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A New Economics
John Grahl on Anwar Shaikh, Capitalism: Competition, Conflict, Crises. An ambitious recasting of economic thought, from classical political economy to the mathematized present, in a synthesis aiming at realistic capture of the vicissitudes of contemporary capitalism.
Can stakeholder variants of capitalism in east Asia or Europe resist the rise to global dominance of Anglo-American shareholder value? John Grahl argues that ‘exit’ trumps ‘voice’—disembedded forms of corporate finance are inherently more capable of spreading uniformly round the world than embedded ones, which remain particular to local settings. The misfortunes of the euro as a portent of US pressures to come.
Renewing the Left
The two works under review make important contributions to the reformulation of Left perspectives in the light of the failure of traditional models, whether communist or social-democratic. Elmar Altvater seeks to renew the critical force of the Marxist tradition in the face of the now universal dominance of capitalist economic . . . read more
Economies Out of Control
At the end of the 1980s a word was pronounced in London and New York which had virtually dropped out of economic vocabulary at the start of the decade—stagflation. The Reagan and Thatcher booms are over and their successors have been left to grapple with a legacy of financial disorder . . . read more
The Cost of Neo-Liberal Europe
Throughout the present decade, neo-liberal economic strategies—interacting with intense competitive pressures on world markets—have sought to remodel the capitalisms of Western Europe.footnote* In the context of mass unemployment the drive towards a renewed subordination of workforces has found unity and direction in the demand for labour flexibility, while deregulation, trade . . . read more