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Kryzys zaufania w systemie finansowym

Author(s): Jan Szczepanik / Language(s): Polish Issue: 4/2010

This study focuses on the problem of trust among financial institutions, banks and their clients. The main purpose is to analyze the level of trust and it’s role in financial sector. We will study, how current economic crisis influenced this level. The hypothesis of the study states, that financial crisis is the crisis of values as well, and therefore negative impact on the trust level was observed. The study presents trust as a part of social capital, lack of trust among members of the financial system, and instruments to change the current situation.

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Financial Globalization and the Anglo-Saxon Model of Capitalism: an Agency-Centered Approach to Study Financial Change

Author(s): Pasquale De Girolamo / Language(s): English Issue: 4/2018

This paper examines the main theoretical perspectives on the process of financial change in modern capitalism. It discusses institutionalist political economy approaches claiming that their conception of states, markets and financial innovation is problematic when analysing financial globalisation. In order to consider how the internationalisation of financial practices can be studied, this article suggests that a necessary step is that of firstly deconstructing the model of Anglo-Saxon capitalism as present in the literature. Whereas scholars have emphasised deregulation in the explanation of the development of financial practices, this essay emphasizes that in key respects their development in the Anglo-American core has been profoundly shaped by the actions and interests of state actors and at the end, it rests on a set of highly formalised set of institutions. This allows this paper to locate historically the peculiar American institutional roots of modern financial practices, focusing on the singularity of the social contexts in which practices emerge rather than studying finance solely in relation to the liberal nature of the state. After this, it proposes a theoretical framework to conceive the relationship between states and markets in international contexts from a historical agency-centred perspective.

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Beyond Marketization? The Genesis of Quality Assessment Criteria in the British niversity Sector between 1985 and 1992

Author(s): Laura Giovinazzi / Language(s): English Issue: 4/2018

This brief article is a consideration on the theme of Quality Assessment (QA) criteria in the British university sector. It will attempt to shed light on a variety of conceptualisations on this instrument which is commonly considered a means to achieve a more efficient university sector which can prosper by working on the quality of education that is delivered to students whilst at the same time responding to reforms, which have pushed for a greater “value-for-money” of public resources used by universities. Whereas the majority of recent literature give an overview of the current state of the university system, this article instead sheds a focus of quality assessment criteria on an aspect which is treated as a marginal detail, namely, the historical origins of these criteria. By bringing some historical evidence to the forefront, this article will show how an attentive reflection on the birth of quality assessment criteria can show some problematic aspects of literatures which tend to explain and study QA as instruments that contain a logic of some sort. When literatures of different approaches prioritise a logic at work for explaining the functioning of QA criteria, this article argues, they tend to ignore that the conception of QA was vested with a variety of interests of different agents.

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The Quest for a Prime Mover. A Critique of Deirdre McCloskey’s Theory of Change

Author(s): Alessandra Antonella Rita Maglie / Language(s): English Issue: 4/2018

Within a framework of history of political thought, this essay examines the original, albeit questionable, account furthered by Chicago economist Deirdre McCloskey. First, I will present an intellectual profile of the author in order to provide a broader perspective on her thoughts about ethics, politics and economics, and to show how her position in these areas intertwines with the main thesis expressed in the Bourgeois trilogy. Secondly, I will propose, on the basis of an alternative reading of historical materialism, that Marx’s theory of change is more complex than she admits. Finally, I will show the problematic aspects of McCloskey’s theory of historical change. My main point is that McCloskey’s account is motivated by her polemic intent against Marxism –as her intellectual background shows –and because of that she ignores alternative readings of historical materialism. As a consequence, her theory of historical change presents a few flaws. In fact, the “revolution of ideas” which McCloskey indicates as a direct cause of the Industrial Revolution, may appear as an attempt to replace the accumulation theory of the Marxist tradition with another all-purpose label. It is risky to rely on a theory that seeks a single cause for historical change, because it entails a linear conception of history rather than a more complex and comprehensive one. In short, I maintain that strict causal monism cannot explain the evolution of society.

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Meritocracy: the Third Way and the Effervescence of Capital

Author(s): Massimo Del Forno,Marco Di Gregorio / Language(s): English Issue: 4/2018

Since the social-democrats dismissed the communist utopia and privileged instead the idea of a well-being founded on the production-consumption cycle, the Western electoral competition has been increasingly focused on the capitalist economy. Accordingly, the political dynamics shifted from the class conflict to the regulation of markets. On the social side, the removal of the previous conflict has freed the “spirit of capitalism” that has been able to settle even more pervasively in the symbolic relations between people. This new philosophy of money triggers a social game played on competition and the reward mechanism derived from it. In this sense, meritocracy is the criterion for governing this new order of capitalism. Within this context, this article discusses the contribution of the left movements and parties, in their historical-social evolution, to the construction of a meritocratic principle in Europe. It also investigates the political process that led the left to a strategic choice, among the other possible options for renewal: namely, to give up to the struggle against capitalism and privilege a progressive accommodative logic with regard to the market. We argue that this choice was based both on values and interests shared by political actors and was supported at a theoretical level by a group of intellectuals who recognize themselves in the Third Way. Based on the above, the article shall identify the main stages in this political change, by using an appropriate selection of discourses and texts that refer to Third Way, analyzing them through a sociological perspective.

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Government and business interaction in Eastern Europe: specific features of the public-private partnership

Author(s): Natalia Volokhova / Language(s): English Issue: 11-12/2019

The main principles of modern economic relations including financial interaction of the government and business have become the centrepiece of the development of the post-socialist countries where the Eastern European countries belong to. Among the most popular models of interaction between the government bodies and the private sector, or the public-private partnership (PPP), the following ones can be specified: a cooperation model, a concession model, a lease model, an operator model, a contractual model. Approaches to the state-business interaction in Eastern Europe within the public-private partnership often depend on different criteria including the degree of the state’s economic development, its legal system in general and the system dealing with this particular issue, the vision of the role of the government and business partnership in the economy, setting and implementation of objectives and tasks at a certain stage of the country’s development, the prevailing public attitude to the private sector, and so on. The mechanisms of interaction between business and government in Eastern Europe revealed in the course of our analysis allow us to define the examples of the most efficient cooperation, find the causes of some projects’ failures, determine the causes of potential problems and risks, and develop and propose most universal ways to improve interaction between the business and the government. The countries of Eastern Europe in the focus of our research are at the initial stage of the development of public-private relations that are primarily expressed in the public-private partnerships.

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Government socio-economic policy under the digital economy in the foreign countries and Russia

Author(s): Natalia Trusova / Language(s): English Issue: 11-12/2019

Socio-economic policy is described in the research as an effective tool of economic change. Goals and objectives, effects and implementation mechanisms of various socio-economic policy types which are based on the analysis of modern foreign and Russian development and implementation practices are discussed in the article. Comprehensive analysis of main methods of the government economic regulations is presented. Their effectiveness and influence on the economic development of the country is assessed. The state and growth rates of the digital economy in different countries have been analysed (data of Global Cybersecury Index, Digital Evolution Index, IMD World Digital Competitiveness Ranking, Bloomberg Innovation Index were used). Key areas of interaction between economic policy actors of the state have been identified for the purpose of ensuring economic security and threats’ neutralization for the effective performance of their functions within a single economic system. Statistical indicators of the world digital technologies market, macro-technologies, knowledge-intensive products are analysed. Risks of the digital economy are highlighted, in particular: risks of cyber-attacks, cyber-threats, cyber-crimes, computer terrorism, Internet hacking and fraud, information leakage, unemployment growth as a result of automation of production and usage of robots and others.Current problems of the government economic policy under the digital economy and the main obstacles to its effective implementation are identified. Slow development and implementation of new technologies, low level of the digitalization, and lack of specialists in the field of information technologies and, as a result, a small share of the digital economy in the GDP of the country are of special attention.

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SHOULD CONSTITUTIONAL ECONOMISTS’ ATTENTION BE TURNED TO POLITICAL PHILOSOPHY? AN ARGUMENT FOR EPISTEMIC IMPERIALISM

Author(s): Adelin-Costin Dumitru / Language(s): English Issue: 1/2020

Some of the main proponents of constitutional economics consider this spin-off from public choice to be a research program, following Lakatos. In this paper I intend to show how constitutional economics can avoid becoming a degenerating program by focusing on its normative dimension. More specifically, I argue that the lessons of models developed within this research program can, and should be applied to political philosophy. However, this instance of epistemic imperialism is bound to have a significant effect on the auxiliary assumptions of constitutional economics, which will have to elaborate new hypotheses in order to avoid some of the counterintuitive implications to which it leads under its current positive heuristic. Throughout the paper, I focus mainly on the Leviathan model of government growth put forward by Brennan and Buchanan.

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Ideální konsenzus, reálná diverzita a výzva veřejného ospravedlnění: k limitům idealizace v liberální politické teorii

Author(s): Matouš Mencl,Pavel Dufek / Language(s): Czech Issue: 2/2021

The paper deals with the methodological clash between idealism and anti-idealism in political philosophy, and highlights its importance for public reason (PR) and public justification (PJ) theorising. Upon reviewing the broader context which harks back to Rawls’s notion of a realistic utopia, we focus on two major recent contributions to the debate in the work of David Estlund (the prototypical utopian) and Gerald Gaus (the cautious anti-utopian). While Estlund presents a powerful case on behalf of ideal theorising, claiming that motivational incapacity and other non-ideal features of “human nature” – the so-called bad facts – do not normally refute the desirability of highly utopian theories of justice, we show that Gaus is correct in stressing the importance of feasibility considerations, including empirical knowledge about human societies. Because moral disagreement is to be expected even among cognitively and morally excellent reasoners, we argue that Estlund’s search for Truth about justice must idealise away normative diversity as just another bad fact. This methodological dispute has important ramifications for current debates about PR and PJ as the grounds of liberal legitimacy. Because consensual approaches rely on strong idealisation which results in exclusion of numerous comprehensive doctrines from consideration, we conclude that convergence-based liberal political theory has distinct advantage as regards exploiting normative diversity to the advantage of everyone.

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Mezi náboženstvím a vědeckou teorií

Author(s): Tomáš Gecko / Language(s): Czech Issue: 1 (25)/2017

Review of: Paul Oslington, Political Economy as Natural Theology. Smith, Malthus and Their Followers, London — New York: Routledge 2017, 164 pp.

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Institutional changes in politics

Author(s): Anna Mieleszko / Language(s): English Issue: 2/2021

Motivation: Institutions are a set of rules of the game, norms and values that constitute a fundamental element of any social and political system. Political institutions are an important object of theoretical considerations and a number of attempts at explanations in political science. in their research, they put more emphasis on the effects of political institutions than on issues related to their genesis and the changes taking place. This article is in the trend of New Institutionalism which focuses on the causal role and the limited ability to design new tools, as well as a strong intention in this area. Aim: The aim of the article is to provide a synthetic overview of the causes and effects of continuity and changes in formal political institutions within the interdisciplinary area — new institutionalism. The research methods used during the preparation of the article include the analysis and criticism of the literature Results: The article focuses on presenting the role of institutions in political life, showing the dysfunctionality of the institutional sphere in the face of pressure from interest groups and the game of political actors. The explanation of these aspects was served by logical constructions and analyzes, primarily of a historical and sociological study, emphasizing the importance of determinants of informal institutions on the durability and institutional change

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Politická ekonomie neliberálního kapitalismu v Maďarsku a Polsku

Author(s): Jakub Szabó / Language(s): English Issue: 5/2022

Has the recent illiberal surge altered the neoliberal orthodoxy prevailing in post-1989Hungary and Poland towards a more developmental modus operandi, or has it justcamouflaged embedded neoliberalism with a developmental narrative? This article, tryingto contribute to answering the aforementioned question, is structured as follows. First, weprovide a general overview of the comparative capitalism approach. We extend the originalconceptualizations by the framework of varieties of illiberal capitalism and present twoideal types of illiberal capitalism. Then, we assess five institutional areas of the politicaleconomy of contemporary Hungary and Poland. We conclude that although Hungaryremains faithful to the neoliberal economic orthodoxy so far with illiberal politicalforces merely camouflaging its true essence due to political and utilitarian reasons, thepost-2015 government in Poland managed to move its economic model closer to a moredevelopmental modus operandi.

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Polityka, wzrost i nierówności w Chinach od 1949 roku. Próba oceny

Author(s): Michał Zaremba / Language(s): Polish Issue: 71/2022

The aim of the article is to examine and present the policies, processes and effects of economic growth in China since 1949, i.e. the establishment of the People’s Republic of China. Two research questions were formulated on this basis: how the processes of economic growth and development progressed in Mao Zadong’s times, and how the reforms during the Deng Xiaoping period influenced the economy of modern China. A historical analysis based on domestic and foreign literature is mainly used in the paper, as well as an analysis of existing data. Based on the conducted research, it can be concluded that the economic policy in the Maoist era, despite all its flaws and defects, made a huge contribution to the development of China, leading, inter alia, to reducing illiteracy and extreme poverty. Finally, the policy supplemented by more efficient market mechanisms led to the true prosperity of this country. Nevertheless, it is impossible not to notice the problems that are growing and in the next few years may become a barrier to further growth: high inequalities, an ageing population, and environmental issues. Given China’s ability to adapt and solve problems, we may hope that they will also resolve these problems. The challenges China is facing are serious, nevertheless, taking into account the way they have overcome, it can be hoped that the current problems will also be resolved.

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Do utraty wzroku? Kapitalizm inwigilacji, inflacja cyfrowych obrazów i ekonomia patrzenia

Author(s): Jerzy Stachowicz / Language(s): Polish Issue: 34/2022

Autor artykułu podejmuje temat funkcji i miejsca cyfrowych obrazów w formacji, którą Shoshana Zuboff proponuje nazywać kapitalizmem inwigilacji. Szczególną uwagę zwraca na pojęcie obrazów cyfrowych jako danych oraz na pojęcie ich inflacji. Postępującą nadkonsumpcję i nadprodukcję obrazów można opisać jako inflację rozumianą na trzy sposoby: po pierwsze jako wielkie rozdęcie, rozprzestrzenienie się obrazów w sieci, nad którym nie można zapanować; po drugie jako chorobę cyfrowej sieci, prowadzącą do katastrofalnych skutków; po trzecie wreszcie jako utratę wartości obrazów, którymi się wymieniamy i na które patrzymy. Stachowicz analizuje również temat obrazów w kontekście pracy niematerialnej.

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Imperializm i państwo kapitalistyczne – wyzwania teoretyczne w kontekście wojny w Ukrainie

Author(s): Filip Ilkowski / Language(s): Polish Issue: 67/2023

The aim of the article is to analyze the theory of capitalist imperialism in the context of the challenges of the war in Ukraine. The main theoretical positions in the face of this war, related debates and doubts are outlined. A thesis is put forward about the adequacy of the diagnosis treating capitalist imperialism as a phenomenon rooted in the essence of capitalist states and the specificity of their rivalry. When analyzing the war in Ukraine against the backdrop of multipolar imperialism, an attempt is also made to concrete the analysis of Russian imperialism in relation to the failure of Russia’s economic reconstruction and attempts to change this state’s place in global capitalism.

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Marx ve Proudhon Arasında Mülkiyet Üzerine Tartışmalar

Author(s): Emre Özcan / Language(s): Turkish Issue: 3/2023

One noteworthy aspect of the theoretical debates between Proudhon and Marx, which is of historical significance in terms of highlighting the relationship between anarchism and Marxism, is their differing views on property. In the discussion of the origin and development of property, Proudhon characterizes property as theft, while Marx argues that property can only be evaluated within the framework of the social production relations of the relevant period. Proudhon’s aim is to analyze the forms of usurpation by revealing the impossibility of property. In Proudhon, who deals with this through the right to abuse, property is conceived as a legal concept and approaches that construct property as a "natural right" are criticized. Pointing out that Proudhon perceives property as a legal will, Marx emphasizes that he reduces all economic relations to property as a general concept of law, and he thinks that Proudhon’s critique of property does not go beyond Brissot’s motto “property is theft” used much earlier. The basis that Marx provides for this idea is that Proudhon’s economic-political critique was also based on the assumptions of the precursors of economic-political. In this study, the property-centered divergence between Proudhon and Marx is revealed through how the assumptions of a real critique of political economy are positioned in the critique of Proudhon.

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Отпорност страних директних улагања у кризним временима: компаративна анализа између одабраних источноевропских и афричких држава

Author(s): Jacques Yana Mbena,Georges Ngnouwal Elondou / Language(s): English Issue: 1189/2023

Times of crisis provide the opportunity to question the behaviour of socioeconomic agents and specific phenomena around economic growth’s resilience. Hence, this paper relies on econometrics to analyse the data compiled from secondary sources mainly available within the World Development Indicators to comparatively examine foreign investors’ behavioural shifts in Eastern Europe and Africa during significant crises that the world faced during the last two decades. The aim is to identify, through their impacts, the above behavioural shifts and thereby assist policymakers in advancing policies strengthening and nurturing foreign direct investments’ “FDI” resilience and maintenance during and post-crises. It was uncovered that foreign investors appear to reduce their exposure during crises in Eastern Europe and Africa. The decrease in inflows seems to be higher in Eastern Europe than in Africa. However, the change in net FDI effects on infrastructure, trade openness, and economic growth is more significant in African economies. It is therefore believed that, to nurture FDI resilience or maintenance post-crisis, lawmakers should infer policies supporting the reduction of FDI outflows, the development of infrastructure, the improvement of trade openness, and ultimately advancing a sustainable FDI agenda. Through an empirical analysis of the effects that crisis periods have on FDI in Eastern Europe and Africa, the paper gives suggestions regarding policies that encourage fostering FDI resilience and maintenance in these regions. However, while future research may build on the above, there is a need to particularly investigate how sustainable instruments may support FDI resilience during crises.

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Рат, санкције и стране директне инвестиције у и из Русије

Author(s): Kálmán Kalotay / Language(s): English Issue: 1189/2023

Russia’s full-fledged war on Ukraine, which started in February 2022, added major uncertainties to foreign direct investment (FDI) to and from Russia and affected it negatively in the short, medium, and long run. The degree of the hit would depend on the exact contents of sanctions and countersanctions in constant development. However, the severe consequences of some of them were already visible early on, adding to the financial strain caused by the war. FDI to and from Russia fell drastically in 2022 and, depending on the length and depth of the conflict, would remain sluggish in the subsequent years if no exit strategy is found to stop the conflict and its eventual escalation. This article concludes that the fall in FDI would, in the end, hurt the economic capacities of Russia, already affected by a previous round of sanctions imposed in 2014. If it works, decoupling the Russian economy from FDI partners by applying sanctions would be effective only partially and at a relatively high cost. That, in turn, could thwart the very economic fundamentals of the war effort.

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Teória celostnej spôsobilosti subjektov manažmentu ako predpoklad riešenia problémov súčasnej civilizácie

Author(s): Jan Porvaznik / Language(s): Slovak Issue: 2/2010

Characteristics of present civilisation. Resources for solving the problems of human society. Theory of holistic competences in management. Hypothetic trends of future development in management. What should business and politics serve in future to?

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ROLA PAŃSTWA W ORDOLIBERALIZMIE I SPOŁECZNEJ GOSPODARCE RYNKOWEJ

Author(s): Martin Dahl / Language(s): Polish Issue: 2/2023

The article presents the ordoliberal school and its influence on the development of economic theory and practice. The purpose of the article is to define the role of the state in ordoliberalism and the concept of a social market economy. Despite the numerous studies in this area, the changing reality requires a constant definition of the role of the state in economic and social policy. Challenges of the modern world, such as the climate crisis, are generating an urgent need to shift the world economy to the tracks of sustainable development. Historical experience and contemporary examples show that the concept of ordoliberalism can be helpful in this regard. It remains an open question how ordoliberalism can adapt to the new realities of the modern world, so that its assumptions bring the most benefit to a sustainable economy. The article also shows examples of the presence of ordoliberal assumptions in public policy.

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