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This paper explores the “proto-Keynesian” ideas of progressive members of the scientific management community with regard to micro- and macroeconomic planning/management.

Based on a systematic exegetical analysis of articles published in a largely unexplored primary/archival source, the Bulletin of the Taylor Society between 1915 and 1934.

This paper surfaces a latent “proto-Keynesian” bedrock among progressive segments of the US management community that provides a more cogent explanation for the wholehearted reception, as well as the decisive impact, of Keynes’ ideas on US macroeconomic policy than do extant explanations in the history of economic thought. Further, it reveals that most of these progressive managers with views as to both cause of and solution for the 1930’s Depression were members of the Taylor Society, an epistemic community devoted to the ideas of Frederick Winslow Taylor, the father of scientific management.

The paper adds to the small but growing corpus of revisionist management history that seeks to problematize the received wisdom about scientific management or Taylorism. Few, if any, management historians appreciate that F. W. Taylor provided the basic planning tools which if developed, could enhance humanity’s control over anarchic market forces and aid the construction of a society based on democratic and effective planning.

The similarities among the writings of Ralph Hawtrey, Lauchlin Currie and Milton Friedman are re‐affirmed, as is the influence of the former on what Friedman has called “the Chicago tradition” of the 1930s. The underconsumptionist analysis of Paul Douglas is not integral to that tradition.

Responds to George Tavlas’ comments in “More on the Chicago tradition”, in this issue, and once again assesses the contribution of individuals to “the Chicago tradition” of the 1930s.

When the policy maker contemplates the current aggregate demand (AD), she/he does so given implicitly the current state of income inequality. And, policy goals should be set based on the distance between this demand and some “optimal” AD from the viewpoint of optimal income inequality. The purpose of this paper is to relate this policy concern to the sources of modern inequality.

To characterize optimality, recent research in inequality reveals that paternalistic inheritance is the decisive source of it. Inequality is the outcome of an intergenerational externality according to which the current entrepreneurs (physical-capital formation agents) bequeath to descendants who use the inheritance as rentiers rather than as entrepreneurs. Several policy measures have been proposed to correct for this externality. Yet, it is found that if the “dynastic” character of inequality is disregarded, the distance between actual and optimal AD will be ever increasing.

Policy should be addressing the motive of the descendants to act as rentiers, which is found to be easy to attain once the policy maker adopts a natural-resource view of sizeable inheritance and proceeds to reassign property rights over it across generations.

Optimality is identified with the Cantorian (total) ordering of the social economy, which is inhibited by the institution of dynastic property rights. One way to deal with this problem is to view inheritance as a depletable natural resource.

Trade relations between China and the USA have been marked by conflict, especially since China’s membership in the World Trade Organization (WTO). These conflicts have been analyzed from a variety of perspectives, including the loss of jobs in the USA due to Chinese imports, competition in high technology sectors and the balance of trade. Conceptual frameworks have employed models of domestic differences as well as models of international power distribution. Among domestic differences examined are the existence of state-owned enterprises in China compared to the domination of the USA economy by private firms, the large role of the Communist Party in China and the influence of labor and environmental and labor groups in the USA. Power distribution theories focus on the systemic effects of the distribution of power on trade openness and on the pattern of intra-bloc versus between-bloc trade. This paper aims to examine the role of macroeconomic policy factors in China and the USA, in particular, the role of national patterns of savings, investment and consumption (both private and government). The paper concludes that insofar as the balance of trade is an important component of the trade conflict, domestic macroeconomic factors continue to be important. The resolution of the conflict will have to take into account the respective macroeconomic policies of China and the USA.

The design is an analytic case study of US–China trade relations with a particular focus on the balance of trade. The conceptual framework employed involves an analysis of macroeconomic policy categories, especially the overall pattern of savings (household, firm and government), investment and consumption. Process tracing over time since China's membership in the WTO is carried out with an eye toward the relationship between the balance of trade and macroeconomic policy.

The main findings are that there is a strong relation between the respective macroeconomic policies of the USA and China and their trade relations. The domestic political economy of the USA encourages consumption and a low rate of savings. The opposite is true of China where household income is low by design and national savings are high. China depends on the USA to consume what is not consumed domestically. The USA depends on Chinese imports for additional consumption encouraged by its low rate of savings. The two economies are locked in a mutual dependence.

Key research implications are that there should be more focus on domestic macroeconomic policies since these are the root causes of the trade imbalance. This is not to say that trade frictions centering on jobs, subsidies and competition in high technology are unimportant. However, without the resolution of differences in the management of macroeconomic policies, trade conflicts between the USA and China will continue.

Practical implications are huge, in some ways much more important than the academic implications. Macroeconomic policy differences in savings, investment, government spending, taxation and infrastructure are important. Furthermore, there are available tools in both China and the USA to manage the macroeconomy, particularly, monetary and fiscal policy.

One implication of this paper is that satisfaction or dissatisfaction of workers is dependent on income distribution which in turn affects trade. Treatment of people in different socioeconomic categories, such as the elderly, the young, and those at working age are a function of macroeconomic policies.

Many people have written about macroeconomics. It is a conventional subfield of economics. The originality of this paper lies in its advocacy of a shift of focus and attention and in the argument that traditional macroeconomics is related to trade. Despite its importance, macroeconomics has not been the center of attention for most political scientists, though economists have made it more central.

This paper considers the influence of Eugen Dühring’s 1876 model of economic communes on the development of a peculiar non‐Marxian stream of market socialist models, characterized by the fact that the self‐managed production units are open. In the 1934 Breit and Lange model of market socialism, the organization of the economy is thought to be in the form of large self‐management trusts, whose market power is limited by openness. Very similar features can also be found in Franz Oppenheimer’s previous model of industrial cooperatives. Herztka’s Freeland model of settlement cooperatives represents another development of Dühring’s original blueprint. Through Oppenheimer, Dühring’s ideas paradoxically exerted an intellectual influence on the initial institutional form of Jewish settlements in Palestine. Otherwise Dühring’s model of economic communes shows remarkable similitude with Mao’s organization of the Chinese economy, pointing to a possible influence through the extensive quotes in Engels’ AntiDühring.

Analyses the economics of socialism within the Marxian tradition. The ideas of Marx and Engels are included, as are those of the theorists of the Second International. The debate on market socialism associated with Oskar Lange also receives attention. The evolution of Mises′s and Hayek′s responses is traced, and there is an outline of how economists in Eastern Europe have come to similar conclusions to these Austrians. Concludes with an assessment of the economics of socialism in the work of contemporary theorists.

Gives an account of Islamic Banking practice, and the implications of Islamic law for Islamic and Western banks. The growth in Islamic fundamentalism presents problems for Islamic banks and Western banks in serving Muslim states and countries with sizeable Muslim populations. Shows the techniques available to Islamic banks and considers some of the marketing problems they face in non‐Muslim countries. Also considers the international banking market and the role Islamic banks have there, and reviews the problems of bank recognition. A forward view examines what the future may hold for Islamic Banking. The appendix presents the principal concepts of banking under Islamic Law.

This research aims to demonstrate how the circular economy is employed to drive the sustainability of the tourism industry in Krabi, Thailand, through the concept of mindful consumption and service-dominant logic (hereafter S-D logic).

A seven-year longitudinal study (2013–2020) was conducted through four studies from different perspectives, including macro, meso and micro levels of development in Krabi province.

Krabi tourism stakeholders have collaborated to co-create green culture and behavior whereby the value network among stakeholders plays an important role in driving the circular economy in practice.

This study provides an understanding of how the circular economy society has been co-created. However, further research should be conducted in other tourism cities by focusing on the key success factors that drive the circular economy.

The longitudinal study with multi-perspective micro, macro and meso levels of development in this study has shed the light on how the circular economy (CE) policy can be turned into practice.