47 posts categorized "Articles"

11/17/2015

Lin, "Institutional Fundraising: An Analysis of Taiwan's Religious Enterprises"

ForumIn Taiwan, one could observe that several prominent religious groups such as Tzu Chi (founded by Master Cheng Yen in 1966), Fo Guang Shan (founded by Master Hsing Yun in 1967), and Dharma Drum Mountain (founded by the late Master Sheng Yen in 1989) have been constantly growing. These religious groups have not only attracted regular donors but also wealthy people within society and have been very successful in raising funds. Above all, they have established for themselves a worldwide reputation and become multinational religious enterprises. To analyze the fundraising performance of the aforementioned religious groups, this paper introduces some new concepts of institutions and also suggests several propositions on fundraising, entrepreneurship, and institutions. This paper points out that Taiwan's religious enterprises are an outgrowth of powerful fundraising performance. Once the religious groups enter the stage of institutional change, the amount of funds collected becomes the dominant exogenous variable and religious entrepreneurship becomes endogenous. Over time, this dynamic process has further promoted entrepreneurship. Again, entrepreneurship becomes the dominant exogenous variable and the funds accumulate at an increasing rate. Eventually, the religious enterprises emerge.

Brian Chi-Ang Lin, "Institutional Fundraising: An Analysis of Taiwan's Religious Enterprises," Forum for Social Economics, 44/3 (2015), pp. 284-296.

11/16/2015

Helmy, "Smith on Ancient Egypt and the Arab Islamic World: A Tale of Two Statist Models"

ForumThis paper endeavors to portray Egypt, the Arab, and Islamic worlds in the eyes of Adam Smith as implied in his work An Inquiry into the Nature and Causes of the Wealth of Nations from the perspective of the extent and desirability of state intervention in the economy. In other words, the paper attempts to analyze why Smith's stance on ancient Egypt changed from an example of opulence to an eighteenth-century Egypt that—together with other Arab and Islamic countries—represents a model with many challengeable aspects, although the extent of the state action was remarkable in both models, the ancient and the contemporary. Our premise is that Smith did not defend or attack the models based on the extent of state intervention in the economy, but on whether its intervention was conducive to, first, raising the person's well-being and, second, promoting the morals of Smith's “commercial” society.

Heba E. Helmy, "Smith on Ancient Egypt and the Arab Islamic World: A Tale of Two Statist Models," Forum for Social Economics, 44/3 (2015), pp. 251-283.

11/13/2015

Obeng-Odoom, "Africa: On the Rise, but to Where?"

ForumUPDATE: This is an award-winning paper! See more here.

Africa's hitherto negative image is now being rapidly replaced by a new persona: ‘Africa on the rise’. Developed mainly from Africa's growth experience, this re-imaging of Africa has generated considerable interest even among Africanists concerned that the continent has often been the target of crisis jokes. Even more notably, the rebranding of Africa has gained traction in corridors of power and centres of finance. For this latter group, however, the narrative signals more than a cultural repackaging. It is about confirming that Africa is ripe and ready to host investment and to open up markets in areas where they did not exist or existed but were not capitalist in form. Either way, however, the ‘Africa on the rise’ narrative achieves a major political and economic goal. Neglecting ethical questions about sustainable jobs, inequality and ecological crisis, while extolling the virtues of capital accumulation, it extends a particular neoliberal ideology which favours people with market power, not the majority with precarious positions or their relationship with nature.

Franklin Obeng-Odoom, "Africa: On the Rise, but to Where?Forum for Social Economics, 44/3 (2015), pp. 234-250.

11/12/2015

Jennings, "Atoms, Bits, and Wits: A New Economics for the Twenty-First Century—Part I"

ForumThree elementary components of economics are atoms, bits, and wits. The economics of atoms is familiar to economists, in the production of physical outputs treated as substitutes in consumption. The relation of value to scarcity with atoms is that abundance reduces the worth of material goods. The realm of bits is less understood; the issues appear in network effects, where abundance augments the worth of intangibles. The economics of networks is social: conflicts of interest (substitution) are balanced with concerts of value (complementarity) in combination. But in information networks—the realm of bits—substitution cedes to complementarity and competition defers to cooperation as efficient.

Frederick Beach Jennings, Jr., "Atoms, Bits, and Wits: A New Economics for the Twenty-First Century—Part I," Forum for Social Economics, 44/3 (2015), pp. 213-233.

10/29/2015

Best of Review of Social Economy: Free access through the end of 2015

Best of ROSERoutledge Economics is to share a new free collection of articles from Review of Social Economy, highlighting some of the best content the journal has to offer.

For over seventy years, Review of Social Economy has published high-quality peer-reviewed work on the many relationships between social values and economics. To celebrate the best that the journal has to offer, the publishing team at Routledge, who work with ASE on the journals, are sharing a free collection of articles from Review of Social Economy. Several of the papers in the ‘Best of’ collection were chosen by Co-Editor Robert McMaster, and others have been selected due to their popularity - they are either some of the most read papers in the journal this year, or are some of the most cited pieces of work.

You can read and download these papers for free until the end of 2015.

Visit the collection here: http://explore.tandfonline.com/page/bes/best-of-review-of-social-economy-2015.

08/12/2015

Cahill, "Review Essay: Representations of Neoliberalism"

ForumIn this review essay, Damien Cahill discusses four recent books dealing with neoliberalism:

Never Let a Serious Crisis Go to Waste: How Neoliberalism Survived the Financial Meltdown, by Philip Mirowski (Verso, 2013)

The New Way Of The World: On Neoliberal Society, by Pierre Dardot and Christian Laval (Verso, 2013)

Masters of the Universe: Hayek, Friedman, and the Birth of Neoliberal Politics, by Daniel Stedman Jones (Princeton University Press, 2012)

The Great Persuasion: Reinventing Free Markets since the Depression, by Angus Burgin (Harvard University Press, 2012)

Damien Cahill, "Review Essay: Representations of Neoliberalism," Forum for Social Economics, 44/2 (2015), pp. 201-210.

08/11/2015

Thomasberger, "Europe at a Crossroads: Failed Ideas, Fictional Facts, and Fatal Consequences"

ForumThe crisis of the European Monetary Union has revealed the weakness and the fragility of the European integration process. The paper examines the institutional changes which are at the root of the instability. What are the driving forces behind the introduction of the euro? What role do theoretical considerations play in this process? What influence on European integration has been exerted by neoliberal beliefs and convictions? Relying on an approach that combines basic insights of Gunnar Myrdal with Karl Polanyi's idea of a “double movement,” it concentrates on the institutional transformation that is at the basis of the European integration process. The relationship between (misleading) ideas and facts is at the center of the study. It examines the influence of ideas and theoretical models on European integration, the Single Market Program, the Maastricht process, the increasing imbalances since the introduction of the euro, and the strategies applied during the recent crisis.

Claus Thomasberger, "Europe at a Crossroads: Failed Ideas, Fictional Facts, and Fatal Consequences," Forum for Social Economics, 44/2 (2015), pp. 179-200.

08/10/2015

Sindzingre, "Whatever Inconsistencies and Effects? Explaining the Resilience of the Policy Reforms Applied to Developing Countries"

ForumWhy is ‘neoliberalism’ still a predominant framework within economics and policy-making? This paper considers the mix of theoretical assumptions, causalities and policies known as the ‘Washington consensus’, focusing on developing countries. First, it analyses their main elements, resilience and effects (the ‘lost decades in spite of policy reform’). Second, it examines the reasons of this resilience and argues that a reason is their adaptive capacity via constant exchanges between facts and conceptual assumptions, because this mix is constituted of heterogeneous elements (from neoclassical theory, ad hoc models or empirics-based policy-making): inconsistency is a core feature and as such its correction is irrelevant. These ‘adaptive inconsistencies’ are consolidated by the simultaneous theoretical/policy dimension of the mix. Its cognitive resilience is reinforced by the irrefutability of causations and the cause/effect time lag (‘after current costs, there will be gains’, e.g. growth), and is not challenged by the social costs of policies.

Alice N. Sindzingre, "Whatever Inconsistencies and Effects? Explaining the Resilience of the Policy Reforms Applied to Developing Countries," Forum for Social Economics, 44/2 (2015), pp. 159-178.

08/07/2015

Lissowska, "Is Poverty and Inequality Actually Good for Growth?"

ForumThis paper aims to provide some evidence on the not necessarily positive impact of poverty and inequality on growth. It follows the line of argument that these features of society, while actually creating pressure for efficiency and enabling more savings, may impede sustainable growth. The recent financial crisis and the following period of austerity have made these arguments highly relevant. The findings of the empirical analysis of this paper are that inequality in the context of consumerism and easy credit may lead to over-borrowing and excessive consumption, which is ultimately detrimental to its sustainability. Poverty also causes deterioration in general trust, disabling smooth cooperation with lower transaction costs. Inequality existing in a given society deepens this effect.

Maria Lissowska, "Is Poverty and Inequality Actually Good for Growth?Forum for Social Economics, 44/2 (2015), pp. 133-158.

08/06/2015

Fiorentini, "Neoliberal Policies, Income Distribution Inequality and the Financial Crisis"

ForumIn the last 20 years, the within countries income and wealth inequality has continuously increased. This trend largely depends on the diffusion of neoliberal policies which, along with financial globalization, is among the causes of the recent international financial crisis. Neoliberal financial globalization (Washington Consensus) went along with reforms of labour and financial markets which caused income and wealth concentration to rise. All this contributed to the growth of debt bubbles in several countries and, after 1990, gave rise to a series of local financial crises that eventually ended in the global crisis of 2008. The austerity-based response of the EU governments to the crisis is another example of policies prescription based on neoliberal theories that cannot work. The example of Latin America countries, which in the 2000s abandoned the Washington Consensus view and have been able to reduce inequalities, shows us that alternatives to neoliberal policies are feasible.

Riccardo Fiorentini, "Neoliberal Policies, Income Distribution Inequality and the Financial Crisis," Forum for Social Economics, 44/2 (2015), pp. 115-132.