Biopolitics of Transnational Private Law – Sovereign Debt Crises, Market Order and Human Rights

2012 ◽  
Vol 13 (12) ◽  
pp. 1571-1578
Author(s):  
Alessandro Somma

A market economy is not a product of free economic behavior but rather, of an order requiring the fulfillment of systemic tasks by market operators. Their performance needs to be guided by rules imposing competition as a political tool to functionalize their action, in such a way that market failures can be avoided. This is not only the case for coordinated market economies, typically making use of direct market regulations, but also for liberal market economies, even if these latter ones prefer an indirect regulation of economic life, by having to condition individual behavior. Different modes of regulation may be used to stabilize the same accumulation regime, which is understood as patterns of production and consumption reproducible over a long period. In other words, liberal market ideology, as well as liberalism, is anything but a theory on unlimited freedom: it “needs freedom”, but also needs to “consume” this freedom as a condition of historical and social possibilities for a free market economy. Even if differences may involve the way of assuring those possibilities, the necessity to force economic behavior into functionalizing schemes must be seen as unavoidable.

2021 ◽  
Vol 24 (2) ◽  
pp. 286-316
Author(s):  
Kristoffer Hansen

Recent debates in monetary theory have centered on so-called free banking and the role of banks in providing money in the form of fiduciary media in a pure market economy. This paper examines how and to what extent fiduciary media can emerge in a pure market economy. Based on the theory of value, it is argued that those economists are mistaken who claim that money substitutes must in all cases be interpreted as being money titles. Those economists too are mistaken, however, who claim a large role for the circulation of fiduciary media in a pure market economy. It is argued that holding fiduciary media in one’s cash balance is an entrepreneurial error, as fiduciary media by their nature do not have the qualities people demand in holding money. Money is the comparatively most certain good and the present good par excellence, qualities that fiduciary media do not have. Holding fiduciary media instead of money is therefore an entrepreneurial error, and like all errors in the free market, it will tend to be eliminated in the process of entrepreneurial profit and loss, leading to the virtual disappearance of all fiduciary media from the market economy.


Author(s):  
Md. Touhidul Islam

In free market economy; at present there are lots of reasons of market failure. The aim of this paper is to find out those reasons and analyses the probable solutions for recovering those market failures. This paper shows that market failure mostly resulting from an incomplete information as well as information asymmetry between providers and consumers, the effect of externalities, imperfect information, imperfect mobility of factors of production, income inequality, market dominance, negative externalities, positives externalities, public goods and the divergence between social and private time preference rates. Lot of solutions have been found out to overcome the market failure includes Tax on Negative Externalities, Subsidy on positive externalities, Laws and Regulations, Buffer stocks, Government advertising and campaigns. The conceptual framework has been developed by finding and evaluating the market failure overcoming factors where the free market economy can reach to the market equilibrium position from the market disequilibrium condition. Thus, the recommendations of this research will be helpful for home govt. and Businessman to keep the open market in equilibrium position.


2019 ◽  
Vol 17 (1) ◽  
pp. 123-141
Author(s):  
Tomasz Stępniewski

The present paper discusses the following research questions: to what extent did errors made by the previous presidents of Ukraine result in the country’s failure to introduce systemic reforms (e.g. combating corruption, the development of a foundation for a stable state under the rule of law and free-market economy)?; can it be ventured that the lack of radical reforms along with errors in the internal politics of Ukraine under Petro Poroshenko resulted in the president’s failure?; will the strong vote of confidence given to Volodymyr Zelensky and the Servant of the People party exact systemic reforms in Ukraine?; or will Volodymyr Zelensky merely become an element of the oligarchic political system in Ukraine?


Wacana Publik ◽  
2019 ◽  
Vol 12 (02) ◽  
Author(s):  
Syamsul Ma'arif

After had being carried out nationalization and hostility against west countries, the New Order regime made important decision to change Indonesia economic direction from etatism system to free market economy. A set of policies were taken in order private sector could play major role in economic. However, when another economic sectors were reformed substantially, effords to reform the State Owned Enterprises had failed. The State Owned Enterprise, in fact, remained to play dominant role like early years of guided democracy era. Role of the State Owned Enterprises was more and more powerfull). The main problem of reforms finally lied on reality that vested interest of bureaucrats (civil or military) was so large that could’nt been overcome. 


Author(s):  
Matthew A. Shadle

Pope John Paul II wrote his 1991 encyclical Centesimus Annus to offer a Catholic vision of political and economic life after the collapse of communism in Eastern Europe and the democratization of many countries in Latin America and Asia. The encyclical provided a stronger defense of the free-market economy than had previous Catholic social teaching, and neoconservative Catholics saw it as a vindication of their views. Centesimus Annus also harshly condemns consumerism, however, and proposes that the state has a greater role in ensuring that the economy serves the common good than do the neoconservatives. John Paul II recognizes the essential role of human creativity and ingenuity in the economy, but balances this by emphasizing that the human person is the recipient of God’s grace.


2000 ◽  
Vol 16 (1) ◽  
pp. 21-45 ◽  
Author(s):  
Luigino Bruni ◽  
Robert Sugden

It is a truism that a market economy cannot function without trust. We must be able to rely on other people to respect our property rights, and on our trading partners to keep their promises. The theory of economics is incomplete unless it can explain why economic agents often trust one another, and why that trust is often repaid. There is a long history of work in economics and philosophy which tries to explain the kinds of reasoning that people use when they engage in practices of trust: this work develops theories of trust. A related tradition in economics, sociology and political science investigates the kinds of social institution that reproduce whatever habits, dispositions or modes of reasoning are involved in acts of trust: this work develops theories of social capital. A recurring question in these literatures is whether a society which organizes its economic life through markets is capable of reproducing the trust on which those markets depend. In this paper, we look at these themes in relation to the writings of three eighteenth-century philosopher-economists: David Hume, Adam Smith, and Antonio Genovesi.


2018 ◽  
Vol 1 (38) ◽  
Author(s):  
Luiz Carlos Buchain

 Intervenção do estado na economia e direito da concorrência Intervention of the state in the economy and competition law Luiz Carlos Buchain *  REFERÊNCIA BUCHAIN, Luiz Carlos. Intervenção do estado na economia e direito da concorrência. Revista da Faculdade de Direito da UFRGS, Porto Alegre, n. 38, p. 178-198, ago. 2018. RESUMOABSTRACTO texto trata da intervenção do Estado na ordem econômica. Considerando-se que o mercado perfeito é uma hipótese teórica e que o mercado apresenta “falhas no mercado”, o legislador constitucional autoriza a intervenção do Estado na economia. De um lado o Estado poderá ser agente econômico e explorar diretamente a economia, sempre que essa atividade seja necessária aos “imperativos de segurança nacional” e, de outro, o Estado intervém indiretamente na economia como agente normativo e regulador da atividade econômica. Analisa-se a possibilidade de intervenção do Estado na econômica em face dos princípios de livre iniciativa e livre concorrência. Enquanto a livre iniciativa representa a liberdade de produção e distribuição de bens e serviços, a livre concorrência representa um “princípio econômico”, segundo o qual a produção e os preços das mercadorias e serviços não devem resultar de atos cogentes da autoridade, mas sim do livre mercado. Entretanto, seja como agente regulador, seja como empresário, ao Estado compete garantir a eficácia da livre iniciativa e defesa da ordem concorrencial. A intervenção regulamentar do Estado na economia não o autoriza a agir contra o livre exercício da atividade econômica ou com desrespeito aos princípios da livre iniciativa e legalidade. Mesmo nas hipóteses em que a lei concede ao Estado liberdade aos seus atos, este está submetido ao fundamento da livre iniciativa e ao princípio da livre concorrência, sob pena de responsabilidade civil objetiva. The paper deals with the intervention of the State in the economic order. Considering that the perfect market is a theoretical hypothesis and that the market presents "market failures", the constitutional legislator authorizes the intervention of the State in the economy. On the one hand, the State can be an economic agent and act on the economy directly whenever this activity is necessary to the "imperatives of national security" and, on the other hand, the State intervenes indirectly in the economy as a normative agent and regulator of economic activity. It analyzes the possibility of state intervention in the economy in the face of the principles of free initiative and free competition. While free enterprise represents the freedom to produce and distribute goods and services, free competition represents an "economic principle" according to which the production and prices of goods and services should not be the result of acts of binding authority but of the free market. However, whether as a regulatory agent or as an entrepreneur, the State is responsible for guaranteeing the effectiveness of free initiative and the defense of the competitive order. The State's regulatory intervention in the economy does not authorize it to act against the free exercise of economic activity or with disrespect to the principles of free initiative and rule of law. Even in cases where the law grants the State freedom to act, it is subject to the principle of free initiative and to the principle of free competition, under penalty of objective civil liability.PALAVRAS-CHAVEKEYWORDSLivre iniciativa. Livre concorrência. Intervenção do Estado na economia. Responsabilidade civil objetiva.Free initiative. Free competition. State intervention in the economy. Objective civil liability.* Professora adjunto da Faculdade de Direito da Universidade Federal do Rio Grande do Sul. Doutorado em Direito Econômico na Universidade Federal do Rio Grande do Sul. Advogado.


2018 ◽  
Vol 46 ◽  
Author(s):  
Aniela Dylus

Aniela Dylus, Związek wolnego rynku z dyktaturą polityczną: przejściowy czy trwały? Przykład Chin [The relation between free market economy and political dictatorship – is it of temporary or permanent nature? The example of China] edited by W. Banach, M.A. Michalski, J. Sójka, „Człowiek i Społeczeństwo” vol. XLVI: Między Chinami a Zachodem. Pytanie o źródła chińskiego sukcesu gospodarczego [Between China and the West. An inquiry into the sources of the Chinese economic miracle], Poznań 2018, pp. 103–119, Adam Mickiewicz University. Faculty of Social Sciences Press. ISSN 0239-3271.The relation between free market economy and democracy has been assumed as a paradigm in the western culture since the Enlightenment. However, this paradigm seems to be violated by markets that flourish under the political dictatorship. Are these markets the exceptions to the rule or maybe their scale does not indicate the necessity of paradigm change? Or maybe we are wrong to assume that capitalism flourish mainly in democratic systems? Is it possible that the relation between communist political dictatorship and liberal economy system is only of temporary nature and people that have economical freedom will demand sooner or later their political freedom? To answer these questions, (1) the paradigm of relationship between free market, its prosperity and democracy and (2) the arguments supporting this relationship have been discussed. Referring to Samuel Huntington’s theory, (3) it has been reminded that many factors, not only economical ones, decide about democratization of political life and some exceptions to this rule have been mentioned. (4) The example of contemporary China is one of the most spectacular example. The short characteristic of (5) its economic condition, (6) its economic system and political dictatorship has been presented and then the attempts have been made to give the arguments either for (7) temporary or (8) permanent relationship between free market and political dictatorship in China. Although the idea of democracy, the rule of law and human rights seems not to be the only alternative base of economical market system, it appears to be prevalent and the only one in a longer period.


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