The Moral EconomyWhen all the momentous current changes in technology and social structure have run their course, we will have created a new world society. Will this society--the total complex of who we are and how we behave--resolve our major economic and social problems? This is the question that John P. Powelson addresses in his provocative new book, The Moral Economy. In his discussion of worldwide problems--including poverty, the environment, population growth, ethnic bias, welfare, social security, and health care--Powelson proposes that solutions to social problems are best sought in a greater balance of power among social groups. He explains how to design institutional structures, like government, education, and religion, that will permit conflict to be resolved peacefully and fairly. He also shows how a moral economy--a balance between interventionism and libertarianism--and economic prosperity are mutually reinforcing. The Moral Economy proposes a desirable world that is historically possible, if certain trends of the past millennium are continued into the next, and if world power becomes more diffuse. As we enter the twenty-first century, it looks to the horizon to suggest what a distant future might bring. " A] coherent and stunning scenario for the future of humankind. . . . a message for all epochs." --J. D. Von Pischke John P. Powelson is Professor of Economics Emeritus, University of Colorado. |
Contents
Beyond the TwentyFirst Century | 5 |
What When and How | 8 |
Classic Liberalism | 10 |
Balance of Power | 11 |
Classic Liberalism and Interventionism | 14 |
The Meaning of Liberal | 16 |
Economic Morality and Institutions | 18 |
Plan for This Book | 19 |
The Wildest Hypothesis | 119 |
Property Inflation and Money | 120 |
Money and Inflation | 128 |
Law Corruption Government Regulation and Taxes | 138 |
Corruption | 142 |
Government Regulation | 148 |
Taxes | 153 |
Education and Religion | 160 |
Take Back the Word | 20 |
Power and the Market | 21 |
Vicarious Power | 23 |
The Consumer and the Market | 24 |
Intervention by the Private Sector | 26 |
The PowerDiffusion Process | 28 |
The History of Liberalism | 32 |
Two Rules on Power | 33 |
The Welfare State | 35 |
Profit | 36 |
Poverty | 39 |
The Internal Gap | 40 |
The Internal Gap Remains | 41 |
The Internal Gap Narrows | 49 |
Conclusion | 55 |
Environment Population and Gender and Ethnic Bias | 56 |
Pay the Cost | 59 |
Global Warming and the Ozone Layer | 63 |
Population | 68 |
Inequality | 72 |
Cultural Diversity and Affirmative Action | 76 |
Conclusion | 80 |
Welfare Social Security and Health Care | 81 |
Welfare | 82 |
Pensions and Social Security | 86 |
Health Care | 90 |
How Can Classic Liberal Arrangements Be Adopted? | 97 |
Institutions of the Moral Economy | 101 |
Accountability Trust and the Management of Resources | 103 |
From Vertical to Mutual Accountability | 104 |
Trust | 110 |
Management of Resources | 114 |
Religion | 171 |
Morality and Values | 176 |
Values | 178 |
Respect for Human Rights | 179 |
Confrontation and Compromise | 185 |
A Moral Precept | 190 |
Personal versus Business Morality | 191 |
UkraineA Personal Interlude | 195 |
Political Imperialism | 196 |
Economic Failure | 197 |
The Hostility of Russia | 198 |
The Horizon | 201 |
Separation of the Economic from other Subcultures | 202 |
Economics as a Leading Force | 204 |
Social Costs and Benefits | 206 |
Redistributions of Income | 207 |
Government | 209 |
Nongovernmental Agencies | 210 |
Education | 211 |
Reorientation of Resources for Litigation and Behavior Control | 212 |
Price Control and the Minimum Wage | 213 |
War | 215 |
CrossCultural Property Transactions | 216 |
Compromise | 219 |
The Case of a Less Developed Country | 220 |
The East Asian Crisis of 199798 | 222 |
From Here to There | 226 |
Notes | 231 |
251 | |
265 | |
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affirmative action African Americans agencies American argue bank become capital gains century chapter choice citizens classic liberal society companies consumer corruption cost culture currency economic development Economist employers employment environment environmental ethnic Europe and Japan example favor finance firms forces funds global warming gross domestic product groups income increase inflation institutions interest International International Monetary Fund interventionist investment Japan labor land less developed areas less developed countries liberal market loans ment millions monopolies moral economy negotiated nomic northwestern Europe pension percent persons policies political pollution poor population Powelson power-diffusion process problems profit property rights reforms religion rulers rules schools social security Soviet Union Techno tion trade trust Ukraine United vicarious power wages Wall Street Journal Washington Post Washington Post Weekly welfare Western workers York