Encyclopedia of Political Economy

667 Pages·2001·3.22 MB·English

by  Phillip Anthony O'Hara

Encyclopedia of Political Economy

Encyclopedia of Political
Economy
edited by Phillip Anthony O’Hara
Volume 1: A–K

London and New York
First published 1999
by Routledge
11 New Fetter Lane, London, EC4P 4EE

Simultaneously published in the USA and Canada
by Routledge
29 West 35th Street, New York, NY 10001

First published in paperback 2001

Routledge is an imprint of the Taylor & Francis Group

This edition published in the Taylor & Francis e-Library, 2004.

© 1999, 2001 Routledge
All rights reserved. No part of this book may be reprinted or
reproduced or utilized in any form or by any electronic,
mechanical, or other means, now known or hereafter
invented, including photocopying and recording,
or in any information storage or retrieval system, without
permission in writing from the publishers.

British Library Cataloguing in Publication Data
A catalogue record for this book is available from the British Library

Library of Congress Cataloging-in-Publication Data
A catalog record for this book is available from the Library of Congress

ISBN 0-203-44321-7 Master e-book ISBN

ISBN 0-203-75145-0 (Adobe eReader Format)
PBK ISBN 0-415-24188-X (set)
PBK ISBN 0-415-24186-3 (v.1)
PBK ISBN 0-415-24187-1 (v.2)
HBK ISBN 0-415-15426-X (set)
HBK ISBN 0-415-18717-6 (v.1)
HBK ISBN 0-415-18718-4 (v.2)
Contents

Volume 1
Editorial team vi
Foreword xi
Preface xiv
Acknowledgments xvii
How to use the Encyclopedia xx
List of contributors xxviii
Entries A–K 1
Volume 2
Entries L–Z 633
Index 1275
v
Editorial team
Editor 20 papers in various books and 60 papers
in refereed journals. His interests lie in
Phillip Anthony O’Hara is an Associate
monetary economics, growth economics,
Professor of Economics at Curtin Univer-
the economics of sport, and all non-
sity of Technology in Perth, Australia. He
orthodox approaches to political economy.
received the “Clarence Ay res Visiting
International Scholar” Award from the
Ellen Mutari is an Assistant Professor of
Association for Evolutionary Economics
Economics at Monmouth University in West
(AFEE) in 1997–8 and is a member of the
Long Branch, New Jersey, USA. She is a co-
Board of Directors of AFEE. He has
editor of Gender and Political Economy:
published in numerous international
Incorporating Diversity Into Theory and
refereed journals; and has been a Visiting
Policy (1997). Her research interests include
Professor at Marquette University in
the impact of economic restructuring on
Wisconsin and a Visiting Scholar at the
gender relations and the theoretical develop-
University of California, Riverside and
ment of feminist political economy.
California State University. His research
interests are in the areas of institutionalist, Steven Pressman is a Professor of Economics
radical, feminist, post-Keynesian and social and Finance at Monmouth University in
political economy. West Long Branch, New Jersey, USA; North
American Editor of the Review of Political
Associate editors Economy, and Treasurer of the Eastern
Economic Association. He has published
Deborah M.Figart is an Associate Professor more than 60 articles in edited books and
of Economics at Richard Stockton College, international refereed journals and is the
New Jersey, USA. She is a co-author of author or editor of 6 books. His research
Contesting the Market: Pay Equity and the centers on areas such as poverty, public
Politics of Economic Restructuring (1997). finance, post-Keynesian macroeconomics
She is currently serving as a Guest Editor and the history of economic thought.
for two journals and is one of the founding
members of the International Association
for Feminist Economics. In 1989–90, she Editorial board
was a Fulbright Scholar in Western Europe.
John B.Davis is a Professor of Economics at
Marc Lavoie is a Full Professor in the Marquette University, Milwaukee, USA. He
Department of Economics at the University is the editor of the Review of Social
of Ottawa, Canada. He has also been a Economy and the author of many books
Visiting Professor at the universities of and journal articles. His research areas
Bordeaux, Nice, Rennes, Dijon and at include economic methodology, the
Curtin University. He is the author of four philosophy of economics, Keynes, Sraffa
books, has co-edited one and has published and classical political economy.
vi
Editorial team
James Devine is a Professor of Economics at Canada and has been a consultant econo-
Loyola Marymount University in Los mist for Canadian trade unions. His areas
Angeles, California, USA. He is a Marxian of teaching and research include labor
political economist, with research interests economics, macroeconomics, monetary
in macroeconomics, labor issues, monetary theory, the history of economic thought,
issues, and economic history. He has and Canadian economic history.
published articles on high theory and on
economic history, as well as on the Eric Shutz is an Associate Professor at Rollins
Marxian theory of exploitation, methodol- College, Winter Park, Florida, USA. His
ogy, and the microeconomics of labor- areas of interest and teaching include
capital relations. industrial organization, Marxian econom-
ics, comparative economic systems and
John T.Harvey is a Professor of Economics at American political economy.
Texas Christian University in Fort Worth,
Texas, USA. His research interests are in Ajit Sinha currently teaches economics at the
international finance and macroeconomics; University of Newcastle in Australia. He
and his recent papers include empirical has published several research papers in the
studies of exchange rate expectations, area of Marxian political economy, and has
theoretical investigations of the psychology co-edited a special issue of Research in
of decision making, and accounts of the Political Economy (volume 15).
evolution of the international payments
Douglas Vickers is a Professor Emeritus of
system.
Economics at the University of Massachu-
John S.L.McCombie is a member of the setts, Amherst, USA. He has authored 15
University of Cambridge and a Fellow in books on economics, philosophy and
Economics at Downing College, Cam- theology and numerous journal articles. His
bridge, UK. He has researched extensively research has concentrated on monetary
on the reasons for economic growth economics, the significance of time for an
disparities between the advanced countries; understanding and critique of market
economic growth and the balance-of- relationships, and the importance of ethics
payments constraint; Kaldorian growth in the workings of institutions.
models; the economics of Keynes; criticisms
Richard D.Wolff is a Professor of Economics
of the aggregate production function; and
at the University of Massachusetts,
economic methodology.
Amherst, USA, where he has taught
Sabine O’Hara is Director of the PhD economic theory (including Marxian
Program in Ecological Economics and an economics) at graduate and undergraduate
Assistant Professor at the Rensselaer levels. He has published numerous books
Polytechnic Institute at Troy, New York, and refereed journal articles. He helped to
USA. Her research has been in ecological form the Association for Economic and
economics, environmental policy, social Social Analysis (AESA) which runs interna-
economics and sustainable development; tional conferences on Marxian economics
and developing curricula and interactive and publishes the journal Rethinking
teaching methods that link theory and Marxism.
empirical application.
Editorial advisors
Mario Seccareccia is a Full Professor in the
Department of Economics at the University Hassan Bougrine is an Associate Professor of
of Ottawa, Canada. He is also a lecturer in Economics at Laurentian University,
economics at the Labour College of Sudbury, Ontario, Canada. He has
vii
Editorial team
published numerous articles in refereed James Ronald Stanfield is a Professor of
journals and edited books. His research Economics at Colorado State University,
interests include economic growth, Fort Collins, USA and President of the
finance, public policy and international Association for Evolutionary Economics
trade. (1998). He has published five books and
over 100 articles in books and journals.
Mathew Forstater is a Visiting Scholar at the His present work is focused upon the
Jerome Levy Economics Institute of Bard “Nurturance Gap” that is arising in the
College, New York, and an Assistant wake of the neo-liberal Great Capitalist
Professor of Economics at Gettysburg Restoration; and an effort to integrate the
College, Pennsylvania, USA. He has work of “Original” and “New” institu-
published articles on employment policy, tional economics.
methodology, and the history of economic
thought. Eiman Zein-Elabdin is an Assistant Professor
of Economics at Franklin and Marshall
G.C.Harcourt is Reader in the History of College, Lancaster, Pennsylvania, USA. Her
Economic Theory, University of Cambridge; teaching and research interests are in the
a Fellow of Jesus College, Cambridge, UK; areas of economic development; environ-
and Professor Emeritus, University of mental economics; women, gender, and
Adelaide, Australia. He has authored or development; and economic philosophy.
edited (singly or jointly) 17 books and has
published over 150 articles and notes in Committee of referees
learned journals, and chapters in books.
H.Sonmez Atesoglu, Clarkson University,
His research areas include post-Keynesian
Potsdam, New York, USA
theory and policy, analytical history of
Chris Barrett, Cornell University, Ithaca, New
economic theory and intellectual biography.
York, USA
He was appointed an Officer in the
Enrico Bellino, Catholic University of the
General Division of the Order of Australia
Sacred Heart, Milan, Italy
(AO) in 1994.
Riccardo Bellofiore, University of Bergamo,
Italy
Gabrielle Meagher is a Lecturer in Political
Christian Bidard, University of Paris X,
Economy in the Department of Economics
Nanterre, France
at the University of Sydney. Her research
Harry Bloch, Curtin University of Technol-
interests include the future of work and
ogy, Perth, Australia
employment, waged domestic labor, the
Doug M.Brown, North Arizona University,
political economy and philosophy of
Flagstaff, Arizona, USA
commodification, and feminist political
Paul D.Bush, California State University,
economy.
Fresno, California, USA
Allen Oakley is an Associate Professor of Michael C.Carroll, Muskingum College,
Economics at the University of Newcastle, Ohio, USA
Australia. His main publications include a John C.Cross, Point Arena, California, USA
number of books, amongst which are Christine D’Onofrio, New York City, USA
several on Karl Marx, two on Austrian Robert Dixon, University of Melbourne,
economics, one on Joseph Schumpeter and Melbourne, Australia
one on the political economy of Adam Robert Drago, University of Wisconsin,
Smith and J.S.Mill. He is presently under- Milwaukee, Wisconsin, USA
taking an analysis of the role of human Amitava Krishna Dutt, University of Notre
agency in reconstructing economic theory. Dame, South Bend, Indiana, USA
viii
Editorial team
Gary A.Dymski, University of California, Howard J.Sherman, University of California,
Riverside, California, USA Riverside, California, USA
Robert Field, State Government of Maryland, Marie-Claire Thornton, Curtin University of
Baltimore, Maryland, USA Technology, Perth, Australia
Susan Fleck, American University, Washington Daniel Underwood, Peninsula College, Port
DC, USA Angeles, Washington, USA
Gladys Foster, Littleton, Colorado, USA Karl-Heinz Waldow, Government of Saxony-
Mason Gaffney, University of California, Anhalt, Germany
Riverside, California, USA Michael D.Yates, University of Pittsburgh,
B.N.Ghosh, University of Science Malaysia, Pittsburgh, Pennsylvannia, USA
Penang, Malaysia
Eric R.Hake, Mendel University, Brno, Czech
Subject committee members
Republic
Emily P.Hoffman, Western Michigan Univer-
Institutional spheres
sity, Kalamazoo, Michigan, USA
Ann Jennings, Lafayette College, East on, Corporation: Hassan Bougrine, Malcolm
Pennsylvania, USA Sawyer, Eric Schutz
Evan Jones, University of Sydney, Sydney, Family and gender/feminist political economy:
Australia Drucilla K.Barker, Margaret Coleman,
Prue Kerr, University of New South Wales, Mary Ann Dimand, Susan Feiner, Deborah
Australia M.Figart, Prue Hyman, Joyce Jacobsen,
Chidem Kurdas, Hoboken, New Jersey, USA Gabrielle Meagher, Ellen Mutari, Diana
Gilberto Tadeu Lima, Universidade Estadual Strassman
de Campinas, Brazil Money, credit and finance: Gary A.Dymski,
George Liodakis, Technical University of Marc Lavoie, Basil Moore, Phillip Anthony
Crete, Chania, Greece O’Hara
John Lodewijks, University of New South State and policy: Wolfgang Blaas, Steven
Wales, Sydney, Australia Pressman, Mark Setterfield
Mark A.Lutz, University of Maine, Orono, Work, labor and production (capital-labor
Maine, USA relations): Robert Drago, Deborah M.
Gary Madden, Curtin University of Technol- Figart, Ellen Mutari, Paul Phillips, Mario
ogy, Perth, Australia Seccareccia, Michael D.Yates
Ianik Marcil, University of Montreal, Canada World capitalist economy: Theodore Cohn,
Patrick Mason, University of Notre Dame, John T.Harvey, Roberto Patricio
Indiana, USA Korzeniewicz, Phillip Anthony O’Hara,
Anne Mayhew, University of Tennessee, Immanuel Wallerstein
Tennessee, USA
Gary Mongiovi, St John’s University, New
Subjects
York, USA
Robin Neill, University of Prince Edward Cycles, waves and unstable growth: James
Island, Charlottetown, Canada Devine, David Laibman, Phillip Anthony
P.Paraskevaides, Center of Planning and O’Hara, Howard J.Sherman
Economic Research, Athens, Greece Development: Chris Barrett, Anthony
Paul Phillips, University of Manitoba, D’Costa, Mary Ann Dimand, Amitava
Winnipeg, Canada Krishna Dutt, B.N.Ghosh, David Ruccio,
Riccardo Realfonzo, University of Naples, John Stoneman, Eiman Zein-Elabdin
Naples, Italy Economic anthropology: Mathew Forstater,
Mark Setterfield, Trinity College, Hartford, Polly Hill, John Lodewijks
Connecticut, USA Environment: Andrew K.Dragun, Mathew
ix