scholarly journals Keynes and the historical specificity of institutions: a response to Rod O'Donnell

2019 ◽  
Vol 15 (4) ◽  
pp. 733-740 ◽  
Author(s):  
Geoffrey M. Hodgson

AbstractThis is a response to the criticism by Rod O'Donnell of the account of Keynes’ notion of a general theory in the book How Economics Forgot History (Hodgson, 2001). Several points of full agreement are noted, including the fact that Keynes’ work contains much discussion of historically specific institutions, including the financial and market institutions of modern capitalism. But it is argued here that even copious discussion of historically specific institutions is insufficient to indicate an adequate understanding or conceptual appreciation of historical periodisation or evolution, as developed in various ways by Karl Marx, the German historical school and the original American institutionalists. Keynes’ General Theory is best understood as a theory of modern capitalism. But Keynes did not have sufficient acquaintance with these historically oriented schools of thought to even define the concept of capitalism, or to make that specific historical association clear.

2019 ◽  
Vol 15 (4) ◽  
pp. 715-731
Author(s):  
Rod O'Donnell

AbstractIn relation to Keynes's thought on general theorising, consumption theory and institutions, this paper closely examines Geoff Hodgson's views as set out in his magisterial work, How Economics Forgot History. While in full agreement with its advocacy of the institutionalist programme, it finds that Keynes's position has been misunderstood in all three areas, and that deep compatibilities exist between the General Theory and institutionalist analysis. Using all his available writings, it is argued that Keynes's conception of a general theory is very different from that underpinning neoclassical economics so that criticisms of the latter are irrelevant to the former, that Keynes's ‘fundamental psychological law’ was never advanced as a universal law applicable to all economies, and that Keynes expressly analysed a historically specific economic institution and its assemblage of sub-institutions. Keynes is an ally, not an enemy, of institutionalism in pursuing better economic theory.


2017 ◽  
Vol 9 (1) ◽  
pp. 25
Author(s):  
Ahmad Nashrudin Priatna

The mass media, whether print or broadcast (TV and Radio) plays a significant role in disseminating important messages to the public / society. Karl Marx said "that the media referred to as the class that set, in the system of modern capitalism. So therefore the media in the present era, into a commodity economy and politics, because of its function and because ownership massive by individuals (owners of capital). That allows, position the media and not only to function as a disseminator of information, but because of the ownership of such individuals, are very likely to be a tool for "political dealings", rather than as a function of social control. in the practice of political communication, media becomes a medium that is not inevitable in conveying messages politics, especially during the campaign, the elections political leadership, good legislative elections, presidential elections, and the elections. Radar Banten and Baraya TV is a media agency which is recognized as a great and influential in Banten province, which is a member of the Jawa Pos ( Java Post News Network) beperan menyerbarluaskan major messages of the prospective head region in the activities of the campaign. The phenomenon of political economic practices, be a gamble for the function and positioning to the two media institutions. Is capable of functioning media (read: news) or more tend to promote the business side, perhaps, their political position. Keywords: media, political communication, the Regional Head Election (Election) Banten, The political economy of the media


Author(s):  
Chuck Kleinhans

Marxism is a philosophical and practical framework for analyzing and changing society that was developed from the ideas of Karl Marx in the 19th century. He synthesized Hegelian philosophy, English political economy, and French socialist thought to develop a critical analysis of modern capitalism. As a major strategic thought system, Marxism appears variously in media studies: as a systematic investigation of capitalist media economies and societies, as a materialist approach to media objects and processes, and as a source of activist aesthetics. Thus, Marxist media analysis provides pragmatic examples ranging from the study of commercial media markets; state policies and institutions governing communication; critiques of the ideological intent and effect of films, television, and new media; polemics for political activist art and communication; and socially motivated aesthetic criticism of specific works. Crucially framed by its long association with leftist change ranging from labor activism and political insurrection to official state party control of nations and responses to repressive anti-Communism, Marxism almost always carries a weight of challenge to ideas of the “purely aesthetic,” the “neutral,” or “disinterested.” Because it is so wide reaching as an explanatory system, Marxism has influenced and underpinned various critical developments that may be openly antagonistic to other trends within Marxist media analysis broadly construed. In addition to sectarian division, Marxism often operates as a taken-for-granted background in some areas such as Latin American and European media study and a good part of cultural studies: so much so that its Marxist premises are often not openly stated. Also, a history of anti-Communism, especially during the Cold War, pushed many to hide the radical origins of their thought. Another important distinction concerns those who use Marxism to consider economic and institutional structures in media communications, often with a concern for democratic equality in the public sphere and thus a concern for news and information, journalism, state regulation and censorship, mass communications, advertising, and political discourse. A different and contrasting approach uses Marxism for historical, aesthetic, and cultural analysis of film, television, and media ranging from case studies of individual works to issues that run through a variety of forms, such as gender or race images or narratives. Reflecting disciplinary and departmental traditions, in the past these trends have often been antagonistic or blind to the other one in a social science versus arts and humanities contrast. But younger researchers often draw easily from both quantitative and qualitative models, feeling free to cross disciplines, synthesize methods, and actively deconstruct national, racial, ethnic, and gender boundaries in pursuit of understanding.


2002 ◽  
Vol 24 (1) ◽  
pp. 5-37 ◽  
Author(s):  
Nahid Aslanbeigui ◽  
Guy Oakes

In the winter of 1934–35, when John Maynard Keynes was beginning to circulate proofs of The General Theory of Employment, Interest, and Money, he indulged in a playful exchange of letters with George Bernard Shaw devoted mainly to the merits of Karl Marx as an economist. At the end of his letter of January 1, 1935, Keynes's observations took a more serious turn, documenting fundamental changes in his theoretical ambitions following the publication of his Treatise on Money in 1930: “To understand my state of mind, however, you have to know that I believe myself to be writing a book on economic theory which will largely revolutionize—not, I suppose, at once but in the course of the next ten years—the way the world thinks about economic problems” (Keynes 1973a, p. 492).


2007 ◽  
Vol 15 (1) ◽  
pp. 109-143
Author(s):  
Michael Krätke

AbstractMandel's Late Capitalism is the last large-scale effort to make sense of the development of capitalism since 1945 that is linked to the tradition of classical Marxism. The book provides an excellent case to study the difficulties of any such enterprise to come to grips with the historical developments of capitalism at large or with any of its particular phases or epochs. The difficulties that Mandel tries to surmount in order to reintegrate the theory and history of modern capitalism are, however, closely linked to ambiguities already present in Marx's original general theory of capitalism.


Author(s):  
Alexandre Galvão Carvalho

The work of Karl Marx (1818-1883) and Max Weber (1864-1920) on the economy and society of the ancient world inaugurate a new perspective in relation to the economists of the 18th and 19th centuries and in debates about the old economy locked in Germany in the late 19th century. Different from neoclassical economists and the modernists and primitivism, these authors will defend the thesis of a radical break between the old world and the modern. A discontinuity marked, for Marx, the birth of the capitalist system, and for Weber, of modern capitalism. In addition to this similarity, these thinkers have reinforced the Eurocentric view by stating that the cultural and political roots of modern west lie in Classical Antiquity, reinforcing a tradition of thought of deep rifts between the ancient societies of the East and the societies of the Greco-Roman world, much contested in current historiography.


Author(s):  
Fabián Ludueña Romandini

This article tackles the problem of understanding money and economy with non-economic analytical categories. The first part is devoted to point out the differences between the exclusively economic approaches to money and the recent research, from anthropology to philosophy, that has laid stress on the political and religious aspects of the monetary phenomenon. The second part is focused on Georg Simmel’s fundamental contributions to a philosophical comprehension of money. Finally, a fragment by Walter Benjamin is the point of departure to consider the religious and political aspects of modern capitalism and their relationships with the works of Karl Marx, Ernst Troeltsch and Max Weber.


Author(s):  
Marek Hudik ◽  
Per L. Bylund

Abstract Formal economic models of entrepreneurship have two characteristics: they model entrepreneurship as an allocation of resources, and they identify common factors affecting this allocation. These common factors are represented as parameters of optimization models, and they are evaluated at the market level. We argue that although these models are useful, they are incomplete because certain aspects of entrepreneurial behavior, such as judgment, alertness, or innovativeness, cannot be easily transformed into allocative problems. Moreover, entrepreneurial acts involve idiosyncratic elements, which limit the applicability of the market-level analysis to individual cases. Thus, the traditional economic methods have to be complemented by approaches highlighting the role of individual and historical specificity. The study of entrepreneurship, therefore, requires a synthesis of both general theory and historicist approaches, as envisioned a century ago by Frank Knight.


Author(s):  
Matheus Zmijevski Custódio

Resumo: Em uma época na qual a especulação político-jurídica ainda estava submersa em abstrações metafísicas, e em que a história e a lei positiva eram desprezadas, o pensamento de Montesquieu anunciou um direito com o propósito de ser fidedigno às reais condições em que a sociedade surge, existe e evolui. Montesquieu não acreditava que a infinita diversidade de leis e costumes fosse unicamente produzida pela fantasia humana, ou seja, uma obra poiética sem relação com a realidade. Em seus tratados – mais precisamente, em “Do Espírito das Leis” –, ele defende a consideração da história como fonte de conhecimento para captar o porquê das condutas humanas – que se dá conforme as circunstâncias – e examinar a adequação de suas leis a estas. Posteriormente, à semelhança de Montesquieu – inclusive, resgatando-lhe conceitos, tais como o do “espírito geral da nação” –, adveio a chamada “Escola Histórica do Direito Alemã”, a professar o ordenamento jurídico como algo historicamente identificado, bem como exclusivamente próprio de um determinado povo. Friedrich Carl von Savigny, um dos maiores expoentes dessa escola, sustentava que o direito vive na prática e no costume, que são a expressão imediata da “consciência jurídica popular”. E isto seria devido ao fato de que todo povo tem um espírito, que se reflete numa numerosa série de manifestações, de modo que: moral, direito, arte, linguagem etc. são todos produtos espontâneos e imediatos desse espírito popular (o “Volksgeist”). Por sua vez, Karl Marx, que fora aluno de Savigny, acabou influenciado por muitos dos temas por este debatidos (tais como a propriedade), e foi-lhe fiel quanto ao princípio de que o direito procede do social – colocando-se, pois, nas mesmas diretrizes ponderativas empregadas por Montesquieu. No entanto, a perspectiva histórica de Marx possuía um sentido mais funcional do que a de seu antigo professor, não se reduzindo àquilo que considerava uma reverência exagerada às origens. Ele acaba por discordar da concepção de evolucionismo jurídico aplicada por Savigny (mais “continuista”), evidenciando a necessidade de lutar-se contra leis hostis aos reais costumes do povo, para, então, no âmbito do Estado e da sociedade, sanarem-se as desigualdades acarretadas pelo manejo legal oportunista.                                                                                                                       Palavras-Chave: Do Espírito das Leis. Espírito Geral da Nação. Escola Histórica do Direito Alemã. Consciência Jurídica Popular. Materialismo Histórico. Abstract: In an era in which the legal-political speculation was still submerged in metaphysical abstractions, and that history and positive law were neglected, the thought of Montesquieu announced a law in order to be authentic to the real conditions in which society emerges, exists, and evolves. Montesquieu did not believe that the infinite diversity of laws and customs were solely produced by human fantasy, or a poietic work with no relation to reality. In his treaties – more accurately, in “The Spirit of the Laws” – he argues for the consideration of history as a source of knowledge to grasp the reason of human behavior – which occurs according to the circumstances – and examine the adequacy of its laws to these. Later, like Montesquieu – even recovering his concepts, such as the “spirit of the nation” – came the so-called “German Historical School of Law,” professing the legal order as something historically identified and exclusively belonging to a particular people. Friedrich Carl von Savigny, one of the greatest exponents of this school, sustained that the law lives in the practice and custom, which are the immediate expression of “popular legal consciousness.” And this would be due to the fact that every people has a spirit, which is reflected in a large number of events, so that: moral law, art, language, etc. are all spontaneous and immediate products of this popular spirit (the "Volksgeist"). In his turn, Karl Marx, who was a pupil of Savigny, were influenced by many of the topics discussed by Savigny (such as property), and remained faithful to him in the principle that the law comes from the social – placing himself, therefore, under the same guidelines employed by Montesquieu. However, the historical perspective of Marx had a more functional sense than that of his former teacher, because it’s not reduced to what he considered an exaggerated reverence to the origins. After all, he disagreed with the conception of legal evolution applied by Savigny (more "continuist"), highlighting the need to fight against laws hostile to the actual customs of the people, and thereby, in the realm of State and society, eliminate inequalities brought about by the opportunistic legal management. Keywords: The Spirit of the Laws; General Spirit of the Nation; German Historical School of Law; Popular Legal Consciousness; Historical Materialism.


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