The New Political Economy of the Macroprudential Ideational Shift

From late 2008 onwards, in the space of six months, international financial regulatory networks centred around the Swiss city of Basel presided over a startlingly rapid ideational shift, the significance and importance of which remains to be deciphered. From being relatively unpopular and very much on the sidelines, the idea of macroprudential regulation (MPR) moved to the centre of the policy agenda and came to represent a new Basel consensus, as the principal interpretative frame, for financial technocrats and regulators seeking to diagnose and understand the financial crisis and to advance institutional blueprints for regulatory reform. This article sets out to explain how and why that ideational shift occurred. It identifies four scoping conditions of presence, position, promotion, and plausibility, that account for the successful rise to prominence of macroprudential ideas through an insiders' coup d'état. The final section of the article argues that this macroprudential shift is an example of a ‘gestalt flip’ or third order change in Peter Hall's terms, but it is not yet a paradigm shift, because the development of first order policy settings and second order policy instruments is still ongoing, giving the macroprudential ideational shift a highly contested and contingent character.

Knowledge as Power, Knowledge as Capital: A Political Economy Critique of Modern 'Academic Capitalism'

We are constantly reminded that we live in a 'knowledge society, and indeed that with a 'knowledge economy' a nation's international competiveness is directly linked to its ability to innovate, out-compete and successfully commercialise knowledge. INcreasingly, research within universities is being directed, incetivized and ultimately disciplined towards clear 'economic' priorities. This article offers a critical analysis - employing a broad political economy approach - of the ways in which research within universities and other places of higher learning has become increasingly orientated towards a narrow set of economic goals.

Trades Unions and the Transition away from 'actually existing unsustainability':From economic crisis to a new political economy beyond growth

Traditionally trades unions have accepted and promoted orthodox economic growth as a policy imperative. In recent years there has been a noticeable ‘greening’ of trade unions in relation to initiatives such as the ‘Green new deal’ and the creation of ‘green collar’ employment and the focus on a ‘just transition’ to a low carbon economy. Yet given the growing evidence of the negative impacts of economic growth in terms of environmental, resource and pollution impacts as well as the inability of economic growth to tackle (as opposed to managed) socio-economic inequality, it is timely to review the case for trades unions to fundamentally rethink the commitment to orthodox economic growth. That is, for trades unions to consider going beyond their current ‘green/sustainability’ strategies to consider more radical ‘post-growth’ policy positions. This chapter will explore some of the dimensions of a ‘post-growth’ trade union agenda by considering the evidence for going beyond growth from within the trade union movement (specifically looking at the International Labor Organization’s 2004 report on Economic Security, to internal union discussions around trades unionism and climate change) and external evidence ranging from Wilkinson and Pickett’s The Spirit Level (which suggests amongst other things that in the developed world what is needed is not economic growth but greater redistribution and lowering inequality – issues also of traditional interest to the Trades Union movement) to Tim Jackson’s Prosperity without Growth (which suggests that economic growth is ecologically unsustainable as well having passed a threshold beyond which it is contributing to human well-being in the developed world). As well as discussing the relationship between trades unionism and what may be called ‘green political economy’ (such as the ‘degrowth’ and ‘limits to growth’ perspectives) this chapter will also discuss the practical/policy implications of this ‘post-growth’ perspective in relation to trades unionism’s analysis of capitalism and its transformation in the context of a climate changed, carbon constrained world, including implications for ideas such as basic income, a shorter working week and what a trades unionism focused on how to achieve high quality of life within a low carbon context might look like.

The Terror that Underpins the “Peace”: The Political Economy of Colombia's Paramilitary Demobilization Process

Studies on terrorism have traditionally focused on non-state actors who direct violence against liberal states. These studies also tend to focus on political motivations and, therefore, have neglected the economic functions of terrorism. This article challenges the divorce of the political and economic spheres by highlighting how states can use terrorism to realise interconnected political and economic goals. To demonstrate this, we take the case of the paramilitary demobilisation process in Colombia and show how it relates to the US-Colombian free trade agreement. We argue that the demobilisation process fulfils a dual role. First, the process aims to improve the image of the Colombian government required to pass the controversial free trade agreement through US Congress to protect large amounts of US investment in the country. Second, the demobilisation process serves to mask clear continuities in paramilitary terror that serve mutually supportive political and economic functions for US investment in Colombia.

Famine and land in Ireland and India 1845-1880: James Caird and the political economy of hunger

The perception of Ireland and India as ‘zones of famine’ led many nineteenth-century observers to draw analogies between these two troublesome parts of the British empire. This article investigates this parallel through the career of James Caird (1816–92), and specifically his interventions in the latter stages of both the Great Irish Famine of 1845–50, and the Indian famines of 1876–9. Caird is best remembered as the joint author of the controversial dissenting minute in the Indian famine commission report of 1880; this article locates the roots of his stance in his previous engagements with Irish policy. Caird's interventions are used to track the trajectory of an evolving ‘Peelite’ position on famine relief, agricultural reconstruction, and land reform between the 1840s and 1880s. Despite some divergences, strong continuities exist between the two interventions – not least concern for the promotion of agricultural entrepreneurship, for actively assisting economic development in ‘backward’ economies, and an acknowledgement of state responsibility for preserving life as an end in itself. Above all in both cases it involved a critique of a laissez-faire dogmatism – whether manifest in the ‘Trevelyanism’ of 1846–50 or the Lytton–Temple system of 1876–9.