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.
Distribution concerns who gets what. But does “who” refer to the personal distribution of income among individuals or the functional distribution of income among suppliers…
Distribution concerns who gets what. But does “who” refer to the personal distribution of income among individuals or the functional distribution of income among suppliers of productive factors? For nearly 150 years, Anglophone distribution theory followed the Ricardian emphasis on functional distribution – the income shares of labor, land, and capital. Only beginning in the 1960s, and consolidated by a research outpouring in the early 1970s, does mainstream economics turn to the personal conception of distribution. This essay documents Anglophone (primarily American) economics’ move from functional to personal distribution, and tries to illuminate something of its causes and timing.
Placing expansion of oil palm plantations in Indonesia in the context of the global land grab, this paper analyzes the contemporary extent and early historical periods of…
Placing expansion of oil palm plantations in Indonesia in the context of the global land grab, this paper analyzes the contemporary extent and early historical periods of plantation expansion via the theory of accumulation by dispossession (ABD).
After reviewing the empirical debate about the land grab, this paper examines the importance of ABD to understand the land grabs in general and for oil palm plantations in Indonesia in particular. Rather than a new phenomenon of the last four decades of neoliberalism, ABD has a history of several centuries.
Accumulation by dispossession (ABD) is a powerful and appropriate lens by which to understand the land conversion and social displacement occurring in Indonesia. Building on historical understanding of ABD, this paper applies the theory to the Indonesian oil palm case, making the case that the multiple and uncertain sequences of engagement with oil palm expansion are reflective of a broader struggle against dispossession.
ABD is not just a global financial process of corporate-led neoliberalization but also shaped importantly by domestic state and local elites. These elites have shaped ABD differently in colonial, authoritarian, and neoliberal periods.
This chapter is a contribution to the intellectual history of the anxiety that full employment in the modern United States depended somehow on military spending. This…
This chapter is a contribution to the intellectual history of the anxiety that full employment in the modern United States depended somehow on military spending. This discourse (conveniently abbreviated as “military Keynesianism”) is vaguely familiar, but its contours and transit still await a full study. The chapter shows the origins of the idea in the left-Keynesian milieu centered around Harvard’s Alvin Hansen in the late 1930s, with a particular focus on the diverse group that cowrote the 1938 stagnationist manifesto An Economic Program for American Democracy. After a discussion of how these young economists participated in the World War II mobilization, the chapter considers how questions of stagnation and military stimulus were marginalized during the years of the high Cold War, only to be revived by younger radicals. At the same time, it demonstrates the existence of a community of discourse that directly links the Old Left of the 1930s and 1940s with the New Left of the 1960s and 1970s, and cuts across the division between left-wing social critique and liberal statecraft.
This article traces the history of a continuous tradition of Marxian stage theory from the beginning of the twentieth century until the present day. The resolution of the first crisis of Marxism was found in the work of Hilferding on finance capital, Bukharin on the world economy and Lenin on imperialism as a new stage of capitalism. Hilferding's, Bukarin's and Lenin's analysis was carried into the post–World War II era through the work of Sweezy and Mandel. A second wave of Marxian stage theorizing emerged with the end of the post–World War II expansion. Mandel's long wave theory (LWT), the Social Structure of Accumulation Framework (SSAF), and the Regulation Approach (RA) analyzed the stagflationary crises as the end of a long wave of growth. This long wave was underpinned by the emergence of a postwar stage of capitalism, which was analogous to the reorganization brought about by monopoly capital at the turn of the century. These new schools were reluctant to predict the non-resolution of the current crisis, thus opening up the possibility of further stages of capitalism in the future. This elevated Lenin's theory of the highest stage to a general theory of capitalist stages. The last decade has seen a substantial convergence in the three perspectives. In general, this convergence has reaffirmed the importance of Hilferding's, Bukarin's and Lenin's (HBL's) initial contributions to the stage theoretic tradition. The article concludes with some thoughts on the necessity of stage theory for understanding of the current period of globalization.
There are two influential interpretative positions in the current debate on the crisis among Marxists. The first understands financialization as a consequence of the…
There are two influential interpretative positions in the current debate on the crisis among Marxists. The first understands financialization as a consequence of the tendential fall of the rate of profit. The other interpretation, prevalent among those influenced by Keynesianism and Neoricardianism, refers to the tendency toward the crisis of realisation, because of the squeeze on the wage bill and the insufficiency of consumer demand. In both cases, the current crisis is the crisis of a feeble capitalism, permanently stagnationist. A Marxian interpretation of the crisis cannot be separated from the tendential fall of the rate of profit. This latter, however, cannot be accepted as it is presented by Marx, and it must be rethought as a meta-theory of the crisis, including within it the different crisis theories that can be derived from Capital. This article first provides a personal survey of Marx's crisis theories, often presented as opposed to each other. Second, it seeks to integrate the different positions into a unitary discourse, within a nonmechanical reading of the fall of the rate of profit. This discourse then mutates into an historical sketch of the long dynamic of capital: from the Great Depression of the end of the nineteenth century, to the Great Crash of the 1930s, to the Social Crisis in the immediate processes of valorisation of the 1960s–1970s (the Great Inflation). Finally, the “new” capitalism (the Great Moderation) and its recent crisis (the Great Recession) are read – integrating Marx and Minsky – as the conjunction between the real subsumption of labour to finance and the fragmentation of labour.
A review essay on E. K. Hunt, History of Economic Thought: A Critical Perspective, updated second edition. Armonk, NY and London: M. E. Sharpe, 2002. xxii+543 pp. ISBN 0-7656-0606-2 (hard cover); 0-7656-0607-0 (paper). As Kay Hunt writes in the preface, “This book…is very different from any other history of thought now in print” (p. xvii). It is written from an explicitly Marxian viewpoint and is consistently – and vehemently – anti-utilitarian. Hunt begins with a definition of capitalism (pp. 3–8) and ends with “comments on the social perspective underlying the present book” (pp. 514–520), in which he denounces utilitarian psychology and ethics as a conservative ideology for capitalism. No social theory, he argues, can possibly be value-free. His own ethical position is derived from Veblen, Marx and Maslow. There exists a hierarchy of human needs, and they are rarely satisfied under capitalism, which encourages us to treat other people as means, not ends, and thereby promotes alienation and social fragmentation. “I believe,” Hunt concludes, “with Veblen and Marx, that capitalism is not the highest stage of human development and that if human beings ever assert their collective humanity against the irrationality of capitalism, they will open a vista of passionate possibilities hardly dreamed of during the reign of capitalism” (p. 520).