This final volume in Manuel Castells' trilogy, with a substantialnew preface, is devoted to processes of global social changeinduced by the transition from the old industrial society to theemerging global network society. Explains why China, rather than Japan, is the economic andpolitical actor that is revolutionizing the global system Reflects on the contradictions of European unification,proposing the concept of the network state Substantial new preface assesses the validity of thetheoretical construction presented in the conclusion of thetrilogy, proposing some conceptual modifications in light of theobserved experience
Ernest Mandel (1923–1995) was one of the best-known Marxist scholars active in the second half of the twentieth century. A leading member of the Fourth International, his books on capitalist economics, bureaucracies in the workers’ movement and on power and socialist strategy were translated into many languages. Democratic self-organisation of workers was a red thread that ran through all of his thinking. In Against Capitalism and Bureaucracy, Manuel Kellner presents the first and until now only comprehensive overview of Mandel’s theoretical and political contributions, arguing that his work remains important for the debates on a socialist alternative in the twenty-first century.
Over time there has been a miscommunication between mainstream economics and human rights that has paved the way to a justificatory ideology that validates the submission of human rights to the logic of market capitalism. This book shows how the discourse of mainstream economics is intrinsically opposed to the strengthening of human rights and outlines the principles upon which a human rights-based political economy can be built. Considering a variety of recognized human rights, such as the right to water and sanitation, the right to social security, the right to work, cultural freedom and democracy, this book describes how mainstream economics theory conflicts with these rights and explores alternative modes of thinking that incorporate human rights concerns into economics. Moreover, the book also reflects on the teaching of political economy for human rights. It sets out that a political economy favourable to human rights must be pluralist, interdisciplinary, participatory, de-commodified, non-utilitarian and non-consequentialist. The author proposes that it must not only assume the performative character of economics but also, and especially, its transformative purpose. Political Economy for Human Rights will offer students, academics, activists and policy makers useful tools to understand some of the main contradictions of contemporary societies and new paths leading to a more just and fraternal world. It will also be of great interest to the general public concerned with human rights and economic issues.
From the mid-1980s, investors in the US increasingly directed capital towards the financial sector at the expense of non-financial sectors, lured by the perception of higher profits. This flow of capital inflated asset prices, creating the stock market and housing bubbles which burst when the imbalance between stagnant incomes and rising debts triggered the banking meltdown. Profitability and the Great Recession analyses these trends in profitability and capital accumulation, which the authors identify as the root cause of the financial crisis, in the context of the US and other major OECD countries. Drawing on insights from Adam Smith, David Ricardo, John Stuart Mill and Karl Marx, the authors interpret the relationship between capital accumulation and profitability trends through the conceptual lens of classical political economy. The book provides extensive empirical evidence of declining rates of US non-financial corporate accumulations from the mid-1960s and profitability trends in that sector falling from post-war highs. In contrast to this, it is shown that there was a vigorous rise of profitability in the financial sector from a 1982 trough to the early part of the twenty-first century, which led to the bloating of that sector. The authors conclude that the long-term falling accumulation trend in the non-financial corporate sector, highlighted by the bankruptcy of major automobile corporations, stands out as the underlying force that transformed the financial crisis into a fully-fledged Great Recession. This book will be of interest to students and researchers in the areas of economics, political economy, business and finance.
The 1970s were a pivotal decade for the US economy: deindustrialization broke the power of the labor unions and made possible the redistribution of income in favor of corporate profits; globalization and offshore investments opened alternatives to domestic nonfinancial capital accumulation; domestic productivity growth declined; and labor-saving technology empowered superstar corporations to rapidly gain market share. This book argues that the persistent fall in profitability, leading to the stagflation crisis, was a direct result of the transition from the Fordist phase of capital accumulation, based on large-scale manufacturing, to the neoliberal phase and the rising power of finance. Neoliberalism restored the power of rentiers but not the profit rates of nonfinancial corporations. Falling accumulation rates weakened the growth capacity of nonfinancial corporate firms and secular stagnation became the norm. Neo-Keynesian economists, Larry Summers and Paul Krugman, explained the persistence of secular stagnation with arguments borrowed from Alvin Hansen in the 1930s, such as the declining birth rate or the falling relative prices of investment goods, hence a shortfall of demand. In the Classical paradigm, profitability drives capital accumulation and falling profitability slows down growth. As the accumulation rate declined and the capacity growth diminished, breakdowns in supply links, due to the COVID-19 pandemic, prevented large infusions of purchasing power to find matching levels of supply, hence the stagflation crisis returned. The book will be a great asset to researchers and scholars interested in the development of Classical Political Economy concerning issues related to inflation, stagnation, growing inequality, and the next phase of neoliberalism.
Die Autoren bieten einen anwendungsorientierten Leitfaden zu den zentralen Themenkomplexen Financial Modeling Standards, Model Review, Investition und Finanzierung, Corporate Finance, Portfolio Management sowie Derivate. Zwei Kapitel zu Financial Modeling Excel® und VBA® komplettieren das finanzwirtschaftliche Know-how. Der Kurscharakter des Buches und die praxisnahen Beispiele ermöglichen ein schnelles und interaktives Lernen. Als Nachschlagewerk leistet der Band auch Praktikern wertvolle Dienste. In der 2. Auflage überarbeitet und erweitert. Mit Downloadmaterial auf myBook+.
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