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Full-Text Articles in Political Economy
Scarcity Or Economic Insecurity? Two Yardsticks For Measuring Capitalism’S Performance, Costas Panayotakis
Scarcity Or Economic Insecurity? Two Yardsticks For Measuring Capitalism’S Performance, Costas Panayotakis
Publications and Research
This article argues that capitalism’s relationship to economic insecurity is as important for the evaluation of that system as its relationship to scarcity. Critically analyzing the neoclassical and Marxist focus on capitalism’s relationship to scarcity, the article describes how capitalism’s relationship to economic insecurity offers a more cogent elaboration of these traditions’ shared belief that the economic system should serve people. In particular, while critical of the neoclassical portrayal of capitalism as a system using scarce resources efficiently, this paper also argues, against Marxism, that an alternative to capitalism might be preferable even if scarcity is not abolished.
Economic Insecurity And Social Stability: An Exploration Of One Of Capitalism’S Vicious Cycles, Costas Panayotakis
Economic Insecurity And Social Stability: An Exploration Of One Of Capitalism’S Vicious Cycles, Costas Panayotakis
Publications and Research
This article analyzes how capitalism’s connection to economic insecurity can, rather than fomenting social unrest, facilitate its reproduction. Also responding to contrasts in the literature between rising insecurity in recent decades and the containment of insecurity in capitalism’s post-war ‘golden age,’ this article explains why growing insecurity is more consistent with capitalism’s normal operation. Underlining the difficulty of replicating post-war efforts to mitigate insecurity through social and welfare policies, this article also sketches how the vicious cycle between capitalism and economic insecurity contributes to other serious social problems, including racism, sexism, xenophobia, the hollowing out of political democracy and a …