scholarly journals The Political Economy of Debt and Entitlements

2020 ◽  
Vol 87 (6) ◽  
pp. 2568-2599 ◽  
Author(s):  
Laurent Bouton ◽  
Alessandro Lizzeri ◽  
Nicola Persico
Keyword(s):  
Political Economy ◽  
Capital Market ◽  
Economic Model ◽  
Fiscal Rules ◽  
Market Frictions ◽  
The Political ◽  
Allocation Of Resources ◽  
The Future ◽  
Political Economic

Abstract This article presents a dynamic political-economic model of total government obligations. Its focus is on the interplay between debt and entitlements. In our model, both are tools by which temporarily powerful groups can extract resources from groups that will be powerful in the future: debt transfers resources across periods; entitlements directly target the future allocation of resources. We prove the following results. First, the presence of endogenous entitlements dampens the incentives of politically powerful groups to accumulate debt, but it leads to an increase in total government obligations. Second, fiscal rules can have perverse effects: if entitlements are unconstrained, and there are capital market frictions, debt limits lead to an increase in total government obligations and to worse outcomes for all groups. Analogous results hold for entitlement limits. Third, our model sheds some lights on the influence of capital market frictions on the incentives of governments to adopt fiscal rules, and implement entitlement programs. Finally, we identify preference polarization as a possible explanation for the joint growth of debt and entitlements.

scholarly journals The Union State and the Union Economy: Political Economy of Russian-Belarusian Cooperation

2021 ◽  
Vol 14 (3) ◽  
pp. 106-126
Author(s):  
M. V. Vilisov
Keyword(s):  
Political Economy ◽  
Comparative Analysis ◽  
Economic Model ◽  
Practical Importance ◽  
State System ◽  
The Political ◽  
State Control ◽  
Great Practical Importance ◽  
High Level ◽  
Political Economic

Against the background of political instability in Belarus and unsuccessful attempts to “deepen integration” in 2019-2020, the political economy of Russian-Belarusian cooperation as a subject of study goes far beyond academic interest and is of great practical importance. The article suggests that explanation of the integration difficulties in inside the nature of the existing Belarusian political and economic model, which becomes the main object of analysis. By analogy with the political economic model of “Putinomics” by С.Miller and the results of a comparative analysis, the political economic model of “Lukashenomics” and its main strategies (centralization of power, a high level of social obligations, state control of the economy, extraction of “political rent” from relations with Russia and the priority statehood over state solvency) are explained. On the basis of the model of resilience and stability of state systems developed earlier by the author as part of the team, the influence of the “Lukashenomics” on the resilience and stability of the state system of Belarus is determined. The fundamental incompatibility of the existing Belarusian and Russian political economic models is revealed and the prospects for the development of Russian-Belarusian relations in the context of possible scenarios for the transformation of the Belarusian model are determined.

The Political Economy of Attention

2021 ◽  
Vol 50 (1) ◽  
Author(s):  
Morten Axel Pedersen ◽  
Kristoffer Albris ◽  
Nick Seaver
Keyword(s):  
Political Economy ◽  
Online Publication ◽  
The Political ◽  
Annual Review ◽  
Publication Date ◽  
Moral Concern ◽  
Digital Platforms ◽  
Political Economic

Attention has become an issue of intense political, economic, and moral concern over recent years: from the commodification of attention by digital platforms to the alleged loss of the attentional capacities of screen-addicted children (and their parents). While attention has rarely been an explicit focus of anthropological inquiry, it has still played an important if mostly tacit part in many anthropological debates and subfields. Focusing on anthropological scholarship on digital worlds and ritual forms, we review resources for colleagues interested in this burgeoning topic of research and identify potential avenues for an incipient anthropology of attention, which studies how attentional technologies and techniques mold human minds and bodies in more or less intentional ways. Expected final online publication date for the Annual Review of Anthropology, Volume 50 is October 2021. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.

scholarly journals Fiscal and Other Rules in EU Economic Governance: Helpful, Largely Irrelevant or Unenforceable?

2017 ◽  
Vol 239 ◽  
pp. R3-R13 ◽  
Author(s):  
Iain Begg
Keyword(s):  
Political Economy ◽  
Fiscal Rules ◽  
The Political ◽  
Stability And Growth Pact ◽  
Economic Governance ◽  
Eu Member States ◽  
Growth Pact ◽  
Macroeconomic Imbalances ◽  
Eu Economic Governance ◽  
The Eu

EU Member States, particularly in the Euro Area, have been pushed to adopt more extensive and intrusive fiscal rules, but what is the evidence that the rules are succeeding? The EU level Stability and Growth Pact (SGP) has been – and remains – the most visible rule-book, but it has been complemented by a profusion of national rules and by new provisions on other sources of macroeconomic imbalance. Much of the analysis of rules has concentrated on their technical merits, but tends to neglect the political economy of compliance. This paper examines the latter, looking at compliance with fiscal rules at EU and Member State levels and at the rules-based mechanisms for curbing other macroeconomic imbalances. It concludes that politically driven implementation and enforcement shortcomings have been given too little attention, putting at risk the integrity and effectiveness of the rules.

Social-media-weaponised populism and community development

2020 ◽  
pp. 89-108
Author(s):  
Jacques Boulet
Keyword(s):  
Social Media ◽  
Political Economy ◽  
Community Development ◽  
Theory And Practice ◽  
Development Theory ◽  
The Political ◽  
Community Life ◽  
Daily Lives ◽  
Economic Background ◽  
Political Economic

This chapter assesses the resurfacing of populism and its much-discussed and documented adoption and enactment by leaders and citizens. More specifically, it discusses reasons for this (re-)emergence and its effects on people's daily lives and their participation in community life against the wider political-economic background, two areas central to much community development theory and practice. The first question posed is: what is going on with and around people — especially their modalities of 'being' and 'relating' — rendering them more 'prone' to being influenced by populisms and become populisms' 'accomplices'? Second, what role does social media play in this imposition/complicity dialectic? Indeed, social media powerfully invades and interpenetrates all levels and processes of the political economy, of people's everyday experiences and their subjective-affective lives, and they infest the mediating institutions operating 'between' the virtual global and the imperceptible here and now. Finally, a third question is posed: what is the effect of such socially mediated populism on communities and on efforts to (re)develop and maintain them? The chapter concludes with some ideas about ways to resist the (combined) assault of populism and social media and restart the project of democracy.

Many Happy Returns? Investment Governance and the Political Economy of Time in UK Pensions Provision

2021 ◽  
pp. 209-246
Author(s):  
Craig Berry
Keyword(s):  
Political Economy ◽  
Financial Institutions ◽  
Capital Investment ◽  
Pension Funds ◽  
The Political ◽  
Private Pensions ◽  
Pension Schemes ◽  
The Future ◽  
The Uk

We are increasingly conscious that private pension schemes in the UK are primarily financial institutions. UK private pensions provision has always been highly financialized, but the individualization of provision means this dynamic matters more than ever to retirement incomes. Furthermore, individualization has occurred at a time when the UK economy’s capacity to support a long-term approach to capital investment, upon which pensions depend, has declined. The chapter argues that pensions provision essentially involves managing the failure of the future to resemble the present, or more specifically present forecasts of the future. As our ability to manipulate the value of the future has increased, our ability to tolerate forecast failure has declined. The chapter details how pension funds invest, and how this has changed, and provides an original understanding of several recent attempts to shape pensions investment, ultimately demonstrating the limitations of pensions policy in shaping how provision functions in practice.

scholarly journals The Political Economy of Brexit and the Future of British Capitalism Second Symposium

2018 ◽  
Vol 24 (3) ◽  
pp. 404-407
Author(s):  
Charlie Dannreuther ◽  
Scott Lavery ◽  
Lucia Quaglia
Keyword(s):  
Political Economy ◽  
The Political ◽  
The Future
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