Culture and Legitimacy

2019 ◽  
pp. 48-66
Author(s):  
Huw Macartney
Keyword(s):  
Adam Smith ◽  
Market Competition ◽  
Banking Crisis ◽  
Neoclassical Economics ◽  
Jürgen Habermas ◽  
Reform Agenda ◽  
Market Participants ◽  
Reform Culture ◽  
Political Weapon ◽  
Legitimacy Crisis

This chapter draws on the writings of liberal theorists, from Adam Smith to the German ordo-liberals, to explain how state managers arrived at their focus on reforming conduct and ethics. The liberal economics tradition, before the turn towards neoclassical economics, recognized the ethical struggle at work in market participants, and the tendency towards market-distorting conduct. This helps to explain why state managers sought to strengthen market competition to reform culture, and why they also turned to an ethical reform agenda. The second half of the chapter turns to the work of Jürgen Habermas to explain the concept of a legitimacy crisis that state managers were also fighting. Here the chapter also introduces the concept of populist statecraft, as an ideologically thin, anti-establishment strategy. This also helps to explain how state managers used the culture of banking crisis as a political weapon.

scholarly journals Liberdade, liberalismo e intervenção do estado: perspectivas teóricas de autores modernos

2018 ◽  
Vol 8 (2) ◽  
pp. 361-380
Author(s):  
Sávia Lorena Barreto Carvalho De Sousa
Keyword(s):  
John Rawls ◽  
Karl Marx ◽  
Max Weber ◽  
Adam Smith ◽  
Jürgen Habermas ◽  
Jurgen Habermas ◽  
Anthony Giddens ◽  
Friedrich Hayek

Este ensaio teórico de base analítica visa entender criticamente aspectos do liberalismo e da intervenção do Estado. Com o objetivo central de resgatar questões trabalhadas por autores modernos da Ciência Política a respeito das formas que uma sociedade pode ser mais justa e combater as desigualdades no mundo, o questionamento principal se desdobra em reflexões sobre como conciliar a liberdade com a atuação dos mercados e a respeito dos limites da democracia neste contexto, discutidos em uma problematização de pensadores como Adam Smith, Alex de Tocqueville, Stuart Mill, Max Weber e Karl Marx em diálogo com teóricos mais contemporâneos, como Friedrich Hayek, John Rawls, Jürgen Habermas e Anthony Giddens. Conclui-se a urgência de um processo de fortalecimento dos Parlamentos, com políticas públicas de inclusão social que permitam uma sociedade mais igualitária e uma educação que abra portas para formar um cidadão crítico, que compreenda as diferenças dentro do campo do respeito ao Outro e às liberdades de escolha. A proposta de contínuo aprimoramento das instituições e juízos através de sistemas de consultas, reformas e revisões jurídicas e políticas, é cada vez mais necessária em um mundo de constantes mudanças.

scholarly journals Market Concentration and Market Power / Koncentrisanost tržišta i tržišna moć

2015 ◽  
Vol 5 (5) ◽  
pp. 228
Author(s):  
Aleksandar Bogojević
Keyword(s):  
Adverse Effects ◽  
Market Power ◽  
Economic Efficiency ◽  
Free Market ◽  
Market Competition ◽  
Well Being ◽  
Market Concentration ◽  
Relevant Market ◽  
Market Structures ◽  
Market Participants

Contemporary directions of the market liberalization should lead to a bigger number of market participants and to a bigger degree of competition among them. This again, leads to a more diversified offer and to bigger quality products along with higher level of services with cheaper rates. In order to control the mentioned processes, analysis of market concentration is needed, as well as studying and perfection of the methods that allow measurement of market concentration. The degree of market concentration which on a specific market one or more economic subjects have is defined as ‘’market power’’. Economic efficiency on a specific market largely depends on whether non competitive market structures which produce adverse effects on economic efficiency are existent on that market, which ultimately affects on the overall well – being. Conversance of the degree of concentration of a specific (relevant) market is important so that breaching of the market principles can be timely spotted and so that appropriate measures can be taken. Supervision over the market and the market processes, as well as appliance of specific measuring methods of market concentration have the goal of establishing and maintenance of free market competition in which all of the economic subjects participate under the same conditions.

Revisiting the Tension Between Classical Liberalism and the Welfare State

2019 ◽  
Vol 139 (2-4) ◽  
pp. 365-384
Author(s):  
Jan Schnellenbach
Keyword(s):  
Political Institutions ◽  
Market Competition ◽  
Economic Security ◽  
Welfare States ◽  
Consumer Sovereignty ◽  
Market Order ◽  
Market Participants ◽  
Classical Liberal ◽  
Open Debate ◽  
The Welfare State

A classical liberal market order relies on competition which, in a neoliberal perspective, should be supported by a government regulating the admissible degree of market power. Market competition itself is seen as an engine of innovation and growth. The downside of such a classical liberal market order is a lack of economic security for market participants. It is the very core of such an order that it enforces consumer sovereignty, but the demand articulated by consumers vis-à-vis single suppliers can be volatile. In this article, we revisit the classical liberal debate on means of providing economic security. We then discuss the problem in a contractarian framework that allows for conflicts between individual absolute values. We argue that political institutions that facilitate an open debate on these conflicting values are essential, and that attempts to derive optimal sizes of welfare states in a technocratic fashion are futile.

scholarly journals Negotiating strategy: importance of the market definition

2019 ◽  
Author(s):  
Kęstutis Peleckis ◽  
Valentina Peleckienė ◽  
Kestutis Peleckis ◽  
Edita Leonavičienė
Keyword(s):  
Market Competition ◽  
Theory And Practice ◽  
Business Strategies ◽  
Market Definition ◽  
Negative Consequences ◽  
Negotiation Strategies ◽  
Market Participants ◽  
The Face ◽  
Business Negotiations ◽  
Practical Implications

Purpose – the purpose of the article is to examine how the extent of competition in the market affects the balance of bargaining powers of market participants. This often results in negative consequences for both buyers and suppliers. This study has important theoretical and practical implications. The authors made an analysis of existing theory and practice on negotiation strategies in a complex way, in accordance with levels of competition. Paper reveals the opportunities to develop and implement these strategies, taking into account market definition options. Research methodology – the paper examines the application of Nash equilibrium to the preparation of negotiation strategies, looking at the function for the best result. The study would help to prepare business strategies for different competition levels. Findings – the ways of preparation of negotiation strategies with different levels of competition, focusing on market definition opportunities. Research limitations – there are not enough measures in international business negotiation theory helping to develop negotiation strategies in the face of distorted market competition and difficulties to define the market. Practical implications – findings of the article will give opportunities for policymakers to develop and implement strategies for business negotiations. Originality – the article consists presentation of new tools for negotiators in preparing negotiating strategies.

scholarly journals Refleksi Teori Kritis Jurgen Habermas atas Konsesus Simbolik Perda Syariah

2016 ◽  
Vol 16 (1) ◽  
Author(s):  
Ahmad Abrori
Keyword(s):  
Law Enforcement ◽  
Islamic Law ◽  
Jürgen Habermas ◽  
Local Regulation ◽  
Political Issues ◽  
The Public ◽  
Jurgen Habermas ◽  
Modern Capitalism ◽  
Economic Transaction ◽  
Legitimacy Crisis

This article aims to investigate how the critical theory of Jurgen Habermas can be used to better understand the Syariah Islamic law issues in the district of Garut. Habermas is arguably one of the most powerful thinkers in contemporary sociology, particularly because of his influential ideas regarding public sphere. He believes that the absolute power of the state by which it colonizes civic daily life should not automatically silence public voices. Modern capitalism creates huge opportunity of people to connect in public spheres such as markets, cafes, and restaurants. They do economic transaction at the same time they love to talk, discuss, and argue on current social, economics, and political issues. It leads to the society that might change the power of authority as well as the established culture, starting by questioning the public policy that might lead to the authority which has a legitimacy crisis. From this perspective, the implementation of Perda Syariah (Sharia local regulation) in Garut region is analyzed. This paper uncovers the conditions in which the law enforcement of the Perda has been challenged.DOI: 10.15408/ajis.v16i1.2897

scholarly journals Two Propositions of Heilbroner (1919-2005)

2021 ◽  
Author(s):  
Lall Ramrattam ◽  
Michael Szenberg
Keyword(s):  
Adam Smith ◽  
Neoclassical Economics ◽  
Modern Time ◽  
Economic Relationships ◽  
Underlying Reality

<p>We present a contribution of Robert Heilbroner to classical stationary results that runs from Adam Smith, Ricardo, and Marx through neoclassical economics to the modern time. The analyses pivot on socioeconomic and historical forces. It is culled from several of his works scattered over half a century. They describe the path that capitalism took, based on underlying reality of economic relationships. Although Heilbroner does not express his thoughts mathematically, we cast some of his ideas in that terminology, because he does not avoid propositional statements, and the math we use is for heuristic purposes only.</p>

US Responses and the First Phase

2019 ◽  
pp. 69-91
Author(s):  
Huw Macartney
Keyword(s):  
Financial Crisis ◽  
Banking Crisis ◽  
Market Discipline ◽  
The Political ◽  
Public Confidence ◽  
Opinion Poll ◽  
The Us ◽  
Political Responses ◽  
Legitimacy Crisis ◽  
Poll Data

This chapter covers the early 2000s in the US and explains the backdrop to the legitimacy crisis that unfolded as the culture of banking crisis hit. It explains that following a regulatory tightening after the Enron scandal and the Dot.com boom, efforts diminished by the mid-2000s. Using opinion poll data the chapter then shows how public confidence in both the banks and the political classes fell dramatically as the financial crisis hit. It then explores the initial political responses to the financial crisis, arguing that though bank culture was identified as a problem as early as 2008–9, the initial responses focused only on tightening market discipline to reform conduct.

Dancing around the Bride: The Inter-Asian Competition for Japanese Copper, 1700–1760

Itinerario ◽  
2003 ◽  
Vol 27 (2) ◽  
pp. 37-60
Author(s):  
Ryuto Shimada
Keyword(s):  
Eighteenth Century ◽  
Economic Development ◽  
Adam Smith ◽  
East India Company ◽  
Historical Study ◽  
Dutch East India Company ◽  
Systematic Analysis ◽  
Market Participants ◽  
English East India Company ◽  
Wealth Of Nations

Adam Smith, the well-known eighteenth-century economist, investigated a number of important themes regarding the Dutch East India Company (Verenigde Oostindbche Compagnie, VOC) as well as its counterpart, the English East India Company. These continue to provide principal topics in the historical study of the VOC. Through a systematic analysis, he came to the conclusion that free trade is more beneficial to the wealth of nations than monopolised trade. In his view, an economy based on the division of production along with competition among market participants was the best precondition for accelerating economic development.

scholarly journals Adam Smith’s Bourgeois Virtues in Competition

2012 ◽  
Vol 22 (2) ◽  
pp. 319-350 ◽  
Author(s):  
Thomas Wells ◽  
Johan Graafland
Keyword(s):  
Virtue Ethics ◽  
Adam Smith ◽  
Market Competition ◽  
Competitive Markets ◽  
Commercial Society ◽  
Long Run

ABSTRACT:Whether or not capitalism is compatible with ethics is a long standing dispute. We take up an approach to virtue ethics inspired by Adam Smith and consider how market competition influences the virtues most associated with modern commercial society. Up to a point, competition nurtures and supports such virtues as prudence, temperance, civility, industriousness and honesty. But there are also various mechanisms by which competition can have deleterious effects on the institutions and incentives necessary for sustaining even these most commercially friendly of virtues. It is often supposed that if competitive markets are good, more competition must always be better. However, in the long run competition enhancing policies that neglect the nurturing and support of the bourgeois virtues may undermine the continued flourishing of modern commercial society.

Sign in / Sign up

Export Citation Format

Share Document