KINGSTON, R.I. — March 2, 2018 — What were the precursors to the European financial crisis and subsequent weakening of the European Union? What are the contributions of business to economics, and what are economists and other theorists saying about Marxian economics today?
Three 溏心vlog免费B站 economists provide answers in three books published last fall:
- 鈥淔inancial Underpinnings of Europe鈥檚 Financial Crisis–Liberalization, Integration, and Asymmetric State Power,鈥� by Nina Eichacker, assistant professor of economics and resident of Hull, Mass.
- 鈥淗istory of Political Economy–Symposium on the Contributions of Business to Economics,鈥� co-edited by Robert Van Horn, associate professor of economics, and resident of South Kingstown.
- 鈥淜nowledge, Class and Economics–Marxism without Guarantees,鈥� co-edited by Richard McIntyre, professor and chair of the Department of Economics, and resident of South Kingstown.
McIntyre, a 溏心vlog免费B站 graduate, who earned his doctorate in economics at the University of Massachusetts, where he studied with Stephen Resnick and Richard Wolff of the Amherst School, said these new publications illustrate the wide range of prospective students will get when studying economics at 溏心vlog免费B站.
鈥淲e are delighted to have faculty like Nina and Rob, who cross disciplinary lines, and who look beyond traditional economics,鈥� McIntyre said. 鈥淭hrough their research, they give students unique perspectives on how economics, politics, business, financial policy and banking and social issues are interconnected. Our students are learning how these factors influence each other across the globe.鈥�
Eichacker, an economist who studies political economy issues, said her research focus is the intersection of political science and economics.
鈥淚 look at how governments implement policies and how those policies affect the economy,鈥� Eichacker said.
In her book, Eichacker examines the precursors to the austerity measures put in place by several European countries, including Greece, Spain and Ireland. 鈥淚 look at what precipitated those steps, including the government takeovers of financial institutions. I found that European integration led to destabilization of the financial system.鈥�
She also found that certain European countries have great power, and they were the ones that required countries in crisis to implement austerity measures to qualify for bailout money.
鈥淭his went against International Monetary Fund policy,鈥� Eichacker said. 鈥淲e know now that the austerity measures caused extensive damage, and sparked public health crises, unemployment and poverty and precipitated what we see now as an erosion of the strength of the Eurozone.鈥�
Van Horn鈥檚 book is a result of a conference he co-led at Duke University that brought together historians of economics, business historians, scientists and sociologists.
鈥淲e brought together 12 people doing original work in different disciplines,鈥� Van Horn said. 鈥淭his is a creative group of people that look outside of economics for inspiration.鈥�
One of the perspectives found in the book is from William Deringer, assistant professor of science, technology, and society at the Massachusetts Institute of Technology:
鈥淥ne essential notion behind Trump鈥檚 run for the presidency is the notion that he has some kind of critical knowledge about economic things that will be useful for running an entire nation. What is the long history of that idea–that a businessperson or businesspersons are the people best equipped to consider national economic policy. Or look at Trump鈥檚 recent announcement of his crack economic policy advisers. No academics, basically all billionaire businesspeople.
鈥淲hat makes this a valid collection of 鈥榚conomic experts鈥� in the eyes of Trump and his supporters? What makes it an invalid collection in the eyes of his detractors?鈥�
The book edited by McIntyre, 鈥淜nowledge, Class, and Economics,鈥� looks at how the Amherst school changed Marxian economics by rejecting economic determinism and focusing on Marx鈥檚 class theory. It contains essays such as 鈥淢igrant workers in Post-Reform China,鈥� 鈥淏ad Communisms,鈥� 鈥淭he Work of Sex,鈥� 鈥淩ethinking Labor, Class and Justice鈥� and 鈥淔amily Farms, Class and the Future of Food.鈥�
McIntyre collaborated with colleague Michael Hillard, professor of economics at the University of Southern Maine, on the essay 鈥淢anagement Ideologies and the Class Structure of Capitalist Enterprises: Shareholders vs. Stakeholderism at Scott Paper Company.鈥�
Hillard and McIntyre examined the case of the Warren Mill in Maine that was once owned by a family, but is now owned by Scott Paper.
鈥淢arx was interested in the creation of profits through labor and the distribution of those profits to banks, merchants and corporations,鈥� McIntyre said. 鈥淲hat is relatively new is the notion that the most important thing for a business to do is to maximize profits for stockholders.鈥�
In the case of the paper mill, there was at one time a patriarchal-class relationship, McIntyre said.
鈥淲hile the workers were critical to building surplus value, the owners would turn some of that surplus back to the community through the family鈥檚 philanthropic efforts to enhance the public good. Thus came the notion of the mother mill. Workers were exploited, but at least the money stayed in the local economy.
鈥淚 don鈥檛 want to romanticize the patriarchal system, but when the Warren Mill was bought, there was a shift from a focus on the community and enterprise to financial results.鈥�