William J. Talbott
- Published in print:
- 2010
- Published Online:
- January 2011
- ISBN:
- 9780195173482
- eISBN:
- 9780199872176
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195173482.003.0009
- Subject:
- Philosophy, Political Philosophy
This chapter uses the main principle to explain why economic rights should be regarded as human rights. Property rights, contract rights, and other economic rights are a solution to the productive ...
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This chapter uses the main principle to explain why economic rights should be regarded as human rights. Property rights, contract rights, and other economic rights are a solution to the productive investment CAP. Property and contract rights are not defined a priori, but should be defined in a way that they will, as a practice, do the best job of equitably promoting life prospects. The chapter uses the main principle to explain the moral appropriateness of (1) the contours of property rights to both tangible and intangible property; (2) exceptions to contracts, including unconscionability, implied warranties, strict liability, mandatory disclosure, bankruptcy; (3) the replacement of caveat emptor with caveat venditor in win-win contracts; (4) market economies; (5) negative income tax; (6) voluntary consent to economic and other transactions; (7) prohibitions on slavery contracts; (8) minimum wage legislation. The chapter contrasts his account with fair starting-point theories of justice, including Ronald Dworkin’s theory. He also contrasts his account with Richard Posner’s account of the common law in terms of economic efficiency.Less
This chapter uses the main principle to explain why economic rights should be regarded as human rights. Property rights, contract rights, and other economic rights are a solution to the productive investment CAP. Property and contract rights are not defined a priori, but should be defined in a way that they will, as a practice, do the best job of equitably promoting life prospects. The chapter uses the main principle to explain the moral appropriateness of (1) the contours of property rights to both tangible and intangible property; (2) exceptions to contracts, including unconscionability, implied warranties, strict liability, mandatory disclosure, bankruptcy; (3) the replacement of caveat emptor with caveat venditor in win-win contracts; (4) market economies; (5) negative income tax; (6) voluntary consent to economic and other transactions; (7) prohibitions on slavery contracts; (8) minimum wage legislation. The chapter contrasts his account with fair starting-point theories of justice, including Ronald Dworkin’s theory. He also contrasts his account with Richard Posner’s account of the common law in terms of economic efficiency.
T.A. Bhavani and N.R. Bhanumurthy
- Published in print:
- 2012
- Published Online:
- September 2012
- ISBN:
- 9780198076650
- eISBN:
- 9780199081868
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198076650.003.0003
- Subject:
- Economics and Finance, Macro- and Monetary Economics
This chapter describes the process of financial development and access, and the various dimensions of each of the two concepts, and how it leads to economic growth and development. It elaborates on ...
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This chapter describes the process of financial development and access, and the various dimensions of each of the two concepts, and how it leads to economic growth and development. It elaborates on the macroeconomic growth approach and underlying rationale for adopting this approach. Keeping the productive investment requirements of growth in mind, financial development is specified along the dimensions of diversification, size, reach, efficiency and soundness. Financial access is specified as the use of formal financial resources in relation to actual productive investment undertaken by the economic agents/sectors/segments. Further, the use of formal financial system is examined in terms of availability and adequacy of formal financial resources. Adequacy is measured as gap between the need and availability, which the study terms as financial resource gap.Less
This chapter describes the process of financial development and access, and the various dimensions of each of the two concepts, and how it leads to economic growth and development. It elaborates on the macroeconomic growth approach and underlying rationale for adopting this approach. Keeping the productive investment requirements of growth in mind, financial development is specified along the dimensions of diversification, size, reach, efficiency and soundness. Financial access is specified as the use of formal financial resources in relation to actual productive investment undertaken by the economic agents/sectors/segments. Further, the use of formal financial system is examined in terms of availability and adequacy of formal financial resources. Adequacy is measured as gap between the need and availability, which the study terms as financial resource gap.
TILL WAHNBAECK
- Published in print:
- 2004
- Published Online:
- January 2010
- ISBN:
- 9780199269839
- eISBN:
- 9780191710056
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199269839.003.0010
- Subject:
- History, Economic History
This chapter discusses the influence of Pietro Verri on the economic debate in Lombardy. It also investigates how Verri formulated his economic thoughts. It explains that the key engine and fuel to ...
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This chapter discusses the influence of Pietro Verri on the economic debate in Lombardy. It also investigates how Verri formulated his economic thoughts. It explains that the key engine and fuel to drive economic development was conspicuous consumption. It discusses how and why Verri abandoned the concept of luxury as the cornerstone of economic development. It notes the new theories of economic development introduced by both Verri and Beccaria into Italian discussion — the concept of savings, productive investment, the pivotal role of the cost of money, capitalist agriculture, and the division of labour in a demand-driven economy. It explains that Verri and Beccaria also helped develop a language in which these mechanisms were to be expressed — the new language of economic reason.Less
This chapter discusses the influence of Pietro Verri on the economic debate in Lombardy. It also investigates how Verri formulated his economic thoughts. It explains that the key engine and fuel to drive economic development was conspicuous consumption. It discusses how and why Verri abandoned the concept of luxury as the cornerstone of economic development. It notes the new theories of economic development introduced by both Verri and Beccaria into Italian discussion — the concept of savings, productive investment, the pivotal role of the cost of money, capitalist agriculture, and the division of labour in a demand-driven economy. It explains that Verri and Beccaria also helped develop a language in which these mechanisms were to be expressed — the new language of economic reason.
Jenny Andersson
- Published in print:
- 2006
- Published Online:
- July 2012
- ISBN:
- 9780719074394
- eISBN:
- 9781781701270
- Item type:
- book
- Publisher:
- Manchester University Press
- DOI:
- 10.7228/manchester/9780719074394.001.0001
- Subject:
- Political Science, European Union
Social policy is not a cost, but a productive investment, wrote the Swedish social democratic economist Gunnar Myrdal in 1932, the year the Swedish social democrats (SAP) gained electoral power. This ...
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Social policy is not a cost, but a productive investment, wrote the Swedish social democratic economist Gunnar Myrdal in 1932, the year the Swedish social democrats (SAP) gained electoral power. This notion of social policy as a productive investment and a prerequisite for economic growth became a core feature in the ideology of Swedish social democracy, and a central component of the universalism of the Swedish welfare state. However, as the SAP embarked on its Third Way in 1981, this outlook on social policy as a productive investment was replaced by the identification of social policy as a cost and a burden for growth. This book discusses the components of this ideological turnaround from Swedish social democracy's post war notion of a strong society, to its notion of a Third Way in the early 1980s. It contributes to the history of Swedish social democracy and recent developments in the Swedish welfare state, and also sheds light on contemporary social policy debates.Less
Social policy is not a cost, but a productive investment, wrote the Swedish social democratic economist Gunnar Myrdal in 1932, the year the Swedish social democrats (SAP) gained electoral power. This notion of social policy as a productive investment and a prerequisite for economic growth became a core feature in the ideology of Swedish social democracy, and a central component of the universalism of the Swedish welfare state. However, as the SAP embarked on its Third Way in 1981, this outlook on social policy as a productive investment was replaced by the identification of social policy as a cost and a burden for growth. This book discusses the components of this ideological turnaround from Swedish social democracy's post war notion of a strong society, to its notion of a Third Way in the early 1980s. It contributes to the history of Swedish social democracy and recent developments in the Swedish welfare state, and also sheds light on contemporary social policy debates.
Antonio Andreoni, Nishal Robb, and Sophie van Huellen
- Published in print:
- 2021
- Published Online:
- September 2021
- ISBN:
- 9780192894311
- eISBN:
- 9780191915352
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780192894311.003.0010
- Subject:
- Economics and Finance, Development, Growth, and Environmental, Macro- and Monetary Economics
Sustained investment in productive capabilities and fixed-capital formation is a key driver of inclusive and sustainable structural transformation. Both historically and compared to other ...
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Sustained investment in productive capabilities and fixed-capital formation is a key driver of inclusive and sustainable structural transformation. Both historically and compared to other middle-income countries, South Africa has performed poorly in terms of sustaining domestic-productive investments. This failing has coexisted with the development of a stock market with the second-highest level of capitalization over gross domestic product (GDP) in the world, and high levels of profitability across several economic sectors. This chapter provides new evidence on the specific ways in which financialization of non-financial corporations in South Africa has resulted in low investment performances, focusing on two large, publicly listed corporations operating across different economic sectors between 2000 and 2019. The analysis shows that, despite sector heterogeneities: (1) corporations have increasingly financed operations, capital expenditure, and distributions to shareholders with debt; (2) the US dollar-denominated share of this debt has grown rapidly, exposing corporations to increased exchange and interest rate risk; and (3) distributions to shareholders, driven by dividends rather than share repurchases, have risen markedly. These financialization dynamics are attributed to the distribution of power in the domestic political economy and the subordinate nature of South Africa’s integration with global finance. Driving financialization, these two mutually reinforcing factors have undermined the translation of profits into domestic investment, reducing its capacity to drive structural transformation.Less
Sustained investment in productive capabilities and fixed-capital formation is a key driver of inclusive and sustainable structural transformation. Both historically and compared to other middle-income countries, South Africa has performed poorly in terms of sustaining domestic-productive investments. This failing has coexisted with the development of a stock market with the second-highest level of capitalization over gross domestic product (GDP) in the world, and high levels of profitability across several economic sectors. This chapter provides new evidence on the specific ways in which financialization of non-financial corporations in South Africa has resulted in low investment performances, focusing on two large, publicly listed corporations operating across different economic sectors between 2000 and 2019. The analysis shows that, despite sector heterogeneities: (1) corporations have increasingly financed operations, capital expenditure, and distributions to shareholders with debt; (2) the US dollar-denominated share of this debt has grown rapidly, exposing corporations to increased exchange and interest rate risk; and (3) distributions to shareholders, driven by dividends rather than share repurchases, have risen markedly. These financialization dynamics are attributed to the distribution of power in the domestic political economy and the subordinate nature of South Africa’s integration with global finance. Driving financialization, these two mutually reinforcing factors have undermined the translation of profits into domestic investment, reducing its capacity to drive structural transformation.
Fantu Cheru and Arkebe Oqubay
- Published in print:
- 2019
- Published Online:
- June 2019
- ISBN:
- 9780198830504
- eISBN:
- 9780191868696
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780198830504.003.0014
- Subject:
- Economics and Finance, International, Development, Growth, and Environmental
Economic cooperation between China and Africa has deepened in scope and scale in recent times, and FOCAC has emerged as the largest South–South economic partnership platform. However, evidence ...
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Economic cooperation between China and Africa has deepened in scope and scale in recent times, and FOCAC has emerged as the largest South–South economic partnership platform. However, evidence suggests that the catalytic effect of China–Africa engagement on the economic transformation of African countries has been uneven, primarily shaped by the strategic response of the respective African countries. This chapter proposes that China–Africa economic ties should be examined from a structural transformation perspective to adequately evaluate the catalytic effect of Chinese engagement on the economic growth and diversification of African economies, the development of domestic capabilities, and lastly on Africa’s successful insertion into the globalized economy of the twenty-first century. Based on the experience of Ethiopia, the chapter unpacks the pathways to structural transformation in the African context, and the role of the state in guiding the economy through a proactive and strategic approach to economic transformation. The chapter concludes with pathways to the future.Less
Economic cooperation between China and Africa has deepened in scope and scale in recent times, and FOCAC has emerged as the largest South–South economic partnership platform. However, evidence suggests that the catalytic effect of China–Africa engagement on the economic transformation of African countries has been uneven, primarily shaped by the strategic response of the respective African countries. This chapter proposes that China–Africa economic ties should be examined from a structural transformation perspective to adequately evaluate the catalytic effect of Chinese engagement on the economic growth and diversification of African economies, the development of domestic capabilities, and lastly on Africa’s successful insertion into the globalized economy of the twenty-first century. Based on the experience of Ethiopia, the chapter unpacks the pathways to structural transformation in the African context, and the role of the state in guiding the economy through a proactive and strategic approach to economic transformation. The chapter concludes with pathways to the future.
