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Capitalism in Transformation

Movements and Countermovements in the 21st Century

Edited by Roland Atzmüller, Brigitte Aulenbacher, Ulrich Brand, Fabienne Décieux, Karin Fischer and Birgit Sauer

Presenting a profound and far-reaching analysis of economic, ecological, social, cultural and political developments of contemporary capitalism, this book draws on the work of Karl Polanyi, and re-reads it for our times. The renowned authors offer key insights to current changes in the relations between the economy, politics and society, and their ecological and social effects.
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Global Political Economy

Beyond the Nation State

David Reisman

Economics is business and politics is power. In this insightful book, David Reisman explores the interaction between authority and exchange in a global village where individual nation states – once the pinnacle of political organization – increasingly depend on each other for their material well-being.
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Edited by Nikolaos Karagiannis and John E. King

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A Modern Guide to State Intervention

Economic Policies for Growth and Sustainability

Edited by Nikolaos Karagiannis and John E. King

A Modern Guide to State Intervention investigates the impact of the changing role of the state, offering an alternative political economy for the third decade of the twenty-first century. Building on important factors including history, the role of institutions, society and economic structures, this Modern Guide considers economic and administrative interventions towards changing the destabilized status quo of modern societies.
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Wil Hout and M. A.M. Salih

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A Political Economy of African Regionalisms

An Overview of Asymmetrical Development

Wil Hout and M. A.M. Salih

This book analyses the main factors influencing the political economy of Africa’s asymmetrical regionalism, focusing on regional and sub-regional trade, investment, movement of people, goods and services. It pays particular attention to the way in which regional and sub-regional dynamics are impacted by extra-regional relations, such with the EU, US, China and India. Because African regionalism is influenced not only by economic processes, peace and security are also analysed as important factors shaping both regional and sub-regional relations and dynamics.
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Trent J. MacDonald

Much has been said about the vices and virtues of democracy. Democracy, said Benjamin Franklin, is two wolves and a sheep voting on what to have for dinner. Lord Acton warned that democracy is susceptible to a ‘tyranny of the majority’. Winston Churchill told us that democracy is actually the worst form of government . . . except for every other form that has been tried. Not without irony, he also said that the best argument against democracy is a five-minute conversation with the average voter. H. L. Mencken described democracy as the theory that people know what they want, and deserve to get it good and hard. These quotes speak to the majoritarian dimension of democracy and the reality that even in the best-of-functioning systems 49 per cent of the people can remain unhappy. To be sure, in most modern democracies even a less-than-majority popular vote can carry an election, due to the peculiarities of electoral systems.5 Democracy, in other words, is a system to ensure that some people get what they want; it is not a system to allow everyone to do so.

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Trent J. MacDonald

The non-territorial governance concept resembles closely the political philosophy of panarchism—a specific form of governance (i.e. ‘-archy’) that encompasses all others (i.e. ‘pan-’). The central idea is that individuals should have maximum freedom to join and leave the jurisdiction of any government they choose, without having to change their current location. The classical foundations of panarchism were laid more than a century and a half ago, but underwent a long dormant period until something of a contemporary revival of panarchist political theory and philosophy in the late twentieth century and today (Tucker & de Bellis 2015): Panarchy (pan-archy: many chiefs; multi-government) is a system of competing, co-existing governments which conduct their operations within the same geographical territories without making any claims to those territories, and whose only powers derive from the consent of those they govern, i.e., those who voluntarily agree to submit to a particular government. These voluntary governments are constituted and operate on the basis of contractual personal law rather than the coercive territorial law of the Nation-State. (Taylor 1989)

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Trent J. MacDonald

Territorial political organisation forms the backbone of western liberal democracies. However, political economists are increasingly aware of how this form of government neglects the preferences of citizens, resulting in dramatic conflicts. The Political Economy of Non-Territorial Exit explores the theoretical possibility of ‘unbundling’ government functions and decentralising territorial governance.
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Trent J. MacDonald

This chapter proposes an extension of the Coase theorem to the problems of political conflict and jurisdictional change. Most political interpretations of the Coase theorem take as given a prevailing political-jurisdictional system and describe Coasean bargains within it; for instance, how post-vote trades improve efficiency or otherwise, given transaction costs and institutional rule-constraints (Parisi 1997; Klick & Parisi 2003; Luppi & Parisi 2012). But seldom do they take a wider lens to the problem; to how an encompassing political-jurisdictional system is itself an assignment of ‘property rights in franchise’ (Buchanan 1973; 1975b), and to how the transformation of this very system can be evaluated in light of the Coase theorem. Given this, should there likewise be such a thing as the ‘jurisdictional Coase theorem’? If political exploits serve to reallocate property rights within the boundaries of a state then perhaps we can trace the Coase-theoretic reallocative consequences of changes across jurisdictional boundaries too. Coase—channelling Stigler—claimed that his theorem’s ‘logic cannot be questioned, only its domain’ (1992: 717). It is my purpose to consider whether its domain extends to political and jurisdictional change. This chapter argues that changes in political jurisdictions (territorial or nonterritorial) as well as the policies enacted within them (productive or redistributive) operate to reallocate property rights. And moreover, these processes are focused on internalisation of externalities while being beset by transaction costs and are therefore episodes of Coasean exchange.