Socialism,knowledge, the instrumental valuation principle and the enhancement of individual dignity

Abstract

Socialism is frequently associated with central planning, public ownership, anathema to markets and the emasculation of the individual. Recent market socialist contributions attempt to overcome socialism's seeming resistance to markets. However, such contributions are frequently undermined by Hayek's invocation of fragmented knowledge. This article endeavours to contribute to a broadly conceived socialism that is not grounded in a particular array of institutions, but one which, via the instrumental valuation principle, the capabilities approach and Dewey's conceptualization of knowledge, offers the prospect of enhancing individual dignity. The instrumental valuation principle is viewed as key to socialism's engagement with dignity as it provides the framework for the enhancement of egalitarianism, democracy and the undermining of invidious institutional arrangements.     

Bugs,predations or manipulations? Incompatible epistemic regimes of high-frequency trading

Abstract

Calls for greater transparency as well as corporate and individual accountability have emerged in response to the recent turbulence in financial markets. In the field of high-frequency trading (HFT), suggested solutions have involved a call for increased market information, for example, or better access to the inner workings of algorithmic trading systems. Through a combination of fieldwork conducted in HFT firms and discourse analysis, I show that the problem may not always stem from a lack of information. Instead, my comparative analysis of different market actors (regulators, market analysts and traders) shows that the diverse and complex ways in which they access and construct knowledge out of information in fact lead to what I call different epistemic regimes. An understanding of how epistemic regimes work will enable us to explain not only why the same market event can be viewed as very different things – as market manipulation, predation or error – but also why it is so difficult to arrive at a unified theory or view of HFT. The comparative perspective introduced by the idea of epistemic regimes might also serve as a starting point for the development of a cultural approach to the study of financial markets.     

Democracy,the Market,and the Logic of Social Choice

This article compares the types of knowledge democracy and the market require to rationally allocate resources. I argue that high levels of public ignorance and voters’ inability to compare the effects of different parties’ policies make it difficult for parties and elections to rationally allocate resources. Markets mitigate these problems because the simultaneous existence of multiple firms’ products facilitates comparisons that mimic the conditions of scientific experimentation. The economy of knowledge involved in such comparisons indicates there are epistemic advantages to using firms and markets, instead of political parties and elections, to allocate scarce resources. However, in contrast to arguments that markets merely provide better information than political decisions, I argue markets’ epistemic advantages are derived from the way they facilitate comparisons that minimize decision makers’ need for knowledge or understanding.     

The Epistemic Value of Public Opinion: Theoretical and Practical Considerations

Abstract

This paper discusses the claim that citizens lack sufficient political knowledge to make sound judgements on public matters. It is contended that practical judgements raise essentially two types of claims, namely a claim to empirical truth and a claim to normative rightness, and that there are good reasons to believe that people's insufficient political knowledge undermines both of them. Yet, an examination of the dynamics of public opinion formation reveals that there is an epistemic potential in public opinion, though it is dependent upon the quality of public debate. Building on this idea and on the concept of deliberative responsiveness, two paths of political reform are proposed, which should illustrate the practical implications of the theoretical argument made in this paper by demonstrating how the quality of public debate and, thus, the epistemic value of public opinion could be enhanced.     

Perspectives on Political Consulting

Abstract

No other country holds as many elections as the United States, and increasingly candidates are turning to professional consultants to assist them. The political consulting industry offers a wide variety of services, found in three distinct tiers: the strategists, who develop the campaign's message, direction, and communication with voters; the specialists, who provide services like fund-raising, media buying, or opposition research; and vendors, who provide services like Web development or voter files. Political polling, direct mail, and media advertising represent just a small fraction of their commerical counterparts.

Political consulting reaches beyond statewide and national candidates in the United States, finding lucrative markets in ballot initiatives, in local contests, and in the international election market. In the decades to come, the business of political consulting will flourish, despite occasional outbursts from elected officials and the public. There may be profound changes in the rules of the game and changes in technology, but professional political consultants are indispensable players in modern campaigns.     

Spreading intelligence

ABSTRACT

Defining intelligence is not just a terminological but also a political question. Intelligence methods are spreading quickly in the contemporary security landscape, and defining intelligence gives us a clearer idea of what we are in fact spreading, and therefore also of the political and social consequences that this may entail. When using intelligence methods in, say, policing, public administration or immigration services, we import a specific adversarial logic and thereby transform the social relationships that these regulatory and administrative practices support and rest upon. In this paper, I shall propose a new definition of intelligence in order to analyse the social transformations that may be produced by the logical structure implicit in the concept of intelligence.     

The New Enclosures: London,New York City,Philadelphia, and the Transformation of Public Space

ABSTRACT

In recent years, social movements have taken to the streets to protest various forms of economic and racial injustice. However, these attempts to exploit the political opportunities public spaces afford have been compromised by the increasingly private nature of “public” spaces. What has changed is the rise of privately owned public spaces (POPS), areas that appear to be public, but in fact are owned by corporations that prohibit a range of activities, including political protest. This article argues such restrictions of public space are not limited to POPS. Rather, they are just one expression of a far more pervasive phenomenon, novel variations on centuries-old practices by which common or public land has been enclosed. I suggest that four forms of enclosure -for profit, of behavior, of community, and of the public realm- degrade the status of public institutions and insulate private interests from counter-mobilization by groups pursuing egalitarian ends.     

Bet Out the Vote: Prediction Markets as a Tool to Promote Undergraduate Political Engagement

ABSTRACT

Over the course of three semesters spanning the 2016 primary and general elections, we conducted a series of quasi-experiments to evaluate the effects of prediction markets on undergraduate interest in the political process. We gave several classes in our institution’s core American politics course the opportunity to collectively invest in election-related markets on PredictIt.org, and over two-thirds of our students reported that the exercise stimulated their interest in the elections and political process. Roughly half also reported reading more news articles because of their participation in the market. While our treatment group did not demonstrate statistically-significant improvement in tangential political awareness, knowledge, or engagement, our findings do challenge previous conclusions that prediction markets have limited capacity to motivate students in an introductory learning context.     

Natural and political markets: organizing the transfer of technology and knowledge

Abstract

The author inquires into the performative role of calculative devices, and develops the notion of political markets by drawing upon an empirical case of the transfer of flexible manufacturing systems (FMS). Drawing on the work of Michel Callon, the author claims the natural market to be a special case of the political market, its existence being highly dependent upon calculative devices. The aggregated simulation models and investment calculations of economics were instrumental in establishing the necessary conditions of the natural market. Yet, it remained only a temporally stabilized configuration. With the emergence of reflexive economic agencies, the market also underwent unexpected reorganizations. Finally, the author summarizes the theoretical and practical implications by proposing the twin notions of engineering-oeconomicus and the normalizing market residual.     

“Market” Classification and Political Campaigning

ABSTRACT

There is an argument for a flow of logic from market structure to marketing strategy and performance. The nature of the political “market” and service-product constrains and dictates marketing strategy choices. Interactions between the voter, parties, and candidates in political campaigns could be likened to human services (Dickens, 1996) in commerce. However, parties and candidates operate in peculiar poligopolistic markets competing for the authority to deliver government services through an exclusive right of franchise bidding process similar to that in business-to-business markets. A structure-conduct-performance model is presented based on an analysis of political markets from consumer, industrial, and services marketing perspectives to provide strategic marketing insights. Political marketing is a hybrid subdiscipline of marketing incorporating characteristics from all three major marketing paradigms, with services marketing theory holding particular promise for future theory development.     

The Limits of Control: The Market State,Divided Power,and the Response to 9/11

ABSTRACT

The 9/11 attacks demanded a response from the U.S. government, but designing and executing that response was not easily done. The United States is an advanced market society in which power is highly dispersed. Federal policymakers were confronted with challenges that we now regard as typical of the network form of governance. Their ability to act decisively was constrained by public law, by the political influence and superior knowledge of private industry, and by widespread skepticism about the legitimacy of federal authority. While many commentators worried about the excessive concentration of power in the federal executive branch after 9/11, it might be more accurate to say that the post-9/11 period was typified by a prolonged, and often unsuccessful, effort to induce cooperation and coordination by a range of public and private actors.     

Education,epistemic virtues,and the power of toleration

ABSTRACT

Toleration is usually regarded as a pivotal democratic virtue that should be cultivated in the educational systems of liberal democracies. The concept of toleration, however, is marked by deep ambivalence. Power-theoretical criticisms of toleration as a political and educational ideal have emphasized that discourses of toleration are entangled with societal power struggles, and tend to naturalize social hierarchies and reify individual and collective identities. Given this criticism, toleration refers not just to justificatory problems concerning the limits of political or pedagogical authority, or to the peaceful negotiation of conflicts that pervade pluralistic societies. On the contrary, toleration itself seems to create and perpetuate precisely those political conflicts that it is meant to contain. This contribution develops a defence of toleration as a coherent and sound aim of public education and as a democratic virtue against the power-theoretical critique.     

Introduction to Neumann: law and socialist political theory

Abstract

Regulators attempt to understand financial markets and their risks in terms of categories of knowledge and datasets that are defined and produced by the markets. However, regulators cannot adequately interpret or utilize such knowledge, for reasons including their social distance from the sites of knowledge production, the diversity of financial firms’ proprietary risk models, firms’ abilities to game the rules thus rendering the ‘metrics’ meaningless and several backfiring aspects of global regulatory networking and reform. Calls for yet more information about trading, posed in terms of the merits of transparency, result in information swamping of regulators. Meanwhile, while policy-makers tinker with regulatory structures (‘architecture’), political reaction to the crisis de-legitimizes public regulation as a project. Yet there is one positive aspect of the reforms – enhancing powers for ‘resolution’ of financial firms in ways that impact upon investors while minimizing wider destabilization – upon which the regulatory information requirement can and should be refocused. To protect the public interest, legal transparency is required, trading transparency is not. This paper introduces these issues by drawing on critical work on transparency and markets.     

Moving Toward Mixed Service Delivery: The Growth in Schools Run by Non-Governmental Providers in Ten Cities

ABSTRACT

The delivery of public services by a mix of government and non-governmental organizations can offer many public policy benefits. When direct governmental provision has predominated, however, achieving these benefits requires building the supply of non-governmental service providers, which requires understanding how to improve their availability and quality. Integrating the literature on contracting and mixed delivery, this article specifies three categories of supply-building tactics: creating markets, buying smart, and managing markets. We then report on 10 cities that have nurtured the supply of schools run by non-governmental organizations. We find that cities’ supply-building efforts fall along a continuum from passive to active, and they employ some types of tactics (creating markets, buying smart) more than others (managing markets). Differential changes in market share across the cities we studied suggest a relationship between supply-building activities and movement from exclusive governmental provision toward the mixed delivery of schools. These findings suggest hypotheses for future research on governmental efforts to build the supply and capabilities of non-governmental service providers in order to pursue mixed service delivery.     

State Political Identity and Meta-Governance: Comparative Analysis of Governance Modes in Vegetable Retail in Urban China

Abstract

A government’s political identity is a key factor in meta-governance; it powerfully shapes a government’s policy aims and implementation preferences at the most abstract level and forms a stable governance mode. Dissonance between a pre-existing governance mode and the government’s evolved political identity will lead to governance failures and pose political challenges to the government. In the case of vegetable retail in Shanghai, the neoliberal developmental state transformed the hierarchical governance into market governance; but as it evolves into a corporatist welfare state, market imperfections come to be perceived as governance failures, and the government responds by reintroducing hierarchical measures.     

Engaging the reluctant taxpayer

Abstract

A commitment to political neutrality means that citizens have a legitimate complaint when the coercive power of the state is used to advance some particular conception of how it is good to live. In this paper I investigate how to address this complaint in the case of public funding for the arts. There are two promising ways to justify public arts spending. First, as Thomas Nagel argues, the arts are a source of intrinsic values and so command our respect. I reject this argument because intrinsic values are not automatically political values. Second, Ronald Dworkin argues that access to the arts is required to fully participate in social life. This argument draws a connection between the arts and citizenship and so fares better in establishing a political justification for the arts. However, Dworkin relies on the special value of high art relative to popular art, which undermines the neutrality of his argument. I show that a justification can be given that does not depend on the high value of the arts. I develop an account that shows how the arts can support just relations between citizens. This account is in keeping with a liberal commitment to neutrality.     

The double-edged sword: the political appropriation of the concept of populism

ABSTRACT

The concept of populism has been in use in political debate for over a century. Because ‘populist’ is often used in a pejorative sense today, those to whom it is applied to tend to reject it. However, a closer look at the history of the concept reveals that while its meaning may fluctuate and even be dismissed as irrelevant, its use can become a political tool. This study of the use of ‘populism’ refrains from making value judgments on the actual populist nature of certain parties or political tendencies. Instead, it analyzes uses of the concept from a historical perspective. Special emphasis is placed on politicians who chose to define themselves as populist, or accept the label imposed by others, with particular focus on the Finns Party of Finland. Such self-identified populists draw their conceptions of populism from the ever-growing field of populism research, striving to appropriate and realize what scholars have only hypothetically described as a professed ideal. A closer look at the uses of populism as a political self-identity forces us to rethink its uses as a pejorative, or as an analytical, concept.     

The ratio of vision to data: Promoting emergent science and technologies through promissory regulation,the case of the FDA and personalised medicine

Pharmacogenetic tests provide genetic data to tailor drug treatment and were widely predicted to be one of the first fruits of the Human Genome Project. In the mid-2000s, the US Food and Drugs Administration (FDA) became an advocate for pharmacogenetic testing, but its efforts to build a market for this new technology brought the agency into dispute with other regulatory actors over the type of evidence needed for the adoption of pharmacogenetic testing, in particular the importance of randomized control trials. The warfarin case highlights the tension between a new form of promissory regulation driven by future expectations and FDA's established role as protector of public health; and the controversy can be conceptualized as a struggle over regulatory epistemologies within a complex polycentric regulatory space. Our case study addresses two themes central to the burgeoning scholarship on the governance of emergent science and technologies (EST): the political economy of regulation, in particular the role that regulators play in creating markets for EST; and the epistemological politics of regulatory science, in particular the controversy that arises when regulators modify scientific standards to accommodate EST. Linking these two themes is the concept of promissory regulation: the idea that regulatory policy may be shaped by an institutional commitment to the transformational potential of EST. This concept sheds new light on the neo-mercantilist nature of contemporary regulatory capitalism.     

Intra-industry trade and protectionism: the case of the buy national policy

This article examines the factors that lead governments to open up their public procurement markets to international competition with a particular emphasis on the effect of intra-industry trade. Contrary to the conventional notion that intra-industry trade entails less political pressure for protectionism than inter-industry trade, I argue that such notion does not prevail in the case of discriminatory public procurement. Firms in a market with a high degree of intra-industry trade are more likely to resist the removal of discrimination than would firms in a market with a high degree of inter-industry trade. Empirically, I find support for the argument both at sub-national and cross-national settings.     

The Embedded Market and Ideology Critique

Abstract

When the Global Financial Crisis hit, major political economists were able to boast that they had long warned that "crazy times" were coming. By contrast, leading sociologists seem to have been wrong footed. Totalizing narratives of a new "risk society", "second modernity" and the like appeared to have sacrificed the grounds for weighing up the costs and damages of contemporary capitalism. Made famous by Karl Polanyi, the concept of the embedded market suggests a differentiated diagnosis of our times that should allow sociology to re-enter the discussion as a critic of an ideological attempt to block public discussions about losses and dam ages of contemporary capitalism. The following paper will explore several readings of this concept and will evaluate their capacity to revive sociology's critical powers.