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Item type:Publication, Hobsbawm's question on peasantry(Springer International Publishing, 2021-09-16)Why do peasant economies persist in the Third World but disappeared in the First World? In spite of its significance, the peasant economy could be considered a reality without theory, for no explanation exists about its role in a capitalist society. This essay intends to contribute to such theory by constructing peasantry models of the unified theory of capitalism. Peasant economies operate under different geographical settings, which constitute essential elements in their behavior. The particular reality under study here is the Andean Highlands peasantry. Empirical predictions have been derived from the models, which tend to be consistent with facts. The models suggest that the peasant economy is a subsistence economy, part of the excess labor supply, and is the residual of the capitalist sector behavior in the Third World. The economic growth process has not led to the great transformation of the peasantry into wage labor, as it did in the First World. The great transformation is, however, taking a different path. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, The quality of society(Springer International Publishing, 2021-09-16)This book articulates a unified theory of capitalism as an attempt to provide a comprehensive scientific theory of this social system. A unified theory of capitalism is not the combination of the predominant economic theories-neoclassical, classical, and Keynesian-so as to make them compatible. It is not a composite economic theory. It is a new economic theory. Predictions of the theory's models were consistent with eight basic empirical regularities of capitalism dealing with economic growth, income inequality, employment level, and environment degradation. Therefore, the unified theory can be accepted as a good approximation of the real capitalist world. But the models were constructed at a high level of abstraction. Also problematic was the need to work out more fully the public policy implications of the theory. It is, therefore, no wonder that essays on the unified theory to answer these questions are a natural outcome of a new scientific endeavor attempting to reach a unity of knowledge in economics. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Toughest challenge of economics: human society isn't immortal(Springer International Publishing, 2021-09-16)Economics needs new foundations for the Anthropocene age, in which the human society confronts the risk of its collapse. The unified theory of capitalism, by internalizing the ecosystem into the economic process, has proposed such foundations. This essay summarizes the foundations of the unified theory and the way it explains the risk of collapse of human society. Economic growth is seen as an evolutionary process, for there are limits to its reproduction. In particular, the growth process leads to the disruption of the ecological equilibrium, which in turn implies a collapse of the human society, as we know it. Then the essay presents the policy implications of unified theory for the Anthropocene age and shows that the power elites have no incentives to apply such policies. Therefore, the new public policies would require meta-policies, namely, policies to change the current power structure of capitalism so that the pro-growth policies that power elites promote can be changed. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Scientific economic laws of capitalism(Springer International Publishing, 2021-09-16)The discovery of causality relations is one of the main objectives of science. Epistemology principles dictate that causality relations can only be derived from scientific theories. Therefore, the answer to the questions of why and how capitalism functions in a particular way cannot come from data alone, but from an economic theory that has survived the falsification process; that is, in order to understand the real world, the construction of an world is a necessary condition. No theory, no causality, and no explanation. Unified theory of capitalism satisfies these epistemological requirements. Therefore, this essay presents the causality relations that the unified theory is able to establish, which constitute the economic laws of capitalism. A comparison with the laws derived from standard economics is also presented. The nature of scientific laws in economics is then discussed. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, On economic behavior of workers(Springer International Publishing, 2021-09-16)In capitalist societies, workers play several roles, as laborers, consumers, savers, and citizens. What are the main drives underlying workers behavior? Does the behavior reflect autonomy of drives? The unified theory of capitalism has been able to explain these roles, taken separately and taken jointly: Workers behavior are shaped by the context of power relations. This essay seeks to elaborate further on the behavior of workers, now taken jointly. A theoretical model is developed, which assumes that the major goal of workers is to attain the highest relative living standard, relative to the consumption frontier of society. This goal determines saving and tax payment behavior. Power elites, on the other hand, seek pro-growth policies and seek to control and change workers consumption behavior. Facts tend to be consistent with the predictions of the model. The model is able to explain workers consumerism and illegal behavior, and the consequent higher vulnerability of the living standards attained. Their attempt to attain higher relative living standards does not lead to social progress. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, European colonialism and capitalist development(Springer International Publishing, 2021-09-16)What is the role of European colonialism in the capitalist divide between the First World and Third World? The unified theory of capitalism seeks to explain each group taken separately and then the system taken as a whole. The theory assumes that an essential element of their coexistence is their different historical initial conditions. The unified theory then predicts path dependence: Different initial conditions lead to different development paths. This prediction is consistent with the fact that, after two centuries of capitalist development, First World and Third World still coexist. This essay seeks to give further empirical support to the unified theory by presenting a brief history of European colonization. The major finding is that colonialism indeed led to the great divide of capitalism: Countries in the New World that started capitalist development from the legacy of colonialism belong to the Third World. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Introduction to unified theory of capitalism(Springer International Publishing, 2021-09-16)This essay is an introduction to unified theory of capitalism. It is intended to make the essays of the book more accessible. In the first part, the chapter presents the epistemological principles of economics and then the primary assumptions of the unified theory, its empirical predictions, and the consistency of predictions with facts. Thus it is shown that indeed the unified theory is a good representation of the real-world capitalism. The second part of the chapter compares, based on epistemological criteria, the traits of the unified theory with those of the prevailing economic theories, namely, neoclassical, Keynesian, and Marxian. On epistemological grounds, the unified theory appears to be superior as it can explain facts that the other theories also can, but explains additional facts that the others cannot. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Market prices in the Anthropocene age(Springer International Publishing, 2021-09-16)Economics is the science of scarcity. According to the standard market model of neoclassical theory, market prices tend to reflect real scarcity under capitalism. Competition leads to that result. Is this claim true under the Anthropocene age, in which natural resources are degrading through depletion and pollution? In order to answer this question, this essay presents a market model of the unified theory of capitalism. The two market models are compared on assumptions and empirical predictions. Facts tend to be consistent with the predictions of the unified theory model and refute those of the neoclassical model. On epistemological grounds, unified theory explanation is superior. Therefore, market prices do not provide society with the correct signals about real scarcity. The results are used to clarify some usual misconceptions about the role of the market system in the functioning of capitalism. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Inequality, power relations, and democracy(Springer International Publishing, 2021-09-16)In the post-World War II period, capitalism has been characterized by rapid economic growth, but accompanied by social maladies as side effects. This has been the growth age of capitalism, as growth rates of output per capita have been higher than ever. The basic social maladies include income inequality, social disorder, and environment degradation. Today's social maladies are also higher than ever. This outcome is certainly a paradox in a democratic society. The unified theory of capitalism supplies an explanation: The outcome reflects the power relations under which democratic capitalism operates. Given this striking finding, this essay summarizes the foundations of the unified theory and the epistemological justification of its findings, and then elaborates further on the explanation. The ultimate factor explaining the outcome of growth with social maladies in the capitalist system, taken by parts and taken as a whole, is the initial inequality. Societies that are very unequal by birth can hardly attain social progress. The initial inequality is truly a curse. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, The Quality of Society: Essays on the Unified Theory of Capitalism. Volume III(Springer Nature, 2023-01-01)This book contains another set of essays dealing with the fundamental economic problems of our time: inequality, environment degradation, and social disorder, which are analyzed in light of the unified theory of capitalism. This theory is a scientific endeavor that seeks to explain the capitalist system taken by parts and then taken as a whole, as a unified theory. By parts, the theory analyzes the First World and the Third World and also the short run, long run, and very long run economic processes, showing why and how economic growth has led to a new epoch, with ecological equilibrium disruption, known as the Anthropocene Age. The empirical predictions of the theory are proven to be consistent with the available facts. Therefore, the theory can be accepted as a good representation of the real-world capitalism; moreover, its derived causality relations become inputs for the debate on the needed science-based policies for the new age. Indeed, this book proposes structuralpolicies to change the way capitalism operates, through changes in its basic institutions, mainly the electoral democracy, which would certainly imply a re-foundation of the capitalist system.