Volume 15, Number 1
Gregory N. Price
William Darity Jr.
Rhonda V. Sharpe
Evidence exists that the state of North Carolina’s eugenic sterilization was racially biased insofar as it specifically targeted black Americans. In this paper, we consider the extent to which state-sanctioned eugenic sterilization in North Carolina was motivated by a desire to reduce the size of a presumably genetically unfit and unproductive surplus population. We utilize data on 2,163 eugenic sterilizations in the state of North Carolina between 1958-1968. Count data parameter estimates from a specification that conditions county-level eugenic sterilizations on measures of race-specific components of the surplus population reveals that the number of state-sanctioned eugenic sterilizations increased only with a county’s black surplus population. Our results suggest that over the 1958-1968 time period North Carolina’s eugenic sterilization was apparently tailored to asymptotically breeding-out the offspring of a presumably genetically unfit and undesirable surplus black population. This suggests that the presumption of genetic inferiority was unique to, and a burden born by blacks, as only their eugenic sterilizations in North Carolina were a function of their surplus population shares.
JEL Classification: B16, I18, J15, J18
Keywords: Eugenic Sterilization, Race, Surplus Population. North Carolina
In a highly interdependent and globalized era, the BRICS economic regionalism exhibits the implementation of institutional arrangements that is designed to facilitate the free flow of goods and services and coordinates foreign economic policies. Physical and geographical proximity is often seen as a reason for conflict among countries which can be drastically resolved by the formation of economic ties. Strong economic relation among BRICS countries reduces the chance of conflict, creating the possibility of a peaceful global atmosphere. The post-liberalized international system has adopted new dimensions of regionalism and the concept of ‘trade creating geography or space’ is becoming prominent. This notion is based on the proposition that ‘trade creates space’, based on which the study evolves. The globalization, trade liberalization, transnationalism, and privatization prevailed to enhance the scope of this study on trade creates favorable space for BRICS. This paper analyses the evolving nature of BRICS in global political economy, in both political as well as economical aspects.
Keywords: BRICS, Economic Regionalism, Political Interdependences, and Economic Interdependences.
Dirk H. Ehnts
This paper investigates how the concept of public purpose is used in Modern Monetary Theory (MMT). As a common denominator among political scientists, the idea of public purpose is that economic actions should aim at benefiting the majority of the society. However, the concept is to be considered as an ideal of a vague nature, which is highly dependent on societal context and, hence, subject to change over time. MMT stresses that government spending plans should be designed to pursue a certain socio-economic mandate and not to meet any particular financial outcome. The concept of public purpose is heavily used in this theoretical body of thought and often referred to in the context of policy proposals as the ideas of universal job guarantee and banking reform proposals show. MMT scholars use the concept as a pragmatic benchmark against which policies can be assessed. With regards to the definition of public purpose, MMT scholars agree that it is dependent on the socio-cultural context. Nevertheless, MMT scholars view universal access to material means of survival as universally applicable and in that sense as the lowest possible common denominator.
Keywords: Modern Monetary Theory, Public Purpose, Economy for the Common Good, Fiscal Policy, Monetary Policy
The aim of this paper is to discuss the possible impact of the “third wave” of technological unemployment on economic theorizing. Twenty-first century technological progress, heavily impacting on employment, is a process that just started but whose main new feature is already well known. This feature concerns robots (and artificial intelligence) and their entry into the production process. Robots do not simply increase labor productivity in cooperation with humans but can substitute for human labor, producing commodities without human input possible and hence, possibly, giving rise to long-term mass unemployment which will require some form of public policy intervention. This scenario exhibits important implications for economic theorizing, since mainstream theory, rooted in the general equilibrium approach, faces difficulties in dealing with a reality where social classes and the class struggle (a few robot owners vs. many unemployed humans) regain a role, labor productivity becomes irrelevant and uncorrelated with the (subsistence) wage/subsidy that must be paid to the unemployed, the labor market does not clear, redistributive policies replace the optimal allocation of scarce means, and so on. This scenario returns economic theorization to the years of classical Political Economy, when the main focus of theoretical investigation was on social classes, the class struggle and redistribution of the surplus. In particular, Sraffa’s 1960 model might represent a good foundation for further theoretical development.
Keywords: Technological Unemployment, Robots, Class Struggle, Political Economy, Redistribution
JEL codes: B12, D21, D30, E24, J64
Impact of motives of inward FDI on benefits perceived by foreign multinational enterprises investing in India
Prof. Nawal Kishor*
Dr Mohd. Afaq Khan**
The study aims to determine the principal motives of inward foreign direct investment by foreign multinational companies in India. The study undertakes to find out the impact of motives of inward foreign investment of multinational firms on benefits as perceived by the managers. The paper uses a survey approach to collect data about motives and its impact on benefits. Statistical tools, namely confirmatory factor analysis, structural equation modeling have been used. The study found that principal motive for foreign multinational firms to undertake investment is market-seeking followed by resource-seeking and efficiency-seeking motive. The strategic-asset seeking motive does not significantly influence foreign direct investment in India. The study found a positive impact between perceived benefits and motives of inward foreign direct investment in India.
Keywords: Foreign Direct Investment, Multinational Corporations, Motives, Emerging Economies
Steven Hail’s Economics for Sustainable Prosperity is a supremely ambitious book. In it, Hail collects the economic frameworks and theories that he believes are necessary to guide scholars and policymakers towards a more equitable and environmentally sound future.
These topics run the gamut from micro to macro and from modeling to policy, with Hail attempting to get at not just superficial details, but the core underlying axioms of each, and do it all in under 300 pages. The author is quite self-aware of the impossibility of this feat, humbly reminding readers that his descriptions of certain topics are, for instance, “superficial and incomplete” (p.110) or “(very, very) highly simplified” (p.164). Nonetheless, this book is well-suited to somebody looking for a high-level but intensive overview into any of the literature that make up the chapter headings.