The End of Western Economic Growth Theory

Economics is a science that studies how the economy grows, so the theory of economic growth is the most important theory of economics. In the real market economy society, people achieve the goal of economic growth through two kinds of economic activities: production and transaction. Then a correct economic growth theory must be one that can explain both production and transaction economic activities. Just like Newton’s law of universal gravitation in physics, it can explain the motion law of all objects. For a long time, we have been dominated by the western economic growth theory of western mainstream economics. It is not difficult to find that it has a fatal defect, which can only explain production economic activities but not transaction economic activities. So it can’t explain the Chinese economy, and it can’t explain the western economy. The new economic growth theory proposed in this paper makes up for the defects of western economic growth theory, and it is the terminator of western economic growth theory. This is a revolution of new economics to traditional western economics.

The Role of Political Economy in Determining the Goals of Firm Laws

The emergence of political schools, especially leftist views, created a closer link between economy on the one hand and political views and schools on the other hand. In fact, prior to the advent of economics-based political schools, the relationship between political schools and economics was not clear, and instead, economic tendencies were mostly stressed by scholars and business organizations. Despite the fact that mercantilism did not last long, and survived for almost only two centuries, it exerted a profound impact on the structure of the western economy. Although the classical school, and mainly Adam Smith, played a role in undermining the idea of mercantilism, it lost its position with the rise of nationalist ideas in the 19th century. In fact, the discriminatory implications and issues of the liberal approach led to the boom of socialism. In the field of political economy, the function of corporate governance has long been of interest to scholars, at the core of which are the two shareholder-based and stakeholder-based views. While the former highlights the interests of the ultimate owners of the company, the latter underscores the interests of the community and all stakeholders as the goal of corporate governance, and both pursue different and sometimes conflicting objectives. The basis of such a difference lies in the discrepancy between individualism and socialism, an influential factor in goal determination of firms.

Darkening Heavens and a New World

As the Western economy grew and industrialized, society came to rely less directly on agriculture and the vagaries of the seasons. This is illustrated by tracing a series of major climatic disturbances from the late eighteenth century onward and showing how those natural factors lost much of their impact. In the early part of that era, beginning in the 1780s, volcanic eruptions contributed to an alarming era of climate disruption, and the Tambora blast in particular (1815) sparked new churches and denominations teaching apocalyptic and millenarian doctrines, with dreams of the end times. But as we proceed deeper into the nineteenth century, much of Western humanity, at least, felt ever more detached from the direct impact of climate.

Foreign Policy Strategy of the Fifth Republic: a Timid Turn towards Greater Eurasia

The article clarifies the prerequisites and circumstances ofFrancemovement in the direction of selfidentification as a Western economy. Based on an analysis of the foreign policy’s views and practical efforts of theFifthRepublic’s Presidents, the authors note the country's transition from opposing the expansion of partnership withGreat Britainand military cooperation with theUnited Stateswithin the North Atlantic Treaty’s framework to overcoming deep disagreements with NATO to restore membership in its military organization. The “Westernization” ofFrance’s security and defense policies is also explained by its move from national autonomy to understanding the importance of ensuring the country's sovereignty through active participation in European integration. Describing the “proWestern“ course ofFranceat the present stage, the authors pay attention to President E. Macron's skepticism concerning Euro-Atlantic solidarity and the deterioration of the conditions for transatlantic cooperation with theUnited States. According to the authors’ opinion, the current foreign policy strategy ofFranceis distinguished by Eurocentrism, as well as its desire for a strategic partnership with theRussian Federation.

Cyclic Economic Dynamics and Deflationary Phenomena: Analysis and Forecasts

The modern deflationary phenomena in the western and global economy are attributed to the fact that currently it is at the downward phase of the fifth long K-wave. Deflation has always been typical for the depressive periods in economy; presently it also manifests itself as the world economy has turned global, yet it lacks any control mechanisms. The authors suppose that a new economic crisis will break out in the western economy in the second half of 2018–2019 and that the depressive and deflationary trends will continue for another number of years.

Islamic Work Ethics and Economic Development in Islamic Countries: Bridging Between Theory and Reality

The issue work ethic and religion become popular when Max Weber developed a theory on Protestant Work Ethics (PWE) which seems later is able to reinforce the Western economy through its capitalism ideology. In his work, Weber claimed that only the Protestant Christian could accelerate and boost up the economy while none of the eastern religions including Islam would be able to do so. Although many scholars have refused the claim, the backwardness of many Islamic states, ethically and economically, has risen the question about the teaching of Islamic religion on work activities. Therefore, this paper aims to explore the concept of work ethics from an Islamic perspective. In specific, it intends to extract the concept, principle, dimension and values of Islamic Work Ethics (IWE) to be operationalized into daily practices. It revealed that many Quranic verses and Hadiths have directly and indirectly discussed the concept of work ethics in Islam. If properly operationalized, it can bridge the gap between the theory of IWE and the realities of economic development in Islamic states. Adherence to it will influence the economic development in Islamic countries that brings virtuous worldly life (al-falah fi al-dunya), as well as preparing for the success of afterlife (al-falah fi al-akhirah).

Russian Patronal Politics Beyond Putin

Russian politics from the tsars through Vladimir Putin has been shaped by patronalism, a social equilibrium in which personal connections dominate, collective action happens primarily through individualized punishments and rewards, and trends in the political system reflect changing patterns of coordination among nationwide networks of actual acquaintances that typically cut across political parties, firms, nongovernmental organizations, and even the state. The “chaotic” Yeltsin era reflects low network coordination, while the hallmark of the Putin era has been the increasingly tight coordination of these networks’ activities around the authority of a single patron. In at least the next decade, Russia is unlikely to escape the patronalist equilibrium, which has already withstood major challenges in 1917 and 1991. The most promising escape paths involve much longer-term transitions through diversified economic development and integration with the Western economy, though one cannot entirely rule out that a determined new ruler might accelerate the process.

White Goods in Italy during a Golden Age (1948–1973)

The rise in popularity of such domestic appliances as “white goods” is a characteristic element of consumption patterns during the golden age of the Western economy. Data gleaned from heretofore untapped sources reveal the causes of white-goods' different rates of diffusion in Italy during that period. Besides the usual strictly economic circumstances, social, cultural, and technological factors conspired to slow the progress of white-goods consumption in certain geographical areas and among the different social classes, often when affordability was not the decisive issue. The study of how white goods spread brings new information to the understanding of how Italy completed the transition from an agricultural country to an industrial power.