A reconstructive critique of IPE and GPE from a critical scientific realist perspective: An alternative Keynesian-Kaleckian approach

This paper offers, first, a critique of the relative lack of economic theory in ‘British’ Global Political Economy and then use of neoclassical rational choice theory in American mainstream IPE from the perspective of critical scientific realism. Keynesian economic theories provide perhaps the most obvious alternative. Keynes’ General Theory has been followed by many, forming also the basis of Minsky’s long ignored but now, after the 2008-9 crisis, all of a sudden famous explorations on the mechanisms of financial markets. While a major leap forward, we argue that these theories are historically and conceptually limited. Keynes’ critique of neoclassical economic theory and his alternative theories of particularly the effective demand and of money and credit can be strengthened by following also a neo-Kaleckian approach which avoids some of the inconsistencies of neo-Keynesianism. We indicate where further conceptual work is required and provide several illustrations from the neo-Kaleckian and neo-Keynesian theory to suggest a partial agenda of further scientific work including the explanation of unnecessary and undesired global fluctuations, tendencies and crises and possible collective responses to them. We also suggest the possibility of going beyond Keynes and Kalecki in terms of a general field theory of global political economy that can accommodate the deep normative and institutional underpinnings of the historically evolving planetary political economy

Can the EU Be Democratised? : A Political Economy Analysis

The decline in confidence in the EU during the euro crisis is verging on a legitimation crisis. A political economy analysis of the disparities and contradictions of the EMU points strongly towards alternative and more empowered EU-institutions. A problem is that establishing them could further deepen the problem of democratic legitimacy, unless we can think of ways of democratizing EU practices and institutions in a broader way. Moreover, any plausible account of democratization of the EU would have to include a careful analysis of the world historical context of transformative political actions. What makes things complicated is that political economy analysis of the European integration process reveals also a self-reinforcing process, stemming from economic globalization, whereby the ‘wishes’ of business leaders and capitalists have become entrenched in the prevailing culture, vested interests and institutional arrangements, thus making changes difficult. Moreover, EU-institutions cannot be transformed without revising the basic treaties. In the past, treaty-revisions have been piecemeal, cumbersome and time-consuming. Real world constraints on transformations include the structural power of transnational investors; the influence of the lobbyists in Brussels; and the way media and education are being arranged across Europe and the world. By way of conclusion, I propose ways of alleviating or overcoming these obstacles.Peer reviewe

On the future of the Left : A global perspective

The crisis of the Left has many reasons and causes, some of which are understandable in terms of classical rhetoric: ethos, pathos and logos. Yet this crisis has real causes not reducible to language and rhetoric alone. Attempts at “modernization” of social democracy have eroded hope, while the supposed Soviet legacy has continued to haunt the more “radical” Left movements and parties. Over time, collective memory shifts and political audience changes. The two recently most-successful leftist parties have emerged from social movements: Syriza and Podemos have consciously adopted left-wing populist stances. A problem is that the story of “people versus the dominant elite” loses part of its emotional appeal if the representatives of the “people” appear to be enmeshed with “elite” practices either in one’s own country or elsewhere. The fate of Syriza reveals also how difficult it is to make even a moderate and cautious turn toward the Left, unless there is a broader European or worldwide movement behind it. It is here further argued that there is no automatic or mechanical Polanyian “double movement”. Rather, world history depends also on agency. The discrepancy between territorial states and global capital is an obstacle that can be best overcome by globalizing democratic-socialist politics. It is argued that far from being exhausted as a project or in terms of pathos, a grand task awaits the Left. Social freedom can be increased. Obstacles can be removed. Existing global political economy contradictions and global problems can be resolved by means of rational collective actions and by the building of more adequate common institutions. An experimentalist leftist vision can inspire hope and optimism about our future possibilities.Peer reviewe

The problems of legitimation and potential conflicts in a world political community

There are good security and political economy reasons for furthering integration towards a world political community (WPC), possibly assuming the form of a world state. However, would these reasons provide a legitimate and sustainable basis for the WPC? It is argued in this article that, while the standard security-military and functionalist political economy arguments for world unification may work to a certain point, they are insufficient and may become counterproductive. Especially if perceived in terms of rationally calculative orientation of action, they are not enough and may even work against the WPC. There must also be a belief in normative legitimacy, which may be anchored in universal principles such as popular democracy and human rights. In this light, theories of civilizing process and stages of ethico-political learning are explored. Collective human learning not only explains the quest for democratization but also points towards cosmopolitan ethico-political sentiments. However, there is an internal relationship between democracy and identity, and identities tend to be particular. The case is made, first, for thinking that the otherness of one’s narrated ‘self’ can be located either in the past or, alternatively, in our contemporary being, when seen from a point of view of a possible future position in world history. Second, within a higher level identity-in-difference, a co-constitutive and mutually transformative relation between self and others can involve letting many differences just be.Peer reviewe

Neoliberalism and Nationalist-Authoritarian Populism : Explaining their Constitutive and Causal Connections

Can the rise of nationalist-authoritarian populism be explained in terms of neoliberalism and its effects? The first half of this paper is about conceptual underlabouring: in spite of significant overlap, there are relatively clear demarcation criteria for identifying neoliberalism and nationalist-authoritarian populism as distinct entities. Neoliberalism has succeeded in transforming social contexts through agency, practices and institutions, with far-reaching effects. The prevailing economic and social policies have also had various causal effects such as rising inequalities, progressively more insecure terms of employment, and recurring economic crises. I argue that these have led to discontent with globalization and various political responses, including those of nationalist and authoritarian populisms. Finally, by juxtaposing constitutive and causal explanations, and by stressing the history of national-authoritarian populism, I raise questions about geo-historical specificity of different formations. The standard Karl Polanyian interpretation of Trump, Brexit and such like phenomena is misleading, yet a partial historical analogy especially to the interwar era populism is valid if understood in a subtle, processual, and sufficiently contextual way. The Polanyi-inspired historical analogy can be explored further. While the 19th and 20th century working class movement emerged from a variety of socio-economic conditions, socialists who believed in its world-historical role actively made it. Since the 1970s the working class has been largely unmade both as a result of impersonal processes and deliberate attempts to undermine it. Only a learning process towards qualitatively higher levels of reflexivity can help develop global transformative agency for the 21st century.Peer reviewe

Absenting the Absence of Future Dangers and Structural Transformations in Securitization Theory

One of the great appeals of securitization theory, and a major reason for its success, has been its usefulness as a tool for empirical research: an analytic framework capable of practical application. However, the development of securitization has raised several criticisms, the most important of which concern the nature of securitization theory. In fact, the appropriate methods, the research puzzles and type of evidence accepted all derive to a great extent from the kind of theory scholars bequeath their faith to. This Forum addresses the following questions: What type of theory (if any) is securitization? How many kinds of theories of securitization do we have? How can the differences between theories of securitization be drawn? What is the status of exceptionalism within securitization theories, and what difference does it make to their understandings of the relationship between security and politics? Finally, if securitization commands that leaders act now before it is too late, what status has temporality therein? Is temporality enabling securitization to absorb risk analysis or does it expose its inherent theoretical limits?Peer reviewe

Beyond the Current EU Conception : Alternative approaches to Structural Reform

For decades, the concept of “structural reform” has been dominant in the economic policy discourse of the EU and most of its member states, from Greece to Finland. The term gets its meaning mainly from neoclassical economic theory, though there are also Schumpeterian and other elements. An analysis of the theoretical underpinnings of the concept (which emerged in the 1980s and was spread through the Bretton Woods institutions and the OECD) reveals conceptual and theoretical ambiguities and factual weaknesses. While many of these weaknesses are related to unrealistic assumptions, I argue further that the realisticness of particular assumptions is different from the realism of the approach and relevance of the problematic. Second, to explore the limitations of the concept in its current meaning, I outline a brief genealogy of the concept of structure in social sciences and then juxtapose the economistic concept of structure with that of realist social theory. Third, I explore the implications of this deeper ontological conception of structure to the meaning and nature of possible structural reforms. Fourth, I give a few examples of alternative structural reforms to make my points more concrete. The envisioned programme of structural changes would amount to reversing the current EU strategy for growth. In the end, I summarise the overall argument

Scientific realism

Peer reviewe

Repurposing the university in the 21st century : Toward a progressive global vision

The purpose of the contemporary university has been redefined across the world in terms of success in global competition, usefulness for moneymaking, and efficiency, meaning application of New Public Management ideas. My aim is to sketch an alternative and future-oriented ethico-political conception of the university to serve counterhegemonic purposes. First I discuss briefly the Humboldtian myth and legacy. Second, I summarize Jürgen Habermas’s analysis of the historical and practical limits of the idea of the university. Third, in response to Habermas’s criticism, I outline a nonspeculative, scientific realist way of understanding the unity of all sciences and humanities. Fourth, I locate the idea of the university in the twenty-first century global context, understood in part as world risk society. And finally, I argue that the autonomy of the university should be anchored in the rules, principles and institutional arrangements of multi-spatial metagovernance, rather than just those of territorial states. The future of the university calls for new cosmopolitan institutional solutions and world citizenship.Non peer reviewe