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Article

Neville Morley

Capitalism is a contested term, both in the modern world and in historical studies; different theoretical traditions understand it in radically different ways and, hence, disagree both as to its utility in analysing the ancient economy and as to the meaning and significance of a claim that classical antiquity was in any sense capitalist. These questions overlap with other major debates in ancient economic history. This article identifies the theoretical issues and debates involved in the use of the term, rather than engaging with substantive questions about the nature and development of the ancient economy.Capitalism is a term freighted with heavy ideological baggage; its meaning and significance is disputed in the modern world, and the question of whether or not it is a useful or appropriate term for understanding classical antiquity is inextricably entangled with broader debates about the nature of the ancient economy and how it should be studied. A typical dictionary definition of the term is “an economic system characterized by private or corporation ownership of capital goods, by investments that are determined by private decision rather than by state control, and by prices, production and the distribution of goods determined mainly in a free market”—contrasted with systems of .

Article

David Tandy

The single Greek word for market, agora, did not originally refer to a place for exchange; rather, it was a place for the gathering of chattel (as early as Linear B, e.g., Knossos Co 903) and of people. In Homer, the agora is strictly a place of gathering for political action, including military muster. The heroes in epic do not buy and sell; there are no regular markets for the acquisition of food and other necessary things. Heroes take what they want from neighbouring communities by raids. On the fringes of the narratives, however, Homer reveals the presence of one-time or spot markets, most clearly at Iliad 7.467ff.:

Many ships from Lemnos filled with wine lay at anchor, which Jason’s son Euneos had sent … On the side Jason’s son gave the Atreidae Agamamnon and Menelaos a thousand measures of wine to carry off. There the flowing-haired Achaeans got wine, some with skins, others with whole cows, others with spear-captives. And they threw themselves a jolly feast.

Article

China has experienced major shifts from a centrally planned economy to a market economy, from centralization to decentralization, from state ownership to privatization, and from a decisive state to a weakened state. Despite China’s economic miracle, the country also faces unprecedented challenges, including rising social inequality, rural-urban divide, regional disparity, environmental degradation, declining health and education conditions, and polarization between the rich and poor. China’s profound socioeconomic and political transformations have led to significant fundamental changes to education in China, as manifested in its decentralization, marketization, and privatization. One significant paradigm change relates to the devolution of education power and policy from a centralized governance model to local governments. With the privatization and marketization of its education system, China has adopted a market-oriented approach with the orientation, provision, student enrollment, curriculum, and financing of education. There is sufficient evidence to suggest that there has been a withdrawal of the mighty state from its paternalistic role in the provision and subsidy of public education. Unfortunately, the market economy has further increased education inequalities. The maldistribution of resources and education opportunities raises important questions about issues of social justice and equity regarding who gets how much education as the social good.

Article

Giovanni Federico

The literature on market integration explores the development of the commodity market with data on prices, which is a useful complement to analysis of trade and the only feasible approach when data on trade are not available. Data on prices and quantity can help in understanding when markets developed, why, and the degree to which their development increased welfare and economic growth. Integration progressed slowly throughout the early modern period, with significant acceleration in the first half of the 19th century. Causes of integration include development of transportation infrastructure, changes in barriers to trade, and short-term shocks, such as wars. Literature on the effects of market integration is limited and strategies for estimating the effects of market integration are must be developed.

Article

Pastoralists around the world are exposed to climate change and increasing climate variability. Various downscaled regional climate models in Africa support community reports of rising temperatures as well as changes in the seasonality of rainfall and drought. In addition to climate, pastoralists have faced a second exposure to unsupportive policy environments. Dating back to the colonial period, a lack of knowledge about pastoralism and a systemic marginalization of pastoral communities influenced the size and nature of government investments in pastoral lands. National governments prioritized farming communities and failed to pay adequate attention to drylands and pastoral communities. The limited government interventions that occurred were often inconsistent with contemporary realities of pastoralism and pastoral communities. These included attempts at sedentarization and modernization, and in other ways changing the priorities and practices of pastoral communities. The survival of pastoral communities in Africa in the context of this double exposure has been a focus for scholars, development practitioners, as well as national governments in recent years. Scholars initially drew attention to pastoralists’ drought-coping strategies, and later examined the multiple ways in which pastoralists manage risk and exploit unpredictability. It has been learned that pastoralists are rational land managers whose experience with variable climate has equipped them with the skills needed for adaptation. Pastoralists follow several identifiable adaptation paths, including diversification and modification of their herds and herding strategies; adoption of livelihood activities that did not previously play a permanent role; and a conscious decision to train the next generation for nonpastoral livelihoods. Ongoing government interventions around climate change still prioritize cropping over herding. Sometimes, such nationally supported adaptation plans can undermine community-based adaptation practices, autonomously evolving within pastoral communities. Successful adaptation hinges on recognition of the value of autonomous adaptation and careful integration of such adaptation with national plans.

Article

Hanna Garth

Cuban cuisine brings together the island’s histories of colonial relations with Spain and the culinary traditions of Africans, Amerindians, Chinese laborers, and those who migrated from Haiti and Jamaica. This dynamic food draws from these traditions and the island’s tropical climate to create a rich and multidimensional cuisine. Cuba’s food system is also deeply tied to Cuban national politics and international trade. Under socialism Cuba has had a fifty-year-old food-rationing system, and the majority of Cuban foods are imported. Despite these changes, Cuban household cooks work diligently to create complete meals, and they bring together the ingredients for various special occasions throughout the year.

Article

The internal market is the workhorse of European integration, promoting the free movement of goods, capital, services, and factors of production to ease cross-border barriers. Research has focused on the evolution and expansion of market integration, drawing on a variety of empirical and theoretical approaches to understand the interests, institutions, and ideas that have shaped an “ever closer economic union.” Yet as the economy has changed from manufacturing to services, the internal market has shifted in scope to encompass a more heterogeneous set of issues where the core rules and legal commitments have generated increased differentiation in market practices and regulatory alignment. Scholarship on the single market has diminished, in part, due to the fragmentation of policy initiatives, often not attributed to the single market. As the European economy has undergone profound structural changes, the legislative agenda has expanded to new policy areas that reflect the need for modernization and expansion of the traditional single market agenda. Often touted as a model for regional integration, the single market is still a differentiated market, much more developed for goods than it is for services and labor. The result is a regulatory patchwork of selective liberalization where the scope and depth of integration vary across the four freedoms. Ironically, the integrity of the single market in the wake of Brexit has led the “four freedoms” of goods, services, capital, and people to be viewed as “indivisible” which does not reflect the reality of decades of market integration. More attention needs to be given to the incorporation of history and temporality into understanding the single market. On the one hand, the single market is viewed as a means of transferring regulatory norms to third-country markets which has led to a debate about the extent of European “market power” across different issues areas. Rooted in the size and institutional configurations of its internal market, European efforts to export rules to third-country markets also depends on domestic receptiveness and state capacity to accept such jurisdictional boundaries over markets. As the internal market has varying degrees of “depth” across treaty freedoms, its “spillover” effects may differ across goods and service markets. On the other hand, there has been a surge in single market differentiation within the European polity in terms of modes of governance. This reflects growing flexibility in terms of fundamental treaty requirements, the varied compliance and implementation across sectors and firms, and the differential effects of withdrawal from the single market across member states given the substantial consequences of Brexit. Across time and space, the detailed patterns governing the four freedoms and flanking policies of the internal market in Europe are not uniform with differentiation in institutional (legal and administrative) arrangements that have significant trade-offs in terms of social legitimacy and economic competitiveness.

Article

Hites Ahir and Prakash Loungani

On average across countries, house prices have been on an upward trend over the past 50 years, following a 100-year period over which there was no long-term increase. The rising trend in prices reflects a demand boost due to greater availability of housing finance running up against supply constraints, as land has increasingly become a fixed factor for many reasons. The entire 150-year period has been marked by boom and bust cycles around the trend. These also reflect episodes of demand momentum—due to cheap finance or reasonable or unreasonable expectations of higher incomes—meeting a sluggish supply response. Policy options to manage boom–bust cycles, given the significant costs to the economy from house price busts, are discussed.

Article

Jason Brennan

Market-based economies outperform the alternative forms of economic organization on almost every measure. Nevertheless, this leaves open what the optimal degree of government regulation, government-provided social insurance, and macroeconomic adjustment is. Most economists seem to favor mostly, but not completely, free markets. Although regulation can in principle correct certain market failures, whether it will do so in practice depends in part on how pervasive and damaging corresponding government failures will be. Philosophers, unlike economists, tend to think that questions about the value of the free market are not settled entirely by examining how well free markets function. Some philosophers even claim that markets are intrinsically unjust. In their view, markets encourage wrongful exploitation, lead to excessive economic inequality, and tend to induce people to treat each other in inhumane ways. Among those philosophers who are more sanguine about markets, one major question concerns the moral status of economic liberty. Some philosophers, such as John Rawls, hold that economic liberty is purely of instrumental value. Citizens should be granted a significant degree of economic freedom only because this turns out, empirically, to produce good consequences. However, other philosophers, such as Robert Nozick and John Tomasi, argue that economic freedom is valuable in part for the same reasons that civil and political liberties are valuable—as a necessary means to respect citizens’ autonomy.

Article

Washington Consensus policies evolved over time, both in Washington and among Latin American policymakers. These policies, involving trade liberalization and privatization (among other measures), were widely adopted in the region by the early 1990s. A generation of scholarly work sought to explain how and why Latin American countries embarked on economic reforms that governments had strongly resisted in the past. While many researchers focused on the top-down nature of the market-liberalization process, others called attention to its pluralist character and argued that the process had considerable public support. When the original Consensus ideas proved ineffective in promoting growth and improved living standards, technocratic Washington added new policies. By the early 2000s, Washington’s goal became that of reducing poverty while ensuring the completion of the original Washington Consensus reforms. In Latin America, however, there was a growing disillusionment with the original reform agenda and a strong challenge to key reforms. With the rise of social mobilization critical of neoliberal reforms and the election of left regimes challenging their main precepts, scholarship turned to a discussion of the nature of the new regimes and the extent to which their policies deviated from the Washington Consensus (both its original formulation and the later expanded version). While most scholars identify the left leaders of Ecuador, Bolivia, and particularly Venezuela, as offering the greatest challenges to neoliberalism, there is no consensus on the extent of the challenge to neoliberalism presented by Latin America’s left regimes. Research has also given attention to the rising demand of China for Latin American commodities as a key ingredient in the region’s left turn away from neoliberalism. The fall in commodity prices, however, set the stage for a resurgence of the political right, its business supporters, and the re-introduction of some key aspects of the original Washington Consensus.

Article

Anamika Twyman-Ghoshal

Global anomie theory (GAT), as articulated by Nikos Passas, provides an explanation of the impact of globalization and neoliberalism on nations and the conditions within them to create anomie resulting in deviance. Drawing on Merton’s anomie theory, GAT includes an analysis of the global structural and cultural forces acting on the relations between society and individuals. The theory is integrative, incorporating anomie with other criminological approaches and with knowledge from related social sciences. GAT is designed to provide a comprehensive macro-level theory on the social context for deviance. The global anomie approach suggests that neoliberal globalization is a root cause of anomie and dysnomie, creating an environment conducive to crime and social harm. The theory posits that the growth and intensity of neoliberalization has multiplied criminogenic asymmetries creating discrepancies between cultural goals and the legitimate means of achieving those goals. The interconnections generated by globalization are manifest through increased social mobility, enhanced international communication, and intensified international trade. This process has been magnified globally, stressing the importance of an unfettered free market, espousing material goals, economic growth, and consumerism. In this environment of growing interconnectedness, reference groups are broadened, which influence aspirations, steering them increasingly toward economic goals. Simultaneously, the process of globalization exposes inequities, stratifications, exclusions, and marginalization, which impede access to the sought-after material goals, creating both absolute and relative deprivation. Echoing Merton’s work, Passas argues that when aspirations are not realized, such blockages lead to systematic frustrations. Individuals adapt to the strain in different ways, some through deviance. Deviant behavior is rationalized under these structural conditions, which when successful and allowed to continue with impunity, becomes established and normative for others in society, including for those that do not experience the original strain. At the same time, the theory identifies the impact of neoliberal globalization on governance. Normative standards and control mechanisms are reduced in an effort to shrink government intervention and oversight; this includes reducing social support mechanisms to make way for a privatized market. The ability of governments to act effectively is further impeded as deviant adaptations become normalized, creating an environment of dysnomie.

Article

Within the corporate sector, climate change represents an unfolding market shift, one that is driven by policy but also by pressures from a variety of market constituents such as consumers, suppliers, buyers, insurance companies, banks, and others. The shift takes place in both mitigation of greenhouse gas emissions and adaptation to the physical effects of a changing climate. It is manifest in shifts in market demand, cost of capital, operational efficiency, energy efficiency, access to raw materials within supply chains, and other issues of business concern. In fact, when viewed in this way, business leaders and stakeholders can be agnostic about the science of climate change and still see it as a business issue. In the face of a market shift, successful companies must innovate. And as in any market shift, the implications of addressing climate change are not uniform; the burden will not fall evenly. There are both risks and opportunities; there will be both winners and losers. Certain companies, industries, and sectors will be impacted more than others. This article will discuss the ways in which climate change poses market risk and the strategic responses that companies might adopt to respond to and mitigate that risk. This focus is critically important as the solutions to climate change must come from the market. The market is the most powerful institution on earth, and business is the most powerful entity within it. The market compels business to make the goods and services we rely upon: the clothes we wear, the food we eat, the forms of mobility we use, and the buildings we live and work in. If the market does not lead the way toward solutions for a carbon-neutral world, there will be no solutions.

Article

Achilleas Vassilopoulos and Phoebe Koundouri

Water accounts for more than 70% of Earth’s surface, making marine ecosystems the largest and most important ecosystems of the planet. However, the fact that a large part of these ecosystems and their potential contribution to humans remains unexplored has rendered them unattractive for valuation exercises. On the contrary, coastal zones, , being the interface between the land, the sea, and human activities competing for space and resources, have been extensively studied with the objective of marine ecosystem services valuation. Examples of marine and coastal ecosystems are open oceans, coral reefs, deep seas, hydrothermal vents, abyssal plains, wetlands, rocky and sandy shores, mangroves, kelp forests, estuaries, salt marshes, and mudflats. Although there are arguments that no classification can capture the ways in which ecosystems contribute to human well-being and support human life, very often policymakers have to decide upon alternative uses of such natural environments. Should a given wetland be preserved or converted to agricultural land? Should a mangrove be designated within the protected areas system or be used for shrimp farming? To answer these questions, one needs first to establish the philosophical basis of value within the ecosystems framework. To this end, two vastly different approaches have been proposed. On the one hand, the nonutilitarian (biocentric) approach relies on the notion of intrinsic value attached to the mere existence of a natural resource, independent of whether humans derive utility from its use (if any) or preservation. Albeit useful in philosophical terms, this approach is still far from providing unambiguous and generally accepted inputs to the tangible problem of ecosystem valuation. The utilitarian (anthropocentric) perspective, on the other hand, assumes that natural environments have value to the extent that humans derive utility from placing such value. According to the total economic value (TEV) approach, this value can be divided into “use” and “nonuse.” Use values involve some interaction with the resource, either directly or indirectly, while nonuse values are derived simply from the knowledge that natural resources and aspects of the natural environment are maintained. Existence and altruistic values fall within this latter category. Not surprisingly, economists have long revealed a strong preference for the utilitarian approach. As a result, the valuation of marine ecosystems requires that we understand the ecosystem services they deliver and then attach a value to the services. But what tools are available to economists when valuing marine ecosystems? For the most part, ecosystem services are not traded in formal markets and thus actual prices are usually not available. Valuation techniques essentially seek different ways to estimate measures like Willingness To Pay (WTP), Willingness To Accept (WTA), or expenditures and costs. The techniques used for the valuation of ecosystem services can be divided into three main families: market-based, revealed preference, and stated preference. Finally, value-transfer methods are also used when estimates of value are available in similar contexts. All these methods have advantages and disadvantages, with different methods being suitable for different situations. Hence, extra caution is required during the design and implementation of valuation attempts.

Article

Increased water variability is one of the most pressing challenges presented by global climate change. A warmer atmosphere will hold more water and will result in more frequent and more intense El Niño events. Domestic and international water rights regimes must adapt to the more extreme drought and flood cycles resulting from these phenomena. Laws that allocate rights to water, both at the domestic level between water users and at the international level between nations sharing transboundary water sources, are frequently rigid governance systems ill-suited to adapt to a changing climate. Often, water laws allocate a fixed quantity of water for a certain type of use. At the domestic level, such rights may be considered legally protected private property rights or guaranteed human rights. At the international level, such water allocation regimes may also be dictated by human rights, as well as concerns for national sovereignty. These legal considerations may ossify water governance and inhibit water managers’ abilities to alter water allocations in response to changing water supplies. To respond to water variability arising from climate change, such laws must be reformed or reinterpreted to enhance their adaptive capacity. Such adaptation should consider both intra-generational equity and inter-generational equity. One potential approach to reinterpreting such water rights regimes is a stronger emphasis on the public trust doctrine. In many nations, water is a public trust resource, owned by the state and held in trust for the benefit of all citizens. Rights to water under this doctrine are merely usufructuary—a right to make a limited use of a specified quantity of water subject to governmental approval. The recognition and enforcement of the fiduciary obligation of water governance institutions to equitably manage the resource, and characterization of water rights as usufructuary, could introduce needed adaptive capacity into domestic water allocation laws. The public trust doctrine has been influential even at the international level, and that influence could be enhanced by recognizing a comparable fiduciary obligation for inter-jurisdictional institutions governing international transboundary waters. Legal reforms to facilitate water markets may also introduce greater adaptive capacity into otherwise rigid water allocation regimes. Water markets are frequently inefficient for several reasons, including lack of clarity in water rights, externalities inherent in a resource that ignores political boundaries, high transaction costs arising from differing economic and cultural valuations of water, and limited competition when water utilities are frequently natural monopolies. Legal reforms that clarify property rights in water, specify the minimum quantity, quality, and affordability of water to meet basic human needs and environmental flows, and mandate participatory and transparent water pricing and contracting could allow greater flexibility in water allocations through more efficient and equitable water markets.

Article

Focused deterrence strategies are increasingly being implemented in the United States to reduce serious violent crime committed by gangs and other criminally-active groups, recurring offending by highly-active individual offenders, and crime and disorder problems generated by overt street-level drug markets. These strategies are framed by an action research model that is common to both problem-oriented policing and public health interventions to reduce violence. Briefly, focused deterrence strategies seek to change offender behavior by understanding underlying crime-producing dynamics and conditions that sustain recurring crime problems and by implementing an appropriately focused blended strategy of law enforcement, community mobilization, and social service actions. Direct communications of increased enforcement risks and the availability of social service assistance to target groups and individuals is a defining characteristic of “pulling levers” strategies. The focused deterrence approach was first pioneered in Boston, Massachusetts and eventually tested in other jurisdictions. The available empirical evidence suggests these strategies generate noteworthy violence reduction impacts and should be part of a broader portfolio of crime reduction strategies available to policy makers and practitioners. While focused deterrence strategies attempt to prevent crime by changing offender perceptions of sanction risk, complementary crime prevention efforts seem to support the crime control efficacy of these programs. These strategies also seek to change offender behavior by mobilizing community action, enhancing procedural justice, and improving police legitimacy. Focused deterrence strategies hold great promise in reducing serious violence while improving strained relationships between minority neighborhoods and the police departments that serve them.

Article

Asli M. Colpan and Alvaro Cuervo-Cazurra

Business groups are an organizational model in which collections of legally independent firms bounded together with formal and informal ties use collaborative arrangements to enhance their collective welfare. Among the different varieties of business groups, diversified business groups that exhibit unrelated product diversification under central control, and often containing chains of publicly listed firms, are the most-studied type in the management literature. The reason is that they challenge two traditionally held assumptions. First, broad and especially unrelated diversification have a negative impact on performance, and thus business groups should focus on a narrow scope of related businesses. Second, such diversification is only sustainable in emerging economies in which market and institutional underdevelopment are more common and where business groups can provide a solution to such imperfections. However, a historical perspective indicates that diversified business groups are a long-lived organizational model and are present in emerging and advanced economies, illustrating how business groups adapt to different market and institutional settings. This evolutionary approach also highlights the importance of going beyond diversification when studying business groups and redirecting studies toward the evolution of the group structure, their internal administrative mechanisms, and other strategic actions beyond diversification such as internationalization.

Article

Throughout their history, the countries of Central America have attempted several forms of political and economic integration. After declaring independence in the 19th century, the region lacked its earlier cohesion vis-à-vis Spanish colonial governance. The former provinces aligned themselves in favor of either centralizing regional power in a federal republic or establishing complete political autonomy through the formation of new nation-states. Forces in favor of the latter eventually prevailed. An attempt at economic integration began in the mid-20th century. It was actively backed by the United Nations Economic Commission for Latin America and the Caribbean (ECLAC) and eventually led to the creation of the Central American Common Market (CACM). Despite favorable economic conditions in the Post-World War II period, a number of complications undermined integration efforts: war, political crises, and interests that ran contrary to those of the United States. Integration was postponed until the end of the 1980s, after the Esquipulas II Accord reestablished peace in the region. After the countries of Central America signed the Guatemala Protocol in 1993, economic integration was promoted under the banner of free trade. This was done by regional economic groups with the goal of reconnecting the region to global commerce under the most advantageous circumstances possible.

Article

Bas Van Der Vossen

Libertarianism is a theory in political philosophy that strongly values individual freedom and is skeptical about the justified scope of government in our lives. Libertarians see individuals as sovereign, as people who have a right to control their bodies and work, who are free to decide how to interact with willing others, and who cannot be forced to do things against their will without very strong justification. For some, the argument in support of this view hinges on the principle of self-ownership. To them, individual rights are morally foundational, the basic building blocks of their theory. Many others, however, take a broader view, arguing that societies flourish when they offer people large degrees of freedom in both personal and economic matters. As a result, libertarianism sees the state as playing at most only a very limited role in matters concerning distributive justice. Libertarians are skeptical about calls to reduce material inequality for its own sake, strongly favor free trade, and defend opening borders for migrants. They see policies that violate these commitments as inevitably involving wrongs against free and equal persons.

Article

Anna Hogan and Greg Thompson

In the literature, a range of terminology is used to describe the reorganization of public education. In much critical policy sociology the terms marketization, privatization, and commercialization are used interchangeably. Our argument is that each of these denotes distinct, albeit related, characteristics of contemporary schooling and the impact of the Global Education Industry (GEI). We define marketization as the series of policy logics that aim to create quasimarkets in education; privatization as the development of quasimarkets in education that privilege parental choice, school autonomy and venture philanthropy; and commercialization as the creation, marketing, and sale of educational goods and services to schools by external providers. We explain the manifestations of each of these forms and offer two cases of actors situated within the GEI, the OECD, and Pearson PLC, to outline how commercialization and privatization proceed at the level of policy and practice.

Article

prices  

Paul Erdkamp

While our sources mention numerous prices of a wide range of commodities, the question remains to what extent these prices offer insight into the ancient economy. Despite the wealth of data, reliable prices of everyday goods under normal market conditions are rare. The extent to which they can be used to analyze such topics as market integration, living standards, market stability, and inflation is limited. Only regarding Ptolemaic and Roman Egypt do we possess sufficient market prices (rather than imposed prices or valuations) to conduct meaningful analyses. For most of the rest of the empire, the prices—in particular those of everyday goods—are generally too uncertain, too sparse, and too diverse to form a solid basis for economic analysis. It is a valid question, moreover, to what extent prices in the ancient world reflect the interplay of supply and demand according to modern economic theory. Nevertheless, ancient writers depict price levels as depending on the interplay of supply and demand, and market transactions, as narrated in our sources, emphasizing competition and bargaining, make clear that price formation was largely determined by economic forces. Hence, prices fluctuated over time and differed in various places. The authorities tried to keep prices of staple foods low by influencing market conditions, but direct price fixing was rare.