Understanding the Global Economy - Understanding Economy

About the author

ii Front Cover

Understanding the Global Economy

by Howard Richards

Foreword by Dr. Betty Reardon

Peace Studies Chair, Columbia University

About the author: Howard Richards studied at Yale, Oxford, Harvard, UCSB, University of Toronto, and Stanford Law School He holds three earned doctorates: Education, Philosophy, and Law. He served as the first volunteer attorney for the farmworkers movement with the late Cesar Chavez in Delano, California in the 1960s. He founded the Global Peace Studies Program at Earlham College where he now serves as the Research Professor of Peace and Global Studies at Earlham College. He participates as a member of the Global Political Economy Commission of the International Peace Research Association, affiliated with UNESCO He presents much of his growing body of published books online at the other economist.org • teach-ins and speeches worldwide about the background, issues, and solutions to the global economy • an active think-tank about the new economic paradigm in Toronto: The Transformative Learning Centre • an active model community of cultural economics in the U.S.—the Soul Community based on solidarity and cooperation in a new model of economic sustainability Howard volunteers with the International Association of Educating Cities mainly in Rosario, Argentina to create communities of economic solidarity, the heart of the new economic paradigm. He continues to write and speak about topic of economy, rights and themes such as Ghandi in relation to the ideas of scholars, such as Amartya Sen, Vandana Shiva, Tariq Ali and Arundati Roy. He chooses mass transit, bicycle, carpool, walking and a vegan diet since 1990—the first US war upon Iraq Chooses, low on the food chain. He lives, since 2003, in Chile where he lived before during and shortly after the Chilean military coup d’e´tat ousting the social democracy and President Salvadore Allende in 1973—with activist wife, Caroline Richards.

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Second edition 2004

by Howard Richards

First edition in January 2000 Second edition in January 2004 © 2004 by Howard Richards All Rights Reserved. Reproduction in any form or by any means without the written permission of the publisher is a violation of international copyright laws and protections. Typeset and published by Peace Education Books 2060-D E. Avenida de los Arboles Thousand Oaks, CA 93162 http://understandingeconomy.org 100% recycled paper—chemical free process Richards, Howard Understanding the Global Economy Second Edition Publishers-Cataloging-in-Publication Data

ISBN: 0-9748961-0-1 LCCN# 2004100710 1. International economic relations 2. Globalization 3. Comparative economic theories 4. Feminist economics 5. Economic development 6. Ethical aspects of economic development

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more apt title for the foreword of this book is—welcome; for me, that is what the book evokes. As a troubled world citizen and a struggling peace educator, I welcome Richards’ work as a ray of hope in a foreboding time. Now a deep divide splits our humanity due to the gross economic disparities and resulting ecological devastation that blight our planet. It seems an auspicious time for this volume to arrive. Questions, challenges, and crises are emerging in greater numbers and stridency from what Richards calls the neoliberal juggernaut wreaking havoc worldwide. Now we turn from the century of great cultural significance, which formed the mentality that Richards chooses as well. And it is the beginning the International Year and Decade for a Culture of Peace and Nonviolence. This book offers profound insight and a likely cure to the underlying juggernaut with analysis and strategy toward resolving what is the major impasse of our time. In order to facilitate this, he examines the major relevant economic theories and provides a basis for the changes vital to alleviate the consequences and reverse the course of the collapse. This time cries out for innovative approaches that go to the root of global problems and use the best reasoning to plan solutions. Richards’ book does that, while it presents an antidote to the plodding pontificating of the mainstream economists and their critics. He shares his views of the metaphysics and the ethical flaws of what he argues to be the global market established by culture. He engages us in an approach that speaks with us, rather than at or to us in the conventional academic style. He speaks with us about the most relevant and useful theories for understanding the present crisis. He communicates the nature and political power of culture in

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clear and complex terms that should easily instruct those who would propose theories and strategies to bring forth a culture of peace. That task, I would argue, calls us to understand a core assertion of this work: the global market economy is, in fact, culture. This unprecedented assertion provides more possibilities for change and cause for hope than most other analyses of the world’s economic woes. As a peace educator, I find Understanding the Global Economy to be, above all, an instructive model of modes of scholarship, argument, and exposition that should be added to the curricula of peace studies. The author advocates and defines holism as an essential component of his proposed problem solving method. He practices holism in his expositions, which explore multiple theories from various disciplines. He integrates those elements into a unified and comprehensive view of the global economy and the thinking that conceived and developed it. Richards proves that scientific analysis can indeed be consistent with normative evaluation. He reintegrates ethics and values into economic discourse, as he helps us to understand that we face problems that call for philosophical rather than technical resolutions. The work contrasts the instrumentalist thinking that is the standard view imposed upon students of the global economy. The narrative in which he uses the works and theories of others to illuminate his own theories and prescriptions will also represent an alternative to the standard adversary arguments that characterizes so much of academic discourse. You will find no absolutist pronouncements nor shocking refutations, but rather sources that inform this work with a refreshing direct appreciation of what he finds to be the positive and helpful aspects. His style of discourse is one that peace educators seek to nurture in their classes. This book is useful as an exemplar of that style, apart from whether or not the syllabus includes the global economy.

Preface Understanding the Global Economy

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His use of the concepts of transformation and ecology instruct precisely the rethinking that peace education seeks to cultivate; likewise, Richards proposes an alternative means to analyze globalization and thus a fresh analysis of it. If we are to escape the tyranny of technology that enthralls us as other forms of magic did our ancestors, we need to learn, as Richards advocates, thinking in terms of living systems rather than mechanical constructs. Such thinking may help us to understand that while the power of culture to form our world views and control our beliefs is far greater than we recognize, culture itself is evolving into other forms. If we can transform our thinking, we can transform our culture. We can achieve the purpose that lives in the goals comprehended in a culture built upon peace; paramount among those goals is a just global economy. As well argued in this book, when we understand the global economy we can transform, humanize, and give strength to it. I welcome with vigor, the inspiration and the instruction offered by this book and welcome other readers to the confident learning it offers. August, 1999 Columbia University

Betty Reardon, Peace Studies,

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his book began as a way to help my friends with their homework. (I have been helping friends with homework since fourth grade.) Now, as a member of the middle-aged professional class in California—when I am not teaching Peace Studies at Earlham College, Indiana—I have friends who see themselves, with reason, as victims of the global economy. They are engineers who have lost high-paying jobs as corporations have downsized or moved operations offshore. Other friends suffer in other ways, while still others are not suffering, yet. All of them—it is my destined honor to have socially conscious friends—are active within organizations that protest the global economy and seek to reform it. We all sense that the global economy has power over us and does not love us. I wrote this book because I believed that my friends had not done their homework; they did not have time; they had no training in philosophy. I had the preconception that economics could not be understood, much less transformed, without philosophy. I think I always knew in the back of my mind that I had a thesis to prove. My initial plan was to review all of the scientific efforts undertaken to understand the global economy, without declaring any conclusions in advance. Thus, I wanted: • outlines of the new and enhanced understandings of the global economy—outlines that would include and go beyond the knowledge and insight of all the extant theories • my conclusions to state and prove themselves by the weight of the evidence alone, and • the reader to see, guided by my survey that there is a better way to understand the economic dilemma, which humankind now faces, thus to see the way to solve it. My initial plan was vague; therefore, this preface to states what I will try to prove and how I propose to prove it. Ultimately,


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even if the conclusions do not affirm themselves, I will have supplied a vocabulary for formulating them. I will be able to write my thesis in my terms and those borrowed from authors (such as Ludwig Wittgenstein). I merely surmise about what concepts and terms are familiar to most readers; although I do define some of the knotty ones, context often will suffice. I state my thesis using the common terms: culture, cause and effect, and needs. My thesis is that the solutions to global economic problems are, in the end, cultural rather than economic. Otherwise stated, the lines of reasoning by which economists explain international trade are, in the end, descriptions of how certain basic cultural norms work out in practice on a global scale. Hence, social changes intended to alter the present disastrous course of events must—if they are going to solve humanity’s fundamental problems—change culture. By contrast, traditional societies not fully incorporated into the basic normative structures that govern the global economy, in most cases, will find better solutions to their problems if, as a rule, their cultures do not change. We should ask the question, “How can we construct a culture of peace, justice, and ecological balance?” That question should precede and set the framework for more specific questions about what sets of economic policies to pursue. The process of making cultural change without which economics is powerless to solve the problems it addresses has two apt names—cultural action as identified by Paulo Freire,1 and moral and intellectual reform by Antonio Gramsci.2 The thesis that culture is the primary reality and that economic institutions and theories are forms of culture is explained by cause and effect. If we ask how and why the global economy became the way it is, then we are asking what mechanisms produced it and what mechanisms it uses to produce its effects. The short answer is—the market. I will argue

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that the market is best understood as a form of culture and that the cause is market culture of which the global economy is an effect. As I review each major theory that claims to accurately explain the global economy, I then discuss, case by case, 1) the normative basis of each theory, which is its answer to the question—What should we do?, and 2) the epistemological basis of each theory, which is its answer to the question—How do we know? The resulting theoretical matrix, which combines knowledge about the global economy with explicit or implicit norms to guide action, I then name as metaphysics. The norm to guide our action, which has support from many precedents (which I endorse) is to invent and employ cultural forms that meet the needs of humans and regard the human family as a part of the Earth’s living systems. In effect, it is the ethic of care combined with the ethic of the Earth. Therefore, I join the common term: needs with the terms culture and cause and effect to articulate my thesis. In bringing to the fore the cultural basis of economic phenomena, I do not deny the validity of the explanations economists give. What economists predict often happens, in part, because their cultural assumptions mirror a culture that exists. Likewise, I approve of most all the critiques that progressive economists have made of the neoliberal juggernaut, which is wreaking havoc worldwide. In Part VIII, I comment on the twenty-six guidelines for political action formulated by Professor Jane Kelsey, a progressive economist from New Zealand. Although I agree with most of her guidelines, I also propose to modify and extend her action program. In Part VIII, I outline a philosophy of culture, which views economics as a part of culture and adds important new contributions to implementing transformation, while it supports the conclusions reached by intelligent economists committed to the cause of social justice.


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Readers may wonder why I do not refer to or cite popular books on the globalization of the economy. In short, I have limited my topic to scientific explanations of it. I discuss only books that claim to explain step-by-step why economic events occur. Scientific books have, or at least claim to have, a practical advantage that popular books lack: the principle of causal explanation, which is subjected to the rigors of empirical testing by confrontation with historical facts gathered and analyzed systematically. Arraying the historical facts under one or more explanatory principles enables the scientist to advocate future policy on the basis that the same causes will produce the same effects. A classic example is Adam Smith’s Inquiry into the Nature and Causes of the Wealth of Nations.3 Taking the tendency of human nature to barter, which is the exchange of one thing for another as an explanatory principle, Smith deploys an extensive array of historical facts to argue that the relative prosperity of Britain and The Netherlands in the 18th century is due to giving that tendency free reign in free markets. Smith’s normative recommendation, which is a prudent and moderate policy of laissez-faire, drew strength from the premise that the same causal factors that had operated in the past would continue to operate in the future. The popular genre of books about global economy, such as Jerry Mander’s excellent work The Case against the Global Economy, and for the Return to the Local,4 appear to have a logical disadvantage. Lacking a systematic explanation of why the world is the way it is, the popular books, therefore, lack a principle to justify the inference that the measures advocated will produce the preferred results. Yet, popular books are helpful and important; in some instances, popular books that do not test scientific theories, nonetheless do have facts that will mobilize public opinion and change history. Certain popular

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books may even have better explanations than scientific books. Scientific theories propose generally applicable models to explain human conduct and institutions. In contrast, the events of history are often due to particular human actions unexplainable (or hard to explain) by general theories. For example, violence, lies, coincidences, surprise, passion, pride, illusions, and stupidity are powerful in the real world, yet hard to explain by general theories. Popular books—long on facts and short on theory—are likely to provide better explanations of current events and better insights into the particular human motives that produce particular actions. Attempts to achieve a scientific comprehension are most relevant to the steady persistent factors, which ultimately shape the structures within which human action takes place. Having limited my scope to theories that propose scientific explanations, I do not attempt to review all of them. Instead, I attempt to review all of the types of explanation they employ. First, I discuss what I find to be the logic relating causes to effects in a type of explanation of international trade (such as comparative advantage theory or Marxist theory). I then desist from discussing all of the theories of that type because if my thesis is true of a general type of explanation, then it is must be true of any instance of that general type. In some instances, however, I may have failed to regard one or more of the extant scientific explanations of the global economy because either I was not aware of it, or erred by regarding it as a species of a genus previously considered. Therefore, readers please feel free to alert me of any scientific explanations of the global economy that contrast with those described and analyzed in this book so that I can discuss it in a later edition.* The Global Political Economy Commission had discussed the earlier edition of Understanding the Global Economy at the meetings of the International Peace Research Association in Durban, South Africa, in 1998.

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Acknowledgment For helpful comments on earlier drafts, or parts of them, thanks to Economics Professors Jonathan Diskin and Gilbert Klose at Earlham College  Professor Osvaldo Croci, Department of Political Science, Laurentian University, Canada  Dr. Catherine Hoppers, Social Sciences Research Council, Republic of South Africa  Professor John Newman, Departments of Philosophy and Religion, Earlham College  Richard Spahn first proofread  Roger Hand researched the footnotes. In this second edition, I thank the editors of Peace Education Books: David Faubion and Jeanie Clark. New in the 2nd edition: 1) Part X: “A Vision of a World Free of Poverty and Economic Insecurity”; it unifies my previous research with insights of Dr.. King, Gandhi, and five current social critics.5 2) Part XI: “A Logical Plan for Peace” consolidates my view as a Professor of Peace Studies that working for peace is working for economic justice, which means communities of peace security for all. It forms the conclusion of my book that the path to economic justice and security for all needs reevaluation by asking—What is economic security? How will we attain the universal economic security needed for peace? How is economic security maintained? 3) Review questions, throughout 4). My web site at http://othereconomist.org has my other books and papers for review.

Resources 1. Paulo Freire, “The Adult Literacy Process as Cultural Action for Freedom” in the Harvard Educational Review, 40, 2. May, 1970. 2. Tomas Valdivia, Gramsci y la Cultura, Mensaje. Santiago de Chile, 28, 285 December 1979. 3. Adam Smith, The Wealth of Nations. Modern Library Edition. New York, Random House, 1937. p. 13.

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4. Jerry Mander, The Case against the Global Economy, and for the Return to the Local. San Francisco, Sierra Club Books, 1996 5. Part X “Un Llamado a Eliminar la Pobreza y la Inseguridad Económica” Spanish translation via Enrique Martinez of the Argentine Government’s National Institute of Technology Enrique Martinez of Abastecimiento Basico Comunitario, a program that assures food security, housing and health care for all. He acts on the ideal that each citizen will have a local community that meets basic needs. In light of budget cuts that dismantle the safety net due to globalization, Argentinians organize communities of mutual security at the grassroots level.

TOC of contents Table of contents

Table of contents About the author.......................................................................ii Title page....................................................................................iii Publication page........................................................................iv

Foreword..........................................................................v Preface...............................................................................vii Acknowledgment......................................................................x Resources...................................................................................xi

Introduction.....................................................................xvi Resources...................................................................................xviii

Part I Comparative advantage...............................1 I.i Comparative advantage as explanation.................3 I.ii Comparative advantage as prescription...............6 The natural is good...................................................................7

Deontic ethics............................................................................10

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Table of contents Resources...................................................................................58 Review .......................................................................................62

Part IV Kaldor’s theory, and trade practices......65 IV.i Kaldor’s explanations............................................67 IV.ii Kaldor’s prescriptions..........................................72 IV. iii Kaldor’s metaphysics.........................................77 Resources...................................................................................85 Review .......................................................................................90

Part V Theories of historical discontinuity........93

V.i Historical discontinuity as explanation...............96 V.ii Historical discontinuity as prescription.............101 V.iii Historical discontinuity as metaphysics...........104 Resources .............................................................................................108

Review........................................................................................109

Part VI Marxist theory and the feminist theory of Maria Mies......................................................................113

Resources...................................................................................15

VI.i Marxist explanation...............................................115 VI.ii Mies’ and Marx’ prescriptions............................124 VI.iii About metaphysics..............................................127

Review .......................................................................................19

Resources ..................................................................................129

I.iii Comparative advantage as metaphysics.............11

Part II The globalization of production..............23 II.i Globalization of production as explanation.......24 International division of labour as explanation ..................29

II.ii Globalization of production as prescription.....30 II.iii Globalization of production as metaphysics...35 Resources...................................................................................38 Review .......................................................................................43

Part III Theories about choices of technology...45 III.i Technology as explanation...................................48 III.ii Technology as prescription.................................51 III.iii Technology as metaphysics................................55

Review .......................................................................................135

Part VII Post-Marxist and post-structuralist theories............................................................................ 167 VII.i The disintegration of social science..................169 VII.ii Escobar’s ethics....................................................174 VI.iii Gibson-Graham’s metaphysics.........................185 Resources ..................................................................................197 Review........................................................................................203

Part VIII How to work for justice in the global economy.............................................................139

Table of contents

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1. Be sceptical about fiscal and other so-called crises ....................141 2. Do not cling to a party that becomes neoliberal .........................141 3. Take economics seriously . .............................................................142 4. Expose the weaknesses of their theory ........................................143 5. Challenge hypocrisy .......................................................................144 6. Expose the masterminds ................................................................144

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V.........................................................................................225 Resources ..................................................................................233 Review .......................................................................................240

Part X Vision of a world free of poverty and economic insecurity.......................................................243

10. Maintain the concept of an efficient public service . ................149

Paul Volcker ...................................................................253 George Soros ..................................................................254 Jeff Faux and Larry Mishel ..........................................255 Vandana Shiva.................................................................257

11. Encourage local leaders to speak against injustice ..................152

Resources...................................................................................260

12. Avoid anti-intellectualism ...........................................................154

Review .......................................................................................262

7. Maximize every obstacle . ..............................................................145 8. Strive to maintain solidarity ..........................................................146 9. Do not compromise the labour movement .................................147

13. Establish a think-tank ...................................................................155 14. Invest in the future . ......................................................................156 15. Support those who speak against injustice ...............................156 16. Promote ethical investment .........................................................156 17. Think globally, act locally ............................................................157 18. Think locally, act globally ............................................................157 19. Develop alternative news media ................................................158 20. Raise the level of popular economic literacy ............................158 21. Resist market-speak ......................................................................159 22. Be realistic ......................................................................................159 23. Be proactive . ..................................................................................159 24. Challenge “There Is No Alternative” (TINA) ...........................160 25. Promote participatory democracy . ............................................161 26. Hold the line ..................................................................................162

Resources ..................................................................................163 Review........................................................................................164

Part IX Scientific conclusions................................208 II.........................................................................................215 III.......................................................................................218 IV.......................................................................................223

Part XI A Logical plan for peace...........................266 Peace..................................................................................266 Truth..................................................................................271 Structure...........................................................................276 Capital flight....................................................................279 The race to the bottom...................................................280 The growth imperative .................................................283 Holocaust ........................................................................285 Transforming rules, relationships, and practices.....288 Summary .........................................................................302 Resources ..................................................................................303 Review .......................................................................................310

Glossary....................................................................321 Index..........................................................................445

Introduction Understanding the Global Economy

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itizens who seek to understand the global economy face a confusing array of scientific theories. The proponents of the theories claim to have the one that explains the global economy accurately.1 That confusion adds distress to realizing the grim results of the global economy, for example: • the decrease of union jobs with benefits in, e.g., New York due to competition with low-wage labor in countries such as Indonesia and Mexico • the loss of high-tech jobs in Massachusetts due to high-tech imports from Japan, and • the stagnation of economies such as Haiti and the Dominican Republic with unemployment at 50%. The effects on global politics are profound and include the rise of the power of China and Southeast Asia and the corresponding decline of the power of the West.2 The indirect effects, which global trading patterns contribute to as causal factors, are even more profound, such as: • destruction of the rain forests worldwide • breakdown of the social order in Somalia, the West African coast, Latin America, Indonesia, and other regions • instability of families and increased rates of violence, drug use, and mental depression,3 and • the penetration of US culture, which replaced traditional cultures, met with religious fundamentalism worldwide by people resisting the materialistic individualism.4 Today, a growing number of people throughout the world are aware of these economic realities: • their daily bread depends on something called the economy • they are vulnerable because the economy is vulnerable

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• their local economies are somehow inserted into the international trading patterns, and • what happens to them personally in their daily lives is affected by the distant commerce. In spite of the broad and growing awareness, the effect of the global market on society is often underestimated; this has a conceptual basis, which will be diagnosed and treated herein. Statistics show that about 8% of goods consumed in the USA are imports. Statistics of this kind for the US and other nations do not, however, show the full effect of living in an international market. A market is a place where goods are displayed and offered for sale. The buyers and sellers in a market decide what sales to transact and at what prices— by choosing among the alternatives that the market offers. Hence, the full effect of being in a large marketplace—the whole world—is not evident from physical facts such as goods crossing docks in cargo containers. The full effect includes the result of prices being influenced by the potential availability of alternatives not, (so far) in fact, chosen. Ferdinand de Saussure, the founder of modern linguistics, relied on that conceptual point when he explained synchronic meaning by analogy with the relative values of goods for sale in a market. The values of words, like the values of coins, depend on what they serve to exchange (trade) and compare (define).5 In light of the world’s unrealized possibilities for trade, it is likely that a person can live in the global economy and never see a foreigner or foreign goods. For example, a worker earning low wages in a factory may never meet a foreign factory worker. In spite of that, one of the causal factors that determine the amount of one’s take home pay is the millions of able workers elsewhere willing to do the same work for even lower wages.6 Besides emphasizing the broad influence of the global marketplace in contemporary life, the concept of a language


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as a market implies a corollary—a market as a language. This suggests that the scientific explanation of economic phenomena, including international trade, might proceed by comprehending a market as a system of meanings. For now, let us defer that idea until Part IX and consider some of the scientific explanations of global economic phenomena, which students of international trade have offered. Seven theories of international trade, some of which overlap one or more of the other seven, will be examined: 1. neoclassical trade theory, which is as much to say, the theory of comparative advantage 2. the globalization of production and, within it, the new international division of labor 3. theories regarding choices of what kind of technology to use as the creators of the global economy 4. Kaldor’s account of circular and cumulative causation as an explanatory principle for the strategic trade practices of firms and nations, most notably Japan, and his neoKeynesian explanations and prescriptions herein I contest as well. 5. theories of historical discontinuity as explanations of the genesis and nature of the global economy 6. Marxist theories and the feminist theory of Maria Mies, and 7. post-Marxist and post-structuralist theories. Roughly speaking, the scientific process of the theories is their efforts to test and demonstrate explanations of phenomena, which link causes to effects. When causes and effects are linked by a true explanation, the way is open to make policy proposals, which promise to achieve desired effects, through action that will cause them. I preface this paragraph with the caveat—roughly speaking— because the concept of what is

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scientific is a contested concept. Therefore, all the scientific concepts or concepts explained in scientific terms

Resources 1. See the discussion of alternative theoretical frameworks for understanding the world economy in Helzi Noponen, “Trading Industries, Trading Regions” within the journal International Trade. American Industry and Regional Economic Development. New York, Guilford Press, 1993. Julie Graham, Ann Markusen (editors.) 2. Samuel P. Huntington, “The Fading of the West: Power, Culture, and Indigenization”, in The Clash of Civilizations and the Remaking of World Order. New York, Simon and Schuster, 1996. 3. Daniel Goleman, Emotional Intelligence. New York, Bantam, 1995. p. 234, 240. This [instability of family life] is not just a phenomenon in the USA, but is a global one with worldwide competition to drive down labor costs creating economic forces that press on the family. These times produce: • debt besieged families in which both parents work long hours, so that children are left to their own devices or the TV as baby-sitter • the highest rates ever of children in poverty

• higher rates of single-parent families

• more infants and toddlers in substandard day care (virtual neglect). Thus, even parents who want the best for their kids see the rapid erosion of the nourishing exchanges with their child that build emotional competence. International data show what seems to be an epidemic of depression, which escalates juxtaposed with the adoption, throughout the world, of modern ways. Troup [a school] is in a decaying working-class neighborhood that, in the 1950s, had twenty thousand people employed in nearby factories, from Olin Brass Mills to Winchester Arms. Today that job base has shrunk to under three thousand, shrinking with it the

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economic horizons of families who live there. New Haven, like so many other New England manufacturing cities, has sunk into a pit of poverty, drugs, and violence.

4. Robert D. Kaplan, The Ends of the Earth: a Journey to the Dawn of the 21st Century. New York, Random House, 1996. 5. Ferdinand de Saussure, Course in General Linguistics. London, P. Owen, 1974. p. 115, cf. p. 79. (First edition in French, 1915). 6. Evelyn Iritani, “Global Glut Bringing Asian Chaos to Stable Economies: How Crisis Spread” in the Los Angeles Times, October 25, 1998. Marcus Noland, senior fellow at the Washington-based Institute for International Economics explained: It’s difficult to judge the disciplining pressure that world trade places on national economies. The logs don’t have to leave Norway. If everyone knows that the logs sit there, they can affect prices here in the USA.

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Index

441


Index A absolute wealth 206

Asia 95, 120, 250 Augustine, St. 129, 225 autonomy 150, 151, 170, 322 ayni ruway 198

accounting causality 66, 70, 71, 89

B

accounting identity 69, 319

balance of trade 325

accumulation 82, 112–113, 118–122, 124–129, 141, 148, 152–154, 156, 159–160, 228, 251, 319 mechanism of 161 A Contemporary Critique of Historical Materialism 209 Africa 120, 127, 149, 152–153 African cultures, destruction of 145 After International Relations 261–264, 271–272, 298 agape 101, 319 aggregate demand 279, 320 agriculture 97, 148, 152, 246, 294 alienation 124, 132, 247, 284, 321 Althusser, Louis 113, 137–138, 140–142, 163, 165 Amin, Samir 151–153 ancient Greece 82, 139, 198 ancient ideals 112, 117

barter 33, 96, 101, 244–245, 249, 323 the natural tendency to 225 Bateson, Mary 52 behavioral economics 115 beloved community 176, 247, 327 benevolence 244–248 bioneer 46 bionomics 179 biotechnology 253 bourgeoisie 98, 115–116, 126, 133 boycott 192 Britain 68, 70, 99, 123, 215, 240 Buddhism 88, 122, 150 Burma 122

ancient pre-market institutions 250

C

anomie 9

canon law 102, 114

anthropology 114, 115, 143, 146, 178, 189, 210, 218 anti-essentialism 137–142, 165

capital 54, 106, 113, 115–119, 127–128, 130, 157–159, 160, 180, 199–202, 204–206, 215, 226, 230, 251–253

anti-metaphysics 21, 56, 322

disinvestment 23

anunciar 181

outlay 79, 117

Aquinas, St. Thomas 78, 101, 126, 142, 225

personified 122

archai (cause) 163, 164

surplus 147

Aristotle 50, 78, 80–82, 86, 96, 101, 113, 115, 125–127, 137–139, 142, 155, 163–167, 206, 225, 234, 294

syndrome 117

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Index


capital accounting 80

circulation of money 206

Capital and Communities: the Causes and Consequences of Private Disinvestment 24

classical economics 85, 115, 122

Capital, by Marx 113, 116, 165, 205, 230

Colombia 143–144

capital flight 33, 274–278, 288, 290 capital-intensive 2 capital investment 67, 152, 215 capitalism 24, 30, 115, 124, 125, 127, 142, 153–158, 165–166, 207–209, 229, 234, 289 economic categories 228 global 100, 118, 153, 155, 156, 159, 166, 210 global expansion of 117 instability of 177, 205, 206, 219, 248, 295 capitalist production 117 capitalist society 115, 124 capital mobility 118, 198, 276 Capra, Fritjof 206, 229 caritas 82, 114, 129 causal explanation 65, 66, 78, 113, 282, 298 causal factors ix, xvi, xvii, 94, 140, 283 causality 47, 272, 301, 329 causal mechanism 25, 80, 161, 195, 342 causal models 140, 161, 164 causal powers 140, 165, 271, 273–276, 282, 295, 298 cause and effect 138–140, 147 cause (archai) 163 Chavez, Cesar ii, 183, 184 China 205 chrematistics 86 circular and cumulative causation 66, 68, 69, 77 circulation of commodities 116, 126, 165–166, 205, 220, 331

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collective bargaining 185, 248, 296, 333, 401 colonialism 78, 102, 120, 123, 169, 287, 335 command structure 55, 56, 83, 335 commodity 72, 106, 112, 115–117, 124, 128, 165, 204, 206, 215, 226, 230, 335 commodity exchange 247, 253 commodity form 165–166, 337 commodity law of value 215 commodity-money-commodity 86, 226 commodity production 205 common law of commerce 102 communitarian 112, 337 comparative advantage 2–6, 9–11, 13–15, 19–21, 77, 144, 194, 411 competition 24, 25, 37, 191 competition of capitals 115 competitive markets 7 Concept of Law, The 290 conflict resolution 263 conscience 188, 223, 224, 233, 292 consumer choices 54, 209 consumer goods 65 consumption 47, 69, 78, 84, 85 contract 103, 216, 226, 233, 251, 289 Contradiction and Overdetermination 140 contradictions 115, 205–207, 228, 339 cooperation 187, 188, 191, 339 cooperatives 36, 180, 186, 191, 193, 339 Corn Laws 144

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Index

Correlates of War Project 268, 282

discourse 55, 56, 345

cost of production 117

dualisms 126

counter-cyclical spending 72, 73, 177, 341

Dumont, Louis 11, 346

Course in general Linguistics 211

E

critical mass 184–185 critical realism 140, 261, 265–266, 269–270, 272, 273, 283, 298, 342 critique of the logic of accumulation 125, 127, 133 crony capitalism 248, 259, 342 cultural action viii, xi, 223, 343 cultural structures 125, 145, 149, 181, 190–192, 198, 209, 216, 217 culture 79, 179, 189–190 culture of solidarity 185 currency 117, 196, 226, 234 devaluation 177

D

Earth’s energy budget 52 ecological design 228 ecological niche of the human species 283 ecology 179–180, 217 economic activity 80, 124, 215 economic actors 12, 14, 54, 158, 187 economic fundamentalism 178, 194 economic growth 72, 86–87, 98, 117–118, 147, 149, 206, 279, 378 economic ideology 11 economic metaphysics 34, 36, 43, 142 economic policies 158

de-alienation 124

economic power 180, 193, 286, 288, 290, 293

deconstruction of development 144

economic society 11, 13, 55, 80, 179, 221–228

deficit spending 72, 177, 341

economic theory 77, 80, 103, 132, 177, 210, 297

deindustrialization 23, 228, 343

effective demand 69, 84, 146, 187

deliberate action 122, 164, 298

efficiency 2, 67

democracy 156, 170, 197–198, 224, 263, 269, 272, 273, 283, 293, 298

efficient 31–33, 186–187, 293, 350

deontic ethics 6, 10, 20

efficient cause 82, 163–164

Derrida, Jacques 139, 168

egoism 181, 233

Descartes, Rene 81, 96, 165

El Salvador 14

design revolution 51, 54, 56

emancipatory research 265, 293, 297–299

Deutsch, Karl 261–264, 280, 282

empiricism 56, 78, 274–275, 294, 301, 350

development discourse 143, 151–154

employment 209, 264, 277

development economics 148

job security 118

dialectic 142, 215, 344

theory of 84

dialectical materialism 125, 286, 345

enclosure movement 97, 145

446

447


Index

Encountering Development 138, 150

export lead 77

End of Capitalism, The 138, 154–155, 164

export market 68, 71

energy-intensive 94

export subsidy 7

England 78, 97, 102–103, 145, 245

F

Enlightenment, the 112, 140, 142 epistemological relativism 271 epistemology 101, 140–141, 144, 350 equality 112, 116, 251, 264, 280 gender 218 equity 149 Escobar, Arturo 138, 143, 146, 149, 151–152 essentialism 138–140, 146, 149, 156, 159–162, 351 ethical global economy 176 ethical principles 6, 30, 81, 199 ethical scepticism 32, 53

fair trade 355 Faux, Jeff 250 feminism 112, 181 feminization of labor and poverty 145, 356 final cause 82–84, 163 first principles 154 flexible accumulation 118, 145, 357 flexible labor 357 food supply 146–147, 241 forced industrialization 152

ethical structure 144–145

foreign markets 77

ethics 10, 14, 18, 83, 100–103, 113, 128, 132, 143–144, 151, 169–170, 245, 253–255, 351

Foucault, Michel 112, 137, 140, 147, 150, 153, 285, 288–289 Frank, Andre 145

ethics construction 354

freedom 29, 80, 83, 85, 116, 151, 216, 218, 233, 255, 275, 293, 297

ethics of care 51, 101, 235, 353

as economic 359

ethnology 122

as liberty 359

Europe 80, 97–100, 100, 102, 184

as political 360

medieval 100

ethics of 54, 56

exceptionalism 335

free enterprise system 147

exchange value 116, 117, 215, 219, 230, 245, 248, 253, 255, 288, 354

free market 186–187

process of 116 expansionist 72, 355 explanation 140, 269–270, 300 scientific 80–81, 119

economic theory 176 ideology 197 free trade 8, 10, 20, 21, 30, 31, 67, 240, 247, 253, 338, 360 French Revolution 100

explanatory principle 113, 122, 165

Friedman, Milton 114–115, 164

exploitation 117, 119, 121, 155, 228–230

Fuller, Buckminster 32, 45, 149

448

449


Index

G Gandhi 52, 150, 176, 191–192, 198–199, 220, 229, 235, 239, 245–247, 291, 293, 414 GDP 326, 328, 346, 362 gemeinschaft 102, 198, 360 gender equity 122, 150 Germany 120, 242

Hampshire, Stuart 113, 128 Harre, Rom 113, 139, 164 Harvey, David 118 hegemony 143, 154, 156, 198 Henderson, Hazel 10, 32, 33, 157, 362 hermeneutics 270, 362 double 274, 346

gesellschaft 102, 361

historical discontinuity 98–99, 102–103

Giddens, Anthony 170, 209, 243, 272, 274, 277, 284–286, 288–290, 294, 300–302

Hobbes, Thomas 81, 96, 262 Holland 98

Gilligan, Carol 164, 235

Homo economicus 85, 114–115, 130, 209, 234, 363

global economic regime 119

Homo sapiens 179, 214

global economy 79, 82, 86, 95, 100–103, 112–113, 118, 119, 121–122, 126–127, 143, 154–157, 159, 160, 165, 166, 176, 184, 189, 191, 193–194, 196

housewifization 120

global forces 146, 193 Globalization from below 275 globalization of production 23, 27, 29, 30, 33–36, 42, 65, 80 global network 143, 147 Global Peace Studies 361 government 4, 7, 14, 17, 25, 33 government intervention 78, 144, 148, 158, 178–182, 185–187, 192, 209, 221, 234, 248–249, 252, 263–264, 275–278, 296 grassroots democracy 296 greed 82, 180, 278 green growth 279 green technology 46, 52, 57, 63 growth imperative 278–281, 290

H Habermas, Jurgen 270, 293, 300

450

human action 12, 81, 115, 129, 142, 163–166, 218, 227, 243, 253, 270, 282, 294, 297, 300–301, 363, 424 humanism 112 humanitarian values 188 human nature 123, 138, 181, 267, 270 human rights 185, 223, 253, 365, 368 human species 123, 126 human suffering 149 human welfare 106 Hume, David 81, 83, 271, 274, 367

I idealism 126–127, 142, 283 ideals 126 ideological distortion of reality 140 ideology 81–82, 115, 120, 179, 188, 223, 286 IMF 191, 196–197, 249 imperialism 127, 335, 368

451


Index

inclusion 29, 368

judgmental rationalism 271

India 186, 205, 291

justice 81, 117, 129, 132, 194–195, 256

Indigenous cultures 253

just price theory 78, 83, 96, 107, 108

rights 368 individualism 53, 129, 197, 233, 369 Indonesia 248, 276–277, 280, 283, 286 industrial divide 47 industrialization 68 industrial policy 248 industrial revolution 93, 96, 369 inequality 235, 242, 250–252, 256, 284 inflation 234, 367 input-output model 209, 370 institutionalizing peaceful change 263

K Kaldor, Nicholas 82, 84, 88, 114, 377 Kant, Immanuel 78, 126, 151, 170, 225, 243, 294 liberal theories 268 Keynesian economics 48, 50, 85, 89, 228, 248, 378 regime of accumulation 118 social accounting 198 the struggle of 219 Keynesian illusion, the 295 King Jr., Martin Luther 191, 239–240, 243–244, 246, 247, 252

Integrated Rural Development 143

koinonia 198

international division of labor 23, 28, 29, 65, 112, 119, 120, 209, 371

L

internationalism 161 International Labor Organization (ILO) 181, 373 international market 144 International Monetary Fund (IMF) 374 international trade 67, 77, 98, 112–113, 210, 228, 374 international trade theory 66, 103, 141, 375 investors 78, 158, 180, 192, 208, 274–283, 288, 292 invisible hand of the market 246, 248, 376

labor 2, 4 control, system of 121 costs 144 exploitation of 116 global division of 119 markets 357 movement 183 rights 373, 379

J

labor force 120

Jameson, Fredric 139, 160, 167

labor-intensive 65

Japan 33, 77, 121 trade surplus 13 jubilee, ancient principle of 197 Jubilee 2000 376

452

Labor Party 224 labor power 117–118, 204–206, 226 labor theory of value 112, 116, 336, 380, 413, 418 labor unions 24, 29, 33, 121, 157, 184, 191, 193, 195, 198, 210, 262, 276

453

Index power of 118


454

phenomena 81

laissez-faire capitalism 73, 369

rationality 186

language-game 36, 115

relationships 198, 244

Lappé, Frances Moore 241

value 116

Latin America 169, 181

market forces 26, 27, 29, 30, 34, 37, 42, 80, 83, 182, 384

laws of profit 158

marketing 280

liberation theology 181, 381

market snafu prevention 250

linguistics 137, 210–213, 217

market to profit processes 195

living wage 24, 314

Marshall Plan 385

loans 102, 114, 129, 249

Marx 86, 107, 113, 115–116, 119, 123, 125, 130, 142, 145, 157, 165– 166, 168, 188

Locke, John 77, 81, 87, 96, 124, 165 Lovins, Amory 51, 53 low wages 25, 27–29, 37, 65, 66, 68

M

Marxist 112, 123, 163 metaphysical bias 125–126 mass production 46–50, 54, 62, 385 materialism 386

machine-like 143, 153, 176

meaning 153

macroeconomics 228, 295–296, 319, 382, 421

meanings are causes 164–165, 271, 282, 300

Macroeconomics in the Global Economy 268

means test 186, 387

magic of the market 245

mechanical root metaphor 140

Maldevelopment: Anatomy of a Global Failure 171

mechanistic psychology 105

Malthus, Thomas 241

Meiji Restoration 47

Managing World Economic Change 274

mercantilism 335, 387

manufacturing 65

meta-economics 52, 80, 88

maquiladoras 30, 382

metanarrative 167, 388

marginalism 384, 418

metaphysical shift 12, 224–227

market 95, 117, 186

metaphysics 11, 14, 15, 21, 34, 40, 43, 54–56, 81, 142, 155, 182, 322, 389, 403

behavior 78, 145 growth 77, 94–98, 100, 102, 145 individualism 197 mechanisms 249 model 186

mechanistic 12 of economic society 80 of rent 103 Metaphysics, by Aristotle 14, 154

455


Index

methodenstreit 114, 389

neoclassical trade theory 2

methodology of economic science 114

neo-Keynesian 66

Mies, Maria 112, 119–124, 250

neoliberal 52, 72, 118, 145, 178, 182, 191, 194–197, 250, 395

military metaphysics 34, 390

Netherlands, The 98–99, 107, 178

modern global economy 120

new products 75, 76

modernity 80, 112, 165, 391

Newton, Sir Isaac 82, 96

modernization 78

Nicholas Kaldor 66

Mollison, Bill 52

Noddings, Nel 164, 183

monetarist 70, 384, 392

nonprofits 34, 115, 157, 180, 254

money 9, 14, 31, 78, 80, 86, 104, 113–117, 123, 130, 146, 155–156, 181, 187, 192, 196, 226, 233

nonviolence 395

concept of 13 monolithic system 159, 166 monopoly 339, 368, 392 moral imperative 51

nonviolent transformation 217–218 non-Western culture 150 norms 274, 275, 285, 286, 291

O

moral judgment, development of 234

objective 82

multicultural 189

Of Grammatology 139

multinational corporations 162, 176

oligopoly 396

Myrdal, Gunnar 77

ontological realism 271

N

Operasi Koteka 13

nation state 98–100, 209, 262, 271, 295, 392

orderly selfishness 244

natural 78–79, 83, 86 natural law 6, 394 natural quality of an object 105–107 natural rights 81 natural science 79, 83, 210, 298

opportunity cost 207–208, 337, 397 outsourcing 326, 358, 397, 409 overdetermination 138, 161, 163 overproduction 386, 398

P

natural worth 125–126

Pareto optimality 187, 399

nature 88, 153, 226

Pareto, Vilfredo 114, 130

negative growth 251

partnership relationships 197

neoclassical economics 66, 68

456

457


Index

Patomaki, Heikki 261–275, 280, 282–291, 293–295, 297–298, 301 patriarchal 31, 119, 138, 150, 157, 164 Patriarchy and Accumulation on a World Scale 112, 119

458

poverty 5, 36, 81, 86, 145, 147–148, 152–154, 181, 205–207, 217–218, 229, 239–243, 246–252, 255, 268, 279, 284, 291–292, 295 Poverty of Historicism, The 269

per-capita growth 250

power 87, 140, 143, 145–149, 151–153, 159–167, 171, 177, 179–180, 184, 190, 192, 198, 209, 216, 223, 231, 233–234, 241, 255, 275, 281, 286, 288, 290

Perennial Philosophy, the 239

pre-market correction 250

performative force 155, 162

primitive accumulation 404

permaculture 197

Principia Mathematica 82

Philosophical Investigations 285

Production of Commodities by Means of Commodities 208

physical reality 151–152, 217, 221

productive power 288–290

physics 81, 88, 217, 301

productivity growth 279

Pigou, Arthur 320, 400 Pigou-optimize 187

profit 24–26, 28, 31, 36–38, 78, 115, 117, 127–128, 144, 147, 155, 158, 169, 180–182, 208, 218, 240, 251–255, 278, 404

Piore and Sabel 96

profit imperative 144, 253

planned economy 186, 207, 401

proletariat 126, 226

Plato 245

property 80, 104, 116, 198, 207, 221, 254, 287, 289, 293, 336, 405

pluralist security community 262

property and contract, the laws of 226

polarization 68

property rights 23, 25, 29, 30, 34, 36, 43, 97, 287, 405

policy instruments 296

protectionism 198, 249, 409, 412

Political Community and the North Atlantic Area 262–263

psychological manipulation, methods of 121

political economy 8, 10, 81, 83–84, 106, 114–115, 130, 133, 146, 158, 211, 215, 241, 245, 289, 402

psychology of the community 78, 278

political power 183, 209

Puritan ethic 152

pattern bargaining 49, 400

positive alternatives 232–234 positivism 402

public working capital 252

Q

positivist economist 403

quality of objects 106

post-Keynesian economics 80

quasi-mechanism 25–27, 30, 35–37, 39, 43, 96–97, 99, 141, 146, 180, 185, 210, 215, 228

post-Marxist 161 postmodernism 403 post-structuralism 137, 150, 152–153, 404 potlatch 33

Quine, Willard van Orman 139, 167

459


Index

460

R

S

race to the bottom 275–278, 290, 292, 295

sarvodaya 150, 414

radical empiricism 247, 255, 410

satyagraha 266, 321, 415

rationalism 56, 78, 142, 410

Saussure, Ferdinand de 137, 211–225

realism 114, 154, 167, 196

Say’s law 320, 415

realist epistemology 152–153

Schumacher, E. F. 52, 53

realist position 265

Schumpeter, Joseph 242

Realpolitik 268

self-determination 53, 54, 62, 323, 416

reclaim reality 266

self-interest 80, 121, 141, 180, 181, 187, 193, 215, 219, 236, 245–247, 251, 267, 293, 304

regimes of accumulation 118, 297, 305 rent 103–107 resources 32, 285, 287–290, 293, 296, 304 retained earnings 67, 252, 410 revealed preference 9, 20, 32, 60, 411 revenue 79, 226, 254, 276 Riane Eisler 197 Ricardo, David 15, 106, 108, 117, 122, 144, 158, 169, 208, 240, 411 right livelihood 52 risk 274 Roman law of all nations 102, 291 Romero, Archbishop Oscar 261, 298 rule of law 263, 286 rules 79, 102, 161, 164, 184, 196, 205, 210, 225, 227–229, 266–268, 271, 283, 285–299, 300, 304–305 constitutive 290 primary and secondary 290–291 Ruskin, John 224 Russian Revolution 141, 207

self-reliance 123 self-transformative capacities of context 283, 290, 293, 298 Shiva, Vandana 252 Singer, Peter 241 slavery 120–122, 157, 209 Small is Beautiful 77, 80, 88 Smith, Adam 81, 103–104, 106–107, 113–117, 122, 124, 127, 181, 215–216, 220, 225, 243–255, 417 social accounting 66, 69, 74, 78 social constructions 139 social democracy 177, 197, 283, 290, 296–299, 305, 419 social effort 117 socialism 242 social issues 83, 181–182 socialist 121, 123, 184, 189, 196 utopian 124 social product 112, 125, 420 social psychology 114 social reality 11, 159, 161 social relationship 54, 55, 204, 209, 289 social rules 185, 190, 226, 243

461


Index

social safety net 195, 197, 245

age 284

social science 115, 138, 140, 143, 164

income 284

social structure 115, 243, 335, 354, 359, 420

relational 285

social transformation 178, 185, 188, 217, 296

wealth 284

social wealth 117

Structure of Science, The 269

societas 197

structure set 277

Socrates 155

subsidy 4, 7, 144, 252, 424

Soleri, Paolo 51

supply and demand 8, 430

solidarity 79, 101, 126, 178, 182–184, 190, 193, 198, 250, 328, 341, 421

law of 83

Soros, George 249

surplus value 115, 117, 122, 157, 165, 328, 404, 425, 426

South Africa 78

sustainability 52, 53, 59, 60, 429

South Asia 29

sustainable 144, 187

Southeast Asia 34

choice 54, 62

sovereignty 151, 265

growth 369, 427

Soviet Union 125, 194

technology 45, 51, 197

specialization of labor 8, 244

sweatshops 31, 157

sphere of production 126

Sweden 252

spiritual 98, 187, 191, 195, 199, 239, 247

T

stability 249 stagflation 326, 421 stagnation 70, 73, 74, 421 start-up costs 47 state ownership 248 steady state economics 73 structural adjustment 422, 440 structural fact 278 structuralism 137, 294, 423 structural problem 177, 246–250, 253, 285, 296 structuration 289, 294, 424 structure 272–273, 275, 277–281, 283–285, 288–291, 294–295, 297– 299, 300–302

462

tariff 144, 431 tautology 3, 14, 20, 431 taxes 105, 180 Taylor, Charles 12 technology 47, 57 choice 46, 58 technology lead 68, 71, 75, 77, 89 technostructure 55, 56, 69, 83, 432 Thatcher, Margaret 230 theology 84 Theory of the Moral Sentiments 245 third world 120–122, 127, 143, 146, 148–149, 153, 157, 162, 196, 228, 253, 276, 294

463


Index

Tobin tax 249, 432 Todd, John 50 Tonnies, Ferdinand 102 Toulmin, Stephen 113, 128 trade deficit 65, 325 traditional cultures 244 traditional social structures 9

V value 116–117 violence 119, 123, 141, 149, 216–217, 226, 261, 265, 272, 283, 292, 295, 303 Volcker, Paul 248

W

transformation movement 184, 188, 189, 222–223

wage labor 9, 13, 78

treadmill of growth 279

wages 144, 169, 177, 184, 240, 248, 251

Triangulating Peace 268

high 24, 28, 66, 68

truth 140, 155, 166, 220, 225, 228, 266–273

Wallerstein, Immanuel 179, 242, 437

U

war system 292

underdevelopment 145, 148, 169

Wealth of Nations, The 81, 181, 245

understanding 183, 270, 300 unemployment 13, 70, 228, 264, 268, 279, 284 structural 118, 422 unitas 198 United Nations 181, 250, 253 United Steelworkers of America 160 untested feasibility 161, 227 USAID 148 U.S. Department of Justice 160 U.S. economic hegemony 118 use value 116, 123–127, 215–216, 220, 245–246, 255, 434 U.S. Federal Reserve Bank 249 U.S. industrial expansion 147 U.S. rising inequality 251 USSR 186 utilitarianism 6, 9, 10, 19, 51, 354, 436

464

water metaphor 106, 181 Weber’s rationalities 79 welfare economics 187 Western European social democracies 177 Western European welfare states 148, 210, 224 Western philosophy 78 will 122, 213, 222, 232, 239, 242–246, 247–249, 251 Wittgenstein, Ludwig 12, 225–227 women’s rights 122, 148 World Bank 143, 146–149, 191, 242, 439 World Trade Organization (WTO) 253, 440 worldview 11, 80, 239 WW II 147, 252