Juan Alberto Vazques Muñoz, UMass Amherst
  • Distribution and Growth with an Infrastructure Constraint. Overcoming the Fiscal Constraint: The Bolivian Case
    Raul Zelada Aprili, UMass Amherst
  • Latin American Economic Growth Constraints: Export-Based Economies and Income Concentration
    Noemi Levy-Orlik, Universidad Nacional Autonoma de Mexico

<Friday, February 27, 9:30-10:50>
[B18] Socialist Production and Planning (JEL Code B)
Third of Nineteen Sessions Sponsored by the Union for Radical Political Economics (URPE) Session Chair: Jason Hecht, Ramapo College
Session Organizers: Paddy Quick, St Francis College, Julio Huato, St Francis College

  • Household Production in the Socialist Mode of Production
    Paddy Quick, St Francis College
  • Multilevel Democratic Iterative Coordination: An Entry in the ‘Envisioning Socialism’ Models Sweepstakes
    David Laibman, Science & Society
  • The Principal-Agency Framework and Socialism
    Julio Huato, St Francis College), Abel Perez-Zamorano, Universidad Autónoma Chapingo
  • The (In-)Compatibility of the ‘Visible’ and the ‘Invisible Hand': Tracing the Intellectual Origins of the Chinese ‘Socialist Market Economy’, Isabella Weber, New School for Social Research

[B19] Issues in Gender and Development (JEL Code B)
Fourth of Nineteen Sessions Sponsored by the Union for Radical Political Economics (URPE) Session Chairs: Smita Ramnarain, Siena College, Avanti Mukherjee, UMass Amherst
Session Organizers: Smita Ramnarain, Siena College, Avanti Mukherjee, UMass Amherst

  • Declining Female LFPR in India: Evidence of Immiseration or ‘Better’ Days?
    Sirisha C. Naidu, Wright State University, Panayiotis T. Manolakos, Wright State University
  • Unpacking Female (Widow) Headship and Agency in Post-Conflict Nepal
    Smita Ramnarain, Siena College
  • Women on the Front Line: The Political Economy of Ebola
    Kade Finnoff, UMass Boston
  • “A Woman’s Work is Never Done”: Why is the Gender Division of Labor Unequal?
    Avanti Mukherjee, UMass Amherst

<Friday, February 27, 11:00-12:20>
[C18] Gender, Class, Business Cycles, and Social Protection (JEL Code B)
Fifth of Nineteen Sessions Sponsored by the Union for Radical Political Economics (URPE) Session Chair: Marie Duggan, Keene State College Session Organizers: Ramya Vijaya, Stockton College, Erin Hinchey, Hood College, Chiara Piovani, University of Denver, Selin Secil Akin, Umass Amherst

  • Engendering the Measurement of the Global Middle Class Ramya Vijaya, Stockton College
  • Man-cession’ and the Ensuing Recovery: the ‘He-covery’ Erin Hinchey, Hood College
  • The Gender Impact of Social Protection Policies: A Critical Review of the Evidence Chiara Piovani, University of Denver
  • The Disproportionate Impacts of Contractionary Monetary Policy on Women’s Employment in OECD Countries Selin Secil Akin, Umass Amherst

[C19] Gramscian Political Economy VI (JEL Code B)
Sixth of Nineteen Sessions Sponsored by the Union for Radical Political Economics (URPE) Session Chair: Paddy Quick, St Francis College Session Organizer: Piruz Alemi, John Jay College

  • The Relationship of The State and Civil Society, According to Antonio Gramsci as Manifest in United States & Hip-Hop / On the Language of Furguson Shooting – A Gramscian Appraisal of Race Relations in the U.S. Shamel D. Manuel, John Jay College
  • ISIS: Religion as a State Stephen Gunter, John Jay College
  • State – Civil Society & Ferguson Shooting Valerie Right, John Jay College
  • Understanding Developments in Current Accounts and Financial Flows in Light of Discussions on Global Imbalances and Recent Crises Hasan Cömert, Middle East Technical University, Güney Düzçay, Middle East Technical University

<Friday, February 27, 1:00-2:20>
[D 18] Latin American Economies Today (JEL Code B)
Seventh of Nineteen Sessions Sponsored by the Union for Radical Political Economics (URPE)
Session Chair: Abel Pérez Zamorano, Universidad Autónoma Chapingo Session Organizers: Ricardo Summa, Universidade Federal do Rio De Janeiro, Luiz Pinto, Columbia University, Marcos Reis, Instituto de Altos Estudios Nacionales, Numa Mazat, Universidade Federal do Rio De Janeiro

  • The Slowdown of the Brazilian Economy in the Period 2011-2014, Ricardo Summa, Universidade Federal do Rio De Janeiro
  • Political Economy of Petroleum in Post-Chavez Venezuela Luiz Pinto, Columbia University
  • The Bank of South: A Critical Analysis Marcos Reis, Instituto de Altos Estudios Nacionales
  • The Impact of Global Value Chains on the Mexican Economy in the Last Two Decades: Some Observations Numa Mazat, Universidade Federal do Rio De Janeiro

[D 19] Gramscian Political Economy III (JEL Code B)
Seventh of Nineteen Sessions Sponsored by the Union for Radical Political Economics (URPE) Session Chair: David Fields, University of Utah Session Organizer: Piruz Alemi, John Jay College

  • An Analysis of the State, Civil Society and Insider Trading Deshawn Harrison, John Jay College
  • State & Civil Society as related to International Crime Dominic Testino, John Jay College
  • Power in Society and Inclusionary Housing Ernest Modarelli, John Jay College
  • Solutions to Broken Economies: Church, State & the Theory of Fixed Proportions Gina Lagattolla, John Jay College

<Friday, February 27, 2:30-3:50>
[E 18] Finance, Profitability, and Business Cycles (JEL Code B)
Ninth of Nineteen Sessions Sponsored by the Union for Radical Political Economics (URPE)
Session Chair: Julio Huato, St. Francis College
Session Organizers: Marie Duggan, Keene State College, Jason Hecht, Ramapo College of New Jersey

  • From Capital to Market Capitalization: Industrial Change in one Corner of the Connecticut River Valley, 1998-2012 Marie Duggan, Keene State College
  • Is Net Stock Issuance Relevant to Capital Formation? Comparing Heterodox Models of Firm-Level Capital Expenditures across the Advanced and Largest Developing Economies Jason Hecht, Ramapo College of New Jersey
  • Finance, Short-Term Profitability Dynamics and Business Cycles in the U.S. 1947Q1-2014Q3 Sergio Cámara Izquierdo, Universidad Autonoma Metropolitana – Azcapotzalco
  • Foreign Currency Mismatch and its Impact on Corporate Investment: A Firm Level Balance Sheet Approach for Turkish Non-Financial Sectors Serkan Demirkilic, UMass Amherst

<Friday, February 27, 4:00-5:20>
[F 18] The Political Economy of Health Care (JEL Code B)
Tenth of Nineteen Sessions Sponsored by the Union for Radical Political Economics (URPE)
Session Chair: Lynn Hatch
Session Organizer: Julio Huato, St. Francis College

  • Measuring the Health Impact of New York’s Earned Income Tax Credit on Low-Income Neighborhoods Jeanette Wicks-Lim, PERI
  • To Live and Die in America: Labor in the Time of Cholera and Cancer Robert Chernomas, Univ of Manitoba, Ian Hudson, University of Manitoba
  • External Financing of Long-Term Health Care in Low Income Countries: The ART Treatment Challenge John Serieux, Univ of Manitoba
  • Obama and the Medical-Industrial-Complex Robert Chernomas, University of Manitoba, Ian Hudson, University of Manitoba

<Saturday, February 28, 8:00-9:20>
[G18] Geography, Capital Accumulation, and Crises (JEL Code B)
Eleventh of Nineteen Sessions Sponsored by the Union for Radical Political Economics (URPE)
Session Chair: Julio Huato, St. Francis College Session Organizer: David Fields, University of Utah

  • Drop Dead? A Critique of Neo-Marxist Assessments of US Urban Crises From a Heterodox Perspective David Fields, University of Utah
  • Overaccumulation Crisis and Labor Regime Beneath the rise of East Asian Economies Zhongjin Li, Umass Amherst
    Research and Development and Fundamental Class Process: An Empirical Study Mohammad R. Moeini Feizabadi, Umass Amherst
  • Primitive accumulation: From Marx and Rosa Luxemburg to David Harvey Tvrtko Vrdoljak, St. Francis College

<Saturday, February 28, 9:30-10:50>
[H 18] Inequality, Development, and Crises (JEL Code B)
Twelfth of Nineteen Sessions Sponsored by the Union for Radical Political Economics (URPE) Session Chair: Mona Ali, SUNY New Paltz Session Organizers: Luke Pretz, Umass Amherst, Mark Stelzner, Nazarbayev University, Peter Bent, Univ of Oxford, Umass Amherst, Kristen Hudak Rosero, Wentworth Institute of Technology

  • Explaining the Netherlandish Art Market Crash in the 17th Century Luke Pretz, Umass Amherst
  • Explaining US Wage Income Inequality since the 1980s Mark Stelzner, Nazarbayev University
  • A ‘Diabolic Loop’? Protected Industries and Sovereign Crises in Emerging Economies,1880-1913 Peter Bent, Univ of Oxford, Umass Amherst
  • Multilateral Developments as Conduits for South-South Cooperation
    Kristen Hudak Rosero, Wentworth Institute of Technology, and Luis Rosero, Fitchburg State University

<Saturday, February 28, 11:00-12:20>
[I18] Class, Migration, Poverty, and Development (JEL Code B)
Thirteenth of Nineteen Sessions Sponsored by the Union for Radical Political Economics (URPE) Session Chair: Yelda Yucel, Istanbul Bilgi University
Session Organizer: Julio Huato, St. Francis College

  • Migration in Kenya: Beyond Harris-Todaro Cem Oyvat, University of Greenwich, Mwangi wa Gĩthĩnji, UMass Amherst
  • Ethnic-Class Consciousness in Bolivia: El Buen Vivir, Historic Specificity, and Cultural Resistance Natalia Bracarense, North Central College
  • Reproduction of Conditions of Subsistence: The Informal Economy in India Snehashish Bhattacharya, South Asian University
  • Measuring Decent Work for Turkey Yelda Yücel, Istanbul Bilgi University, Özge İzdeş, Istanbul Bilgi University

<Saturday, February 28, 2:00-3:20>
[J18] The Transformation Problem: A Recapitulation (JEL Code B)
Fourteenth of Nineteen Sessions Sponsored by the Union for Radical Political Economics (URPE) Session Chair: Armagan Gezici, Keene State College
Session Organizer: Fred Moseley, Mount Holyoke College

  • The ‘Transformation Problem’ in All Schools: Marx on Surplus Value and Transfers of Value as Two Distinct Sources of Profit
    Anwar Shaikh, New School for Social Research
  • The Mobility of Labor and the ‘Transformation Problem’Duncan Foley, New School for Social Research
  • M – C – M’ and the End of the ‘Transformation Problem’, Fred Moseley, Mount Holyoke College

<Saturday, February 28, 3:30-4:45>
[K18] Unequal Exchange and the Economics of Private and Public Finance (JEL Code B)
Fifteenth of Nineteen Sessions Sponsored by the Union for Radical Political Economics (URPE)
Session Chair: Gokcer Ozgur, Hacettepe University
Session Organizer: Julio Huato, St. Francis College

  • Taxes, Spending and Human Flourishing: Towards a Virtuous Public Finance Donald Richards, Indiana State University
  • Saving: Pool or Residual? Gokcer Ozgur, Hacettepe University
  • Ownership Absent: Shareholders’ Contribution to the Inherent Inefficiencies of the Corporate Form Anthony Bonen, New School for Social Research

<Sunday, March 1, 9:30-10:50>
[L18] Gramscian Political Economy I (JEL Code B)
Sixteenth of Nineteen Sessions Sponsored by the Union for Radical Political Economics (URPE)
Session Chair: Tvrtko Vrdoljak, St Francis College Session Organizer: Piruz Alemi, John Jay College

  • The Economics of Common Sense: Philosophy, Language, Religion, and Sexual Discrimination Aida Rodriguez, John Jay College
  • Voluntarism and the formation of the Italian State Aleena Peerzada, John Jay College
  • Civil Society & State: Political Economy of Control Systems Annette Regula, John Jay College
  • Gramsci & Foucault on Political Elements Christian Bouquet, John Jay College

[L19] Gramscian Political Economy IV (JEL Code B)
Seventeenth of Nineteen Sessions Sponsored by the Union for Radical Political Economics (URPE)
Session Chair: David Laibman, Science & Society Session Organizer: Piruz Alemi, John Jay College

  • The State(s) & Civil Society Giuseppe Falanga, John Jay College
  • Gender Inequality Relationship between the State and the Civil Society Jihyun Do, John Jay College
  • Political Machinations, International Crimes and Military Takeovers of the Egyptian Revolution Kamron Chase, John Jay College
  • Gramsci’s Concept of Hegemony at the International Level Kristina Oreshchenkova, John Jay College

<Sunday, March1, 11:00-12:20>
[M18] Gramscian Political Economy II (JEL Code B)
Eighteenth of Nineteen Sessions Sponsored by the Union for Radical Political Economics (URPE)
Session Chair: Julio Huato, St Francis College Session Organizer: Piruz Alemi, John Jay College

  • Prison System relationship between the State and the Civil Society Christine Pang, John Jay College
  • Transnational Crimes effects on the International Community Christopher Petrone, John Jay College
  • The Economics of the State, Political Parties and Civil Rights Movement In Civil society: Coersion and Consent Christopher Evans, John Jay College
  • American International Group (AIG) Daniel Horowitz, John Jay College

[M19] Gramscian Political Economy V (JEL Code B)
Ninteenth of Nineteen Sessions Sponsored by the Union for Radical Political Economics (URPE) Session Chair: Piruz Alemi, John Jay College Session Organizer: Piruz Alemi, John Jay College

  • The State of Being Stateless Lisa Lee, John Jay College
  • Antonio Gramsci and the Civil Society and The States relationship, Matthew Pascual, John Jay College
  • Civil Society and the State in Turkey Michael Trustey, John Jay College
  • Rulers and Ruled: A Gramscian Approach Ronny DeJesus, John Jay College

Call for Papers: URPE Reader

imperiled

Submission Deadline: June 1st 2015
Publication: Early 2016
The Union for Radical Political Economy (URPE) invites proposals for papers for the new edition of the URPE Reader. URPE’s previous readers have been widely used in teaching and disseminating radical political economics views. We are interested in contributions that discuss the causes and consequences of the Global Crisis, that analyze the methodological and theoretical limitations of the mainstream, in particular in what ways they have been made evident by the Global Crisis, that provide short concise presentations of relevant theoretical approaches to radical economics, and that present alternatives to the current capitalist system, both those that deal with the reform of the system (e.g. reforms to the international financial architecture, experiences with the expansion of welfare provision, etc.), as well as alternatives to capitalism itself (e.g. the Cuban experience, the failure of the Transition to Capitalism in China and other countries, market socialism, the experience of the left in Latin America, etc.). URPE encourages contributions from a broad set of radical perspectives including, but not limited to Evolutionary, Feminist, Institutionalist, Marxist, Neo-Schumpeterian, Post-Keynesian, Sraffian, and Structuralist.
Proposals for papers should be short, no more than 300 words, and are due by June 1. Based on past Readers we expect full contributions will be roughly 3,000 to 4,500 words, but that will not be determined until the final decision is made on what proposals will be included. Full papers will be expected by September 7 (Labor Day), and publication is expected in early 2016. The proposals will be reviewed by an URPE committee. We encourage diversity in all its forms, and are interested in the contributions of young scholars, as well as established academics, and economic practitioners involved in radical economics.
URPE is a membership organization of academics and activists who share an interest in a radical analysis of political and economic topics. Since its founding in 1968, URPE’s members have used this analysis to advance various progressive social agendas. The URPE committee reserves the right to suggest both minor and substantive revisions to accepted works.
In preparing your submissions, we ask that follow the URPE’s journal the Review of Radical Political Economics (RRPE). All submission should be sent to urpe@urpe.org. There is no submission or publication fee.

The Evolution of the Property Relation

9781137352101

New book by Ann Davis. From the blurb:

By examining the concurrent emergence of the market, the nation state, and the notion of individual private property, The Evolution of the Property Relation provides insights into the related institutional structures and processes of change based on the “property concept.” Such an approach constitutes a comprehensive consideration of property as paradigm, to better understand its institutional manifestations and scientific practices, and to inform any consideration of alternatives.

Davis addresses the problem of a static formalist orthodoxy in economics, which is ill-equipped to meet the challenges of institutional change, social unrest, and economic stagnation. This book defines an approach to economics which is centered on the concept of property and explores the historical evolution of the relationship of the individual, private property, and the state, and the distinctive changes wrought by the emergence of the market.

Graph/Table of the Week: When did Corporate America begin?

This graph is a bit old, from Alfred D. Chandler Jr.  and James W. Cortada’s book A Nation Transformed by Information: How Information Has Shaped the United States from Colonial Times to the Present, and more precisely from Chandler’s introductory chapter. It shows the founding dates of the 1994 Fortune 500 corporations.

chandler

The story is that most were founded in the 5 decades starting in 1880. So from the rise of the Robber Barons to just before the New Deal. Not surprising. Chandler is well-known for showing the rise of big business in the late 19th century, and the role of railroads, and the telegraph, transportation and telecommunications, as well as the managerial revolution in the process. It would be interesting to see how many corporations that are now in the Fortune 500 have been founded in the post-deregulation, financialization, venture capital, Silicon Valley era. That is, in the new era of Robber Barons.

PS: It opens up another question. Chandler seems to think, like Landes in another debate, that technology caused the rise of the corporation. The alternative would be like Marglin to suggest that the rise of the corporation allowed for the use of the technology in a more widespread way. The debate between Marglin and Landes was on the origins of the factory system, by the way. Marglin’ paper was published in the Review of Radical Political Economics here.

Graph/Table of the Week: Bernanke’s Fed and Yellen’s choices

So the whole discussion now is when, not whether, will Yellen increase the interest rate. Pressure is for her to do it soon, since supposedly we are close to full employment, which most economists (meaning the mainstream ones that didn’t see the crisis coming) suggest is between 5.2% and 5.5% (we are at 5.6%). Below the Fed Funds, and the 10-year treasuries rates during Bernanke’s tenure at the Fed.

bernankerate

Note that he only increased the rate at the beginning of his chairmanship. He was following the policies already in place during his predecessor Greenspan, but it was during his tenure that the yield curve got inverted, with the short term rate above the long one (blue line above red). If anything the mistake was raising the Fed Funds too much, and of course not dealing with the bubble and regulation of financial markets.  One wonders if they are again going to raise too much, and not deal with regulation. Maybe we’re planting the seeds of the next crisis. Oh well.