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The methodological boundary of the GPE is demarcated by truth and non‐violence. It needs to be emphasised that the GPE is dependent on a type of methodological…
The methodological boundary of the GPE is demarcated by truth and non‐violence. It needs to be emphasised that the GPE is dependent on a type of methodological individualism where individuals matter most in the operation of the whole system. Individuals are the true entities and their holistic development is the basic purpose of the GPE, and this goes a long way to achieve the desideratum of a self‐reliant society. These are the basic instrument variables so to say. To ignore the development of individuals in the system of the GPE is like playing Hamlet without the prince of Denmark. For the proper working of the Gandhian system, many instruments, and institutional and organisational changes are indeed necessary and in some cases, what Schumpeter calls creative destruction, becomes inevitable. Gandhi's methodology was a combination of both realism and idealism. Very often he used the method of eclecticism through a fusion of empirical pragmatism with metaphysical idealism. This is evident in many of his writings including the theory of state, and political and social philosophy.
Today, multilateral institutions and governments of industrial countries seem to agree on the need to reorient macroeconomic and structural policies in order to achieve a…
Today, multilateral institutions and governments of industrial countries seem to agree on the need to reorient macroeconomic and structural policies in order to achieve a more balanced growth of the global economy. At the same time, developing countries and civil society organizations have raised questions about the effectiveness of the current multilateral system. As well, new social and political concerns are reshaping our views about globalization processes. This paper looks at the ongoing process of global economic integration and demonstrates that new forces are reshaping the economies of the world and raising challenging questions about ethics, governance and security that will require corporations to respond with new strategies.
In the context of globalization, the concept of national identity becomes much richer and the governments’ policy‐makings have been largely monitored by the markets. If…
In the context of globalization, the concept of national identity becomes much richer and the governments’ policy‐makings have been largely monitored by the markets. If some countries have been more successful than others in responding to the same challenges posed by incorporation by the world economy, then the reason for these different answers is to be found in their national choices. In recent years, few developing countries have enjoyed benefits from interaction with outside world as much as China has. As a late‐comer of globalization, China has been confronted with a clash between the dissolution of a traditional society and the construction of a modern one. Taking into consideration China’s history, population, size, potential and geo‐political influence, this article reviews her unique pathway in quest for a new identity in the era of globalization and tries to find some enlightenments equally useful for other developing countries.
Surveys the literature on internationalisation research and identifies a number of theoretical and practical inadequacies in terms of current theory’s ability in…
Surveys the literature on internationalisation research and identifies a number of theoretical and practical inadequacies in terms of current theory’s ability in describing behaviour of the smaller firm. A range of internationalisation theories are discussed, from their historical provenance in economic trade theory to the more recent developments concerning the impact of technology and networking. It is concluded that the majority of frameworks fail to readily explain smaller firm internationalisation behaviour. A number of implications and recommendations are presented, including the promotion of the belief that the emerging marketing and entrepreneurship paradigm provides additional understanding of smaller firm internationalisation, where creativity and innovative behaviour can act as a competitive advantage over firms with larger resources at their disposal. This then acts as a catalyst for internationalisation development.
After the end of the Napoleonic War, few issues of public policy dominated discussions in England as fervently as the issue of currency and the national debt. A time of…
After the end of the Napoleonic War, few issues of public policy dominated discussions in England as fervently as the issue of currency and the national debt. A time of civil unrest and social radicalisation, the circulation of ideas and pamphlets was prolific. The difficulties of post-war reconstruction sparked a long debate on issues of monetary reform and repayment of the national debt. The growth of national debt increased the size of the financial market and had important consequences for a changing class dynamic in domestic political affairs. The distributional aspects of the conflict were present, as was the satirical mockery of mishandling of public affairs. In much of the subsequent scholarship the organisation of taxation and expenditure, and the financial system and the issue of currency have been analysed as separate. This chapter brings them together. In particular, it focuses on Ricardo’s monetary thought and his views on public finance and contextualises them in light of his contemporaries.
A review essay on Nancy Churchman’s, David Ricardo on Public Debt. London: Palgrave, 2001. This is a fair minded, temperate and well-written essay on Ricardo’s treatment of the “National Debt” as it is known in the British literature. It hangs together, despite prior publication of the majority of the chapters, very well – only Chap. 5 (dealing with Ricardo’s motives, and the imputation of personal financial interest) is unmistakably a journal article.
This paper is a translation of the third and most important chapter of Keizaigaku shi (History of Political Economy) by the Japanese Marxist economist Samezō Kuruma (1893–1982), first published in 1948. Kuruma discusses in detail the achievements and limitations of the Classical school of political economy. He examines the fundamental ideas of Adam Smith and David Ricardo regarding the determination of commodity value and the source of surplus-value, and then looks at how these ideas are connected to production price and profit. Kuruma notes that Smith and Ricardo managed to arrive at the essential labor theory of value, but that neither could correctly apply this theory to adequately explain phenomena in the realm of competition – either abandoning the labor theory of value altogether to embrace a composition theory of value (Smith) or directly applying the theory to explain phenomena without grasping the intermediary processes of development (Ricardo). Kuruma's critique of Smith and Ricardo highlights the achievement of Marx in overcoming the limitations that ultimately led to the breakdown of the Classical school of political economy.
The purpose of this paper is to investigate the various forms of the classical wages fund, and especially the claim that J.S. Mill reversed his position on the nature of…
The purpose of this paper is to investigate the various forms of the classical wages fund, and especially the claim that J.S. Mill reversed his position on the nature of the wages fund.
Textual research from original publications of Adam Smith, David Ricardo and J.S. Mill, as well as references to current interpretations of their work are used in this paper.
Although J.S. Mill was a supporter of the classical wages fund model, he did not consistently embrace its assumption of a fixed fund. His comment in his Principles that the “discretion of the capitalist” influences the size of the fund contradicts this assumption. Without consistent support for this component of the doctrine, the “recantation” loses its historical significance, in that it is simply a reaffirmation of the views which Mill held throughout.
It is hoped this paper can close the book on the debate on Mill's supposed recantation. There was no recantation because Mill held no firm position to recant.
It is understood that no one has made the connection between Mill's recantation and his other inconsistencies regarding aspects of the wages fund.
Resurgent interest in the life and work of the Italian Cambridge economist Piero Sraffa is leading to New Directions in Sraffa Scholarship. This chapter introduces readers…
Resurgent interest in the life and work of the Italian Cambridge economist Piero Sraffa is leading to New Directions in Sraffa Scholarship. This chapter introduces readers to some of these developments. First and perhaps foremost is the fact that as of September 2016 Sraffa’s archival material has been uploaded onto the website of the Wren Library, Trinity College, Cambridge University, as digital colour images; this chapter introduces readers to the history of these events. This history provides sharp relief on the extant debates over the role of the archival material in leading to the final publication of Production of Commodities by Means of Commodities, and readers are provided a brief sketch of these matters. The varied nature of Sraffa scholarship is demonstrated by the different aspects of Sraffa’s intellectual legacy which are developed and discussed in the various entries of our Symposium. The conclusion is reached that we are on the cusp of an exciting phase change of tremendous potential in Sraffa scholarship.