Re-Imagining Capitalism. Business As Usual is Over, But What Comes Next? I. What is Capitalism? Capitalism's Successes (original) (raw)
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Industry and Economy in Europe - Risks and Uncertainties in a Global Environment
The question of industry in Europe necessarily proceeds from the problem of aggregation. This is the problem of defining the subject area. One could refer to European Community (E.C.) industrial and competition policy, stressing commonalities and convergence. Or one could analyse business and industrial structures, emphasising difference and divergence. The analytical focus must, however, proceed further than this and examine the globalisation of economic relations, of trade and of investment. The principal agents in this globalisation are the transnational corporations (TNC’s). These TNC’s seek to exploit their international monopoly power to subvert the national controls of individual governments, fashioning an international division of labour in their own image. The question of industry in Europe must be located and defined within this globalised economic and political environment. Most importantly, the globalisation of economic relations puts a question mark against the notion of a ‘European’ identity as such and hence against the rationale of an E.C. industrial policy. If, as shall be argued, a strong industrial base is the condition of a strong domestic economy, and if this industrial base requires an active, interventionist policy apparatus, then great problems can be identified in E.C. policy with respect to the globalisation of economic relations. For the Single European Market (S.E.M.) is directly contrary to industrial policy (Sawyer 1992). Far from being a coherent response to the process of globalisation, the S.E.M. is an integral part of that very process (Grahl and Teague 1990:58/9). The argument presented in this thesis is that Europe requires a common regulatory framework in order to preserve and develop its technological and competitive edge and secure a strong manufacturing base. However, in pursuing market integration before social and political integration, the S.E.M. programme has effectively conceded power and responsibility to private enterprise and private control. In the context of globalisation, these market forces reinforce the power of the TNC’s. The problem is that these TNC’s possess global rather than European priorities. As a result, any industrial policy that may be formulated lacks a policy apparatus. An industrial policy for Europe could not be implemented even if the political will for the creation of such a policy existed (Tsoukalis 1993:113 117 335).
There has been a huge shift in the hegemony of macroeconomic thinking and actual macroeconomic policy between the period after World War II until the late-1970s and the period since the late-1970s until the present. The shift has been commonly identified as a move by countries of the West from Keynesian-type economic policies to free-market economic policies. It is important to realise that this shift is ideological. The shift in ideology is fundamentally related to contending views of the role of the state and state regulation. The ideology of free market capitalism is the motive force behind the globalization that occurred since the late-1970s. This working paper provides a broad overview of key consequences of the economic changes that occurred during the period since World War II to the present. It highlights the different impacts that hegemony of neoliberal ideology and widespread adoption of neoliberal policies have had on workers and the labour movement. The first part of the paper provides a historical and institutional background to the changes in economic perspectives and policy. The second section provides a historical and institutional background to industrial development and business restructuring. The third section considers the very real problems facing developing countries in their attempts at industrial and economic development during the neoliberal era. The fourth section considers the role and benefits of foreign direct investment for developing countries. The fifth section discusses the very important issue of gender and neoliberal globalization. The final section is the conclusion.
There has been a huge shift in the hegemony of macroeconomic thinking and actual macroeconomic policy between the period after World War II until the late-1970s and the period since the late-1970s until the present. The shift has been commonly identified as a move by countries of the West from Keynesian-type economic policies to free-market economic policies. It is important to realise that this shift is ideological. The shift in ideology is fundamentally related to contending views of the role of the state and state regulation. The ideology of free market capitalism is the motive force behind the globalization that occurred since the late-1970s. This working paper provides a broad overview of key consequences of the economic changes that occurred during the period since World War II to the present. It highlights the different impacts that hegemony of neoliberal ideology and widespread adoption of neoliberal policies have had on workers and the labour movement. The first part of the paper provides a historical and institutional background to the changes in economic perspectives and policy. The second section provides a historical and institutional background to industrial development and business restructuring. The third section considers the very real problems facing developing countries in their attempts at industrial and economic development during the neoliberal era. The fourth section considers the role and benefits of foreign direct investment for developing countries. The fifth section discusses the very important issue of gender and neoliberal globalization. The final section is the conclusion.
The Globalisation of Place and Space
From The City of Reason vol 5 The Economic Concept of the City by Dr Peter Critchley The purpose of this paper is to situate cities, urban life and their regeneration within global urban space. The argument focuses upon the reciprocity between cities and globalised economic relations. The emphasis will be upon the impact that processes of globalisation have had upon the form, the economy and the socio-geography of cities. The city is no longer an autonomous unit of enquiry but is the site of economic processes and social forces which are now global in scale and scope. Cities are now interconnected by global economic links of trade, production and capital investment. Economic changes taking place in the urban environment, particularly the endless flows of capital seeking profitable outlets, are part of a globalised economic environment.
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Strengthening of the ''disinterested'' is key in the current economic situation (Bourdieu 1986). It can provide new values and ways of managing the markets and enterprise organizations; social enterprises are emerging as instruments to make this possible. This work studies the different traditions and analyzes social enterprises and social entrepreneurs, with particular attention to Spain. It also examines trends deriving from the new emerging models, first making an approximation of social markets: a market experience based on building a production, distribution, financing, and responsible consumption network that overcomes the limits of individual companies, engaging all the market's economic agents. Finally, the risks and opportunities that these models present for a supportive and Social Economy are analyzed.
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Critical Analysis of the Influence of Transnational Capitalism on Institutions and Organizations
This chapter aims to analyze the development of capitalism and its influences on institutions and organizations from its beginnings to reach the highest stage in the processes of neoliberal economic globalization and the New Economy version with supports of information and communication technologies. In raising this development from a critical analysis, it examines the impacts and effects on individuals, communities and the nation state. Subsequently it is questioned the scope of the imposed transnational neoliberal capitalism model. Finally, it is concluded that it needs a cultural transformation for not accepting the forms of domination, power and alignment of globalizing capitalism and to reconstruct the identity of communities through individual action and asserting collective self-determination, independence and self-management. To a certain extent, this analysis finds that evolution and globalization support divergence more than convergence.