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last update: 16/01/2023
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World Economic Forum in Davos: Hopefully Bye, Bye!
One of the flagships of neoliberalism, the World Economic Forum, realized the multiplicity of crises - the issue in my comment below (Into the Maelstrom......). This will be the topic of the Forum, which starts today, 16 January 2023. The Forum was founded before the worldwide victory of neoliberalism, and it contributed to this victory. Now, it finds that globalization is on the retreat, and that means, in the makers' eyes, a retreat of 'progress'. It is typical for neoliberalism connecting the global order of free trade and free capital investment with societal progress. What is meant is that globalization increases economic efficiency over all nations and that would also lead to less international conflicts ('change through trade'......). But this proofed not to be true. The contemporary world economy consists of a closed-meshed web of transport-, information-, communication, commodity- and service channels and capital links that intersect in global cities with multinational companies and financial firms, notably banks and shadow banks. This web constitutes the alleys through which the causes of all modern crises – a virus, political sanctions, financial crashes, fake news, and the climate disasters not to forget – proliferate and unify to a maelstrom in regions particularly exposed. The neoliberal era did not achieve stable progress in productivity nor in peace. It destroyed the social norms and standards in many societies and undermined democracy. Globalism means the disempowerment of states including democratic ones, in solving international problems, and their replacement by private companies. And these companies found and find their forum in Davos, where the organizers wish to invite political leaders to convince them, what is good for big international business will also be good for the societies the politicians represent. Hopefully, the Form will die with neoliberalism, if not: next year we all should organize a big manifestation in Davos!
HERE ABOUT MY RESEARCH
Published 2022: Keynes vs. Kalecki: Risk and uncertainty in their theories of the rate of interest
Review of Keynesian Economics (10), Issue 1, 46-62. Download info: https://email@example.com/INBOX/1/, US$ 35. - The article is a shortened and revised version of my 2021 wiiw working paper No. 192 . Download: https://www.wiiw.ac.at/
Published 2021: Die prekäre alte Normalität der EU und die Notwendigkeit zur Reform (in German language)
Published 2021: "Elements, origins and future of Great Transformations: Eastern Europe and global capitalism": Economic and Labour Relations Review (ELRR), https://doi.org/10.1177%2F1035304620911123. The article is available as 'Online First'.
The article is fully accessible to all users at libraries and institutions that have purchased a license.
This essay analyses the relationship of two ‘Great Transformations’: the first from socialism to capitalism, more specifically in Eastern Europe in the 1990s, and the second from regulated to unregulated capitalism in the global economy since the 1980s, with respect to their common origins, elements and social results. Applying Karl Polanyi’s double-movement concept, it is concluded that these two, in essence neoliberal, transformations have led to societies being deeply divided economically, socially and culturally. Moreover, the self-protection of transformation losers is generating adverse political outcomes on a global scale. For both reasons, the outcomes of neoliberal transformations are jeopardising also the viability of the European Union, which was initially built on the basis of a regulated capitalism. The future of the global economy and also of the European Union depends on how the conflicts between the deepening of unregulated globalisation, national sovereignty and democratic politics can be solved.
Published 2021: The long-run properties of the Kaldor-Verdoorn law: a bounds test approach to a panel of Central and East European (CEE) countries. Empirica, (), 1-21. DOI: 10.1007/s10663-019-09467-0.The article is available as 'Online First'.
It is fully accessible to all users at libraries and institutions that have purchased a SpringerLink license. An expanded version can be find as .Narodowy Bank Polski, NBP Working Paper No. 318. Download: http://www.nbp.pl/publikacje/materialy_i_studia/318_en.pdf
This study attempts to identify the short- and long-run components of the Kaldor-Verdoorn (KV) law. The law claims that demand dynamics drive productivity dynamics. The claim is tested with a panel of ten Central and Eastern-European countries, where productivity and demand growth have been slowing since 2004/2006 and where fears of an end of convergent growth are spreading. Meanwhile, the gradual slowing of output and productivity growth applies not only to the region considered, but it is also a global phenomenon that is occurring despite remarkable technical progress and that is referred to as the productivity puzzle. However, this puzzle would be solved in light of the KV law. To test for its long-term properties, panel cointegration models with autoregressive distributed lags (ARDL) are applied. Our results confirm the law for the region; slower productivity growth is not due to ‘adverse technological progress’ but to weakening external and domestic demand, which might block the implementation of product and process innovations. A longer and slightly different version can be obtained as NBP Working Paper No. 318 (see below).
See also: From the socialist command to a capitalist market economy – the case for an active state. In: European Journal of Economics and Economic Policy - Intervention. Special issue on the Economics of Kazimierzmierz Łaski (1921 - 2015), volume 16, issue 3.
Kazimierz Łaski belonged to the group of economists who particularly clearly and convincingly criticized the application of neoliberal doctrines to the transition of socialist countries into market economies. His analysis of the transition agendas was deeply rooted in the Kaleckian tradition of reasoning and brought him much respect but also fierce opposition in the international arena. In answering the why and how of his work, this article will summarize his contributions to the economics and politics of transition.
My current research projects include
Actual problems of European integration, chiefly: reforms of the governance system ('democratisation')
The role of the intererest rate in Keynesian and Kaleckian investment functions
Finance, growth and competitiveness of Central- and East European countries
I am a registered author of Repec - http://econpapers.repec.org/ and in Research Gate - http://www.researchgate.net/profile/Hubert_Gabrisch/info?editInstDialog=true