The Marxian theory of crisis,capital and the state ∗

An interpretation of the Marxian theory of crisis that rejects the ‘Keynesianism’ of most post-war contributions on the topic. Various criticisms of Marx's position are examined and two popular but incorrect versions of the theory are discussed; the underconsumptionist and disproportionality theory of crisis. An attempt is made to begin an analysis of the role of state intervention in the economy and indicate the limitations of intervention by the capitalist state implied by Marx's theory of crisis.     

The coronavirus crisis—crisis communication,meaning-making,and reputation management

Abstract

This article addresses the Norwegian government’s meaning-making, crises communication and reputation management during the Corona pandemic crisis. It argues that reputation management can be seen as a combination of governance capacity and legitimacy reflected in a well performing crisis communication and meaning-making. Under the slogan “working together” the government emphasized the need for a supportive and cohesive culture in order to to balance efforts at increasing governance capacity as well as governance legitimacy, through shaping a common understanding and broad consensus on what the crisis was about and what needed to be done to deal with it. A main lesson learned from the Norwegian case is that the effectiveness of the government in controlling the pandemic was enhanced by successful meaning-making and communication with the public, and to the high level of citizens’ trust in government.     

Reality and historicity: economy and dialectics in Marxism ∗

On 1 July 1997, the Basil Law of the Hong Kong Special Administrative Region (HKSAR) will be enacted in accordance with the Constitution of the People's Republic of China. Articles 107 and 108 of the Basic Law, the so-called balanced budget and low tax policy articles, are the two most controversial articles of the Chapter on Economy. The manifest purpose of these two articles is to constrain the spending and taxing power of the HKSAR in order to prohibit elected members of the Legislative Council from turning Hong Kong into a welfare state, and they have been justified by some ostensibly using Buchanan's concept of fiscal constitution. This paper examines the justification and effects of incorporating elements of fiscal constitution in the Basic Law, focusing particularly on the income redistribution effect. The paper concludes that policy articles grounded on the philosophy of fiscal constitution should not have been included.     

On the political economy and limits of crisis insurance: the case of the 2008–11 bailouts

The bailouts of 2008–10 are the most recent in a long series of insurance-like policies designed to limit the losses of those harmed by a crisis of some kind—but enacted after a crisis is under way. This paper analyzes the economics and politics of “crisis insurance” programs. The analysis helps explain why ex-post insurance is popular, why it tends to be undersupplied by private markets, and why governments may be better able to provide it. The analysis also points out that there are limits to what losses can be covered. The routine adoption of new programs to limit losses from crises tends to require greater expenditures through time because of moral hazard problems and the nature of crises. Eventually, this trend may produce “uninsurable” crises. The analysis of this paper suggests that such problems can be moderated, although not eliminated, through appropriate standing polices for ex-post funding of crisis insurance.     

Colonial governmentality and the ‘economy’

Using Foucault's notion of governmentality, this paper argues that colonial governmentality in India sought to effect a new relationship between resources, population, and discipline. Drawing theoretical insights from the 'critical accounting literature' to bear on the regulation of economic activity in colonial India, the paper shows how the discursive practices of colonial governance, in particular the modalities of measurement, accounting, and classification, enabled the constitution of the 'economy'. Such statistical data generated as part of colonial administration opened up the possibility of a nationalist accounting of the exploitation of India by the colonial power.     

How can interactions among interdependent structures,institutions, and agents inform financial stability? What we have still to learn from global financial crisis

How national financial systems can avoid costly banking crises is a persistent and intriguing question for institutional scholars and policymakers worldwide. In this context, although considerable research has recently focused on structural, institutional, and agency-level factors in explaining the global financial crisis, it mostly offered each of these explanatory factors in isolation, thus leaving interactions among these interrelated factors incomplete. Building on a deviant case study on Australian exceptionalism examined in a comparative perspective, this paper introduces an integrative framework that views financial stability as a function of these interactions that reinforce prudent financial behavior. In doing so, it offers an insight into the previous research on institutional complementarity and how to guard against similar crises in the future. It suggests that financial stability (instability) is more likely when interactions among structural and institutional complementarities and agents reinforce conservative (opportunistic) banking.     

Three ways to think about the ecological history of Monterey Bay∗

(W)ithout the recognition that the city is of and within the environment, the wilderness of the wolf and the moose, the nature that most of us think of as natural cannot survive, and our own survival on the planet will come into question.     

Cross-national convergence in times of crisis? Integration policies before,during and after the refugee crisis

This article analyses if, how and why Scandinavian integration policies converged as a result of the refugee crisis in 2015, studying policies of permanent residence, citizenship, family reunification and access to social benefits. The analysis of policy processes finds that a logic of regulatory competition led to goal convergence, as all three countries explicitly adapted their policies relative to other countries’ policies. Nonetheless, when comparing the configuration of policy instruments and their settings, the cross-national gap persists as all three countries took restrictive steps, thus showing traits of path dependency. The conclusion discusses a severe challenge in the current policy convergence debate in the integration literature: how an insufficient level of precision (1) concerning different dimensions of the policies and (2) concerning how to assess convergence could lead to inaccurate and even opposite conclusions when interpreting empirical analyses.     

Poor choice? Smith,Hayek and the moral economy of food consumption

This paper explores the moral economy of food in the United Kingdom via discourses on food bank usage and obesity. It argues that both of these markers of malnutrition were interpreted under the Conservative-led governments of David Cameron (2010–2016) as failings of personal responsibility and identified primarily with the working class, advancing the assumption that poor people make poor choices. Based on a critique of this account, our wider contribution is two-fold. First, we identify the Hayekian lineage of the discourse of personal responsibility, highlighting its utility in facilitating a form of neoliberal market consent through its insistence on self-reliance. Second, we stake out an alternative to this conceptualization through a discussion of Adam Smith’s notion of self-command, which we call interpersonal responsibility.