This book presents a unique real-world-centred approach to economic life from a phenomenological approach. It offers a much-needed alternative to conventional economic thinking, giving a transdisciplinary depiction of the economic process’s social, cultural, technological, political, and ecological dimensions. Doing so appeals to students and researchers in economics aiming to get an alternative to the reductionist model-based approach.Written in a jargon-free and non-technical way, it appeals to non-economists alike and those seeking a more profound and living understanding of the economic process. What is the role of nature in the economic process? Is there more to economics than we have been told? Do we have infinite needs? What are these needs? Can we keep on growing forever? Does economic growth improve our wellbeing? Why is the income gap widening? What is the role of financial capital in our current world? Are there other forms of producing, distributing, and consumingwealth beyond markets? What are the functions of markets, and how do they work in the real world? These and many other aspects are discussed in living and holistic ways in this book. It is a must-read for all those interested in gaining a more profound and genuine understanding of our current reality and those looking for ways out of our current crises.

This book presents a unique real-world-centred approach to economic life from a phenomenological approach. It offers a much-needed alternative to conventional economic thinking, giving a transdisciplinary depiction of the economic process’s social, cultural, technological, political, and ecological dimensions. Doing so appeals to students and researchers in economics aiming to get an alternative to the reductionist model-based approach.Written in a jargon-free and non-technical way, it appeals to non-economists alike and those seeking a more profound and living understanding of the economic process. What is the role of nature in the economic process? Is there more to economics than we have been told? Do we have infinite needs? What are these needs? Can we keep on growing forever? Does economic growth improve our wellbeing? Why is the income gap widening? What is the role of financial capital in our current world? Are there other forms of producing, distributing, and consumingwealth beyond markets? What are the functions of markets, and how do they work in the real world? These and many other aspects are discussed in living and holistic ways in this book. It is a must-read for all those interested in gaining a more profound and genuine understanding of our current reality and those looking for ways out of our current crises.

This book provides answers to fundamental questions of sustainable development and international cooperation in light of irreversible globalization. Based on comprehensive research and a wealth of experience from his own political activities, the author offers an insightful analysis of the globalized economy and its political, cultural and ecological context. Presenting an objective assessment, the author diagnoses the state of affairs and formulates recipes to overcome present day challenges, such as income inequalities, climate change, demographic imbalance and the new Cold War, which overlap with the “black trinity”: populism, nationalism and authoritarianism. "Grzegorz Kolodko is one of the most acute observers of the international economy, based on long experience both as a practitioner and as an academic. His writings are always an important starting point for debate and discussion about the political economy of globalization."Francis Fukuyama, Stanford University, author of “The End of History”"Grzegorz Kolodko unites deep policy experience, a vast breadth of observation and a solid grip on real-world economics in his case for a new pragmatism.  For all involved in the causes of peace, justice, shared prosperity and public purpose, he is a leader and an ally."James K. Galbraith, The University of Texas at Austin"Dr. Kolodko delivers comprehensive and inspiring economic analysis, drawing on his rich historical political leadership. His probing and insightful assessment of globalization in today's and tomorrow's world is a must read."Rev. Jesse L. Jackson, President of Rainbow Coalition and International Civil Rights Activist

This book provides answers to fundamental questions of sustainable development and international cooperation in light of irreversible globalization. Based on comprehensive research and a wealth of experience from his own political activities, the author offers an insightful analysis of the globalized economy and its political, cultural and ecological context. Presenting an objective assessment, the author diagnoses the state of affairs and formulates recipes to overcome present day challenges, such as income inequalities, climate change, demographic imbalance and the new Cold War, which overlap with the “black trinity”: populism, nationalism and authoritarianism. "Grzegorz Kolodko is one of the most acute observers of the international economy, based on long experience both as a practitioner and as an academic. His writings are always an important starting point for debate and discussion about the political economy of globalization."Francis Fukuyama, Stanford University, author of “The End of History”"Grzegorz Kolodko unites deep policy experience, a vast breadth of observation and a solid grip on real-world economics in his case for a new pragmatism.  For all involved in the causes of peace, justice, shared prosperity and public purpose, he is a leader and an ally."James K. Galbraith, The University of Texas at Austin"Dr. Kolodko delivers comprehensive and inspiring economic analysis, drawing on his rich historical political leadership. His probing and insightful assessment of globalization in today's and tomorrow's world is a must read."Rev. Jesse L. Jackson, President of Rainbow Coalition and International Civil Rights Activist

As the current capitalist system has been increasingly struggling to respond to the problems and uncertainties in the global economy, this book aims to identify the main economic, social, and ecological problems and discusses solutions for a more inclusive and sustainable economic system. Written by an international selection of contributors, it takes a wider perspective beyond classical orthodox economics.By doing so, this book covers a wide range of topics, such as global warming and climate change, food and energy scarcity, rising inequality and debt issues, health, ecological, economic, and political crises, degrowth, green new deals, solidarity, economy, artificial intelligence, technological change, smart solutions, and smart cities. Discussing these topics, the book presents answers to the question of whether the current capitalist system is viable and provides suggestions for a fair, inclusive, and modern economic system.Taking a comprehensive approach, thebook will appeal to students, scholars, and researchers of heterodox and alternative economics.

As the current capitalist system has been increasingly struggling to respond to the problems and uncertainties in the global economy, this book aims to identify the main economic, social, and ecological problems and discusses solutions for a more inclusive and sustainable economic system. Written by an international selection of contributors, it takes a wider perspective beyond classical orthodox economics.By doing so, this book covers a wide range of topics, such as global warming and climate change, food and energy scarcity, rising inequality and debt issues, health, ecological, economic, and political crises, degrowth, green new deals, solidarity, economy, artificial intelligence, technological change, smart solutions, and smart cities. Discussing these topics, the book presents answers to the question of whether the current capitalist system is viable and provides suggestions for a fair, inclusive, and modern economic system.Taking a comprehensive approach, thebook will appeal to students, scholars, and researchers of heterodox and alternative economics.

This book explains the inherent contradictions of Marxist economic theory and how they became apparent when the theory was applied in practice. It introduces the main theories and authors of Marxist economic thought, explores its implementation in the Soviet Union and the People's Republic of China, and offers a comparative analysis of the main distinctive features of socialist and capitalist economic systems. In turn, the book provides answers to the following questions: What has happened to the "socialist reality" and why has it become unacceptable for society? What are the causes of the collapse of the socialist economic system? This book appeals to scholars and students of economics and anyone interested in Marxist economic thinking and the practice of socialism.

This book explains the inherent contradictions of Marxist economic theory and how they became apparent when the theory was applied in practice. It introduces the main theories and authors of Marxist economic thought, explores its implementation in the Soviet Union and the People's Republic of China, and offers a comparative analysis of the main distinctive features of socialist and capitalist economic systems. In turn, the book provides answers to the following questions: What has happened to the "socialist reality" and why has it become unacceptable for society? What are the causes of the collapse of the socialist economic system? This book appeals to scholars and students of economics and anyone interested in Marxist economic thinking and the practice of socialism.

This is the first part of a two-volume set on Concordian economics, a new paradigm whose core completes the Aristotelian-Aquinian project of economic justice. The book delves into the history of economics and presents Concordian economics as a response to the concerns and shortcomings of mainstream economics. Demand-side economics is represented in the process of consumption—the expenditure of monetary wealth to acquire real wealth and financial wealth of a different nature. In contrast, supply-side economics is represented in the production process, the process of producing real wealth, e.g. tables, chairs and foodstuffs. Institutionalists will also welcome this book because it ties the world of real wealth to that of monetary wealth through the process of distributing the value of ownership of both monetary and real wealth as they are created. The book begins with an introduction to Concordian economics, followed by a discussion of how to restore relevance to the fieldof economic studies. It also presents a revision of the Keynesian model designed to gradually address the major social, economic, and political causes of discord. Moreover, the author warns against the separation of economics from the world of physical things as well as the world of legal and moral issues. Following a discussion on the measurement of real wealth, econometrics is introduced in accordance with the categories of Concordian economics. Lastly, the book develops a theory of economic justice by defining a set of economic rights and responsibilities that guide economic behavior and policy.This book appeals to scholars and students of economics and related fields, as well as anyone interested in reintegrating economics into the social context.

This is the first part of a two-volume set on Concordian economics, a new paradigm whose core completes the Aristotelian-Aquinian project of economic justice. The book delves into the history of economics and presents Concordian economics as a response to the concerns and shortcomings of mainstream economics. Demand-side economics is represented in the process of consumption—the expenditure of monetary wealth to acquire real wealth and financial wealth of a different nature. In contrast, supply-side economics is represented in the production process, the process of producing real wealth, e.g. tables, chairs and foodstuffs. Institutionalists will also welcome this book because it ties the world of real wealth to that of monetary wealth through the process of distributing the value of ownership of both monetary and real wealth as they are created. The book begins with an introduction to Concordian economics, followed by a discussion of how to restore relevance to the fieldof economic studies. It also presents a revision of the Keynesian model designed to gradually address the major social, economic, and political causes of discord. Moreover, the author warns against the separation of economics from the world of physical things as well as the world of legal and moral issues. Following a discussion on the measurement of real wealth, econometrics is introduced in accordance with the categories of Concordian economics. Lastly, the book develops a theory of economic justice by defining a set of economic rights and responsibilities that guide economic behavior and policy.This book appeals to scholars and students of economics and related fields, as well as anyone interested in reintegrating economics into the social context.

This open access book provides an overview of urban digital platforms such as Airbnb and Deliveroo, which, along with Amazon, Google, Facebook, and other IT companies, constitute by now the infrastructures for other businesses to operate on and for our social life to go on. These platforms serve as standards-based techno-economic systems that simultaneously capture cooperation through remote coordination and organize labor via algorithm management.Based on a three-years research project, this contributed book outlines a general theory of platform capitalism that conceives these platforms not only as technical devices, but as generative engines that operate at the interface of several aspects, such as digitalization of forms of social cooperation; algorithm-based management of labor and participation; and private and vertical appropriation of profits. These elements are somehow iconic of the capitalist evolution of the last decades, and they open up a reflection on new forms of “primitive accumulation” (in particular regarding data), on the mechanisms used to capture and extract social surplus value, and on the logistic-financial dimensions of capital. Finally, in light of the transformations associated with the COVID-19 pandemic, the authors examine how platforms can evolve into hegemonic organizational structures.Assuming we are all already living in the age of the platform, this book takes a multifaceted approach—combining sociology with urban studies, and political sciences with economics—to grasp the challenges our societies face in terms of ensuring fair economic growth, adequate social protections, and labor rights. It will appeal to anyone interested in digital platforms and how they are changing the organization of labor, urban spaces, and forms of governance.

This open access book provides an overview of urban digital platforms such as Airbnb and Deliveroo, which, along with Amazon, Google, Facebook, and other IT companies, constitute by now the infrastructures for other businesses to operate on and for our social life to go on. These platforms serve as standards-based techno-economic systems that simultaneously capture cooperation through remote coordination and organize labor via algorithm management.Based on a three-years research project, this contributed book outlines a general theory of platform capitalism that conceives these platforms not only as technical devices, but as generative engines that operate at the interface of several aspects, such as digitalization of forms of social cooperation; algorithm-based management of labor and participation; and private and vertical appropriation of profits. These elements are somehow iconic of the capitalist evolution of the last decades, and they open up a reflection on new forms of “primitive accumulation” (in particular regarding data), on the mechanisms used to capture and extract social surplus value, and on the logistic-financial dimensions of capital. Finally, in light of the transformations associated with the COVID-19 pandemic, the authors examine how platforms can evolve into hegemonic organizational structures.Assuming we are all already living in the age of the platform, this book takes a multifaceted approach—combining sociology with urban studies, and political sciences with economics—to grasp the challenges our societies face in terms of ensuring fair economic growth, adequate social protections, and labor rights. It will appeal to anyone interested in digital platforms and how they are changing the organization of labor, urban spaces, and forms of governance.

This is the second volume of a two-part series on Concordian economics, an innovative paradigm that builds upon the Aristotelian-Aquinian tradition of economic justice. Having introduced Concordian economics in the first volume as a compelling research paradigm that addresses the limitations of mainstream economics, this second installment takes the exploration further by examining its real-world applications in four policy areas.With a focus on industrial organization, labor markets, monetary, and fiscal policy, the author advocates for a transformative approach to economic rights and responsibilities. By promoting a moral economy, this book offers a substitute to the Pac-Man approach to industrial organization. The book challenges traditional notions by discussing the ownership rights concerning larger corporations and offering visionary solutions, in the steps of Louis O, Kelso, empowering workers and employees to participate in the ownership of robots and artificial intelligence. The Fed has given a nod of approval to the creation of a new Concordian monetary system. Following the advice of eight Nobel Laureates in economics, the proposed fiscal reforms emphasize taxing only the value of land and natural resources, ushering in a society where the use of our natural resources and machines serves the common good, economic freedom thrives, and forced income redistribution becomes obsolete. This book illustrates a vivid vision of a world founded on universal economic rights and responsibilities, offering fresh perspectives on a more just and sustainable future. It appeals to scholars and students of economics and related fields, as well as anyone interested in a free but just economic system.

This is the second volume of a two-part series on Concordian economics, an innovative paradigm that builds upon the Aristotelian-Aquinian tradition of economic justice. Having introduced Concordian economics in the first volume as a compelling research paradigm that addresses the limitations of mainstream economics, this second installment takes the exploration further by examining its real-world applications in four policy areas.With a focus on industrial organization, labor markets, monetary, and fiscal policy, the author advocates for a transformative approach to economic rights and responsibilities. By promoting a moral economy, this book offers a substitute to the Pac-Man approach to industrial organization. The book challenges traditional notions by discussing the ownership rights concerning larger corporations and offering visionary solutions, in the steps of Louis O, Kelso, empowering workers and employees to participate in the ownership of robots and artificial intelligence. The Fed has given a nod of approval to the creation of a new Concordian monetary system. Following the advice of eight Nobel Laureates in economics, the proposed fiscal reforms emphasize taxing only the value of land and natural resources, ushering in a society where the use of our natural resources and machines serves the common good, economic freedom thrives, and forced income redistribution becomes obsolete. This book illustrates a vivid vision of a world founded on universal economic rights and responsibilities, offering fresh perspectives on a more just and sustainable future. It appeals to scholars and students of economics and related fields, as well as anyone interested in a free but just economic system.

Many of the major international and intrastate crises and conflicts, but also the threat to democratic principles, are driven by belief systems and ideologies. They fuel political polarization, which is particularly evident in the battleground of social media. Nevertheless, we hardly pay attention to ideologies, their narratives, functions and organizations in economic theory today. Ideologies as “non-rational beliefs” seem incompatible with rationality in economic models. Therefore, the book examines the role of ideologies and belief systems in individual decision-making behavior from an economic and rational perspective. Due to the fact that people have incomplete information, belief systems and ideologies fulfill a number of important functions. While ideologies themselves serve psychological needs, they are used as a cognitive framework for rational decision-making once they have been adopted through a Bayesian learning process. They influence decisions in a wide range of areas, from consumption and work to politics. This is where the role of ideological organizations becomes important, because they determine the ideological direction of the narratives and their dissemination. Thus, ideologies give a normative direction, for better or for worse. The “quality” of ideological leadership can be evaluated normatively on the basis of principles such as individual sovereignty and human dignity. A democratic discourse requires an information and communication system that enables an evaluation of precisely these ideologies, free from resource and information power.

Many of the major international and intrastate crises and conflicts, but also the threat to democratic principles, are driven by belief systems and ideologies. They fuel political polarization, which is particularly evident in the battleground of social media. Nevertheless, we hardly pay attention to ideologies, their narratives, functions and organizations in economic theory today. Ideologies as “non-rational beliefs” seem incompatible with rationality in economic models. Therefore, the book examines the role of ideologies and belief systems in individual decision-making behavior from an economic and rational perspective. Due to the fact that people have incomplete information, belief systems and ideologies fulfill a number of important functions. While ideologies themselves serve psychological needs, they are used as a cognitive framework for rational decision-making once they have been adopted through a Bayesian learning process. They influence decisions in a wide range of areas, from consumption and work to politics. This is where the role of ideological organizations becomes important, because they determine the ideological direction of the narratives and their dissemination. Thus, ideologies give a normative direction, for better or for worse. The “quality” of ideological leadership can be evaluated normatively on the basis of principles such as individual sovereignty and human dignity. A democratic discourse requires an information and communication system that enables an evaluation of precisely these ideologies, free from resource and information power.

This book revitalises the labour theory of value as a framework for determining production prices and explores its implications for economic theory and policy. Through an in-depth review of economists such as Adam Smith, David Ricardo, Karl Marx, and Piero Sraffa, it uncovers that the profit distribution in proportion to material costs generally prevents the division of labour between separate industries. Instead, it reveals that profit sharing in relation to the labour input – the original productive power – is the only consistent method to establish an equilibrium under conditions of ‘free’ competition. In addition, profit maximisation in the vertically integrated wage sector, which satisfies demand financed out of wages, leads to a 100 % rate of profit (or rate of exploitation). The associated real unit labour costs amount to 50 %. The remnant ‘luxury’ department must adapt to this level. Empirical evidence confirms this finding. The author demonstrates that economic theory grounded upon the law of value can offer welfare-enhancing policies. This book will intrigue scholars and students of economics, as well as anyone interested in economic theory and the history of economic thought.

This book adapts Marx's concept of 'use-value' for the 21st century, offering a fresh perspective on our understanding of value, wealth, and the role of public services in today's economy and society. Challenging the dominance of market-based thinking, it demonstrates that essential services such as healthcare, education, and care work generate real, quantifiable value beyond the realm of profit. Exploring the intersection of economics, public policy, and political science, the book examines the contributions of households, the third sector, and public-private partnerships to social reproduction and state legitimacy.Furthermore, the book critiques neoliberal efforts to commodify public goods and exposes the limitations of managerialism and co-production as policy responses. By expanding Marxist theory to encompass non-market production, the book provides a new framework for understanding crises, class conflict, and the evolution of the capitalist state. This book will be of interest to students, scholars, and practitioners seeking to understand the political economy of public services and the future of collective provision.

This volume discusses the grand challenges of the Anthropocene era and explores how the economy can be transformed to serve the wellbeing of humans and nature in an integrated way. It develops a broad, spiritually informed view of the economy and argues for the need to shift the underlying materialistic value orientation of current economic and business functioning. The author argues that without adopting a non-materialistic value orientation, it is not possible for humanity to survive and flourish in the Anthropocene. Economic actors should abandon the single goal of financial wealth creation; instead, they should focus on wellbeing creation, which serves the flourishing of human and non-human beings in the present and the future. The book presents dozens of practical business models and working policies from different industries and countries to move in the direction of a wellbeing economy. Additionally, it discusses the required holistic methodology, which goes beyond the prevailing reductionist science of today. Finally, the book offers a spiritually based ethics that may motivate individuals, organizations, and larger social entities to transform themselves into “planet-positive” change agents.

This book discusses the requirements and preconditions for transforming the economy in order to achieve defined goals while maintaining and utilizing the efficiency of markets. It shows how economic concepts and practices need to be reconsidered and revised in the face of enormous ecological damage and significant economic inequality across much of the world.The book systematizes essential ecological and social targets and presents factors influencing Economic Transformation. Various transformation concepts are discussed with regard to their contribution to adequate economic design and corresponding options for action are developed. Businesses, private households, the state and the commons are involved in these reflections, but also supranational institutions and (civil) society. The ecological compatibility of the economy and the reduction of excessive divergencies in income and wealth are the guiding principles of the overall considerations. In addition, the extent to which the concerns of Economic Transformation are reflected in the government programs of the USA, Great Britain, South Africa and Germany is examined.The book will be of interest to anyone who shares the belief that increasing well-being in a market-oriented society must go hand in hand with ecological compatibility and improved social equity, both globally and within societies.

This book explores the separation of economics from the social sciences. Raimund Dietz attributes this development to the adoption of a too narrow, instrumentalist perspective and demonstrates how close the mainstream is to the idea of a socialist planned economy, despite all its liberal phraseology.The book attempts to comprehensively reconstruct economics as catallactics, explicitly including and assigning a central role to liberal forms of socialization, such as exchange and money – an approach that, it argues, is the only way to overcome the methodological deficits of the mainstream. It allows monetary theory to be integrated into economic theory. Further, the book shows that modern societies have no choice but to organize themselves as capitalist market economies.For good economic reasons, money has lost its physical value over the course of time and is now merely symbolic. As a result, the importance of the state has also grown. The author proposes that the power to create money should be consistently placed in the hands of the central bank.The book offers a transformative perspective that addresses the urgent need for sustainable resource management worldwide. It invites social scientists, policymakers, and especially economists to rethink economics and pursue a holistic approach to a more sustainable future.

This book explores the separation of economics from the social sciences. Raimund Dietz attributes this development to the adoption of a too narrow, instrumentalist perspective and demonstrates how close the mainstream is to the idea of a socialist planned economy, despite all its liberal phraseology.The book attempts to comprehensively reconstruct economics as catallactics, explicitly including and assigning a central role to liberal forms of socialization, such as exchange and money – an approach that, it argues, is the only way to overcome the methodological deficits of the mainstream. It allows monetary theory to be integrated into economic theory. Further, the book shows that modern societies have no choice but to organize themselves as capitalist market economies.For good economic reasons, money has lost its physical value over the course of time and is now merely symbolic. As a result, the importance of the state has also grown. The author proposes that the power to create money should be consistently placed in the hands of the central bank.The book offers a transformative perspective that addresses the urgent need for sustainable resource management worldwide. It invites social scientists, policymakers, and especially economists to rethink economics and pursue a holistic approach to a more sustainable future.

This book presents a unique real-world-centred approach to economic life from a phenomenological approach. It offers a much-needed alternative to conventional economic thinking, giving a transdisciplinary depiction of the economic process’s social, cultural, technological, political, and ecological dimensions. Doing so appeals to students and researchers in economics aiming to get an alternative to the reductionist model-based approach.Written in a jargon-free and non-technical way, it appeals to non-economists alike and those seeking a more profound and living understanding of the economic process. What is the role of nature in the economic process? Is there more to economics than we have been told? Do we have infinite needs? What are these needs? Can we keep on growing forever? Does economic growth improve our wellbeing? Why is the income gap widening? What is the role of financial capital in our current world? Are there other forms of producing, distributing, and consumingwealth beyond markets? What are the functions of markets, and how do they work in the real world? These and many other aspects are discussed in living and holistic ways in this book. It is a must-read for all those interested in gaining a more profound and genuine understanding of our current reality and those looking for ways out of our current crises.

This book presents a unique real-world-centred approach to economic life from a phenomenological approach. It offers a much-needed alternative to conventional economic thinking, giving a transdisciplinary depiction of the economic process’s social, cultural, technological, political, and ecological dimensions. Doing so appeals to students and researchers in economics aiming to get an alternative to the reductionist model-based approach.Written in a jargon-free and non-technical way, it appeals to non-economists alike and those seeking a more profound and living understanding of the economic process. What is the role of nature in the economic process? Is there more to economics than we have been told? Do we have infinite needs? What are these needs? Can we keep on growing forever? Does economic growth improve our wellbeing? Why is the income gap widening? What is the role of financial capital in our current world? Are there other forms of producing, distributing, and consumingwealth beyond markets? What are the functions of markets, and how do they work in the real world? These and many other aspects are discussed in living and holistic ways in this book. It is a must-read for all those interested in gaining a more profound and genuine understanding of our current reality and those looking for ways out of our current crises.

This book provides answers to fundamental questions of sustainable development and international cooperation in light of irreversible globalization. Based on comprehensive research and a wealth of experience from his own political activities, the author offers an insightful analysis of the globalized economy and its political, cultural and ecological context. Presenting an objective assessment, the author diagnoses the state of affairs and formulates recipes to overcome present day challenges, such as income inequalities, climate change, demographic imbalance and the new Cold War, which overlap with the “black trinity”: populism, nationalism and authoritarianism. "Grzegorz Kolodko is one of the most acute observers of the international economy, based on long experience both as a practitioner and as an academic. His writings are always an important starting point for debate and discussion about the political economy of globalization."Francis Fukuyama, Stanford University, author of “The End of History”"Grzegorz Kolodko unites deep policy experience, a vast breadth of observation and a solid grip on real-world economics in his case for a new pragmatism.  For all involved in the causes of peace, justice, shared prosperity and public purpose, he is a leader and an ally."James K. Galbraith, The University of Texas at Austin"Dr. Kolodko delivers comprehensive and inspiring economic analysis, drawing on his rich historical political leadership. His probing and insightful assessment of globalization in today's and tomorrow's world is a must read."Rev. Jesse L. Jackson, President of Rainbow Coalition and International Civil Rights Activist

This book provides answers to fundamental questions of sustainable development and international cooperation in light of irreversible globalization. Based on comprehensive research and a wealth of experience from his own political activities, the author offers an insightful analysis of the globalized economy and its political, cultural and ecological context. Presenting an objective assessment, the author diagnoses the state of affairs and formulates recipes to overcome present day challenges, such as income inequalities, climate change, demographic imbalance and the new Cold War, which overlap with the “black trinity”: populism, nationalism and authoritarianism. "Grzegorz Kolodko is one of the most acute observers of the international economy, based on long experience both as a practitioner and as an academic. His writings are always an important starting point for debate and discussion about the political economy of globalization."Francis Fukuyama, Stanford University, author of “The End of History”"Grzegorz Kolodko unites deep policy experience, a vast breadth of observation and a solid grip on real-world economics in his case for a new pragmatism.  For all involved in the causes of peace, justice, shared prosperity and public purpose, he is a leader and an ally."James K. Galbraith, The University of Texas at Austin"Dr. Kolodko delivers comprehensive and inspiring economic analysis, drawing on his rich historical political leadership. His probing and insightful assessment of globalization in today's and tomorrow's world is a must read."Rev. Jesse L. Jackson, President of Rainbow Coalition and International Civil Rights Activist

As the current capitalist system has been increasingly struggling to respond to the problems and uncertainties in the global economy, this book aims to identify the main economic, social, and ecological problems and discusses solutions for a more inclusive and sustainable economic system. Written by an international selection of contributors, it takes a wider perspective beyond classical orthodox economics.By doing so, this book covers a wide range of topics, such as global warming and climate change, food and energy scarcity, rising inequality and debt issues, health, ecological, economic, and political crises, degrowth, green new deals, solidarity, economy, artificial intelligence, technological change, smart solutions, and smart cities. Discussing these topics, the book presents answers to the question of whether the current capitalist system is viable and provides suggestions for a fair, inclusive, and modern economic system.Taking a comprehensive approach, thebook will appeal to students, scholars, and researchers of heterodox and alternative economics.

As the current capitalist system has been increasingly struggling to respond to the problems and uncertainties in the global economy, this book aims to identify the main economic, social, and ecological problems and discusses solutions for a more inclusive and sustainable economic system. Written by an international selection of contributors, it takes a wider perspective beyond classical orthodox economics.By doing so, this book covers a wide range of topics, such as global warming and climate change, food and energy scarcity, rising inequality and debt issues, health, ecological, economic, and political crises, degrowth, green new deals, solidarity, economy, artificial intelligence, technological change, smart solutions, and smart cities. Discussing these topics, the book presents answers to the question of whether the current capitalist system is viable and provides suggestions for a fair, inclusive, and modern economic system.Taking a comprehensive approach, thebook will appeal to students, scholars, and researchers of heterodox and alternative economics.

This book explains the inherent contradictions of Marxist economic theory and how they became apparent when the theory was applied in practice. It introduces the main theories and authors of Marxist economic thought, explores its implementation in the Soviet Union and the People's Republic of China, and offers a comparative analysis of the main distinctive features of socialist and capitalist economic systems. In turn, the book provides answers to the following questions: What has happened to the "socialist reality" and why has it become unacceptable for society? What are the causes of the collapse of the socialist economic system? This book appeals to scholars and students of economics and anyone interested in Marxist economic thinking and the practice of socialism.

This book explains the inherent contradictions of Marxist economic theory and how they became apparent when the theory was applied in practice. It introduces the main theories and authors of Marxist economic thought, explores its implementation in the Soviet Union and the People's Republic of China, and offers a comparative analysis of the main distinctive features of socialist and capitalist economic systems. In turn, the book provides answers to the following questions: What has happened to the "socialist reality" and why has it become unacceptable for society? What are the causes of the collapse of the socialist economic system? This book appeals to scholars and students of economics and anyone interested in Marxist economic thinking and the practice of socialism.

This is the first part of a two-volume set on Concordian economics, a new paradigm whose core completes the Aristotelian-Aquinian project of economic justice. The book delves into the history of economics and presents Concordian economics as a response to the concerns and shortcomings of mainstream economics. Demand-side economics is represented in the process of consumption—the expenditure of monetary wealth to acquire real wealth and financial wealth of a different nature. In contrast, supply-side economics is represented in the production process, the process of producing real wealth, e.g. tables, chairs and foodstuffs. Institutionalists will also welcome this book because it ties the world of real wealth to that of monetary wealth through the process of distributing the value of ownership of both monetary and real wealth as they are created. The book begins with an introduction to Concordian economics, followed by a discussion of how to restore relevance to the fieldof economic studies. It also presents a revision of the Keynesian model designed to gradually address the major social, economic, and political causes of discord. Moreover, the author warns against the separation of economics from the world of physical things as well as the world of legal and moral issues. Following a discussion on the measurement of real wealth, econometrics is introduced in accordance with the categories of Concordian economics. Lastly, the book develops a theory of economic justice by defining a set of economic rights and responsibilities that guide economic behavior and policy.This book appeals to scholars and students of economics and related fields, as well as anyone interested in reintegrating economics into the social context.

This is the first part of a two-volume set on Concordian economics, a new paradigm whose core completes the Aristotelian-Aquinian project of economic justice. The book delves into the history of economics and presents Concordian economics as a response to the concerns and shortcomings of mainstream economics. Demand-side economics is represented in the process of consumption—the expenditure of monetary wealth to acquire real wealth and financial wealth of a different nature. In contrast, supply-side economics is represented in the production process, the process of producing real wealth, e.g. tables, chairs and foodstuffs. Institutionalists will also welcome this book because it ties the world of real wealth to that of monetary wealth through the process of distributing the value of ownership of both monetary and real wealth as they are created. The book begins with an introduction to Concordian economics, followed by a discussion of how to restore relevance to the fieldof economic studies. It also presents a revision of the Keynesian model designed to gradually address the major social, economic, and political causes of discord. Moreover, the author warns against the separation of economics from the world of physical things as well as the world of legal and moral issues. Following a discussion on the measurement of real wealth, econometrics is introduced in accordance with the categories of Concordian economics. Lastly, the book develops a theory of economic justice by defining a set of economic rights and responsibilities that guide economic behavior and policy.This book appeals to scholars and students of economics and related fields, as well as anyone interested in reintegrating economics into the social context.

This open access book provides an overview of urban digital platforms such as Airbnb and Deliveroo, which, along with Amazon, Google, Facebook, and other IT companies, constitute by now the infrastructures for other businesses to operate on and for our social life to go on. These platforms serve as standards-based techno-economic systems that simultaneously capture cooperation through remote coordination and organize labor via algorithm management.Based on a three-years research project, this contributed book outlines a general theory of platform capitalism that conceives these platforms not only as technical devices, but as generative engines that operate at the interface of several aspects, such as digitalization of forms of social cooperation; algorithm-based management of labor and participation; and private and vertical appropriation of profits. These elements are somehow iconic of the capitalist evolution of the last decades, and they open up a reflection on new forms of “primitive accumulation” (in particular regarding data), on the mechanisms used to capture and extract social surplus value, and on the logistic-financial dimensions of capital. Finally, in light of the transformations associated with the COVID-19 pandemic, the authors examine how platforms can evolve into hegemonic organizational structures.Assuming we are all already living in the age of the platform, this book takes a multifaceted approach—combining sociology with urban studies, and political sciences with economics—to grasp the challenges our societies face in terms of ensuring fair economic growth, adequate social protections, and labor rights. It will appeal to anyone interested in digital platforms and how they are changing the organization of labor, urban spaces, and forms of governance.

This open access book provides an overview of urban digital platforms such as Airbnb and Deliveroo, which, along with Amazon, Google, Facebook, and other IT companies, constitute by now the infrastructures for other businesses to operate on and for our social life to go on. These platforms serve as standards-based techno-economic systems that simultaneously capture cooperation through remote coordination and organize labor via algorithm management.Based on a three-years research project, this contributed book outlines a general theory of platform capitalism that conceives these platforms not only as technical devices, but as generative engines that operate at the interface of several aspects, such as digitalization of forms of social cooperation; algorithm-based management of labor and participation; and private and vertical appropriation of profits. These elements are somehow iconic of the capitalist evolution of the last decades, and they open up a reflection on new forms of “primitive accumulation” (in particular regarding data), on the mechanisms used to capture and extract social surplus value, and on the logistic-financial dimensions of capital. Finally, in light of the transformations associated with the COVID-19 pandemic, the authors examine how platforms can evolve into hegemonic organizational structures.Assuming we are all already living in the age of the platform, this book takes a multifaceted approach—combining sociology with urban studies, and political sciences with economics—to grasp the challenges our societies face in terms of ensuring fair economic growth, adequate social protections, and labor rights. It will appeal to anyone interested in digital platforms and how they are changing the organization of labor, urban spaces, and forms of governance.

This is the second volume of a two-part series on Concordian economics, an innovative paradigm that builds upon the Aristotelian-Aquinian tradition of economic justice. Having introduced Concordian economics in the first volume as a compelling research paradigm that addresses the limitations of mainstream economics, this second installment takes the exploration further by examining its real-world applications in four policy areas.With a focus on industrial organization, labor markets, monetary, and fiscal policy, the author advocates for a transformative approach to economic rights and responsibilities. By promoting a moral economy, this book offers a substitute to the Pac-Man approach to industrial organization. The book challenges traditional notions by discussing the ownership rights concerning larger corporations and offering visionary solutions, in the steps of Louis O, Kelso, empowering workers and employees to participate in the ownership of robots and artificial intelligence. The Fed has given a nod of approval to the creation of a new Concordian monetary system. Following the advice of eight Nobel Laureates in economics, the proposed fiscal reforms emphasize taxing only the value of land and natural resources, ushering in a society where the use of our natural resources and machines serves the common good, economic freedom thrives, and forced income redistribution becomes obsolete. This book illustrates a vivid vision of a world founded on universal economic rights and responsibilities, offering fresh perspectives on a more just and sustainable future. It appeals to scholars and students of economics and related fields, as well as anyone interested in a free but just economic system.

This is the second volume of a two-part series on Concordian economics, an innovative paradigm that builds upon the Aristotelian-Aquinian tradition of economic justice. Having introduced Concordian economics in the first volume as a compelling research paradigm that addresses the limitations of mainstream economics, this second installment takes the exploration further by examining its real-world applications in four policy areas.With a focus on industrial organization, labor markets, monetary, and fiscal policy, the author advocates for a transformative approach to economic rights and responsibilities. By promoting a moral economy, this book offers a substitute to the Pac-Man approach to industrial organization. The book challenges traditional notions by discussing the ownership rights concerning larger corporations and offering visionary solutions, in the steps of Louis O, Kelso, empowering workers and employees to participate in the ownership of robots and artificial intelligence. The Fed has given a nod of approval to the creation of a new Concordian monetary system. Following the advice of eight Nobel Laureates in economics, the proposed fiscal reforms emphasize taxing only the value of land and natural resources, ushering in a society where the use of our natural resources and machines serves the common good, economic freedom thrives, and forced income redistribution becomes obsolete. This book illustrates a vivid vision of a world founded on universal economic rights and responsibilities, offering fresh perspectives on a more just and sustainable future. It appeals to scholars and students of economics and related fields, as well as anyone interested in a free but just economic system.

Many of the major international and intrastate crises and conflicts, but also the threat to democratic principles, are driven by belief systems and ideologies. They fuel political polarization, which is particularly evident in the battleground of social media. Nevertheless, we hardly pay attention to ideologies, their narratives, functions and organizations in economic theory today. Ideologies as “non-rational beliefs” seem incompatible with rationality in economic models. Therefore, the book examines the role of ideologies and belief systems in individual decision-making behavior from an economic and rational perspective. Due to the fact that people have incomplete information, belief systems and ideologies fulfill a number of important functions. While ideologies themselves serve psychological needs, they are used as a cognitive framework for rational decision-making once they have been adopted through a Bayesian learning process. They influence decisions in a wide range of areas, from consumption and work to politics. This is where the role of ideological organizations becomes important, because they determine the ideological direction of the narratives and their dissemination. Thus, ideologies give a normative direction, for better or for worse. The “quality” of ideological leadership can be evaluated normatively on the basis of principles such as individual sovereignty and human dignity. A democratic discourse requires an information and communication system that enables an evaluation of precisely these ideologies, free from resource and information power.

Many of the major international and intrastate crises and conflicts, but also the threat to democratic principles, are driven by belief systems and ideologies. They fuel political polarization, which is particularly evident in the battleground of social media. Nevertheless, we hardly pay attention to ideologies, their narratives, functions and organizations in economic theory today. Ideologies as “non-rational beliefs” seem incompatible with rationality in economic models. Therefore, the book examines the role of ideologies and belief systems in individual decision-making behavior from an economic and rational perspective. Due to the fact that people have incomplete information, belief systems and ideologies fulfill a number of important functions. While ideologies themselves serve psychological needs, they are used as a cognitive framework for rational decision-making once they have been adopted through a Bayesian learning process. They influence decisions in a wide range of areas, from consumption and work to politics. This is where the role of ideological organizations becomes important, because they determine the ideological direction of the narratives and their dissemination. Thus, ideologies give a normative direction, for better or for worse. The “quality” of ideological leadership can be evaluated normatively on the basis of principles such as individual sovereignty and human dignity. A democratic discourse requires an information and communication system that enables an evaluation of precisely these ideologies, free from resource and information power.

This book revitalises the labour theory of value as a framework for determining production prices and explores its implications for economic theory and policy. Through an in-depth review of economists such as Adam Smith, David Ricardo, Karl Marx, and Piero Sraffa, it uncovers that the profit distribution in proportion to material costs generally prevents the division of labour between separate industries. Instead, it reveals that profit sharing in relation to the labour input – the original productive power – is the only consistent method to establish an equilibrium under conditions of ‘free’ competition. In addition, profit maximisation in the vertically integrated wage sector, which satisfies demand financed out of wages, leads to a 100 % rate of profit (or rate of exploitation). The associated real unit labour costs amount to 50 %. The remnant ‘luxury’ department must adapt to this level. Empirical evidence confirms this finding. The author demonstrates that economic theory grounded upon the law of value can offer welfare-enhancing policies. This book will intrigue scholars and students of economics, as well as anyone interested in economic theory and the history of economic thought.

This book adapts Marx's concept of 'use-value' for the 21st century, offering a fresh perspective on our understanding of value, wealth, and the role of public services in today's economy and society. Challenging the dominance of market-based thinking, it demonstrates that essential services such as healthcare, education, and care work generate real, quantifiable value beyond the realm of profit. Exploring the intersection of economics, public policy, and political science, the book examines the contributions of households, the third sector, and public-private partnerships to social reproduction and state legitimacy.Furthermore, the book critiques neoliberal efforts to commodify public goods and exposes the limitations of managerialism and co-production as policy responses. By expanding Marxist theory to encompass non-market production, the book provides a new framework for understanding crises, class conflict, and the evolution of the capitalist state. This book will be of interest to students, scholars, and practitioners seeking to understand the political economy of public services and the future of collective provision.

This volume discusses the grand challenges of the Anthropocene era and explores how the economy can be transformed to serve the wellbeing of humans and nature in an integrated way. It develops a broad, spiritually informed view of the economy and argues for the need to shift the underlying materialistic value orientation of current economic and business functioning. The author argues that without adopting a non-materialistic value orientation, it is not possible for humanity to survive and flourish in the Anthropocene. Economic actors should abandon the single goal of financial wealth creation; instead, they should focus on wellbeing creation, which serves the flourishing of human and non-human beings in the present and the future. The book presents dozens of practical business models and working policies from different industries and countries to move in the direction of a wellbeing economy. Additionally, it discusses the required holistic methodology, which goes beyond the prevailing reductionist science of today. Finally, the book offers a spiritually based ethics that may motivate individuals, organizations, and larger social entities to transform themselves into “planet-positive” change agents.

This book discusses the requirements and preconditions for transforming the economy in order to achieve defined goals while maintaining and utilizing the efficiency of markets. It shows how economic concepts and practices need to be reconsidered and revised in the face of enormous ecological damage and significant economic inequality across much of the world.The book systematizes essential ecological and social targets and presents factors influencing Economic Transformation. Various transformation concepts are discussed with regard to their contribution to adequate economic design and corresponding options for action are developed. Businesses, private households, the state and the commons are involved in these reflections, but also supranational institutions and (civil) society. The ecological compatibility of the economy and the reduction of excessive divergencies in income and wealth are the guiding principles of the overall considerations. In addition, the extent to which the concerns of Economic Transformation are reflected in the government programs of the USA, Great Britain, South Africa and Germany is examined.The book will be of interest to anyone who shares the belief that increasing well-being in a market-oriented society must go hand in hand with ecological compatibility and improved social equity, both globally and within societies.

This book explores the separation of economics from the social sciences. Raimund Dietz attributes this development to the adoption of a too narrow, instrumentalist perspective and demonstrates how close the mainstream is to the idea of a socialist planned economy, despite all its liberal phraseology.The book attempts to comprehensively reconstruct economics as catallactics, explicitly including and assigning a central role to liberal forms of socialization, such as exchange and money – an approach that, it argues, is the only way to overcome the methodological deficits of the mainstream. It allows monetary theory to be integrated into economic theory. Further, the book shows that modern societies have no choice but to organize themselves as capitalist market economies.For good economic reasons, money has lost its physical value over the course of time and is now merely symbolic. As a result, the importance of the state has also grown. The author proposes that the power to create money should be consistently placed in the hands of the central bank.The book offers a transformative perspective that addresses the urgent need for sustainable resource management worldwide. It invites social scientists, policymakers, and especially economists to rethink economics and pursue a holistic approach to a more sustainable future.

This book explores the separation of economics from the social sciences. Raimund Dietz attributes this development to the adoption of a too narrow, instrumentalist perspective and demonstrates how close the mainstream is to the idea of a socialist planned economy, despite all its liberal phraseology.The book attempts to comprehensively reconstruct economics as catallactics, explicitly including and assigning a central role to liberal forms of socialization, such as exchange and money – an approach that, it argues, is the only way to overcome the methodological deficits of the mainstream. It allows monetary theory to be integrated into economic theory. Further, the book shows that modern societies have no choice but to organize themselves as capitalist market economies.For good economic reasons, money has lost its physical value over the course of time and is now merely symbolic. As a result, the importance of the state has also grown. The author proposes that the power to create money should be consistently placed in the hands of the central bank.The book offers a transformative perspective that addresses the urgent need for sustainable resource management worldwide. It invites social scientists, policymakers, and especially economists to rethink economics and pursue a holistic approach to a more sustainable future.