Economic movements have close relation with historical transformations. Historical and social transformations have seriously determined economic views, so, economic movements have been the indicators of economic wars ...Economic movements have close relation with historical transformations. Historical and social transformations have seriously determined economic views, so, economic movements have been the indicators of economic wars of social classes. But no concept can describe sharp contrast in economics better than the two opponent concepts in economics： ＂orthodox＂ and ＂heterodox＂ economics. In this article, the reason why neo-classic economics, also called as orthodox economics, has a serious place in economic literature while the opponent＇s economic movements, named heterodox economics, do not defend only one ＂truth＂ and are not as important as orthodox economics will be examined. While doing this examination, Louis Althusser＇s ＂ideology＂ and Antonio Gramsci＇s ＂hegemony＂ will help us as these two concepts are quite instructive in understanding the irreplaceable significance of orthodox economics. As a result, by discussing alternative point of views about economics, positive emphasis of multivocality in economics literature will be revealed. On the other hand, every heterodox economics cannot criticize orthodox economics in the same way. In this study, institutional economics, which is accepted to be part of heterodox economics, will be discussed thoroughly. Institutional economics had a serious attitude against orthodox economics. In this study, generally the points in orthodox economics that institutional economics opposes will be emphasized, and although both economics approaches＇ ideological attitude will be attempted to be discussed generally, it will become easy to discuss the reason why heterodox economics developed an opposing ideology against the ideology of orthodox economics.展开更多
Financialisation research has originally focussed on the US experience,but the concept is now increasingly applied to emerging economies(EMEs).There is a rich literature stressing peculiarities of individual country e...Financialisation research has originally focussed on the US experience,but the concept is now increasingly applied to emerging economies(EMEs).There is a rich literature stressing peculiarities of individual country experiences,but little systematic comparison across EMEs.This paper fills this gap,providing an overview of the debate and identifying six financialisation interpretations for EMEs.These different interpretations stress(1)financial deregulation,(2)foreign financial inflows,(3)asset price volatility,(4)the shift from bank-based to market-based finance,(5)business debt,and(6)household indebtedness.We construct and compare measures of the six financialisation interpretations across a sample of 17 EMEs from Latin America,emerging Europe,Africa and Asia,contrasting them with the US and UK,two financialised economies.We find considerable variation in financialisation experiences of EMEs.Asset price volatility is found across the continents.Asia has been more exposed to capital inflows,stock markets have gained importance and private sector debt has risen.In emerging Europe financial deregulation has been more pronounced with lower levels but strong increases in household debt.The picture is similar in South Africa,the African EME in the sample,where household debt is comparatively high.Financialisation in Latin America is weaker according to our measures.展开更多
文摘Economic movements have close relation with historical transformations. Historical and social transformations have seriously determined economic views, so, economic movements have been the indicators of economic wars of social classes. But no concept can describe sharp contrast in economics better than the two opponent concepts in economics： ＂orthodox＂ and ＂heterodox＂ economics. In this article, the reason why neo-classic economics, also called as orthodox economics, has a serious place in economic literature while the opponent＇s economic movements, named heterodox economics, do not defend only one ＂truth＂ and are not as important as orthodox economics will be examined. While doing this examination, Louis Althusser＇s ＂ideology＂ and Antonio Gramsci＇s ＂hegemony＂ will help us as these two concepts are quite instructive in understanding the irreplaceable significance of orthodox economics. As a result, by discussing alternative point of views about economics, positive emphasis of multivocality in economics literature will be revealed. On the other hand, every heterodox economics cannot criticize orthodox economics in the same way. In this study, institutional economics, which is accepted to be part of heterodox economics, will be discussed thoroughly. Institutional economics had a serious attitude against orthodox economics. In this study, generally the points in orthodox economics that institutional economics opposes will be emphasized, and although both economics approaches＇ ideological attitude will be attempted to be discussed generally, it will become easy to discuss the reason why heterodox economics developed an opposing ideology against the ideology of orthodox economics.
文摘Financialisation research has originally focussed on the US experience,but the concept is now increasingly applied to emerging economies(EMEs).There is a rich literature stressing peculiarities of individual country experiences,but little systematic comparison across EMEs.This paper fills this gap,providing an overview of the debate and identifying six financialisation interpretations for EMEs.These different interpretations stress(1)financial deregulation,(2)foreign financial inflows,(3)asset price volatility,(4)the shift from bank-based to market-based finance,(5)business debt,and(6)household indebtedness.We construct and compare measures of the six financialisation interpretations across a sample of 17 EMEs from Latin America,emerging Europe,Africa and Asia,contrasting them with the US and UK,two financialised economies.We find considerable variation in financialisation experiences of EMEs.Asset price volatility is found across the continents.Asia has been more exposed to capital inflows,stock markets have gained importance and private sector debt has risen.In emerging Europe financial deregulation has been more pronounced with lower levels but strong increases in household debt.The picture is similar in South Africa,the African EME in the sample,where household debt is comparatively high.Financialisation in Latin America is weaker according to our measures.
