Craig Calhoun and Georgi Derluguian (eds)
- Published in print:
- 2011
- Published Online:
- March 2016
- ISBN:
- 9780814772836
- eISBN:
- 9780814748695
- Item type:
- book
- Publisher:
- NYU Press
- DOI:
- 10.18574/nyu/9780814772836.001.0001
- Subject:
- Sociology, Economic Sociology
The global financial crisis showed deep problems with mainstream economic predictions, as well as the vulnerability of the world's richest countries and the enormous potential of some poorer ones. ...
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The global financial crisis showed deep problems with mainstream economic predictions, as well as the vulnerability of the world's richest countries and the enormous potential of some poorer ones. China, India, Brazil, and other counties are growing faster than Europe or America and have weathered the crisis better. Is their growth due to following conventional economic guidelines or to strong state leadership and sometimes protectionism? These issues are basic to the question of which countries will grow in coming decades, as well as the likely conflicts over global trade policy, currency standards, and economic cooperation. This is the third part of a trilogy comprised of the first three books in the Possible Future series.Less
The global financial crisis showed deep problems with mainstream economic predictions, as well as the vulnerability of the world's richest countries and the enormous potential of some poorer ones. China, India, Brazil, and other counties are growing faster than Europe or America and have weathered the crisis better. Is their growth due to following conventional economic guidelines or to strong state leadership and sometimes protectionism? These issues are basic to the question of which countries will grow in coming decades, as well as the likely conflicts over global trade policy, currency standards, and economic cooperation. This is the third part of a trilogy comprised of the first three books in the Possible Future series.
Aaron Major
- Published in print:
- 2014
- Published Online:
- September 2014
- ISBN:
- 9780804788342
- eISBN:
- 9780804790734
- Item type:
- book
- Publisher:
- Stanford University Press
- DOI:
- 10.11126/stanford/9780804788342.001.0001
- Subject:
- Sociology, Economic Sociology
Why have governments across Western Europe and North America turned to austerity in the wake of the global economic crisis of 2008? This book argues that this turn to austerity, and the resilience of ...
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Why have governments across Western Europe and North America turned to austerity in the wake of the global economic crisis of 2008? This book argues that this turn to austerity, and the resilience of neoliberal economic policies more generally, stems from the growing influence of state monetary agencies—central banks and treasuries—in the management of the global economy. Through a close analysis of historical documents, this book focuses on the critical decade of the 1960s when the acceleration of global financial transactions overwhelmed the existing institutions of international monetary management. As central banks stepped in to support the international monetary system, policy makers became dependent on monetary officials to stabilize and increasingly unstable global economy. Through case studies of economic policy making in the United States, United Kingdom, and Italy during this period, this book shows how this relationship of dependency gave monetary officials leverage to steer economic policy in the direction of austerity. In addition, this book shows that, after the collapse of the Bretton Woods international monetary system in the 1970s, state monetary agencies worked closely together to construct new international institutions to manage an evermore open, and volatile, global capitalism. While these efforts have not prevented global financial crises, they have further strengthened monetary authorities’ position in the international monetary system and increased their influence over national economic policy making.Less
Why have governments across Western Europe and North America turned to austerity in the wake of the global economic crisis of 2008? This book argues that this turn to austerity, and the resilience of neoliberal economic policies more generally, stems from the growing influence of state monetary agencies—central banks and treasuries—in the management of the global economy. Through a close analysis of historical documents, this book focuses on the critical decade of the 1960s when the acceleration of global financial transactions overwhelmed the existing institutions of international monetary management. As central banks stepped in to support the international monetary system, policy makers became dependent on monetary officials to stabilize and increasingly unstable global economy. Through case studies of economic policy making in the United States, United Kingdom, and Italy during this period, this book shows how this relationship of dependency gave monetary officials leverage to steer economic policy in the direction of austerity. In addition, this book shows that, after the collapse of the Bretton Woods international monetary system in the 1970s, state monetary agencies worked closely together to construct new international institutions to manage an evermore open, and volatile, global capitalism. While these efforts have not prevented global financial crises, they have further strengthened monetary authorities’ position in the international monetary system and increased their influence over national economic policy making.
Simone Polillo
- Published in print:
- 2020
- Published Online:
- January 2021
- ISBN:
- 9781501750373
- eISBN:
- 9781501750397
- Item type:
- book
- Publisher:
- Cornell University Press
- DOI:
- 10.7591/cornell/9781501750373.001.0001
- Subject:
- Sociology, Economic Sociology
This book weaves together historical narrative and quantitative bibliometric data to detail the path financial economists took in order to form one of the central theories of financial economics—the ...
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This book weaves together historical narrative and quantitative bibliometric data to detail the path financial economists took in order to form one of the central theories of financial economics—the influential efficient-market hypothesis—which states that the behavior of financial markets is unpredictable. As the notorious quip goes, a blindfolded monkey would do better than a group of experts in selecting a portfolio of securities, simply by throwing darts at the financial pages of a newspaper. How did such a hypothesis come to be so influential in the field of financial economics? How did financial economists turn a lack of evidence about systematic patterns in the behavior of financial markets into a foundational approach to the study of finance? Each chapter focuses on these questions, as well as on collaborative academic networks, and on the values and affects that kept the networks together as they struggled to define what the new field of financial economics should be about. In doing so, the book introduces a new dimension—data analysis—to our understanding of the ways knowledge advances.Less
This book weaves together historical narrative and quantitative bibliometric data to detail the path financial economists took in order to form one of the central theories of financial economics—the influential efficient-market hypothesis—which states that the behavior of financial markets is unpredictable. As the notorious quip goes, a blindfolded monkey would do better than a group of experts in selecting a portfolio of securities, simply by throwing darts at the financial pages of a newspaper. How did such a hypothesis come to be so influential in the field of financial economics? How did financial economists turn a lack of evidence about systematic patterns in the behavior of financial markets into a foundational approach to the study of finance? Each chapter focuses on these questions, as well as on collaborative academic networks, and on the values and affects that kept the networks together as they struggled to define what the new field of financial economics should be about. In doing so, the book introduces a new dimension—data analysis—to our understanding of the ways knowledge advances.
Herbert Gintis
- Published in print:
- 2014
- Published Online:
- October 2017
- ISBN:
- 9780691160849
- eISBN:
- 9781400851348
- Item type:
- book
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691160849.001.0001
- Subject:
- Sociology, Economic Sociology
Game theory is central to understanding human behavior and relevant to all of the behavioral sciences—from biology and economics, to anthropology and political science. However, as this book ...
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Game theory is central to understanding human behavior and relevant to all of the behavioral sciences—from biology and economics, to anthropology and political science. However, as this book demonstrates, game theory alone cannot fully explain human behavior and should instead complement other key concepts championed by the behavioral disciplines. The book shows that just as game theory without broader social theory is merely technical bravado, so social theory without game theory is a hindered enterprise. The book is a combination of a text book on game theory and a plea to use behavioral game theory as a unifying tool in all behavioral sciences. This edition has been thoroughly revised and updated. Reinvigorating game theory, the book offers innovative thinking for the behavioral sciences.Less
Game theory is central to understanding human behavior and relevant to all of the behavioral sciences—from biology and economics, to anthropology and political science. However, as this book demonstrates, game theory alone cannot fully explain human behavior and should instead complement other key concepts championed by the behavioral disciplines. The book shows that just as game theory without broader social theory is merely technical bravado, so social theory without game theory is a hindered enterprise. The book is a combination of a text book on game theory and a plea to use behavioral game theory as a unifying tool in all behavioral sciences. This edition has been thoroughly revised and updated. Reinvigorating game theory, the book offers innovative thinking for the behavioral sciences.
Craig Calhoun and Georgi Derluguian (eds)
- Published in print:
- 2011
- Published Online:
- March 2016
- ISBN:
- 9780814772775
- eISBN:
- 9780814723555
- Item type:
- book
- Publisher:
- NYU Press
- DOI:
- 10.18574/nyu/9780814772775.001.0001
- Subject:
- Sociology, Economic Sociology
This book situates the current crisis in the historical trajectory of the capitalist world-system, showing how the crisis was made possible not only by neoliberal financial reforms but by a massive ...
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This book situates the current crisis in the historical trajectory of the capitalist world-system, showing how the crisis was made possible not only by neoliberal financial reforms but by a massive turn away from manufacturing things of value towards seeking profit from financial exchange and credit. Much more basic than the result of a few financial traders cheating the system, this is a potential historical turning point. The book establishes why the system was ripe for crisis of the past, and yet why this meltdown was different. It concludes by asking whether as deep as the crisis is, it may contain seeds of a new global economy, what role the US will play, and whether China or other countries will rise to global leadership. This is the first part of a trilogy comprised of the first three books in the Possible Future series.Less
This book situates the current crisis in the historical trajectory of the capitalist world-system, showing how the crisis was made possible not only by neoliberal financial reforms but by a massive turn away from manufacturing things of value towards seeking profit from financial exchange and credit. Much more basic than the result of a few financial traders cheating the system, this is a potential historical turning point. The book establishes why the system was ripe for crisis of the past, and yet why this meltdown was different. It concludes by asking whether as deep as the crisis is, it may contain seeds of a new global economy, what role the US will play, and whether China or other countries will rise to global leadership. This is the first part of a trilogy comprised of the first three books in the Possible Future series.
Fred L. Block
- Published in print:
- 2018
- Published Online:
- January 2019
- ISBN:
- 9780520283220
- eISBN:
- 9780520959071
- Item type:
- book
- Publisher:
- University of California Press
- DOI:
- 10.1525/california/9780520283220.001.0001
- Subject:
- Sociology, Economic Sociology
Since the 1980s, a particular definition of the United States and the global economy as being “capitalist” has become hegemonic. In this view, a capitalist economy is autonomous and coherent, and it ...
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Since the 1980s, a particular definition of the United States and the global economy as being “capitalist” has become hegemonic. In this view, a capitalist economy is autonomous and coherent, and it needs to be regulated by its own internal laws. This view is an illusion. The reality is that economies organized around the pursuit of private profit are contradictory, incoherent, and heavily intertwined with politics and governmental action. But the illusion remains hugely consequential, because it has been embraced by political and economic elites who are convinced that they are powerless to change this system. The reality is that the continuing vitality of the United States and the world economy requires a new period of major reforms on the scale of the New Deal and the building of new global institutions after World War II.Less
Since the 1980s, a particular definition of the United States and the global economy as being “capitalist” has become hegemonic. In this view, a capitalist economy is autonomous and coherent, and it needs to be regulated by its own internal laws. This view is an illusion. The reality is that economies organized around the pursuit of private profit are contradictory, incoherent, and heavily intertwined with politics and governmental action. But the illusion remains hugely consequential, because it has been embraced by political and economic elites who are convinced that they are powerless to change this system. The reality is that the continuing vitality of the United States and the world economy requires a new period of major reforms on the scale of the New Deal and the building of new global institutions after World War II.
Douglas S. Massey, Len Albright, Rebecca Casciano, Elizabeth Derickson, and David N. Kinsey
- Published in print:
- 2019
- Published Online:
- May 2020
- ISBN:
- 9780691196138
- eISBN:
- 9781400846047
- Item type:
- book
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691196138.001.0001
- Subject:
- Sociology, Economic Sociology
Under the New Jersey State Constitution as interpreted by the State Supreme Court in 1975 and 1983, municipalities are required to use their zoning authority to create realistic opportunities for a ...
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Under the New Jersey State Constitution as interpreted by the State Supreme Court in 1975 and 1983, municipalities are required to use their zoning authority to create realistic opportunities for a fair share of affordable housing for low- and moderate-income households. Mount Laurel was the town at the center of the court decisions. As a result, Mount Laurel has become synonymous with the debate over affordable housing policy designed to create economically integrated communities. What was the impact of the Mount Laurel decision on those most affected by it? What does the case tell us about economic inequality? This book undertakes a systematic evaluation of the Ethel Lawrence Homes—a housing development produced as a result of the Mount Laurel decision. The book assesses the consequences for the surrounding neighborhoods and their inhabitants, the township of Mount Laurel, and the residents of the Ethel Lawrence Homes. Their analysis reveals what social scientists call neighborhood effects—the notion that neighborhoods can shape the life trajectories of their inhabitants. The book proves that the building of affordable housing projects is an efficacious, cost-effective approach to integration and improving the lives of the poor, with reasonable cost and no drawbacks for the community at large.Less
Under the New Jersey State Constitution as interpreted by the State Supreme Court in 1975 and 1983, municipalities are required to use their zoning authority to create realistic opportunities for a fair share of affordable housing for low- and moderate-income households. Mount Laurel was the town at the center of the court decisions. As a result, Mount Laurel has become synonymous with the debate over affordable housing policy designed to create economically integrated communities. What was the impact of the Mount Laurel decision on those most affected by it? What does the case tell us about economic inequality? This book undertakes a systematic evaluation of the Ethel Lawrence Homes—a housing development produced as a result of the Mount Laurel decision. The book assesses the consequences for the surrounding neighborhoods and their inhabitants, the township of Mount Laurel, and the residents of the Ethel Lawrence Homes. Their analysis reveals what social scientists call neighborhood effects—the notion that neighborhoods can shape the life trajectories of their inhabitants. The book proves that the building of affordable housing projects is an efficacious, cost-effective approach to integration and improving the lives of the poor, with reasonable cost and no drawbacks for the community at large.
Simone Polillo
- Published in print:
- 2013
- Published Online:
- September 2013
- ISBN:
- 9780804785099
- eISBN:
- 9780804785556
- Item type:
- book
- Publisher:
- Stanford University Press
- DOI:
- 10.11126/stanford/9780804785099.001.0001
- Subject:
- Sociology, Economic Sociology
Common understandings of money, credit, and banking, rely on notions of efficiency--how well they work in allocating resources and coordinating economic activities. This book, by contrast, focuses on ...
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Common understandings of money, credit, and banking, rely on notions of efficiency--how well they work in allocating resources and coordinating economic activities. This book, by contrast, focuses on how money, credit, and banking are implicated in conflict. It examines how financial elites in general, and certain bankers in particular, create new financial instruments in order to consolidate and reproduce their wealth over time, turning money into an instrument of exclusion, and couching their practices in ideologies of sound banking. Yet, since the boundaries thus erected create resistance, the book also traces the emergence of rival elites (wildcats) who, by increasing the circulation of existing currencies, or incorporating new actors in financial markets through the production of altogether new instruments, attempt to transgress these boundaries.Less
Common understandings of money, credit, and banking, rely on notions of efficiency--how well they work in allocating resources and coordinating economic activities. This book, by contrast, focuses on how money, credit, and banking are implicated in conflict. It examines how financial elites in general, and certain bankers in particular, create new financial instruments in order to consolidate and reproduce their wealth over time, turning money into an instrument of exclusion, and couching their practices in ideologies of sound banking. Yet, since the boundaries thus erected create resistance, the book also traces the emergence of rival elites (wildcats) who, by increasing the circulation of existing currencies, or incorporating new actors in financial markets through the production of altogether new instruments, attempt to transgress these boundaries.
Christoph Hermann
- Published in print:
- 2021
- Published Online:
- August 2021
- ISBN:
- 9780197576755
- eISBN:
- 9780197576793
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780197576755.001.0001
- Subject:
- Sociology, Economic Sociology
This book explores the intellectual history, nature, and consequences of commodification. While many use the term “commodification,” few realize that it was only introduced in the 1970s by Marxist ...
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This book explores the intellectual history, nature, and consequences of commodification. While many use the term “commodification,” few realize that it was only introduced in the 1970s by Marxist scholars in Britain and the United States. However, while Marxists initially used commodification to challenge capitalism, subsequent scholars used it mainly to criticize certain markets and certain forms of exchange. The result is what this book identifies as moral and pragmatic critiques of commodification. In contrast, this book follows the materialist critique and, subsequently, argues that commodification entails the subjugation of use value, or usefulness, to market value, or the ability to generate profit. To capture this process, the book distinguishes between formal, real, and fictitious commodification. While capitalism depends on commodity production, the extent of commodification can differ, depending on market regulation and public provision. The book examines a range of neoliberal policies that promoted (re)commodification, including privatization, liberalization, and deregulation. The primacy of profits over needs has major consequences on how social needs are satisfied. The book identifies twelve consequences that have troubling effects for social reproduction and the environment, including the exclusion of those who cannot pay, the focus on highly profitable wants at the expense of less profitable but socially more relevant needs, collectivization of costs, and speculation. Given the negative effects, the book also discusses limits of commodification and argues that the ecological limit is the most dramatic one. In order to avoid catastrophic decommodification, the book proposes an alternative that is based on the maximization of use value rather than market value.Less
This book explores the intellectual history, nature, and consequences of commodification. While many use the term “commodification,” few realize that it was only introduced in the 1970s by Marxist scholars in Britain and the United States. However, while Marxists initially used commodification to challenge capitalism, subsequent scholars used it mainly to criticize certain markets and certain forms of exchange. The result is what this book identifies as moral and pragmatic critiques of commodification. In contrast, this book follows the materialist critique and, subsequently, argues that commodification entails the subjugation of use value, or usefulness, to market value, or the ability to generate profit. To capture this process, the book distinguishes between formal, real, and fictitious commodification. While capitalism depends on commodity production, the extent of commodification can differ, depending on market regulation and public provision. The book examines a range of neoliberal policies that promoted (re)commodification, including privatization, liberalization, and deregulation. The primacy of profits over needs has major consequences on how social needs are satisfied. The book identifies twelve consequences that have troubling effects for social reproduction and the environment, including the exclusion of those who cannot pay, the focus on highly profitable wants at the expense of less profitable but socially more relevant needs, collectivization of costs, and speculation. Given the negative effects, the book also discusses limits of commodification and argues that the ecological limit is the most dramatic one. In order to avoid catastrophic decommodification, the book proposes an alternative that is based on the maximization of use value rather than market value.
Craig Calhoun and Georgi Derluguian (eds)
- Published in print:
- 2011
- Published Online:
- March 2016
- ISBN:
- 9780814772805
- eISBN:
- 9780814723562
- Item type:
- book
- Publisher:
- NYU Press
- DOI:
- 10.18574/nyu/9780814772805.001.0001
- Subject:
- Sociology, Economic Sociology
Response to financial meltdown is entangled with basic challenges to global governance. Environment, global security and ethnicity and nationalism are all global issues today. Focusing on the ...
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Response to financial meltdown is entangled with basic challenges to global governance. Environment, global security and ethnicity and nationalism are all global issues today. Focusing on the political and social dimensions of the crisis, this book examines changes in relationships between the world's richer and poorer countries, efforts to strengthen global institutions, and difficulties facing states trying to create stability for their citizens. This is the second part of a trilogy comprised of the first three books in the Possible Future series.Less
Response to financial meltdown is entangled with basic challenges to global governance. Environment, global security and ethnicity and nationalism are all global issues today. Focusing on the political and social dimensions of the crisis, this book examines changes in relationships between the world's richer and poorer countries, efforts to strengthen global institutions, and difficulties facing states trying to create stability for their citizens. This is the second part of a trilogy comprised of the first three books in the Possible Future series.
Michael A. McCarthy
- Published in print:
- 2017
- Published Online:
- September 2017
- ISBN:
- 9780801454226
- eISBN:
- 9781501708206
- Item type:
- book
- Publisher:
- Cornell University Press
- DOI:
- 10.7591/cornell/9780801454226.001.0001
- Subject:
- Sociology, Economic Sociology
Why has old-age security become less solidaristic and increasingly tied to risky capitalist markets? Drawing on rich archival data that covers more than fifty years of American history, this book ...
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Why has old-age security become less solidaristic and increasingly tied to risky capitalist markets? Drawing on rich archival data that covers more than fifty years of American history, this book argues that the critical driver was policymakers' reactions to capitalist crises and their political imperative to promote capitalist growth. Pension development has followed three paths of marketization in America since the New Deal, each distinct but converging: occupational pension plans were adopted as an alternative to real increases in Social Security benefits after World War II; private pension assets were then financialized and invested into the stock market; and, since the 1970s, traditional pension plans have come to be replaced with riskier retirement plans. Comparing each episode of change, the book mounts a forceful challenge to common understandings of America's private pension system and offers an alternative political economy of the welfare state. The book weaves together a theoretical framework that helps to explain pension marketization with structural mechanisms that push policymakers to intervene to promote capitalist growth and avoid capitalist crises and contingent historical factors that both drive them to intervene in the particular ways they do and shape how their interventions bear on welfare change. By emphasizing the capitalist context in which policymaking occurs, the book turns our attention to the structural factors that drive policy change. The book urges the reader to reconsider how capitalism itself constrains policymaking.Less
Why has old-age security become less solidaristic and increasingly tied to risky capitalist markets? Drawing on rich archival data that covers more than fifty years of American history, this book argues that the critical driver was policymakers' reactions to capitalist crises and their political imperative to promote capitalist growth. Pension development has followed three paths of marketization in America since the New Deal, each distinct but converging: occupational pension plans were adopted as an alternative to real increases in Social Security benefits after World War II; private pension assets were then financialized and invested into the stock market; and, since the 1970s, traditional pension plans have come to be replaced with riskier retirement plans. Comparing each episode of change, the book mounts a forceful challenge to common understandings of America's private pension system and offers an alternative political economy of the welfare state. The book weaves together a theoretical framework that helps to explain pension marketization with structural mechanisms that push policymakers to intervene to promote capitalist growth and avoid capitalist crises and contingent historical factors that both drive them to intervene in the particular ways they do and shape how their interventions bear on welfare change. By emphasizing the capitalist context in which policymaking occurs, the book turns our attention to the structural factors that drive policy change. The book urges the reader to reconsider how capitalism itself constrains policymaking.
Benjamin H. Snyder
- Published in print:
- 2016
- Published Online:
- August 2016
- ISBN:
- 9780190203498
- eISBN:
- 9780190203535
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780190203498.001.0001
- Subject:
- Sociology, Culture, Economic Sociology
The 21st century workplace compels Americans to be more flexible. To embrace change, work with unpredictable schedules, be available 24/7, and take charge of one’s own career. What are the wider ...
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The 21st century workplace compels Americans to be more flexible. To embrace change, work with unpredictable schedules, be available 24/7, and take charge of one’s own career. What are the wider implications of these pressures for workers’ moral lives? How do they construct conceptions of good work and a good life amid such incessant change? In The Disrupted Workplace, Benjamin Snyder examines how three groups of American workers—financial professionals, truck drivers, and unemployed job seekers—construct moral order in a capitalist system that demands flexibility. Based on 70 in-depth interviews and three years of participant observation, he argues that the flexible economy transforms how workers experience time. New scheduling techniques, employment strategies, and technologies disrupt the rhythms and trajectories of working life, which makes time feel chaotic, accelerated, desynchronized, and unpredictable. Amidst a welter of fragmented temporalities, the workplace becomes a site of perplexing moral dilemmas. Work can feel both liberating and terrorizing, engrossing in the short term but unsustainable in the long term. Through a vivid portrait of real workers’ struggles to adapt their moral lives to constant disruption, Snyder mounts a compelling critique of the cultural costs of the flexible economy.Less
The 21st century workplace compels Americans to be more flexible. To embrace change, work with unpredictable schedules, be available 24/7, and take charge of one’s own career. What are the wider implications of these pressures for workers’ moral lives? How do they construct conceptions of good work and a good life amid such incessant change? In The Disrupted Workplace, Benjamin Snyder examines how three groups of American workers—financial professionals, truck drivers, and unemployed job seekers—construct moral order in a capitalist system that demands flexibility. Based on 70 in-depth interviews and three years of participant observation, he argues that the flexible economy transforms how workers experience time. New scheduling techniques, employment strategies, and technologies disrupt the rhythms and trajectories of working life, which makes time feel chaotic, accelerated, desynchronized, and unpredictable. Amidst a welter of fragmented temporalities, the workplace becomes a site of perplexing moral dilemmas. Work can feel both liberating and terrorizing, engrossing in the short term but unsustainable in the long term. Through a vivid portrait of real workers’ struggles to adapt their moral lives to constant disruption, Snyder mounts a compelling critique of the cultural costs of the flexible economy.
Ken-Hou Lin and Megan Tobias Neely
- Published in print:
- 2020
- Published Online:
- February 2020
- ISBN:
- 9780190638313
- eISBN:
- 9780190638344
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780190638313.001.0001
- Subject:
- Sociology, Economic Sociology
Finance is an inescapable part of American life. From how one pursues an education, buys a home, runs a business, or saves for retirement, finance orders the lives of ordinary Americans. And as ...
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Finance is an inescapable part of American life. From how one pursues an education, buys a home, runs a business, or saves for retirement, finance orders the lives of ordinary Americans. And as finance continues to expand, inequality soars. This book demonstrates why widening inequality cannot be understood without examining the rise of finance. The growth of the financial sector has dramatically transformed the American economy by redistributing resources from workers and families into the hands of owners, executives, and financial professionals. The average American is now divested from a world driven by the maximization of financial profit. The book provides systematic evidence to document how the ascendance of finance on Wall Street, Main Street, and among households is a fundamental cause of economic inequality. It argues that finance has reshaped the economy in three important ways. First, the financial sector extracts resources from the economy at large without providing commensurate economic benefit to those outside the financial services industry. Second, firms in other economic sectors have become increasingly involved in lending and speculative investing, which weakens the demand for labor and the bargaining power of workers. And third, the shift of risks and uncertainties once shouldered by unions, corporations, and governments onto families escalates the consumption of financial products, which in turns exacerbates wealth inequality.Less
Finance is an inescapable part of American life. From how one pursues an education, buys a home, runs a business, or saves for retirement, finance orders the lives of ordinary Americans. And as finance continues to expand, inequality soars. This book demonstrates why widening inequality cannot be understood without examining the rise of finance. The growth of the financial sector has dramatically transformed the American economy by redistributing resources from workers and families into the hands of owners, executives, and financial professionals. The average American is now divested from a world driven by the maximization of financial profit. The book provides systematic evidence to document how the ascendance of finance on Wall Street, Main Street, and among households is a fundamental cause of economic inequality. It argues that finance has reshaped the economy in three important ways. First, the financial sector extracts resources from the economy at large without providing commensurate economic benefit to those outside the financial services industry. Second, firms in other economic sectors have become increasingly involved in lending and speculative investing, which weakens the demand for labor and the bargaining power of workers. And third, the shift of risks and uncertainties once shouldered by unions, corporations, and governments onto families escalates the consumption of financial products, which in turns exacerbates wealth inequality.
Viviana A. Zelizer
- Published in print:
- 2010
- Published Online:
- October 2017
- ISBN:
- 9780691139364
- eISBN:
- 9781400836253
- Item type:
- book
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691139364.001.0001
- Subject:
- Sociology, Economic Sociology
Over the past three decades, economic sociology has been revealing how culture shapes economic life even while economic facts affect social relationships. This work has transformed the field into a ...
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Over the past three decades, economic sociology has been revealing how culture shapes economic life even while economic facts affect social relationships. This work has transformed the field into a flourishing and increasingly influential discipline. This book shows how shared cultural understandings and interpersonal relations shape everyday economic activities. Far from being simple responses to narrow individual incentives and preferences, economic actions emerge, persist, and are transformed by our relations to others. Distilling three decades of research, the book offers a distinctive vision of economic activity that brings out the hidden meanings and social actions behind the supposedly impersonal worlds of production, consumption, and asset transfer. The book's scope ranges broadly from life insurance marketing, corporate ethics, household budgets, and migrant remittances to caring labor, workplace romance, baby markets, and payments for sex. These examples demonstrate an alternative approach to explaining how we manage economic activity—as well as a different way of understanding why conventional economic theory has proved incapable of predicting or responding to recent economic crises. The book provides an important perspective on the recent past and possible futures of a growing field.Less
Over the past three decades, economic sociology has been revealing how culture shapes economic life even while economic facts affect social relationships. This work has transformed the field into a flourishing and increasingly influential discipline. This book shows how shared cultural understandings and interpersonal relations shape everyday economic activities. Far from being simple responses to narrow individual incentives and preferences, economic actions emerge, persist, and are transformed by our relations to others. Distilling three decades of research, the book offers a distinctive vision of economic activity that brings out the hidden meanings and social actions behind the supposedly impersonal worlds of production, consumption, and asset transfer. The book's scope ranges broadly from life insurance marketing, corporate ethics, household budgets, and migrant remittances to caring labor, workplace romance, baby markets, and payments for sex. These examples demonstrate an alternative approach to explaining how we manage economic activity—as well as a different way of understanding why conventional economic theory has proved incapable of predicting or responding to recent economic crises. The book provides an important perspective on the recent past and possible futures of a growing field.
Richard Rosenfeld, Mark Edberg, Xiangming Fang, and Curtis S. Florence (eds)
- Published in print:
- 2013
- Published Online:
- March 2016
- ISBN:
- 9780814789308
- eISBN:
- 9780814760239
- Item type:
- book
- Publisher:
- NYU Press
- DOI:
- 10.18574/nyu/9780814789308.001.0001
- Subject:
- Sociology, Economic Sociology
How do economic conditions such as poverty, unemployment, inflation, and economic growth impact youth violence? This book provides a new perspective on this crucial issue. Pinpointing the economic ...
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How do economic conditions such as poverty, unemployment, inflation, and economic growth impact youth violence? This book provides a new perspective on this crucial issue. Pinpointing the economic factors that are most important, the book explores how different kinds of economic issues impact children, adolescents, and their families, schools, and communities. Offering new and important insights regarding the relationship between macroeconomic conditions and youth violence across a variety of times and places, chapters cover such issues as the effect of inflation on youth violence; new quantitative analysis of the connection between race, economic opportunity, and violence; and the cyclical nature of criminal backgrounds and economic disadvantage among families. Highlighting the complexities in the relationship between economic conditions, juvenile offenses, and the community and situational contexts in which their connections are forged, the book prompts important questions that aim to guide future research on the causes and prevention of youth violence.Less
How do economic conditions such as poverty, unemployment, inflation, and economic growth impact youth violence? This book provides a new perspective on this crucial issue. Pinpointing the economic factors that are most important, the book explores how different kinds of economic issues impact children, adolescents, and their families, schools, and communities. Offering new and important insights regarding the relationship between macroeconomic conditions and youth violence across a variety of times and places, chapters cover such issues as the effect of inflation on youth violence; new quantitative analysis of the connection between race, economic opportunity, and violence; and the cyclical nature of criminal backgrounds and economic disadvantage among families. Highlighting the complexities in the relationship between economic conditions, juvenile offenses, and the community and situational contexts in which their connections are forged, the book prompts important questions that aim to guide future research on the causes and prevention of youth violence.
Stephen J. Ball
- Published in print:
- 2008
- Published Online:
- March 2012
- ISBN:
- 9781861349200
- eISBN:
- 9781447303756
- Item type:
- book
- Publisher:
- Policy Press
- DOI:
- 10.1332/policypress/9781861349200.001.0001
- Subject:
- Sociology, Economic Sociology
Education is a key political issue, and is seen as a crucial factor in ensuring economic productivity and competitiveness. This book offers an analysis of the flood of government initiatives and ...
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Education is a key political issue, and is seen as a crucial factor in ensuring economic productivity and competitiveness. This book offers an analysis of the flood of government initiatives and policies that have been introduced over the past 20 years, including Beacon Schools, the Academies programme, parental choice, Foundation Schools, faith schools, and teaching standards. It looks at the politics of these policy interventions and how they have changed the face of education.Less
Education is a key political issue, and is seen as a crucial factor in ensuring economic productivity and competitiveness. This book offers an analysis of the flood of government initiatives and policies that have been introduced over the past 20 years, including Beacon Schools, the Academies programme, parental choice, Foundation Schools, faith schools, and teaching standards. It looks at the politics of these policy interventions and how they have changed the face of education.
John F. Padgett and Walter W. Powell
- Published in print:
- 2012
- Published Online:
- October 2017
- ISBN:
- 9780691148670
- eISBN:
- 9781400845552
- Item type:
- book
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691148670.001.0001
- Subject:
- Sociology, Economic Sociology
The social sciences have sophisticated models of choice and equilibrium but little understanding of the emergence of novelty. Where do new alternatives, new organizational forms, and new types of ...
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The social sciences have sophisticated models of choice and equilibrium but little understanding of the emergence of novelty. Where do new alternatives, new organizational forms, and new types of people come from? Combining biochemical insights about the origin of life with innovative and historically oriented social network analyses, this book develops a theory about the emergence of organizational, market, and biographical novelty from the coevolution of multiple social networks. The book demonstrates that novelty arises from spillovers across intertwined networks in different domains. In the short run actors make relations, but in the long run relations make actors. This theory of novelty emerging from intersecting production and biographical flows is developed through formal deductive modeling and through a wide range of original historical case studies. The book builds on the biochemical concept of autocatalysis—the chemical definition of life—and then extends this autocatalytic reasoning to social processes of production and communication. The chapters analyze a wide range of cases of emergence. They look at the emergence of organizational novelty in early capitalism and state formation; they examine the transformation of communism; and they analyze with detailed network data contemporary science-based capitalism: the biotechnology industry, regional high-tech clusters, and the open source community.Less
The social sciences have sophisticated models of choice and equilibrium but little understanding of the emergence of novelty. Where do new alternatives, new organizational forms, and new types of people come from? Combining biochemical insights about the origin of life with innovative and historically oriented social network analyses, this book develops a theory about the emergence of organizational, market, and biographical novelty from the coevolution of multiple social networks. The book demonstrates that novelty arises from spillovers across intertwined networks in different domains. In the short run actors make relations, but in the long run relations make actors. This theory of novelty emerging from intersecting production and biographical flows is developed through formal deductive modeling and through a wide range of original historical case studies. The book builds on the biochemical concept of autocatalysis—the chemical definition of life—and then extends this autocatalytic reasoning to social processes of production and communication. The chapters analyze a wide range of cases of emergence. They look at the emergence of organizational novelty in early capitalism and state formation; they examine the transformation of communism; and they analyze with detailed network data contemporary science-based capitalism: the biotechnology industry, regional high-tech clusters, and the open source community.
Marina Welker
- Published in print:
- 2014
- Published Online:
- September 2016
- ISBN:
- 9780520282308
- eISBN:
- 9780520957954
- Item type:
- book
- Publisher:
- University of California Press
- DOI:
- 10.1525/california/9780520282308.001.0001
- Subject:
- Sociology, Economic Sociology
What are corporations, and to whom are they responsible? The author draws on two years of research at Newmont Mining Corporation's Denver headquarters and its Batu Hijau copper and gold mine in ...
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What are corporations, and to whom are they responsible? The author draws on two years of research at Newmont Mining Corporation's Denver headquarters and its Batu Hijau copper and gold mine in Sumbawa, Indonesia, to address these questions. Against the backdrop of an emerging Corporate Social Responsibility movement and changing state dynamics in Indonesia, the book shows how people enact the mining corporation in multiple ways: as an ore producer, employer, patron, promoter of sustainable development, religious sponsor, auditable organization, foreign imperialist, and environmental threat. Rather than assuming that corporations are monolithic, profit-maximizing subjects, the author turns to anthropological theories of personhood to develop an analytic model of the corporation as an unstable collective subject with multiple authors, boundaries, and interests. This book demonstrates that corporations are constituted through continuous struggles over relations with—and responsibilities to—local communities, workers, activists, governments, contractors, and shareholders.Less
What are corporations, and to whom are they responsible? The author draws on two years of research at Newmont Mining Corporation's Denver headquarters and its Batu Hijau copper and gold mine in Sumbawa, Indonesia, to address these questions. Against the backdrop of an emerging Corporate Social Responsibility movement and changing state dynamics in Indonesia, the book shows how people enact the mining corporation in multiple ways: as an ore producer, employer, patron, promoter of sustainable development, religious sponsor, auditable organization, foreign imperialist, and environmental threat. Rather than assuming that corporations are monolithic, profit-maximizing subjects, the author turns to anthropological theories of personhood to develop an analytic model of the corporation as an unstable collective subject with multiple authors, boundaries, and interests. This book demonstrates that corporations are constituted through continuous struggles over relations with—and responsibilities to—local communities, workers, activists, governments, contractors, and shareholders.
Lisa Sun-Hee Park
- Published in print:
- 2011
- Published Online:
- March 2016
- ISBN:
- 9780814768013
- eISBN:
- 9780814768334
- Item type:
- book
- Publisher:
- NYU Press
- DOI:
- 10.18574/nyu/9780814768013.001.0001
- Subject:
- Sociology, Economic Sociology
This book investigates how the politics of immigration, health care, and welfare are intertwined. Documenting the formal return of the immigrant as a “public charge,” or a burden upon the State, the ...
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This book investigates how the politics of immigration, health care, and welfare are intertwined. Documenting the formal return of the immigrant as a “public charge,” or a burden upon the State, the book shows how the concept has been revived as states adopt punitive policies targeting immigrants of color and require them to “pay back” benefits for which they are legally eligible during a time of intense debate regarding welfare reform. The book argues that the notions of “public charge” and “public burden” were reinvigorated in the 1990s to target immigrant women of reproductive age for deportation and as part of a larger project of “disciplining” immigrants. Drawing on nearly two hundred interviews with immigrant organizations, government agencies and safety net providers, as well as careful tracking of policies and media coverage, the book provides vivid, first-person accounts of how struggles over the “public charge” doctrine unfolded on the ground, as well as its consequences for the immigrant community. Ultimately, it shows that the concept of “public charge” continues to lurk in the background, structuring our conception of who can legitimately access public programs and of the moral economy of work and citizenship in the United States, and makes important policy suggestions for reforming our immigration system.Less
This book investigates how the politics of immigration, health care, and welfare are intertwined. Documenting the formal return of the immigrant as a “public charge,” or a burden upon the State, the book shows how the concept has been revived as states adopt punitive policies targeting immigrants of color and require them to “pay back” benefits for which they are legally eligible during a time of intense debate regarding welfare reform. The book argues that the notions of “public charge” and “public burden” were reinvigorated in the 1990s to target immigrant women of reproductive age for deportation and as part of a larger project of “disciplining” immigrants. Drawing on nearly two hundred interviews with immigrant organizations, government agencies and safety net providers, as well as careful tracking of policies and media coverage, the book provides vivid, first-person accounts of how struggles over the “public charge” doctrine unfolded on the ground, as well as its consequences for the immigrant community. Ultimately, it shows that the concept of “public charge” continues to lurk in the background, structuring our conception of who can legitimately access public programs and of the moral economy of work and citizenship in the United States, and makes important policy suggestions for reforming our immigration system.
Anna Tarrant
- Published in print:
- 2021
- Published Online:
- May 2022
- ISBN:
- 9781447345510
- eISBN:
- 9781447348702
- Item type:
- book
- Publisher:
- Policy Press
- DOI:
- 10.1332/policypress/9781447345510.001.0001
- Subject:
- Sociology, Economic Sociology
This monograph reports on pioneering research from the ‘Men, Poverty and Lifetimes of Care’ (Leverhulme Trust, 2014-2018) study. It addresses questions concerning the routine care responsibilities of ...
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This monograph reports on pioneering research from the ‘Men, Poverty and Lifetimes of Care’ (Leverhulme Trust, 2014-2018) study. It addresses questions concerning the routine care responsibilities of men in low-income localities and the resources and constraints that affect how they ‘do’ family and care on an everyday basis. Drawing on a mix of ethnographic, photographic and interview data generated with twenty-six men in different generational positions living in a Northern city in England, the relational dynamics of low-income family life are examined. The central thesis is that while policy and lay discussions of low-income men emphasise men’s absence, limited empirical focus on the household and on the role of ‘father’ as a generational identity, serves to obscure the variety of ways in which men in low-income families participate in family life in significant ways, at different times. Advancing the concept of family participation, the book reveals the contexts of significant hardship through which men in different generational positions engage in a range of caring practices. At the same time, austerity has entrenched conditions antithetical to these men’s efforts on behalf of their children and grandchildren. The analyses therefore reveal circumstances when men might be more resourced and capable of taking on care responsibilities, but also where state support may be lacking yet much needed. In a context of social ambivalence about men as carers, men with caring responsibilities remain highly isolated and welfare and market provision for ‘caring masculinities’ is neither being produced nor sustained.Less
This monograph reports on pioneering research from the ‘Men, Poverty and Lifetimes of Care’ (Leverhulme Trust, 2014-2018) study. It addresses questions concerning the routine care responsibilities of men in low-income localities and the resources and constraints that affect how they ‘do’ family and care on an everyday basis. Drawing on a mix of ethnographic, photographic and interview data generated with twenty-six men in different generational positions living in a Northern city in England, the relational dynamics of low-income family life are examined. The central thesis is that while policy and lay discussions of low-income men emphasise men’s absence, limited empirical focus on the household and on the role of ‘father’ as a generational identity, serves to obscure the variety of ways in which men in low-income families participate in family life in significant ways, at different times. Advancing the concept of family participation, the book reveals the contexts of significant hardship through which men in different generational positions engage in a range of caring practices. At the same time, austerity has entrenched conditions antithetical to these men’s efforts on behalf of their children and grandchildren. The analyses therefore reveal circumstances when men might be more resourced and capable of taking on care responsibilities, but also where state support may be lacking yet much needed. In a context of social ambivalence about men as carers, men with caring responsibilities remain highly isolated and welfare and market provision for ‘caring masculinities’ is neither being produced nor sustained.