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Peter Boettke and I had taken Don Lavoie's graduate Comparative Economic Systems course during the Fall of 1985. Lavoie had just published Rivalry and Central Planning …
Peter Boettke and I had taken Don Lavoie's graduate Comparative Economic Systems course during the Fall of 1985. Lavoie had just published Rivalry and Central Planning (Lavoie, 1985b) and National Economic Planning: What is left? (Lavoie, 1985a), and was at the cusp of establishing himself as a major player in the comparative systems and contemporary critique of socialist planning literature.1
The well‐known modes of raising and mobilizing venture capital in Islam known as mudarabah and musharakah (m&m) in Islamic economics are critically examined. In the form as m&m presently exist, they are pointed out to be pre‐Islamic financing instruments that came into usage in the Islamic economic literature. The inability to realise the extensively relational perspectives of Islamic socio‐economic co‐operation with extensive participation across agents, firms and sectors by means of these instruments, which are essential requirements for the Islamic political economy, is shown to make the instruments fraught with many technical and ethical problems of development financing. The alternative to transform m&m into a more integrated financing instrument of Islamic venture capital is formalised. Empirical evidences are given. Institutional issues are examined in the light of Islamic joint venture financing.
Developing an alternative and more realistic modeling of the firm, the key point of this paper is that workers cooperatives represent a form of corporate governance, which…
Developing an alternative and more realistic modeling of the firm, the key point of this paper is that workers cooperatives represent a form of corporate governance, which is a subset of the participatory organizational form, that constitutes a competitive alternative to the typical relatively hierarchical and narrowly controlled firms. An important component of the cooperative advantage lies in its capacity to increase the quantity and quality of effort inputs into the ‘production process.’ However, to do so incurs economic costs. Thus, cooperatives can yield competitive outcomes without driving out of the market non-cooperative organizational forms. To some extent, whether cooperative or other participatory solutions are adopted depends upon the preferences of economic agents since cooperatives are shown to be competitive even in an extremely competitive environment. However, dominant or not, the cooperative solution can yield higher social–economic welfare levels to members.
This chapter explores if alternative participatory co-creation approaches have the potential for deploying an emancipatory urbanism that is able to contest the urban…
This chapter explores if alternative participatory co-creation approaches have the potential for deploying an emancipatory urbanism that is able to contest the urban dynamics of (digital) capitalism. It does so by focusing on the Barcelona case. Barcelona fully embraced a “smart citizen” approach in 2011 to become a European referent in smart urban strategies. However, in 2015, with the arrival of a new municipal government, Barcelona has situated itself contesting the “smart city” and at the forefront of alternative possibilities with its “technological sovereignty” strategy. This shift aims to remake the smart city agenda for citizens through the advancement of the right to information and guarantees to open, transparent, and participatory decision-making through new digital and platform technologies. The chapter argues, first, that “technological sovereignty” has been instrumental in re-politicizing the notions of (smart) citizenship and technology, deploying initiatives aimed at regaining public control on data and citizens participating in policy-making. Second, Barcelona’s technological sovereignty strategy, though framed as locally and bottom-up, is based on a global comprehension and diagnosis of the global dynamics of digital capitalism. However, sometimes, there still remains an over-optimistic stance concerning digital technology. Thus, for any alternative to the neoliberal smart city, it is necessary to decenter the debate from the technologies themselves or the local, and recognize that any emancipatory strategy is also about acknowledging that technology-led solutions are not autonomous of broader relations of production and complex political economy geographies.
This book is a policy proposal aimed at the democratic left. It is concerned with gradual but radical reform of the socio‐economic system. An integrated policy of…
This book is a policy proposal aimed at the democratic left. It is concerned with gradual but radical reform of the socio‐economic system. An integrated policy of industrial and economic democracy, which centres around the establishment of a new sector of employee‐controlled enterprises, is presented. The proposal would retain the mix‐ed economy, but transform it into a much better “mixture”, with increased employee‐power in all sectors. While there is much of enduring value in our liberal western way of life, gross inequalities of wealth and power persist in our society.
Explains how the adoption of Islamic law (Shariah) theoretically affects a political economy, why it requires the abolition of interest rates as a price for money and how this is achieved. Takes Saudi Arabia as an example of a Muslim country governed by Shariah and investigates how far it accords with theory. Argues that equity financing (including non‐interest bearing government bonds) has helped to finance growth and insulated the stock market from speculative financing. Looks at statistics on the financial structures, assets and loans of Saudi banks (including joing ventures with foreign banks) and concludes that they have “done well” in implementing Islamic principles; and that interest‐free financing is appropriate for this country.
Davos World Economic Forum (2008a–d) sparked off a number of critical points on global economic remodeling. They bring forth social and economic facts that are to be…
Davos World Economic Forum (2008a–d) sparked off a number of critical points on global economic remodeling. They bring forth social and economic facts that are to be addressed in a framework quite different from the conventional policy-theoretic reasoning of age-old socioeconomics. The prevalent reasoning continues on the traditional paradigm of growth and sharing, but in an unequal world of power, politics, and self-interest. In the present status quo, resources do not flow between the top and bottom, the industrialized and the developing countries, the rich and the poor, except by means of handouts and relief (Hans Singer and Ansari, 1988).
The purpose of this paper is to introduce the reader to the Nordic tradition of Critical Utopian Action Research (CUAR) and to demonstrate how CUAR might reinvigorate…
The purpose of this paper is to introduce the reader to the Nordic tradition of Critical Utopian Action Research (CUAR) and to demonstrate how CUAR might reinvigorate participatory democracy as an intrinsic characteristic of social enterprise. This leads us to sketch out the beginnings of how researchers might work with communities to help realise their democratic impulses through social enterprise.
This paper aims to synthesise the participatory action research literature, particularly CUAR, with literature on social enterprise and democracy to demonstrate how the two approaches might fruitfully be combined.
The authors show how CUAR might be utilised by researchers, to articulate new social enterprise organisational responses to local problems or to reinvigorate democracy within existing social enterprises.
This exploratory paper marks (we believe) the first attempt to bring together social enterprise and CUAR.
In this chapter, we aim to illustrate some of the forms taken by informal employment in the global south and how these can best be understood by adopting a wider…
In this chapter, we aim to illustrate some of the forms taken by informal employment in the global south and how these can best be understood by adopting a wider analytical lens than has been applied in much of the precarious employment literature. We draw on the findings of a recent study of the working conditions of urban informal workers from 10 cities in the global south. The study consisted of focus groups (15 in each city) conducted through the framework of a participatory informal economy appraisal as well as a survey of 1,957 home-based workers, street vendors, and waste pickers. Our findings illustrate a number of ways in which these three groups of informal workers are embedded within the formal economy. While they are not engaged in wage employment, they play subordinate roles to both formal sector firms within global production networks and unequal production relations and to the state through, inter alia, constrained access to public spaces and regulation. In order to interpret these findings, we apply Agarwala’s (2009) “relational” lens to demonstrate how risks and costs are transferred to workers who constitute the “real economy” in much of the global south. Given the often disguised connections between informal employment and the formal economy, this approach also provides a bridge to understanding precarious working conditions and the effects of globalization outside of the industrialized north.