‘Democratic Socialism’ and the Concept of (Post)Capitalism

This article explores the ‘democratic socialism’ being proposed by new left movements on either side of the Atlantic, and evaluates its claim to be a form of anti- or postcapitalism. It argues that in the democratic socialist worldview, the line between capitalism and socialism rests on the balance of power between workers and capitalists in the economic sphere. While traditional social democracy seeks to redistribute wealth but leaves relations between workers and capitalists within firms untouched, democratic socialism seeks to abolish private property in the economic sphere. Production is controlled democratically by the workers themselves, in league with a workers’ state. The article critically appraises the claim that such a scenario constitutes a form of postcapitalism. Drawing on the work of critical Marxists such as Moishe Postone, it argues that capitalism is not primarily defined by private property relations in the economic sphere, but rather the peculiar social form of capitalist labour. Unlike in pre-capitalist societies, for labour in capitalism to secure a continued basis on which to reproduce the means of subsistence, it must be socially validated as ‘value-producing’. The criteria for value validation is not set in the workplace, or within a single nation state, but rather on the world market. The article concludes that, for all its merits, the democratisation of workplaces does not overcome the need for this social validation, but rather constitutes an alternative form of managing the process of production in this context. As such, democratic socialism, like social democracy, remains susceptible to the same imperatives and crises as other forms of capitalist production, and so cannot be said to constitute a form of ‘postcapitalism’.     

Identifying Trajectories of Adolescents’ Depressive Phenomena: An Examination of Early Risk Factors

Few studies have examined risk factors of childhood and early adolescent depressive symptomatology trajectories. This study examined self-report depressive symptomatology across a 6-year time period from 2nd to 8th grade to identify latent groups of individuals with similar patterns of depressive phenomena in a sample of 951 children (440 girls, 511 boys). Analyses, using semiparametric group modeling (SGM), identified 5 trajectory groups for girls and boys: low depressed stables, low depressed risers, mildly depressed stables, moderately depressed changers, and moderately depressed risers. Individual risk factors, with the exception of shy/withdrawn behavior, were significantly different across trajectory group membership for boys and girls, as was low-income status for boys. Boys in the low depressed and mildly depressed stable trajectory groups had significantly higher levels of antisocial behavior, attention problems, and lower social competency compared to girls in similar groups. These results suggest that universal prevention programs implemented in early elementary school that target selected risk factors may be helpful in reducing future adolescent mental health problems, specifically depressive symptomatology.     

Political pressure deflection

Much economic policy is deliberately shifted away from direct political processes to administrative processes—political pressure deflection. Pressure deflection poses a puzzle to standard political economy models which suggest that having policies to ‘sell’ is valuable to politicians. The puzzle is solved here by showing that incumbents will favor pressure deflection since it can deter viability of a challenger, essentially like entry deterrence. U.S. trade policy since 1934 provides a prime example, especially antidumping law and its evolution.     

The impact of surplus sharing on the portfolio mix of public sector defined benefit pension plans: a public choice approach

The riskiness of state employee pension plan portfolios varies across states. We investigate whether this variation is related to how public employees and taxpayers share actuarial surpluses of pension accounts. We focus on two determinants of a plan’s asset mix: the relative influence of public employees to taxpayers; and whether a surplus-sharing contract is specified. Our theoretical model demonstrates that the effect of public employee influence on the asset mix is ambiguous. Our empirical results corroborate this complex theoretical result. In our theoretical and empirical analyses, if a surplus sharing rule is specified, plans adopt a more aggressive investment allocation.     

The Distinctive Significance of Systemic Risk

This paper suggests that “systemic risk” (e.g., of financial market collapse, or of ecological calamity) has a distinctive kind of moral significance. Two intuitive data points need to be explained. The first is that the systematic imposition of risk can be wrongful or unjust in and of itself, even if harm never ensues. The second is that, even so, there may be no one in particular to blame. We can explain both ideas in terms of what I call responsibilities of “Collective Due Care.” Collective Due Care arguably precludes purely aggregative cost‐benefit decision‐making and requires one kind of “precautionary” attitude in public choice.