Published by Agenda Publishing and Columbia University Press, January 2018
Back Cover Blurb: "We have become accustomed to economists and politicians talking about 'market forces' as if they are immutable laws of the universe. But what exactly is 'the market'? Originally an abstract idea from economic theory - the locus of demand and supply - it has come to inform the way we speak about our relationship to the economic system as a whole. Matthew Watson unpacks the concept to ask what does it really mean to allow ourselves to submit to market forces. And does economic theory really provide insights into the market institutions that shape our everyday life? In tackling these questions, the book provides a major contribution to a deeper appreciation of the dominant economic language of our time, challenging the idea that we can simply defer to the 'logic of the market'."
"A masterpiece of erudition and concision, Matthew Watson's new book lifts the lid on a concept whose ubiquity in public discourse is matched only by its slipperiness. With immense skill, Watson explores the ways in which the idea of 'the market' has developed within the field of economics and in so doing teases out the complex relationships between academic abstraction of the market concept and the prevalence of market ideology in politics. The result is a truly impressive book that should be regarded as a vital supplement to standard economics textbooks and essential reading for anyone interested in understanding whether there are alternatives to the 'iron cage' of the market." - Professor Ben Rosamond, University of Copenhagen
"Watson has provided a history of the economic ideas that form the basis of modern economics, brilliantly explaining where many of the economic laws and concepts central to the idea of the market originated ... there are very few texts on the market that are as good as this." - Dr Huw Macartney, University of Birmingham
Title: 'Crusoe, Friday and the Raced Market Frame of Orthodox Economics Textbooks', New Political Economy, notification of acceptance letter received, 05.12.2017. DOI 10.1080/13563467.2017.1417367. Article published on the NPE website in i-First format, 05.01.2018.
Abstract: 'Crusoe' and 'Friday' signifiers necessarily evoke a world of racialised hierarchies. Economics textbooks are perhaps the sole remaining medium to simply wish away their resulting relations of power. These are the teaching aids that inspire students analytically to think of markets as pristine economic institutions and persuade them politically that they should want to will such institutions into being. Yet they all-too-often rely on the pedagogical device of the so-called Robinson Crusoe Economy, where the main characters from Defoe's most famous novel are required to instinctively recognise their equality within voluntary contracting agreements so that each can act as the neoclassical homo economicus. In other words, economists' Crusoe and Friday figures must behave antithetically to what has historically been implied by the 'Cruose' and 'Friday' signifiers. But how can this be so, given how commonplace it was when Defoe's characters were first introduced into economic theory in the 1850s to justify white settler colonialism on the grounds that 'savage' societies lacked the capacity to be self-governing? The raced market frame that emerged in practice from this assumption continues to be reproduced uncritically today by Crusoe's and Friday's presence in the textbook explanation of the most basic model of market exchange.
Title: 'Brexit, the Left Behind and the Let Down: The Political Abstraction of 'the Economy' and the UK's EU Referendum', British Politics, 13 (1), 2018, 17-30. DOI: 10.1057/s41293-017-0062-8. A view-only version of the full text is available from Springer Nature's Shared It function. The paginated version is also available to those who are able to login to the journal's website.
Abstract: UK voters' decision to overturn the country's European Union membership has left most parliamentarians looking rather distant from the constituents they represent. The politicians staked much on assuming that people would not vote to sabotage their economic self-interest, but this message conspicuously failed to resonate. When politicians spoke in abstract terms about the needs of 'the economy', significant numbers understood this to mean labour market conditions that have personally served them badly. It has been commonplace since the referendum to refer to these people as the 'left behind'. However, they might more usefully be descrbed as the 'let down'. Since the restructuring of the UK economy in line with global competitiveness norms they have been required to earn their rights as citizens through demonstrating their work readiness. Yet hard work on its own is now no longer sufficient for so many people to receive the rewards promised under the terms of the new social contract. They have been largely abandoned to their fate by the politicians as labour market segmentation has led to a significant expansion of the in-work poor. These people voted in large numbers against continued EU membership. This suggests that the referendum result can be seen at least in part as a revolt against the way in which the abstraction of 'the economy' has informed UK politics in recent decades.
Title: 'George Osborne's Machonomics', British Politics, 12 (4), 2017, 536-554. The full text is available in view-only format from Springer Nature's Shared It factility: http://rdcu.be/vt4p. The paginated version is also available for those who are able to login to the journal's website.
Abstract: Feminist scholars have described the behavioural traits that have flourished within the global economy in terms of a hegemonic 'I know best' masculinity. Whilst this literature has typically focused on a small number of business leaders around whom popular myths of wealth creation have developed, the same way of thinking might also be applied to policy-makers. At the very least, this study of George Osborne's time as UK Chancellor of the Exchequer reveals how consistently he adopted the mantle of an omniscient hegemonic masculine subject in his approach to deficit reduction. It was an attitude to the task at hand I label 'machonomics'. This concept is designed to mean more than that the outcomes of his austerity programme disproportionately disadvantaged women. It also captures the type of policy-maker that Osborne tried so hard to convince others he was. His self-projection finds a parallel, I argue, in what the macroeconomic theory literature describes as the specifically 'conservative' policy-maker, someone reputed for trusting his own judgement even in the face of widespread dissent against his anti-social policies. The conservative policy-maker exudes the hegemonic masculinity that Osborne embodied in his refusal to voice opinions in public suggesting that there were viable alternatives to painful public expenditure cuts.
Title: 'Rousseau's Crusoe Myth: The Unlikely Provenance of the Neoclassical Homo Economicus', Journal of Cultural Economy, 10 (1), 2017, 81-96. The article is available from the Journal of Cultural Economy website in fully open access format.
Abstract: The neoclassical homo economicus has escaped the narrow confines of economic theory and is today embodied countless times over in the everyday behaviour that so much of the modern economy is set up precisely to serve. Not all of the authors of leading books on economic principles have named the neoclassical homo economicus, but when they have done so it is overwhelmingly in the same way. They have given him the human form of a Robinson Crusoe figure, despite the fact that his behavioural motivations and his practical conduct owe next-to-nothing to Daniel Defoe's original characterisation. I suggest that the route to today's cultural familiarity with the neoclassical homo economicus instead passes through the entirely unwitting hands of Jean-Jacques Rousseau. He substituted Defoe's account of the castaway's continuing deference to prevailing social norms with his own idealised vision of how the individual might use solitude to escape the corrupting influences of modern society. It is altogether another desocialised individual also bearing the Crusoe name who has latterly shaped many of the economics textbooks' renderings of the neoclassical homo economicus. However, we can get to him only by first understanding the essential features of Rousseau's Crusoe myth.
Title: 'Historicising Ricardo's Comparative Advantage Theory, Challenging the Normative Foundations of Liberal IPE', New Political Economy, 22 (3), 2017, 257-272. The article is available from the New Political Economy website in fully open access format.
Abstract: David Ricardo’s theory of comparative advantage is now two centuries old, but it remains at the heart of economists’ theories of international trade. It also continues to provide the underlying economic ethic for liberal IPE. Ricardo’s numerical illustration of the mutually shared gains from specialisation and trade involved complementary structures of comparative advantage being exhibited by a productively superior hypothetical 'Portugal' and a productively inferior hypothetical 'England'. Yet the historical back-story of actual eighteenth-century trading relations between the two countries reveals Portugal’s repeated struggles to meet its treaty obligations to the English in the context of the European quest for empire. Those difficulties persisted even when it harnessed its (less profitable) commercial trade to (much more profitable) slave trading practices. Ricardo’s account of the purely mathematical logic of comparative advantage writes out of economic history the centrality of both imperial wars and African slavery to the early English and Portuguese experience of 'free' trade. Given this historical back-story, liberal IPE thus appears to be in urgent need of new normative foundations to decouple it from these highly illiberal economic processes.
Title: 'Re-Establishing What Went Wrong Before: The Greenspan Put as Macroeconomic Modellers' New Normal'
Journal of Critical Globalisation Studies, 7 (July), 2014, 80-101: http://www.criticalglobalisation.com/Issue7/80_101_GREENSPAN_PUT_JCGS7.pdf.
Abstract: Almost a decade after his retirement Alan Greenspan remains the world's most immediately recognisable and highest profile central banker. His opinions therefore still matter, even if it is no longer his decisions that move markets. This article reviews Greenspan's ostensible move away from efficient markets theorising as he has tried to come to terms with the patterns of 'euphoria' and 'fear' he believes explain the build-up to the global financial crisis. In truth, though, it looks much more like an attempt to rescue the reputation of his free market models in the face of an increasing number of sceptics. Greenspan's new memoire fails to acknowledge what, in effect, was the free put option the Federal Reserve provided to Wall Street traders under his leadership. Indeed, it goes as far as to promote a visualisation technique for how macroeconomic modellers should view the basic structure of the market environment which treats the now increasingly infamous 'Greenspan put' as an ostensibly formal component of asset prices. The style of policy-making that helped to stoke such extreme asset price inflation prior to the crisis is now embedded (i) within the class of models that Greenspan has presented as the post-crisis antidote to efficient markets theorising and (ii) within the recent historical data being used in the calibration tests of the models' efficacy. What macroeconomic modellers can see in the market environment when embracing the supposedly new reality of euphoria and fear is a manifestation of what the prior existence of the Greenspan put first brought into view.
Published by Palgrave Macmillan, February 2014
Back Cover Blurb: "Matthew Watson analyses the political response to imploding markets through the lens of the history of economic thought, asking 'what has gone wrong with economics?' against the backdrop of the global financial crisis. The most important historical trend, he suggests, is the development of an 'uneconomic economics', whereby attention is placed on explaining relationships in perfectly efficient blackboard markets rather than the much more chaotic institutions encountered in everyday economic interactions. Economists now routinely devise sophisticated abstract models which are theoretically rigorous but fail to capture the way everyday economic decisions are actually undertaken. Acknowledging the gap between the model world and the real world led many commentators to initially pronounce that the financial crisis was equally a crisis of economics. Watson shows, though, that the subsequent redefinition of the crisis as a problem of over-extended state spending has successfully rehabilitated the model world of orthodox economics opinion."
"To control the forces shaping our economic future, we have first to understand those shaping our immediate past. Mainstream economics claims to do that, but as this important book shows, that claim is false. Matthew Watson has written an invaluable guide to the limits of orthodox economics thinking on the 2007/8 financial crisis. It is a guide that, if read widely, will help sustain an informed citizenry on both sides of the Atlantic. Ideas matter, and the ideas discussed here matter more than most." - Professor David Coates, Worrell Professor of Anglo-American Studies, Wake Forest University, US.
"Matthew Watson's elegant and trenchant analysis shines a fiercely critical and deeply scholarly light on the profound relationship between the practices of financial markets, the modes of thought typical of orthodox economics and post-crisis policy thinking. Written with admirable clarity and concision, it stands as one of the very best - and certainly one of the most important - books yet written on the global financial crisis." - Professor Ben Rosamond, Professor of Political Science, University of Copenhagen, Denmark.
Title: 'The Great Transformation and Progressive Possibilities: The Political Limits of Polanyi's Marxian History of Economic Ideas', Economy and Society, 43 (4), 2014, 603-625.
The electronic version is on the Economy and Society website in fully open access format. It is also featured on Routledge's Most Read website, which provides access to the three most downloaded papers from each of its social science journals for 2014: http://explore.tandfonline.com/page/bes/social-sciences-most-read/sociology.
Abstract: Karl Polanyi’s Great Transformation remains one of the stand-out texts of twentieth-century political economy, yet it contains important conceptual ambiguities. Perhaps most significantly, the later chapters reveal the influence of his own notion of an ‘always embedded economy’, but the earlier chapters are constructed around a much more abstract conception of ‘economy’ derived from an essentially Marxian history of economic ideas. Marx worked within the basic Ricardian conception of economy as a method of immanent critique, but then proceeded to also project it backwards onto pre-Ricardian traditions of economics. Polanyi did likewise, I argue, consequently missing the opportunity to connect his own notion of an always embedded economy to pre-Ricardian studies of the substantive basis of functioning economic relations. I use the following pages to try to restore one such link, in this instance to Adam Smith’s account of the moral ‘sympathy’ underpinning the process of market coordination. This reconstruction also has implications for progressive political possibilities today. Polanyian responses to the ongoing crisis have tended to be framed by the basic Ricardian conception of economy and have accordingly been restricted to a discussion of more market or less, more austerity or less. By contrast, tracing the lineage from pre-Ricardian concerns to Polanyi’s notion of an always embedded economy allows the much more potentially radical question to be asked of what sort of economic relations best serve essential human needs.
On March 9th 2018 I delivered a lecture entitled 'The 'History Wars': How Should the History of the British Empire be Taught in Schools?' to Year 12s at King Edward VI College in Nuneaton. 65 students attended the lecture and then stayed as we outlined this year's Colonial Hangover competition.
The 2018 Colonial Hangover project for my Department's Widening Participation schools began with a full day of events on January 26th. This year's competition was introduced to the students, along with the list of milestones that will help them to develop their entries under the guidance of our undergraduate student ambassadors. I delivered the opening lecture for the day, called 'The British Empire and the 'History Wars' over the English School Curriculum'. Over seventy students were in attendance during the day.
I was one of 113 academics to sign a letter criticising the Conservative Government for its continued ideological pursuit of austerity. The letter was published on November 20th 2017 and was entitled, 'The Chancellor Must End Austerity Now - It is Punishing an Entire Generation'.
I was one of the 56 academic supporters of the Trade Justice Movement to sign a letter criticising the UK Government for so far refusing to stipulate how post-Brexit trade deals are to receive the assent of Parliament. The letter was published on October 20th 2017.
It can be found here, albeit quite a long way down on that day's published list of letters: http://www.telegraph.co.uk/opinion/2017/10/20/lettersif-brexit-negotiations-fail-big-risk-comes-staying-eu/.
George Osborne was a purveyor of machonomics, an approach to economic policy-making revolving around seemingly bottomless reserves of macho self-confidence. In this blog post for the LSE British Politics and Policy blog site, I argue that Osborne modelled himself in this way on the optimal policy-maker of the so-called time consistency problem of abstract economic theory.
This post showcases the analysis contained in my recent British Politics article on the same theme. It is available in open access view-only format from Springer Nature's Shared It facility.
The question of why uncertainty does not feature more prominently as an economic ontology requires answers that are rooted in intellectual history. This post, the sixth in the SPERI series on uncertainty, searches for them by looking at how economic history has become increasingly colonised by economic theory, and economic theory by mathematics.
Recent criticisms of the mathiness of many economists has raised the question within the blogosphere of whether a fundamental fault-line has now punctured economics orthodoxy.
On October 31st 2017 I was invited to speak at a Future Leaders Event organised by Lloyds Banking Group's Inclusion and Diversity Division. The event took place in The Shard in London. 160 Lloyds staff and guests were invited to hear a range of talks about the difficulties experienced by BAME colleagues in moving through the ranks of their organisation and into middle management. I spoke about the Colonial Hangover project, linking the work that I do on one of my Department's schools outreach projects to the distance that large organisations still have to travel if they are to provide a context for their staff to experience a working environment that survives the charge of being institutionally racist. I argued that an organisation that is only partially aware of its own history is an organisation that cannot guarantee that it will survive such a charge. I illustrated this through reference to the imperial legacies that our Widening Participation students learn about through the Colonial Hangover project and the imperial legacies that all of Britain's banks still have. The evening was a great success, and further talks will follow as a means of deepening the link.
The evening event also grew to encompass an afternoon event where members of my Department spoke in an informal and off-the-record manner with executives from Lloyds, Deloittes, Ernst and Young, Bank of New York Mellon, the BBC and the Black British Business Awards on matters of inclusion and diversity. Documents under discussion were the recent Parker, McGregor-Smith and Black British Business Awards reviews on the restricted opportunities for career advancement amongst BAME staff within the corporate sector. Again, things went very well, and further meetings are planned to move the conversation forward.
Title: ‘Introduction’, in Susan Strange (2016 ) Casino Capitalism, reprinted edition, Manchester: Manchester University Press, pp.vii-xviii.
Extract from text: For anyone who is returning to [Casino Capitalism] for the first time in a number of years, it is a delight to be reacquainted with the nuance of a historical perspective that emphasises the significance of decisions that could have been taken but were not, just as much as the decisions that were actually taken (pp.47-58). History thus comes alive as a highly politicised lens in Strange’s hands through the analysis of alternatives that were available but were overlooked simply because they did not fit the prevailing political mentality. For anyone coming to this work for the first time, there will consequently by many moments of revelation. Even though a self-consciously theoretical voice was so often written out of Strange’s work, younger generations of IPE scholars will find on repeated occasions that her texts speak to them in a language that helps to confirm their own subsequent theoretical choices. Strange’s ‘amateur history’ thus pre-empts a good deal of IPE’s future, in its concern for both the way in which the financial system was becoming a repository for political power and for how this made more and more people susceptible in their everyday lives to the whims of financial market pricing dynamics.
I spent some time duing the summer of 2017 giving lectures to school-age students on my Department's Colonial Hangover Widening Participation project. On June 30th I was asked to deliver the opening keynote lecture to the Colonial Hangover Conference, which brought together A-level students with whom we had been working over the course of the year and our own undergraduates to whom we wanted to give experience of operating in an academic conference-like environment. On August 8th I gave the first two lectures to my Department's Sutton Trust Summer School, which was run throughout the week on the Colonial Hangover theme. The first lecture was entitled, 'The Politics of Imperial Names', the second 'The Imperial Politics of the Built Environment'.
I spent June 15th and 16th at the Work in Progress Workshop at the Department of Political Science and International Studies at the University of Birmingham. Whilst there, I delivered a paper of my own ('Literary Themes and Economic Models: The Novels of Daniel Defoe and the Framing of Market Agency') and I also acted as discussant for a paper delivered by Huw Macartney ('All Bark and No Bite: Bank Culture and the Political Economy of Fines').
On May 31st 2017 I delivered a paper to the Global Political Economy Research Group Seminar Series organised out of the School of Social Sciences at the University of Manchester. The paper was entitled, 'Imperial Fantasies and Marginalist Economics: Crusoe, Friday and the Myths on which Economics Textbooks Stand'.
On May 16th 2017 I delivered a paper to the Political Economy Research Group Seminar Series organised out of the Department of Politics at the University of Sheffield. The paper was entitled, 'The Storytelling Dimension of Neoclassical Models of Market Exchange: Crusoe, Friday and the Myth of Agential Equality'.
On April 23rd 2017 I delivered a keynote address at the International Philosophy Politics and Economics Conference at the Universitat Witten/Herdecke in Germany. This was a conference organised by graduate students at Witten specifically for their peers studying on PPE programmes around Europe. The title of my address was 'Foundational Stories and Persistent Myths of Liberal Economic Theory'. In it, I focused on the historical conditions associated with the European struggle for empire and how these were imprinted in both Adam Smith's conception of the market and David Ricardo's argument in favour of free trade.
On April 11th 2017 I delivered a paper at the Political Studies Association Annual Conference in Glasgow. The paper was entitled, 'Machonomics and the Politics of Inequality'. The panel, The Politics of Inequality, was convened by David Adler of the University of Oxford, and it was sponsored by the British and Comparative Political Economy PSA Specialist Group.
Abstract: Feminist scholars have described the behavioural traits that have flourished within the global economy in terms of their underlying hyper-masculinity. Whilst this literature has typically focused on a small number of business leaders around whom popular myths of wealth creation have developed, the same way of thinking might also be applied to policy-makers. At the very least, my study of George Osborne's time as UK Chancellor of the Exchequer reveals how consistently he adoped the mantle of hyper-masculinity in his approach to deficit reduction. It was an attitude to the task at hand I label 'machonomics'. This concept is designed to mean more than that the outcomes of his austerity programme disproportionately disadvantaged women. It also captures the type of policy-maker that Osborne tried so hard to convince others he was. This self-projection finds a parallel, I argue, in what the macroeconomic theory literature describes as the specifically 'conservative policy-maker', someone reputed for trusting his own judgement even in the face of widespread dissent against his anti-social policies. The conservative policy-maker exudes the hyper-masculinity that Osborne embodied in his refusal to voice opinions in public suggesting that there were viable alternatives to painful public expenditure cuts.
Whilst I was at the Conference, I also participated as one of the mentors in a 'speed mentoring' event run by the PSA's Early Career Network that covered all possible elements of academic career advice.
I spent March 22nd and 23rd 2017 at the London School of Economics, participating in a number of events.
(1) I delivered a paper to the International Political Economy and Public Policy Research Cluster that extends across the Department of Government, the European Institute and the Department of International Relations. It was called 'Crusoe, Friday and the Raced Market Frame of Orthodox Economics Pedagogy'.
(2) I held meetings with a number of Cluster PhD students housed in the Department of International Relations to talk to them about their ongoing research.
(3) I gave a talk to the Grimshaw Club Student Society, which is an affiliated society of the LSE Students Union. It was called 'Brexit and the Economically 'Left Behind''.
(4) I was one of four participants on the 1st Annual International Relations Roundtable in the Department of International Relations. The theme of the roundtable discussion was 'Restating the State of the Discipline'. My invitation came at the request of the International Political Economy and Public Policy Research Cluster.
In July 2016 I was invited to the Firesouls office in London by Dan Ebanks, the company's co-founder and CEO. Firesouls has built the Social Value Exchange, an e-auction that enables community groups to bid for resources that might have a transformative effect on the way in which life is lived locally. Dan recorded the conversation that we had about my project research, in the hope that my work on the market concept might serve as useful background information for what Firesouls is trying to do with its Social Value Exchange. The first part of that conversation was posted on the Firesouls blog site on March 7th 2017, with a further part to come.
On March 8th 2017 I delivered a paper to the General Departmental Seminar of the Department of Politics at Newcastle University. The paper was entitled, 'Decolonising Political Economy Concepts, Step One - 'The Market': Crusoe, Friday and the Raced Market Frame of Orthodox Economics Textbooks'.
Abstract: 'Crusoe' and 'Friday' signifiers necessarily evoke a world of racialised hierarchies. Economics textbooks are perhaps the sole remaining medium to simply wish away their resulting relations of power. These are the teaching aids that inspire students analytically to think of markets as pristine economic institutions and persuade them politically that they should want to will such institutions into being. Yet they all-too-often rely on the pedagogical device of the so-called Robinson Crusoe Economy, where the main characters from Defoe's most famous novel are required to instinctively recognise their equality within voluntary contracting agreements so that each can act as the neoclassical homo economicus. In other words, economists' Crusoe and Friday figures must behave antithetically to what has historically been implied by the 'Crusoe' and 'Friday' signifiers. But how can this be so, given how commonplace it was when Defoe's characters were first introduced into economic theory in the 1850s to justify white settler colonialism on the grounds that 'savage' societies lacked the capacity to be self-governing? The raced market frame that emerged in practice from this assumption continues to be reproduced uncritically today by Crusoe and Friday's presence in the textbook explanation of the most basic model of market exchange.
The International Studies Association Annual Convention took place in Baltimore, MA between February 22nd and 25th 2017. Unfortunately, I was ultimately unable to attend, but a condensed version of my paper was still read out by the panel's organiser, Lisa Tilley, in my absence. The panel was convened under the Raced Market initiative and my paper spoke to the content of my proposed contribution to the journal special issue that is currently being put together by the initiative's organisers. It was called 'Crusoe, Friday and the Raced Market Frame of Textbook Economics Pedagogy'. A full version of the text can be downloaded from this link.
Along with my Department's Widening Participation Officer, Shahnaz Akhter, I launched the Colonial Hangover project at a Schools Day event we ran for Year 12 students on January 17th 2017. The project will run for the whole year and will invite the participating students to reflect on the images of empire that they continue to find around them on a day-to-day basis. It picks up on an increasing sense that the British Empire might well have been formally disbanded, but that assumptions about empire continue to shape our everyday experiences. This has perhaps never been more amply demonstrated than in the vision of Britain's place in the world that animated the Leave campaign at the 2016 EU referendum and that now provides the dominant imagery for Theresa May's preferred account of what a post-Brexit Britain might look like.
Assisted by our undergraduate student research assistants Taznema Khatun and Jonas Eberhardt, we also put on a Colonial Hangover conference on June 30th 2017. This was designed to allow our schools competition winners to present their work - both essays and spoken word pieces - in an environment in which they could interact with our undergraduates and learn more about university life from the latter's presentations. It proved to be an exhilarating day in which all of the students took the opportunity to really talk about themselves, their experiences of the legacies of empire and what it means to live in a society that continues to be dominated by assumptions of white privilege. Recordings from the day will shortly be available.
On December 8th 2016 I delivered a guest lecture followed by a question and answer session to the Warwick Global Development Society. The topic of the talk was 'Adam Smith on Empire'.
On December 7th 2016 at the invitation of the C2G2 Centre I delivered a paper to the General Departmental Seminar of the Department of Politics and International Relations at the University of Southampton. The paper was entitled, 'The Politics of Silence in Liberal Economic Theory: What David Ricardo's Theory of Global Free Trade Still Does Not Tell Us 200 Years On'.
Abstract: David Ricardo’s theory of comparative advantage is now two centuries old, but it remains at the heart of economists’ theories of international trade. It also continues to provide the underlying economic ethics for liberal IPE. Ricardo’s numerical illustration of the mutually shared gains from specialisation and trade featured a productively superior hypothetical ‘Portugal’ and a productively inferior hypothetical ‘England’. Yet the historical back-story of actual eighteenth-century trading relations between the two countries reveals Portugal’s repeated struggles to meet its treaty obligations to the English in the context of the European struggle for empire. Those difficulties persisted even when it harnessed its (less profitable) commercial trade to (much more profitable) slave trading practices. Ricardo’s account of the purely market-based logic of comparative advantage writes out of economic history the centrality to the early English and Portuguese experience of ‘free’ trade of both imperial wars and African slavery. Given this historical back-story, the debates about international trade that will follow in the wake of both the Brexit vote and Trump’s victory are unlikely to ever tell the full story. There is a very good chance that they will continue to revolve around assertions and counter-assertions related to Ricardo’s original claims in favour of free trade. Equally they are also likely to remain silent on the historical experiences that Ricardo wished away in saying that England and Portugal would be best advised to continue their existing commercial relationships as a matter of pure economic logic. This paper will explore where those silences came from and also explain why they remain so important today.
On November 24th 2016 I gave a talk to a group of Year 12 schoolchildren entitled, 'The Price of Citizenship'. It focused on taxation, the way in which markets are currently being made to facilitate tax avoidance, and what the current political tendency to equate taxation with some sort of state-sanctioned theft of peronal money does to the ability to continue to fund public goods such as healthcare, education, environmental protection and pensions, access to which is traditionally seen as being part of the rights we hold as citizens.
On November 23rd and 24th 2016, along with my Department's Widening Participation Officer, Shahnaz Akhter, I gave a poster presentation on our Colonial Hangover project at the PAIS Impact Conference at the University of Warwick. The poster was seen by the eighty participants at the conference and by seventy Year 12 students visiting my Department on the second day of the conference for a Pathways to Politics Widening Participation Day. The students will be enrolled into our Colonial Hangover activities as the academic year progresses.
On October 5th 2016 I delivered a paper to the General Departmental Seminar of the Department of European and International Studies at King's College London. The paper was entitled, 'Market Models, Metamathematics and Economic Theory: How the Market Concept Came to Mean Politically Anything You Want It To'.
On October 29th 2016 I delivered a presentation to an Undergraduate IPE Masterclass in the Department of Political Science and International Studies at the University of Birmingham. I was joined at the Masterclass by Drs Sophie Harman and Megan Daigle. We were asked to talk to a recent paper that we had written, but less about its contents and more about the process through which we came to put the paper together in the first place. This was then to be used as guidance for the students as they work towards their own projects for the year. The paper I chose was from my Professorial Fellowship research and was entitled, 'Crusoe, Friday and the Raced Market Frame of Orthodox Economics Textbooks'. My presentation focused on why I have become so interested in understanding the silences that develop in economic theory when the market frame is taught through a basic model in which full contracting equality before the law is ascribed to Crusoe and Friday. The reality of Defoe's original novel was very different, and everywhere other than in economics textbooks the 'Crusoe' and 'Friday' signifiers continue to evoke the racialised hierarchy through which the novel's characters capture the essence of the early eighteenth-century colonial economy.
The audio recording of the whole session is available here. My presentation starts 14 minutes into the recording and ends at 26 minutes.
This is the second of the two-part blog post that OUP published on its website on October 6th 2016 to accompany the release of the seventh edition of Baylis, Smith and Owens's The Globalization of World Politics. It is entitled, 'Brexit and Article 50 Negotiations: Why the Smart Money Might be on No Deal'.
In August 2016 I was invited by Oxford University Press to do some filming for their website, answering questions on Brexit. This was to help them in their advertising for the seventh edition of Baylis, Smith and Owens's The Globalization of World Politics, to which I am a contributing author for the chapter on Global Trade and Global Finance. These are two dimensions of the modern-day phenomenon of economic globalisation that will definitely be impacted on by the UK's decision to withdraw from the European Union.
As a follow-up to my afternoon filming, I was then asked to write two blog posts for the OUP website. The first was published on September 25th 2016, and is called, 'Brexit and Article 50 Negotiations: What it would take to strike a deal'. This post, along with the accompanying film, can be found via the following link.
On July 23rd 2016 I participated in a roundtable discussion about photographic art and everyday experiences of the British Empire. This was as part of the Colonial Hangover project that I have been running for my Department's Widening Participation Programme. My talk was entitled, 'Photographs, Family Histories and the Colonial Hangover', and I appeared alongside Jason Scott Tilley and Tarla Patel. The event took place at the Belgrade Theatre in Coventry and was an element of the 2016 Coventry Mela, a celebration of South Asian arts and culture within the city.
On July 4th 2016 I acted alongside Colin Hay as one of the two discussants on the panel at the SPERI Conference in Sheffield entitled, 'Exploring Alternative Growth Models'. The two papers being discussed were written by David Coates, Wake Forest University ('Riding the Tiger: Towards a New Growth Strategy for the Political Left') and Terence Casey, Rose Hulman Institute of Technology ('Rupture or Reform? In Defense of Neoliberalism').
On June 29th 2016 I gave a talk to supplement citizenship training to both Year 9s and Year 12s at Rainhill High School in Prescot, Merseyside. The talk was entitled, 'Paying for the State: Taxation and Citizenship'.
I also participated alongside my departmental colleagues Trevor McCrisken and Shahnaz Akhter on a post-EU referendum Question Time-style roundtable discussion.
On June 23rd 2016 I delivered a paper to the Work-in-Progress Workshop held at the University of Birmingham. The paper is entitled, 'The Changing Look of the Market Model in Mainstream Economics: Gérard Debreu and the Influence of the Hilbert Programme'. A copy of the paper, preliminary though it remains, can be downloaded here.
I also acted as discussant at the same event to two further papers: Huw Macartney, 'The Culture of US Banking: Legitimacy, Inequality, and the Rule of the Market'; and David Bailey, 'Challenging the Age of Austerity: Disruptive Agency after the Global Economic Crisis'.
Fools' Gold Blog Post on Friedrich List's Role in the Pre-History of Modern-Day Competitiveness Thinking
Friedrich List never once mentioned competitiveness directly by name, but he nonetheless remains an important figure in the pre-history of the Competitiveness Agenda. It would be impossible to present a comprehensive account of the rhetorical structure underpinning that agenda without at least some discussion of his National System of Political Economy. It was List who first made the case in the 1840s for collective national sacrifice in the interests of stronger future macroeconomic performance. There is no plausible philosophical mechanism in his work to explain why people should agree to the privations following from this sacrifice, in much the same way that no plausible philosophical mechanism operates in the modern-day Competitiveness Agenda to explain why the population should remain passive in the face of a race to the bottom. His argument for choosing national economic champions in the name of future society-wide enrichment therefore looks like an unsubstantiated assertion, and the same surely also applies to the Competitiveness Agenda.
On March 22nd 2016 I was the academic lead on a Schools Day event, joining together with my Department's Widening Participation team to put on a series of sessions around the theme of the Colonial Hangover. Students were asked to reflect on the ways in which the legacies of the British Empire continue to reverberate down the generations and lead to particular perspectives being taken on the issue of racial politics today.
A film of the opening lecture I delivered can be found here: https://www.bing.com/videos/search?q=youtube+matthew+warwick+colonial+hangover&view=detail&mid=99B586FCAE014EACB7C599B586FCAE014EACB7C5&FORM=VIRE.
For the second year running I organised a whole day's event to allow the China Plate Theatre Company's artists-in-residence at Warwick Arts Centre to engage with the academic research of my colleagues in the Department of Politics and International Studies. The artists were at Warwick for intensive meetings for the whole of the week beginning 14.03.16 in the hope that discussions with academics might lead to the spark for their next major project.
In March 2016 I hosted a week-long visit to my Department from Abbi Greenland and Helen Goalen, the founder members of the Rashdash Theatre Company (http://www.rashdash.co.uk/). They were at Warwick to attend meetings that I had put together with a number of my colleagues as a fact-finding mission for one of their future shows. It will have the wonderful title of 'Capitalism: The Musical'.
I chaired and was involved in a roundtable discussion between colleagues in my Department and various anti-austerity activists and campaigners from the Coventry and Warwickshire region. The event took place in the Coventry Central Methodist Hall on March 3rd 2016.
An audio recording of all the speakers can be found at http://www2.warwick.ac.uk/fac/soc/pais/research/impact/events/austeritybritain/.
There are many instances in the history of economic thought where economists did not use what today has become the concept of ‘national competitiveness’ but nonetheless wrote about things that look eerily familiar when viewed through the lens of the modern-day Competitiveness Agenda. Veblen’s 1904 Theory of Business Enterprise contains many important passages of this nature. Business leaders, he noted, had become remarkably successful at presenting themselves as the selfless foot soldiers in a national struggle for international economic pre-eminence. Yet for Veblen this was all a carefully constructed smokescreen. They could hardly be seen as guardians of the national interest, he argued, because they enacted significant damage on the economy’s social provisioning capacity in the self-serving desire to protect the social inequalities from which they benefited so handsomely.
On December 10th 2015 I delivered a paper to the Raced Markets Workshop held at the University of Warwick, as part of a 'Key Conversations' session with Professor John Holmwood from the School of Sociology and Social Policy at the University of Nottingham. The paper is entitled, 'Robinson Crusoe and the Raced Market Frame of Orthodox Economics Textbooks', and it is available from me on request. Here is the abstract. A recording of the session was also made and can be accessed here: https://racedmarkets.wordpress.com/2016/01/20/thinking-race-through-economics-a-conversation-between-robbie-shilliam-matthew-watson-and-john-holmwood/.
"The signifiers ‘Crusoe’ and ‘Friday’ necessarily evoke a world of racial oppression and domination, one where the economic success of the white colonist depends wholly on the forced servitude of the ‘native’ population. Economics textbooks are perhaps the sole remaining medium in which the relations of power that exist between the two men are simply wished away. Economists appeal to the so-called Robinson Crusoe Economy to teach students basic conceptualisation techniques suitable for learning their subject field’s prevailing market models. Their Crusoe and Friday figures have none of the colonial history that Defoe imposed upon the original characters. Consequently, they are also not susceptible to the systematic deconstruction of racial hierarchies that marks the later tradition of postcolonial Robinsonades. The economics textbook writers populate their desert islands with a Crusoe and a Friday who instinctively recognise their equality under contract law and who therefore engage in entirely voluntary market exchange. Yet in acting against everything that is implied by the ‘Crusoe’ and ‘Friday’ signifiers they do nothing to erase the racial hierarchies into which they are locked. Indeed, the whole point of writing the current paper is to think through the alternative possibility that they simply serve to reinforce them. There is an important substantive link between economists’ market models and the market institutions that are created to regulate everyday economic behaviour. Therefore, if market models do indeed reproduce the signifiers ‘Crusoe’ and ‘Friday’, the possibility exists that market institutions are similarly raced even before any conscious agency is attempted within them."
On November 23rd 2015 I delivered a paper to the General Departmental Seminar of the Department of Social Sciences at Oxford Brookes University. The paper is entitled, 'Exploring Ricardo's Silences: Re-Historicising the Theory of Comparative Advantage', and it is available from me on request. Here is the abstract.
"According to David Ricardo’s theory of comparative advantage, all countries stand to gain if they trade freely their surplus stock having first specialised production along the lines of relative opportunity costs. This basic insight is now two centuries old, but it remains at the heart of economists’ theories of international trade, and it also continues to provide the underlying economic ethics for liberal IPE. Any numerical example attributing any level of relative labour efficiency to any two countries across any two goods provides a simple system of equations that will demonstrate how specialisation and trade increases total world production. Ricardo’s own numbers showed a productively superior hypothetical ‘Portugal’ and a productively inferior hypothetical ‘England’ share the gains from free trade. This article, however, reinserts the historical back-story of actual eighteenth-century trading relations between the real Portugal and England that Ricardo silenced through omission. It is a highly illiberal tale of gunboats, royal intrigue and personal subjugation. Ricardo’s account of the purely market-based logic of comparative advantage writes out of economic history the centrality of both imperial wars and African slavery to the early English and Portuguese experience of ‘free’ trade. Given this historical back-story, liberal IPE thus appears to be in urgent need of new normative foundations."
On November 10th 2015 the Naked Capitalism website published an update of my earlier Fools' Gold blog post exploring the relationship between the contemporary competitiveness agenda and the growth profile of the national economy. Once again the emphasis of the argument is on labour, more particularly how full-scale submission to the competitiveness agenda impacts on labour in ways that undermine both the demand-side and supply-side dynamics of growth.
On October 29th 2015 I delivered a presentation to an Undergraduate IPE Masterclass in the Department of Political Science and International Studies at the University of Birmingham. I was joined at the Masterclass by Adrienne Roberts from the University of Manchester and Liam Stanley from the University of Sheffield. The topic we were asked to address was 'How To Do Research in IPE', and I illustrated my arguments via an ongoing paper that seeks to put the historical back-story of gunboats, royal intrigue, European imperial wars and the transtalantic slave trade back into David Ricardo's theory of comparative advantage.
The session was filmed by technicians at the University of Birmingham, and the recording can be viewed here: https://bham.cloud.panopto.eu/Panopto/Pages/Viewer.aspx?id=c4848b2b-8b04-4a19-9e9b-4110c446cd03. Huw Macartney from Birmingham introduces the Masterclass from the start of the recording until 02:15, and I then speak from that point until 15:30.
The purveyors of the modern-day Competitiveness Agenda exhibit pronounced Panglossian tendencies. They see only positive things for everyone if their advice is followed. A ‘competitive’ economy will boast high levels of growth, they say, and the whole of society will benefit when the trickle-down effects impact on their lives. However, this Panglossian scenario elevates optimism over evidence. The modern-day Competitiveness Agenda can be turned on its head in the interests of a more progressive social settlement by exploring its fundamental anti-growth dynamics.
The Nobel Prize winning economist George Stigler wrote a famous intellectual history of the concept of perfect competition in the late 1950s. The article has subsequently attained canonical status among orthodox economists. It does not mention the contemporary notion of competitiveness once, but it is nonetheless full of important implications for those who wish to question the intellectual authority of the modern-day competitiveness agenda. In particular, Stigler is forced to admit that there is no purely economic basis for supporting the idea of a perfectly competitive economy. His argument that there are still good grounds for keeping up this pretence boil down to straightforwardly political beliefs for wanting to keep the government out of economic life. Despite what can be shown to be their important differences, this is one thing that the theory of perfect competition and the modern-day competitiveness agenda have in common. Both are typically dressed in apparently economic clothes, but each in its own way must be understood as a purely political intervention into public affairs.
Fools' Gold Blog Post on Milton Friedman's Grand Denial of the Social Responsibility of Corporations
The legendary Chicago economist, Milton Friedman, was not somebody to do anything by halves. Where others before him had shied away from even thinking aloud about the limits of firms’ responsibilities to those around them, Friedman waded into the debate with both feet. Corporations can serve society best, he stated, by cutting their costs to the bone and accordingly by making as much profit as possible. This argument did not reference competitiveness directly in its original articulation, but it acts as an important forerunner of modern-day competitiveness discourse. Corporations that deny their broader social responsibilities, Friedman argued, set themselves on the road to a truly competitive zero rate of taxation.
Paul Samuelson pioneered the mathematical models of maximisation that today form a central part of the economics of competitiveness. It is significant, then, that the pioneer himself deployed his method of difference equations to come to a conclusion that is wholly opposed to modern-day competitiveness mantra. This post brings Samuelson’s argument to a wider audience as it traces the intellectual underpinnings of contemporary competitiveness discourse. It reviews his defence of collective provision of the public goods that enhance individual welfare and his view that the funding of public goods should be protected from race-to-the-bottom dynamics.
David Ricardo’s status as the first really famous economist of the nineteenth century rests on two capacities: his ability to think in pure economic abstractions and his ability to harness economic theory to a liberal political worldview. They came together most famously in his theory of comparative advantage, through which countries are encouraged to specialise in producing the goods in which their workers are relatively most efficient. Despite being two hundred years old, Ricardo’s theory is still the mainstay of the orthodox economics justification of free trade and, at one stage removed, of modern-day competitiveness discourse too. This post looks behind the façade of the numbers that Ricardo used to illustrate his theory of comparative advantage, to show that they were anything but an innocent account of essential economic relationships. It therefore helps to place modern-day competitiveness discourse in a far from flattering intellectual light.
SPERI Comment Blog Post on 'Osbornomics' and the Death of Benign Government
Osborne’s plan to bind all future British Chancellors of the Exchequer to produce annual budget surpluses is not driven by economic logic, but is intended to reshape the meaning of government. It is an attempt to create a fiscal environment antithetical to the very notion of a benign government with the aspiration of compensating people for life's misfortunes.
On June 26th 2015 I was one of the participants on the closing roundtable of the Tax Justice Network's Annual Research Conference, 'Should Nation States Compete?'. The roundtable was entitled, 'The Competitiveness Conundrum', and the other participants were Will Davies (Goldsmith's University, London), Ronen Palan (City University, London) and Naomi Fowler (Tax Justice Network).
On June 25th 2015 I presented a paper at the Tax Justice Network Annual Research Workshop, 'Should Nation States Compete?'. The paper was entitled, 'Following in John Methuen's Early Eighteenth-Century Footsteps: Ricardo's Comparative Advantage Theory and the False Foundations of the Competitiveness of Nations'.
A copy of the paper can be downloaded by clicking here.
I was one of what the Guardian described in its front-page report on June 13th 2015 as "77 of the best-known academic economists" to sign a letter criticising UK Chancellor of the Exchequer George Osborne's plans to enshrine in law permanent budget surpluses. The letter accuses Osborne of ignoring "basic economics".
It can be found here: http://www.theguardian.com/politics/2015/jun/12/osborne-plan-has-no-basis-in-economics.
On June 4th 2015 I presented a paper at the IPE Cluster Seminar Series at the University of Warwick. The paper was entitled, 'Trapped in Other People's Histories: IPE and the Austro-German Methodenstreit'.
On May 13th 2015 I delivered the opening keynote address to the public roundtable which started the three-day New Directions in International Political Economy Conference at the University of Warwick. The conference was organised as part of the University's Festival of Social Sciences being held to celebrate its 50th Anniversary. The title of my talk was, 'Beware of Qualifying Adjectives’.
A video of the whole of the roundtable event can be found here:
On May 12th 2015 I appeared on the PAIS Post-Election Roundtable in my Department. This event was run as part of the Festival of Social Sciences held to celebrate the University's 50th Anniversary. I was invited to speak about the economic and welfare dimensions of the General Election campaign and the economic and welfare implications of the result. I was on the panel alongside my professorial colleagues Wyn Grant, Mike Smith, Richard Aldrich and Shirin Rai.
On May 6th 2015 I participated as one of the panel members for the after-show discussion held by the Dumbshow Theatre Group following a performance of their new play, ‘Electric Dreams’, at the Camden People's Theatre, London. This was a play that took shape during a two-week residency at the University of Warwick in January 2015 and for which I was able to offer advice on the political content of the script. I appeared on the after-show discussion panel alongside Michael Bryher (Director/Actor/Writer, Dumbshow), Nicola Cutcher (Actor/Writer, Dumbshow) and Ryan Shorthouse (Chief Executive, Bright Blue Think Tank).
The transcript of that discussion can be found here: http://electricdreamsdumbshow.tumblr.com/post/125174653356/post-show-talk-at-camden-peoples-theatre-on-the.
IPE PhD Student Reading Group on Adam Smith
On April 30th 2015 I attended and helped to lead a reading group discussion on Adam Smith's Theory of Moral Sentiments. This was for my Department's IPE PhD students, assisting them in their efforts to become more deeply acquainted with Smith's account of the process for delivering moral judgement and how this might be understood in the context of both the nascent commercial society of his day and the market society of our own.
On April 29th 2015 I delivered a teaching session to members of Liverpool Football Club's Academy. The men's under-18 team was visiting Warwick for two days, and this was part of my Department's attempts to show them how studying politics at university might run in parallel with trying to build their football careers. My session was entitled, 'Market Ethics and the Ability to Pay Principle'.
Fools' Gold Blog Post on Adam Smith's Critique of the British East India Company's Competitiveness Strategy
Adam Smith was an arch-critic of the regime-hopping strategies of the exclusive stockholding corporations, the forerunners of today’s multinational corporations. The British East India Company, having been granted a Royal Charter in 1600, was supposed to be acting on behalf of the sovereign to meet the country’s commercial objectives. The free hand given to the Company would presumably be couched, in modern parlance, as a ‘competitive’ strategy for Britain. Here, though, I show how rude Smith was about these corporations’ strategies in the latest in the Fools' Gold series exploring the intellectual history of the modern ways that people talk about the ‘competitiveness’ of national economies.
Re-posted on April 30th 2015 on the Tax Justice Network website.
On September 28th 2014 I delivered an invited talk to District 1210 Annual Conference of the Rotary Club of Great Britain and Ireland. The Conference was held at Venue Cymru in Llandudno. My talk was entitled, 'Fair Trade and the Possibilities for a Better World'.
On June 16th 2014 I presented a paper at the Inaugural History and Theory Workshop at the London School of Economics. The paper was entitled, 'The Misreadings of Conceptual History within IPE'.
On May 21st 2014 I presented a paper at the PAIS General Departmental Seminar at the University of Warwick. The paper was entitled, 'Uneconomic Economics and the Crisis of the Model World'.
I presented a paper at the British International Studies Association Conference in Dublin on June 20th 2014. The paper is entitled, 'How Not to Rethink Economy: The Rehabilitation of Orthodox Economics Opinion in the Wake of the Financial Crisis'.
Competitiveness discourse so clearly relates to the economy that it must have its roots in economic theory, wouldn’t you think? In the first of a series of pieces exploring the history of competitiveness thinking for the Fools' Gold Blog hosted by the Tax Justice Network, I suggest that things are much more complicated in this regard than they might at first appear. The origins of the modern competitiveness discourse are traced to Frank Knight's account of homo economicus which was designed specifically to fit developments in American neoclassical economics in the second quarter of the twentieth century. Nothing resembling competitiveness discourse had entered economics before then, and the structure of competitiveness discourse today continues to resemble what was created for that particular episode in the history of economic thought.
Even though 'Victorian values' have become bywords for reactionary social policy, the 1866 budget shows that today's Conservative Party fares badly by comparison. Watch out for what lies underneath Osborne and Cameron's claims that eliminating the deficit is a matter of inter-generational justice.
'What Has to be Civilized?', in Colin Hay and Anthony Payne (eds) (2015) Civic Capitalism, Cambridge: Polity Press, pp. 109-116.
Pre-print version available here.
Business executives will continue to tell us how to cast our votes in May’s UK General Election. But, before being persuaded, check the evidence on both sides of the argument.
Re-posted on March 27th 2015 on the Tax Justice Network's Fools' Gold blog: http://foolsgold.international/stefano-pessina-and-the-two-sides-of-speaking-up-for-business/.
On Feburary 26th 2015 and on March 6th 2015 I delivered teaching sessions to different groups of secondary schoolchildren who were visiting Warwick as part of my Department's Pathways to Politics events. The session was entitled, 'Food Justice and Market Ethics'. A similarly themed session, this time called, 'Access to Food and the Market Ethic of Ability-to-Pay', was delivered to the University of Warwick Faculty of Social Sciences Widening Participation Summer School on July 7th 2015.
On February 25th 2015 I presented a paper at the SPERI Seminar Series at the University of Sheffield. The paper was entitled, 'Deep History of Economic Thought as a Methodology of 'Unlearning': Liberating IPE from the Textbook Account of the Methodenstreit'.
On January 29th 2015 I participated on the roundtable on the Ethics of Food Trade organised by Warwick University Food Co-op as part of the Warwick Hub Discussion Series. My contribution was entitled, 'Market Ethics in Food Trade: Consumer Rights, the Ability to Pay and Convenience Shopping for Ethics'.
Politics Reconsidered Blog Post on the Self-Satirising Attitudes of Conservative Politicians towards Food Bank Use
Baroness Jenkin's recent claim that the use of food banks in Britain can be explained by poor people not knowing how to cook in an economising way almost exactly replicates the plot of a Guardian microplay in which a politician undertakes a 'Ready, Steady, Cook' challenge in an attempt to show that everyone is able to make ends meet if they are sufficiently resourceful.
On December 10th 2014 I delivered a paper to the General Departmental Seminar of the Organisation and Management Group, Liverpool Business School, University of Liverpool. The paper is entitled, 'Back to Where It All Began? Adam Smith's Theory of Moral Sentiments and the Market Coordination Problem'.
This is a link to the recording of a paper I delivered to an undergraduate masterclass delivered to International Political Economy students in the Department of Political Science and International Studies at the University of Birmingham on December 5th 2014. The presentation is entitled, 'How I Came to IPE and Where I Think It Should Go'.
Recent research from the UK suggests that such policies constitute hand-outs, rather than effective means to shape firms’ investment decisions.
Re-posted on March 12th 2015 on the Tax Justice Network's Fools' Gold blog: http://foolsgold.international/the-false-promise-of-corporation-tax-cuts/.
The recent appearance of food bank donation boxes in UK supermarkets raises a series of ethical questions about the commodification of convenience in the sphere of charitable giving.
This is a link to a recording of the paper I delivered to the London Political Philosophy Club at St James's Church, Piccadilly on September 30th 2014. The paper is entitled, 'Markets, Markets Everywhere, But Not As You Might Think'.
This is a piece that was recorded and written up by the University of Warwick's Knowledge Centre as part of their 'Game Changer' series. In it, academics from around the institution are able to nominate a book that transformed the way in which discussions were able to take place in their part of the subject field. Along with my colleagues Christopher Holmes and Ben Clift, I chose to talk about Karl Polanyi's Great Transformation. 2014 marks the 70th anniversary of the publication of the first edition of that book, and it continues to inspire academics and students alike - in the words of my project - to rethink the market.
In Fear of Flash Crashes: Stock Market Wobbles Past and Present
The new era of high-frequency trading threatens future prosperity.
Posted on 19.06.14 at http://speri.dept.shef.ac.uk/2014/06/19/fear-flash-crashes-stock-market-wobbles-present/.
This is a link to a recording of the paper I delivered to the workshop, 'Neoliberalism, Fraud and Moral Economy', held at the University of Leeds on May 2nd 2014. The paper is entitled, 'The Expulsion of Moral Economy from Economics Proper: 'Economy' as Set of Practices Versus 'Economy' as Logic of Order'.
John Redwood recently took the politics of expansionary austerity to new heights of unbelievability when strategically misunderstanding why the reduction in the UK's top rate of tax from 50% to 45% coincided in its first year with increased overall tax revenues.
Re-posted on April 17th 2015 on the Tax Justice Network's Fools' Gold blog: http://foolsgold.international/competitiveness-myths-and-expansionary-austerity/.
This is a link to a recording of the paper I delivered at the Political Studies Association Annual Conference in Manchester on April 16th 2014. The paper is entitled, 'The World According to the Efficient Markets Hypothesis: Radically Conservative, Socially Empty, Financially Unstable'.
This article, entitled 'Widening access to university entrenches social class attitudes to student debt', was published in The Conversation on March 27th 2014 to coincide with the release of new data by the Higher Education Statistics Agency. It explores the relationship between higher education marketisation at the level of university income and attempts to enhance access to degree programmes for students from disadvantaged backgrounds. I argue that the current policy is inattentive to class differences in attitudes to holding debt and therefore has hidden costs that operate against the stated objectives of policy.
This is a link to a recording of the keynote address I delivered at Hendon Town Hall on February 14th 2014 to the University of Middlesex Workshop, 'Education Meets Neoliberalism and the Political Economy of Precarity'. I spoke to a paper entitled, 'Taking the Classroom Into the Community'.
A video recording of the first half of my talk is also availble at https://www.youtube.com/watch?v=UOz-UzY9aA0. I start at around 1:28 minute and finish at around 15:51 minutes.
Those nice people at Amazon have created a virtual market that allows us to avoid all the pushing and shoving, all the claustrophobic crowds, all the ritualised elements of having to run with the retail mob. But what does it all mean for their employees?
This is a link to a recording of the lecture I delivered to the International Institute for Social Studies in The Hague on February 6th 2014 in the series 'Crises, Continuity and Change'. I spoke to a paper entitled, 'Schumpeterian Visions, Schumpeterian Ideologies: Countervailing Influences to Crises of Economic Thought'.
The Nobel Prize and the Reproduction of Economics Orthodoxy
This year's economics laureates reflect the narrow purview of the prize and the entrenchment of familiar but limited ways of thinking about economic life.
Posted on 30.10.13 at http://speri.dept.shef.ac.uk/2013/10/30/nobel-prize-reproduction-economics-orthodoxy/.
Challenging the Economics Curriculum: The Quiet Revolution in Community Education
The advent of new community education programmes helping people to understand more about current economic matters is in direct contrast to the often esoteric qualities of the university economics curriculum.