Posts Tagged 'economy'

American Tianxia: The Chinese term for American power

Salvatore Babones discusses the position and power of America in global politics and economics in this adapted preface of his new book, American tianxia: Chinese money, American power and the end of history

Salvatore Babones

The Chinese word tianxia (pronounced tyen-shah) means “all under heaven.”

As China has come to play a major role in global affairs, Chinese scholars have resurrected this classical Confucian term to describe the kind of international system they would like to see: harmonious, ethical, relational, and (it literally goes without saying) centered on China. The classical Chinese tianxia was an East Asian world-system focused on one central state (China) to which all other peoples looked for legitimation and leadership.

Today’s millennial world-system is similarly focused on the United States. Chinese scholars have the right concept for today’s world, but they’ve applied it to the wrong country.

The size of the US economy and its location at the center of the world-system has led to a merging of US and global systems of distinction: in almost every field, success in the world means success in the US, and vice versa. This is most true in business, where global value chains are overwhelmingly dominated by US companies, but it is true in most other fields as well.

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Of and for society: Thinking the prosocial

What would it take to make society better? Rowland Atkinson, Lisa McKenzie and Simon Winlow, co-editors of the new book Building better societies, discuss some of the obstacles we face in trying to improve society. 

Rowland Atkinson

Lisa McKenzie

Simon Winlow

Social researchers spend so much time investigating the problems of inequality, crime, poverty and ill-health that they rarely have time to step outside these painful realities to engage in the kinds of utopian, creative and counter-intuitive thinking that can change entire academic fields.

We are encouraged, more than ever before, to be ‘policy relevant’, and the space and time needed to identify new and imaginative routes forward is diminishing with every passing year.

Many of us act in ways that are self-disciplining, if not self-defeating. We make careful pre-judgements about who will listen to us, and this often prevents us from making proposals or running ideas that might make the world – dare we say it – a better place. Given the sheer scale of the problems we face today – unparalleled inequality, ecological crisis and deep economic and political uncertainty – the role, and perhaps the duty, of social researchers is to draw on their evidence and intervene effectively in helping social conversations about the issues that really matter.

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Election focus: Missing the point – education in the #GE2017 manifestos

Stephen Ball, author of the best-selling The education debate (third edition out in August) gives a passionate take on how the party manifestos are missing what should be at the heart of education policy.

Stephen J Ball

“What is most striking when reading the party manifestos for the General Election and listening to the speeches and debates is the absence of education.

There is quite a lot of writing and talking about money – funding – and about structures – grammar schools or a National Education Service – but very little about what its purpose is, about teaching and learning, about what is means to be educated.

To some extent those things are taken for granted, pre-given, closed to debate. Education is about and for the economy. Its about investing “in people to develop their skills and capabilities” (Labour Party) – investing, a key trope of the neoliberal sensibility, sits oddly in the Labour Manifesto.

Over and against that, in a perverse rhetorical reverse,for the Conservatives education is about meritocracy – although clearly no one Labour or Conservative has read Michael Young’s book! – and it’s about tackling “enduring injustices” and “breaking down longstanding divisions” (Conservatives).

How do we go about breaking down these divisions?

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Article 50: where we are now

Janice Morphet, author of Beyond Brexit, looks at what the future holds for the U.K. after the triggering of Article 50 and the formal beginning of the Brexit process. 

Janice Morphet

As the UK government faces its two-year roller coaster ride of negotiation, following the Prime Minister’s triggering of Article 50, many pressure points have already been revealed while some remain as haunting unknowns.

The first challenge that has emerged is how ill prepared the UK government finds itself. While the letter triggering Article 50 and the subsequent White Paper on the Great Reform Bill are full of words addressing internal political party agendas, any pretence of maintaining a united view across the UK has been abandoned.

No legal basis for devolution

Although stating in the White Paper that everything would remain the same until dismantled and changed through Parliamentary procedure, this is completely undermined in the chapter on devolution which confirmed the re-centralisation of returned powers on agriculture, environment and some transport issues.

Subsidiarity is based on principles laid down in the Treaty on European Union and there are no guarantees that it will survive Brexit as a principle of the UK state. Following Brexit all devolution within the UK, including to cities in England, will transfer to the whim of each five-year Westminster Parliament and cannot be agreed in perpetuity.

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It doesn’t have to be like this: Why capitalism needs to change, and fast

Where has capitalism gone wrong? In Too much stuff, Kozo Yamamura upends conventional capitalist wisdom to provide a new approach. Read about his new perspective on capitalism’s “sickness.”

kozo_portrait

Kozo Yamamura 1934 – 2017

Over the past three decades, the financial and environmental prospects of the UK, US, Japan and Europe, have slowly but surely been moving in a calamitous direction because of ill-conceived “easy money” policies pursued by those in power, from governments and banks through to multinational corporations and the advertising industry.

The result: a self-perpetuating cycle of stagnating economies, social unrest and political upheaval.

The advanced economies of the world are sick and democracy is floundering. Capitalism as we know it has created a climate where extremist, anti-EU political parties are flourishing by tapping into widespread dissatisfaction with the way things are.

They’re right in one sense – the system does need to change, because if it doesn’t, “what becomes the issue will not be the survival of our system, but the survival of our civilizations”.

“The advanced economies are sick, and the environment is getting sicker.”

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What does the post-Brexit future look like?

Janice Morphet, author of Beyond Brexit, out today, warns that without due consideration of all the challenges that lie ahead, Brexit poses a real threat to UK economic and social stability.

In this article Professor Morphet looks ahead to what the coming months could bring, and suggests priorities going forward.

janice-morphet

Janice Morphet

“As Brexit is a negotiation, it is a dynamic process.

The Prime Minister took this essential position last July and spent her first six months in an enigmatic ‘Brexit means Brexit’ mode.

This allowed some space for the machinery of government to be realigned and the new departments to lead on Brexit – International Trade and Exiting the EU – to be established. But what does the future hold?

The loss of economic security

In terms of economic security, the effects of Brexit on the UK economy have started to pile up – the loss in the value of the pound in the first days after the referendum equated to the value of UK contributions to the EU for fifteen years.

“The loss in the value of the pound in the first days after the referendum equated to the value of UK contributions to the EU for fifteen years.”

Deals have been offered to Nissan in Sunderland by the government which have appeared to transgress state aid rules, although more recently the company has suggested changing its mind about remaining in the UK. Asked about investment in the UK, a Chinese source commented that, before the referendum, the UK was a door to the EU and now it is only a door.

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Coming soon… Creative Destruction: how to start an economic renaissance by Phil Mullan

Phil Mullan discusses his new book, Creative Destruction, out in March.

phil-mullan-2

Phil Mullan


The mature economies have been stuck in a long, contained depression since the 1970s.

The pressing question that arises is not why investment and productivity have been so weak, important though that is. Rather, it is whether we are hitting the limits of effectively muddling through this dismal reality.

The financial crash of 2008 was the first significant indicator that sustaining reasonable living standards could no longer rely on an ever-expanding financialised debt economy. The subsequent recession was one of the sharpest since the 1930s but thankfully the system’s collapse was avoided. Can we expect to be as fortunate when today’s bubbles burst?

This book explores the interaction between the forces of productive decay and the sources of resilience that have characterised Western economic history for almost half a century. In particular, it highlights the consequences of state interventions that have sought economic stabilisation, but have unintentionally entrenched economic stagnation. Governments have brought about a corporate dependency that is as debilitating for the economy as the welfare dependency they have created for individuals.

“A zombie economy: an economy dead in productive dynamism that is being propped up to ensure the semblance of life.”

Continue reading ‘Coming soon… Creative Destruction: how to start an economic renaissance by Phil Mullan’


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