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Profits and capital accumulation in the Mexican economy Camb. J. Econ. (IF 2.273) Pub Date : 2024-03-13 Carlos A Ibarra
The paper studies the long-run disconnection between a rising profit share of income and a constant rate of capital accumulation in Mexico since the early 1990s. According to stylized facts based on the Cambridge accumulation equation, the disconnection reflects two factors: first, a flat trajectory of the investment share of profits, and second, a gap between a rising profit share and a constant or
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Léon Walras and Alfred Marshall: microeconomic rational choice or human and social nature? Camb. J. Econ. (IF 2.273) Pub Date : 2024-02-27 Richard Arena, Katia Caldari
Alfred Marshall’s and Léon Walras’s works have often been compared in the literature, on the one hand underlining their several differences and on the other hand focussing on their possible resemblances building what was called ‘neoclassical economics. This interpretation failed to pay due attention, however, to a number of important aspects that in fact stand in the way of a proper understanding of
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Is accounting a matter for bookkeepers only? The effects of IFRS adoption on the financialisation of economy Camb. J. Econ. (IF 2.273) Pub Date : 2024-02-20 Andrew G Haldane, Alessandro Migliavacca, Vera Palea
The process of financialisation has been extensively studied and several stylised facts identified. Short-termism is one of these. This article analyses the role that changes in accounting rules have played in increasing short-termism in company management. Our study considers the adoption of the International Financial Reporting Standards in the European Union (EU), showing that the new accounting
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‘Who are the capability theorists?’: a tale of the origins and development of the capability approach Camb. J. Econ. (IF 2.273) Pub Date : 2024-02-17 Valentina Erasmo
This paper offers a history of the capability approach from its origins to its more recent development. Sen himself refused to be defined as the capability theorist and despite this analysis, we will come to understand that Sen played an essential role in this history because he pioneered the approach, but that his role has probably been overestimated by the available literature. Two further ‘main
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The advantages of the corporate form—an impossibility theorem on persons and things Camb. J. Econ. (IF 2.273) Pub Date : 2024-02-10 Johann Graf Lambsdorff
The literature tends to view the firm either as a person or as a thing. Due to this dichotomy, it struggles with the proposition that the corporate form brings about efficiency gains that cannot be accomplished by other types of profit-seeking firms. This study supplies game-theoretic proof for this proposition. It identifies a capital-intensive business that requires external financing and is vulnerable
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Ricardo’s finances and Waterloo: legends by Samuelson and others lack historical evidence Camb. J. Econ. (IF 2.273) Pub Date : 2024-02-01 Wilfried Parys
Paul Samuelson and others suggested that Ricardo (‘the richest economist in history’) made a life-changing coup on the Stock Exchange after the Battle of Waterloo (1815), but archives reveal that Ricardo amassed his fortune more gradually, often by small profit rates upon large investments, as a jobber on the Stock Exchange and a contractor for seven British Loans. The 1815 Loan generated exceptional
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The future of work and working time: introduction to special issue Camb. J. Econ. (IF 2.273) Pub Date : 2024-01-25 Brendan Burchell, Simon Deakin, Jill Rubery, David A Spencer
This introduction to the special issue on the future of work and working time offers an overview of issues of relevance to present-day debates on working time. The aim is to bring together two divergent debates, the first on working time reduction for full-time workers and the second on the diversification and fragmentation of working time. It considers the history of working time including the forces
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Gold Rush vs. War: Keynes on reviving animal spirits in times of crisis Camb. J. Econ. (IF 2.273) Pub Date : 2024-01-20 Michele Bee, Raphaël Fèvre
This paper aims to exploit fully the heuristic virtues of Keynes’ famous ‘old bottles’ story, deploying a multi-layered argument and drawing out its broadest implications. In essence, we show that through this story Keynes was making a very serious point about anti-crisis policies: the need for authorities to stimulate animal spirits by relying on people’s natural impulse to action. Rather than taking
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On the survival of a flawed theory of capital: mainstream economics and the Cambridge capital controversies Camb. J. Econ. (IF 2.273) Pub Date : 2024-01-08 Francisco Nunes-Pereira, Mário Graça Moura
The Cambridge controversies on capital theory opposed heterodox economists, mainly from the University of Cambridge, UK, to mainstream economists, mostly based at the Massachusetts Institute of Technology, Cambridge, USA. The controversies started in the 1950s and occupied the pages of some of the most influential journals. Their primary outcome was the broad acknowledgement of flaws, which we retrieve
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Vertical integration, technical progress and structural change Camb. J. Econ. (IF 2.273) Pub Date : 2024-01-06 Theo Santini, Ricardo Azevedo Araujo
In search of an alternative representation of the economic system, Pasinetti ended up with a notion of vertical integration (VI) that takes interdependencies as its starting point but does not explicitly consider their role in the unfolding structural economic dynamics (SED). In this paper, we show that SED may be more inclusive of such interrelations to appropriately consider VI as a tool for analysing
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Rentiers and distributive conflict in Brazil (2000–2019) Camb. J. Econ. (IF 2.273) Pub Date : 2023-12-26 Pedro Romero Marques, Fernando Rugitsky
The paper examines the determinants of rentier income in contemporary financialised capitalist economies by analysing the case of Brazil. It argues that different drivers of rentier income may have comparable potential to channel a substantial share of aggregate income to asset owners. The paper estimates an expanded functional income distribution for Brazil for the period between 2000 and 2019, which
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Criminal capitalism: a new socio-economic formation Camb. J. Econ. (IF 2.273) Pub Date : 2023-12-23 Rosario Patalano
Criminal capitalism, fuelled mainly by drug trafficking, creates social consensus and determines a social order that plays a not-always marginal role in the fragmented social reality of the contemporary capitalist mode of production. Drug trafficking not only feeds the sophisticated machine of corruption that reaches the highest institutional spheres, but, in some regions, also represents the only
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Long day for few hours: impact of working time fragmentation on low wages in France Camb. J. Econ. (IF 2.273) Pub Date : 2023-12-01 François-Xavier Devetter, Julie Valentin
Since the 1980s, working hours have tended to become more diverse and flexible. These developments impact not only the possibilities of synchronising social time but also pay levels. Duration indicators become less relevant, since they disconnect the time worked and paid from the impact of the work on employees’ lives. The objective of this paper is to analyse the effects of this disconnection by measuring
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Debt and demand regimes in simplified growth models: a comparison of neo-Kaleckian and Supermultiplier models Camb. J. Econ. (IF 2.273) Pub Date : 2023-10-22 Lídia Brochier, Fabio Freitas
The paper compares stock-flow consistent (SFC) versions of extended canonical neo-Kaleckian and Supermultiplier models that deal with either households’ or firms’ debt accumulation. This comparison aims are twofold: (i) to evaluate the differences of a debt accumulation process in these models due to their specific closures; (ii) to provide a pedagogical tool for understanding the basic features of each
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Technology and remuneration of working time: a study on paid and unpaid working time in platform work Camb. J. Econ. (IF 2.273) Pub Date : 2023-10-20 Mariana Fernández Massi, Julieta Longo
In this article, we analyse platform-mediated work on the basis of the results of a qualitative study conducted in Argentina in the areas of delivery services and design. The guiding question of this research is how digital work processes change the relationship between paid and unpaid working times. To answer this question, we examine the remuneration system of two types of platforms, and we identify
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‘Digital Tournaments’: the colonisation of freelancers’ ‘free’ time and unpaid labour in the online platform economy Camb. J. Econ. (IF 2.273) Pub Date : 2023-10-19 Valeria Pulignano, Stefania Marino, Mathew Johnson, Markieta Domecka, Me-Linh Riemann
This article challenges positive views of the assumed relationships between skills, productivity and rewards in self-employed digital freelancing. It suggests that the upfront investments made by freelancers to build up positive platform ratings are not necessarily recouped in the form of increased autonomy, guaranteed work or more lucrative ‘gigs’. Drawing on 38 autobiographical narrative interviews
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Joan Robinson’s historical time and the current state of post-Keynesian growth theory Camb. J. Econ. (IF 2.273) Pub Date : 2023-08-24 Ettore Gallo, Mark Setterfield
This paper discusses Joan Robinson’s remarks on the importance of historical time in economic analysis. On the one hand, Joan Robinson expressed skepticism with equilibrium analysis as such, arguing that as soon as economists take into account the uncertainty of expectations, history needs to replace equilibrium. On the other hand, Robinson stressed that, while building economic models, one must be
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Can wealth taxation fund public investment in a caring and sustainable economy? The case of the UK Camb. J. Econ. (IF 2.273) Pub Date : 2023-08-10 Özlem Onaran, Cem Oyvat, Eurydice Fotopoulou
This article develops a theoretical model integrating wealth concentration and taxation to the feminist post-Kaleckian models. We estimate the model econometrically using an instrumental variable-generalized method of moments approach for the UK. We find that an increase in the tax rate on wealth decreases wealth concentration, and has a strong positive impact on output, employment and the budget.
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Joan Robinson: early endogenous growth theorist Camb. J. Econ. (IF 2.273) Pub Date : 2023-08-03 Christine Oughton, Damian Tobin
We start from Robinson’s article on Harrod’s Dynamic Economics and her criticism that technological change was exogenous: ‘in Mr. Harrod’s world, technical progress falls like the gentle dew from heaven and is not susceptible to any economic influence’. Throughout her work she highlighted the endogenous sources of technological progress and growth and pre-empted both the National Systems of Innovation
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Bringing freedom back to developmentalism: industrialisation as national independence Camb. J. Econ. (IF 2.273) Pub Date : 2023-07-26 José Miguel Ahumada
Why is developmentalism as an economic school aimed at the industrialisation of peripheral nations? Based on a reading of key authors from both the ‘American System of political economy’ of the 19th century and the Latin American structuralist and dependency schools of the 20th century, this article suggests that the answer lies, not in an economic, but in a political dimension: to ensure the material
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A method for measuring rents Camb. J. Econ. (IF 2.273) Pub Date : 2023-07-18 Arend Stemerding
A method for measuring rents has practical relevance for society in terms of improving competition, regulation, and taxation. This paper proposes a new way to measure rents for business corporations and at country-level: a method related to a cash flow tax (CFT). Theory, method and a proof of concept are presented and discussed. Publicly available data is used to validate the method, revealing that
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From bazooka to backstop: the political economy of standing swap facilities Camb. J. Econ. (IF 2.273) Pub Date : 2023-07-08 Mathis L Richtmann, Lea Steininger
The permanent international lender of last resort consists of a swap line network between six major central banks (C6), centring around the US Federal Reserve. Arguably, this network is a solution to a long-debated problem as it provides public emergency liquidity provision to the world’s largest financial market, the Eurodollar market. Drawing on exclusive interviews with monetary technocrats as well
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Keynes’s theories of the business cycle: evolution and contemporary relevance Camb. J. Econ. (IF 2.273) Pub Date : 2023-07-01 Pablo G Bortz
This paper traces the evolution of John Maynard Keynes’s theory of the business cycle from his early writings in 1913 to his policy prescriptions for the control of fluctuations in the early 1940s. The paper identifies six different ‘theories’ of business fluctuations. With different theoretical frameworks in a 30-year span, the driver of fluctuations, namely cyclical changes in expectations about
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Premature deindustrialisation: the international evidence Camb. J. Econ. (IF 2.273) Pub Date : 2023-07-01 Emre Özçelik, Erdal Özmen
We examine patterns and globalisation-related causes of premature deindustrialisation (PD) in recent decades, using a large panel of advanced, emerging and developing economies (AE, EME and DE). The results verify the existence of PD in EME and DE, except East Asian countries. African countries have been worst affected by PD. Globalisation-related determinants of PD vary across country groups. While
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Human dignity in organisations: the cooperative ideal Camb. J. Econ. (IF 2.273) Pub Date : 2023-06-28 Cian McMahon
This paper critically evaluates the liberal-humanist critique of neoclassical microeconomics and shareholder-driven corporate governance to articulate a more realistic cooperativist–humanist organisational philosophy of practice. Through an engagement with pluralist heterodox economics, it attempts to reconcile with contemporary concerns and philosophical developments around social ecology and care
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Time, equilibrium and uncertainty: Bergson and Robinson Camb. J. Econ. (IF 2.273) Pub Date : 2023-06-25 James Culham
The philosophy of Henri Bergson can lend fresh perspectives on some central aspects of post-Keynesian economic thought. Bergson’s concept of duration offers philosophical reinforcement for Joan Robinson’s criticisms of the treatment of time, equilibrium and uncertainty in economics. When the economy is recognised to be a dynamic living system, in which the accumulation of capital is an historical process
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Aristotelian themes in critical ethical naturalism Camb. J. Econ. (IF 2.273) Pub Date : 2023-05-27 Antonis Ragkousis
Key features of critical ethical naturalism (CEN) can be more fully appreciated by considering them in relation to themes in Aristotle’s ethics and politics. Drawing on Aristotle’s writings, four central features of CEN are explored. The first aspect of CEN considered concerns its recognition that we are community beings that are mutually constituted and subject to co-development, Aristotle’s discussion
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The human person, the human social individual and community interactions Camb. J. Econ. (IF 2.273) Pub Date : 2023-05-23 Tony Lawson
An account of the nature of human community organising structures has been systemised as social positioning theory. Here I explore the sorts of human entities that are able successfully to draw on and make use of community structures of the form portrayed in the theory, focussing especially on the sorts of human community interactions that are facilitated.
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Joan Robinson and the reconstruction of economic theory Camb. J. Econ. (IF 2.273) Pub Date : 2023-05-21 Nuno Ornelas Martins
Joan Robinson provided numerous contributions to economic theory, ranging from her earlier approach to imperfect competition to her participation in the Keynesian revolution, which had a significant influence in the Cambridge heterodox wing, and Post-Keynesianism. But towards the end of her life, her rejection of received theories was great enough to be often interpreted as a form of theoretical nihilism
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Mapping modern economic rents: the good, the bad, and the grey areas Camb. J. Econ. (IF 2.273) Pub Date : 2023-05-12 Mariana Mazzucato, Josh Ryan-Collins, Giorgos Gouzoulis
There is increasing consensus that modern capitalist economies suffer from excessive rent extraction in both financial and real economy sectors. However, scholars have yet to develop a coherent analytical framework for identifying the common characteristics of modern economic rents. In particular, there has been little attention paid to distinguishing ‘good’ rents—key to innovation and growth—from
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Wealth taxation in the Austrian Press from 2005 to 2020: a critical political economy analysis Camb. J. Econ. (IF 2.273) Pub Date : 2023-05-06 Quirin Dammerer, Georg Hubmann, Hendrik Theine
This study focuses on the Austrian media coverage of wealth taxes by conducting a content analysis of all commentary pieces published in 2005–2020 by five Austrian daily newspapers. We find (i) that the majority of commentaries take a negative position towards wealth taxation, (ii) that journalists write more negative comments than guest authors do and (iii) 50 argumentative patterns in five main categories
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Algorithms of time: how algorithmic management changes the temporalities of work and prospects for working time reduction Camb. J. Econ. (IF 2.273) Pub Date : 2023-05-05 Agnieszka Piasna
Algorithmic management has a clear potential to reduce time spent at work by increasing efficiency in task allocation and performance, and by replacing some forms of human labour. As a result it should, in theory, advance the implementation of working time reduction policies. Automation of organisational functions indeed increases time-efficiency through the scheduling of work in more finely grained
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Sluggish investment, crisis and firm heterogeneity Camb. J. Econ. (IF 2.273) Pub Date : 2023-04-28 Alessandro Arrighetti, Fabio Landini
The stagnation of investments and its causes have attracted great attention in the recent economic debate. In this paper, we show that during the Great Recession, the flattening of the capital formation rate at the firm level is not due to lower average propensity to invest. Rather, it is the result of growing heterogeneity of choices among firms. While a subset of firms is oriented towards increasing
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The degree of utilisation and the slow adjustment of capacity to demand: reflections on the US Economy from the perspective of the Sraffian Supermultiplier Camb. J. Econ. (IF 2.273) Pub Date : 2023-04-26 Guilherme Haluska, Ricardo Summa, Franklin Serrano
The purpose of this paper is to show that the Sraffian Supermultiplier demand-led growth model with an exogenous normal degree of capacity utilisation can be used to analyse the long-lasting reduction in the average actual degree of capacity utilisation in the US economy since the early 2000s. We follow the concept of normal degree of utilisation proposed by Ciccone and we use a simple version of the
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Exchange liquidity and redemption liquidity Camb. J. Econ. (IF 2.273) Pub Date : 2023-04-21 James Culham
Disagreements over the nature of money and consequent confusions regarding liquidity contribute to difficulties integrating monetary theory into the theory of value. For example, an abundance of market liquidity is assumed in asset pricing, whereas a scarcity of monetary liquidity is deemed necessary for consumer price-level determinacy. This paper builds on the insights gained from the evolution of
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Persistently non-compliant employment practice in the informal economy: permissive visibility in a multiple regulator setting Camb. J. Econ. (IF 2.273) Pub Date : 2023-04-01 Ian Clark, Alan Collins, James Hunter, Richard Pickford, Jack Barratt, Huw Fearnall-Williams
The growing significance of non-compliant employment practice in the British economy has motivated scrutiny of the effectiveness of current regulation. In some markets, charges of labour exploitation, underpayment of the national minimum wage and associated ‘wage theft’ from workers are rife where business operations are characterised by academics, regulators and stakeholders as exuding ‘permissive
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The Money War: democracy, taxes and inflation in the U.S. Civil War Camb. J. Econ. (IF 2.273) Pub Date : 2023-03-20 Ariel Ron, Sofia Valeonti
Both sides in the U.S. Civil War financed military spending by issuing new fiat currencies. The Union ‘greenback’ underwent moderate inflation (by wartime standards), but the Confederate ‘greyback’ suffered hyperinflation. Existing explanations for these price movements typically treat only one of the two cases and adopt either a quantity theory or rational expectations approach. We compare Union and
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Complexity defying macroeconomics Camb. J. Econ. (IF 2.273) Pub Date : 2023-02-23 Pablo Paniagua
This article contributes to the literature on complexity and macroeconomic models by exploring the analytical relationship and tensions between complex phenomena and macroeconomics. By evaluating the properties of organised complexity, this article suggests alternative strategies for analysing the macroeconomy. Drawing on F. A. Hayek’s notion of organised complexity, I examine how its causal properties
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Big Tech Oligopolies, Keith Cowling, and Monopoly Capitalism Camb. J. Econ. (IF 2.273) Pub Date : 2023-02-10 Martin Conyon, Michael Ellman, Christos N Pitelis, Alan Shipman, Philip R Tomlinson
This Special Issue of the Cambridge Journal of Economics (CJE) marks and celebrates forty years since the publication of Keith Cowling’s (1982) seminal Monopoly Capitalism, which synthesised, updated, and extended the earlier work of scholars such as Steindl (1952), Baran and Sweezy (1966), Hymer (1970, 1972) and Kalecki (1971). Since the publication of Monopoly Capitalism, the critical transformative
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Systemic stablecoin and the brave new world of digital money Camb. J. Econ. (IF 2.273) Pub Date : 2023-02-09 Jamie Morgan
New forms of money invite informed speculation regarding future possibilities. In this extended commentary, we explore five issue-areas that the growth of cryptocurrency and, more particularly, stablecoin have evoked. This new form of digital money has the potential to change the form and functioning of payments technologies and thus alter not just how something is paid for but what can be paid for
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Financial cycles and fiscal policy in developing and emerging economies: an evaluation of the Brazilian case (1997–2018) Camb. J. Econ. (IF 2.273) Pub Date : 2023-02-09 Dyeggo Rocha Guedes, André Moreira Cunha, Luiza Peruffo
This article investigates the existence of a link between financial cycles and fiscal cycles, and discusses possible policy implications for developing and emerging economies (DEEs). It empirically analyses the impact of financial cycle shocks on the short-term dynamics of Brazil’s fiscal policy by estimating a vector autoregressive (VAR) model for the period 1997–2018. The results indicate that financial
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The ‘General Theory 4.0’ research programme: macroeconomics when Keynes eventually escapes Debreu and meets Ulysses and Einstein Camb. J. Econ. (IF 2.273) Pub Date : 2023-02-09 Teodoro Dario Togati
In this paper, I propose a new research programme, the ‘General Theory (GT) 4.0’, aimed at restoring the academic influence of Keynes, against many contemporary misunderstandings, by defending his view that macroeconomics is an autonomous discipline with respect to standard theory. This paper focuses on two specific, complementary lines of defence. The first is to show that the metaphor of ‘Ulysses’
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Thorstein Veblen on the cultural and economic significance of modern sports Camb. J. Econ. (IF 2.273) Pub Date : 2023-02-07 Luke Petach, J Patrick Raines
This paper adopts an evolutionary institutionalist approach to explain the persistent popularity of sports in the USA. Veblen’s writing in Theory of the Leisure Class suggests two cultural and economic functions of modern sports: as a mode of preservation of leisure class values and as a means of conspicuous waste. Our analysis emphasises the role of sports as an institution for the preservation of
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Ramsey and Keynes revisited Camb. J. Econ. (IF 2.273) Pub Date : 2023-01-27 Bill Gerrard
This paper re-assesses Ramsey’s influence on Keynes. It is argued that the Standard View has restricted attention to the implications for probability theory of Ramsey’s criticisms of Keynes’s concepts of logical probability-relations and non-numerical probabilities. Building on the work of both Coates (1996) and Misak (2016), an Alternative View is proposed in which Ramsey’s influence on Keynes is
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Setting the record straight on the recovery from the 1920–1921 recession Camb. J. Econ. (IF 2.273) Pub Date : 2023-01-18 Ahmad Borazan
The US recovery from the 1920–21 recession has been presented as a triumph of laissez-faire policies and a serious challenge to Keynesian economics. This study interrogates this claim by using previously unutilised data and examines the historical development of the early 1920s recession and recovery. The study refutes the laissez-faire view and shows that the recovery indeed fits Keynes’s perspective
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Big technology and data privacy Camb. J. Econ. (IF 2.273) Pub Date : 2023-01-14 Martin J Conyon
This paper discusses big technology and data privacy. First, we show the rapid rise in technology firms since the millennium. Using Facebook as a case study (the most popular social network in 2022), we show its reliance on personally identifiable data collection and advertising. Second, we investigate the Cambridge Analytica data breach. We show that stock prices fall in response to the data breach
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The changing face of anti-trust in the world of Big Tech: Collusion versus Monopolisation Camb. J. Econ. (IF 2.273) Pub Date : 2023-01-14 Prishnee Armoogum, Stephen Davies, Franco Mariuzzo
This paper presents new evidence on two key developments in worldwide anti-trust in the last decade: (i) a downturn in the number of cartels detected by competition authorities and (ii) exponential growth in cases of monopolisation/abuse of dominance. Big Tech firms have been, undoubtedly, the main focus of the latter but almost totally absent in the former. These two developments offer perspectives
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Stratification mechanisms in labour market matching of migrants Camb. J. Econ. (IF 2.273) Pub Date : 2022-12-07 Merve Burnazoglu
I aim to challenge the standard framework in which systematic exclusion is mistakenly characterised as only a frictional phenomenon that fails to be captured in migrants’ labour market matching mechanisms. Societies organise and rank people in a hierarchical way, not only in terms of individual differences and characteristics but with respect to social groups and categories of people. These macro patterns
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Governing digital platform power for industrial development: towards an entrepreneurial-regulatory state Camb. J. Econ. (IF 2.273) Pub Date : 2022-11-17 Antonio Andreoni, Simon Roberts
Data and digital platforms have simultaneously upended entrenched positions in some industries, opening-up greater and disruptive competition, while driving overall higher levels of concentration through the growing power of multi-sided digital platforms. The coexistence of rivalry and collusion – a key feature of Cowling’s monopoly capitalism – persists and takes new forms in the digital economy.
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Monopoly Capital in the time of digital platforms: a radical approach to the Amazon case Camb. J. Econ. (IF 2.273) Pub Date : 2022-10-08 Andrea Coveri, Claudio Cozza, Dario Guarascio
The paper applies the radical view of Monopoly Capitalism to the digital platform economy. Based on the seminal ideas of Hymer and Zeitlin that led Cowling and Sugden to define the large monopolistic firm as a means to plan production from a single strategic decision-making centre, we attempt to develop a framework where digital platforms are conceived as an evolution of large transnational corporations
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Monetary policy autonomy and foreign reserves accumulation in Brazil: a compensation view Camb. J. Econ. (IF 2.273) Pub Date : 2022-08-11 Enzo Matono Gerioni, Lilian Nogueira Rolim, Julia Alencar Omizzolo, Nikolas Alexander van de Bilt Schiozer
During the 2000s, Brazil accumulated a substantial amount of foreign reserves through foreign exchange market interventions undertaken by its Central Bank. Mainstream economics considers such interventions a restriction to monetary policy autonomy. This article analyses the relationship between monetary policy autonomy and exchange rate regimes theoretically and empirically for the Brazilian economy
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Beyond financialisation: the longue durée of finance and production in the Global South Camb. J. Econ. (IF 2.273) Pub Date : 2022-08-09 Kai Koddenbrock, Ingrid Harvold Kvangraven, Ndongo Samba Sylla
One of the central premises of the literature on financialisation is that we have been living in a new era of capitalism, characterised by a historical shift in the finance-production nexus. Finance has expanded to a disproportionate economic size and, more importantly, has divorced from productive economic pursuits. In this paper, we explore these claims of ‘expansion’ and ‘divorce’ based on a longue
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Financialisation and the authoritarian state: the case of Russia Camb. J. Econ. (IF 2.273) Pub Date : 2022-08-04 Anna Mishura, Svetlana Ageeva
Using the example of Russia, we argue that financialisation in an authoritarian state can take place primarily through formation in financial sector monopoly-like state-related structures controlled by a limited circle of the irreplaceable elite. It occurs because financialisation and new financial technologies in an authoritarian state increase both the opportunities and incentives for dominance of
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Financialisation and firm-level investment in developing and emerging economies Camb. J. Econ. (IF 2.273) Pub Date : 2022-08-01 Daniele Tori, Özlem Onaran
This article analyses the effects of financialisation on non-financial companies’ (NFCs) investment and explores the interactions between financialisation and the structural and institutional features of developing and emerging economies (DEEs). We estimate the effects of financialisation on physical investment for a sample of DEEs using panel data based on the balance sheets of publicly listed NFCs
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A financial straitjacket? Côte d’Ivoire’s National Development Banks Camb. J. Econ. (IF 2.273) Pub Date : 2022-07-28 Georges Quist
The lack of financing options for African firms has led to a reappraisal of the role National Development Banks (NDBs) can play in promoting structural transformation the region. Through an analysis of bank data and policy reports, I argue that the focus on corruption by the mainstream to explain the lacklustre performance of NDBs in developing and emerging economies is overemphasised. Specifically
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Connecting financialisation and structural change: a critical appraisal regarding Brazil Camb. J. Econ. (IF 2.273) Pub Date : 2022-07-28 Mariana Finello Corrêa, Carmem Feijo
The contribution of this paper is to discuss the particularities of financialisation in peripheral economies, emphasising the channels through which financialisation contributes to redefining their trajectory of structural change. This paper has, as a reference, the structural regression of the Brazilian case, which is characterised by the deindustrialisation and trade specialisation marked by export
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The regional distinctiveness and variegation of financialisation in emerging economies Camb. J. Econ. (IF 2.273) Pub Date : 2022-07-26 Ewa Karwowski
The world region is missing from financialisation analysis of emerging economies (EEs) with little attention given to regional commonalities or comparative analysis across regions. This article sets out to identify regional commonalities in financialisation experiences across EEs, rooted in domestic institutions and countries’ varying integration into the global financial system. Bringing commonalities
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Exorbitant privilege and compulsory duty: the two faces of the financialised IMS Camb. J. Econ. (IF 2.273) Pub Date : 2022-07-19 Ricardo Carneiro, Bruno De Conti
Aiming at analysing the constraints to economic development, the article takes as reference the classic Economic Commission for Latin America and the Caribbean (ECLAC) approach to centre–periphery relations and seeks to update it from two points of view: adding the new historical context of the financialisation of capitalism and highlighting the new format and operation of the International Monetary
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A core–periphery framework for understanding the place of Latin America in the global architecture of finance Camb. J. Econ. (IF 2.273) Pub Date : 2022-06-15 Nicole Cerpa Vielma, Gary Dymski
This paper contributes to the understanding of subordinate financialisation in emerging and developing economies by setting out a novel core–periphery framework that elucidates the place of Latin America in the global architecture of finance. This framework builds on the centre–periphery financial model of uneven regional credit and economic growth, originally proposed by Victoria Chick and Sheila
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Adam Smith’s Digression on Silver: the centrepiece of the Wealth of Nations Camb. J. Econ. (IF 2.273) Pub Date : 2022-04-25 Maria Pia Paganelli
Abstract I suggest that Adam Smith’s ‘Digression on Silver’ should be read as his most powerful argument against mercantilism in the Wealth of Nations. For mercantilists money is wealth, according to Smith, and an increase in the quantity of silver, and the associated reduction in its value, implies higher prices in terms of silver. On the basis of this connection, mercantilists advocate trade protections