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The Obese State – A Political Metaphor or a Milestone?
This is not the place and the occasion to deeply discuss the crucial (and endless) issue of the size of the state and its involvement in society (especially in the economy). From the minimal state shaped by the invisible hand (Nozick), to the contractual state instituted on basic principles (Rawls), to the socialist state constituted as the big brother, all of these versions have their pros and cons. However, regarding any of these types of state, a common topic could be of interest: the efficacy and/or efficiency of the works of the state. Regarding the public money, the efficacy of the state intervention (either through regulation/deregulation or through public spending) seems to be of interest (both politically and ethically) – thus, if an objective of common interest must be accomplished, the question of efficiency is not relevant at all; the only relevance is carried by the efficacy of the intervention. I strongly and irremediably believe that the money public should be associated with efficacy only. But is this belief beyond any doubt? Honestly, I have to accept that it is not. The main reason to doubt consists in the very structure of the public sector (nb: the private domain of the state is another issue entirely). I shall provide some considerations in this area. More
Crypto-Kim: Blockchain, Yes; Break Chains, No
The incredible speed with which technology has developed has often left a gap in the regulation of their use. The lack of regulation has become extremely visible in the field of cryptocurrencies, which can be termed as “virtual money” lacking intrinsic value like gold or state backing like fiat currencies. While they are mostly known for their speculative potential, virtual currencies are also used for practical purposes, facilitating e-commerce but also for less orthodox purposes such as illicit trafficking, terrorism, masking illicit earnings and tax evasion. North Korea has taken full advantage of the lax regulations and by using them the Pyongyang government has been able to secure luxury goods that it could not have had access to because of Western economic sanctions. As a determined and sophisticated international player in terms of cybersecurity, in a constant search for financial resources to meet its needs and ambitions, North Korea is expected to continue its efforts to identify ways in which to obtain and spend cryptocurrencies. The prospect of Pyongyang engaging in large-scale operations to avoid sanctions and using virtual currencies as a means of paying for luxury goods and services, or for easing import prohibition, is a risk that could increase in the future and needs to be addressed accordingly. Southeast Asian states are extremely vulnerable to the various types of illicit activities in which North Korea engages using virtual currencies. The ineffective approaches to regulating virtual currencies in the region create a galling systemic risk in the cryptocurrency industry that North Korea will try to make full use of. More
On Conspiracy Theories and Theorizing
We are inundated with both conspiracy theories and warnings to recognize them as such and ignore them. These instructions come from legitimate elites employing legitimate media sources that feel they are being crowded out by “alternative facts” and other phenomena which have gained new (visible) breadth and scope through the rise of social media. Accompanying it is the individual who is not only a consumer but also a producer of media, if only through his ability to retweet or repackage messages for delivery to his own network. More
Why Nations Move Their Capitals
When asked about the capital city of a country, the obvious answer may not be the correct one and there are plenty of examples for this. Usually, we tend to think of cities like Istanbul, Sydney, Lagos or Rio de Janeiro as being capitals, but in fact, they are not. Sometimes the biggest city is not the seat of government and the list might grow as both Egypt and Indonesia announced they plan to build new ones from scratch. More
Adaptive Preferences in the Labour Market
We are currently witnessing a reconfiguration of labour market requirements both in terms of employment and in terms of significant changes in skills and knowledge required by digital technologies, with an effect on contractual work arrangements. Under the influence of technology, especially digital technology, some jobs change, others disappear, others are created, thus we are witnessing a phenomenon of polarization of employment with implications, including on wages, leading to increasing inequalities in society. More
The Place of Football in the Political Culture of the Twentieth-Century British Working Class
Today, football is one of the world’s most popular cultural phenomena. But in order to understand how this ball game has managed to transcend virtually all physical and cultural boundaries, we must take a quick look at its origins – namely, the emergence of a recognised national sport of British workingmen, reflecting their aspirations for social inclusion, political empowerment, and fairness. More
Pleas for Trade Remain Trendy in the Midst of Globalization
As an economist, I share the belief that, when it comes to realistic alternative systems of social organization, we always choose between the state and the market, between coercion and private property, bureaucratism and entrepreneurship. Thus, depending on the criterion of property rights – the most important, after all –, economic systems can only be either the free market (or the system of private ownership of the means of production), or socialism (or the system of public, state, “non-private” ownership of the means of production), or interventionism (the system in which certain sectors – or certain options for the use/allocation of scarce resources – are managed in the private sector, while others in the public one)[1] More
The Great Reset: Rethinking the Future of Work
In retrospect, the year 2020 will certainly be seen as the Great Reset. This theme is one that have been echoed repeatedly from different quarters. It is almost certain that post-Covid, the world of work will no longer be geographically bound. More
Transatlantic Exchange: Introducing Francis Lieber
It is remarkable how quickly America was transformed from an isolated agrarian republic in 1800 into a hegemonic industrial power by 1900. Intellectual and cultural changes that began taking root in the early half of the century yielded a cornucopia of new fruits in the latter half, including tax-supported public libraries, the rise of the scientific professions, and German-style graduate education. The impact of democracy, nationalism, industrialization, the reform crusades, sectionalism, urbanization, commerce, and immigration together gave new urgency to Crevecoeur’s old question: “What is this new man, the American?” More
Tackling Climate Change and the COVID-19 Pandemic Crisis
The issue of climate change has been a global concern in recent years. Based on the theory that global warming is caused by human activity, in the context of industrialization in the last century, governments, corporations, non-governmental organizations, international actors, have actively engaged in an unprecedented effort to mitigate the negative effects of greenhouse gases and to reduce emissions. More
How Spare Time Legislation Impacts the Workforce in the West
With today’s modern world being as complex and susceptible to constant change as it is, it is safe to assume that few people, if any, would be able to envision a lifestyle without some basic form of balance. Said balance is sure to include a set of principles, values and rules within which our existence is not only shaped, but also sustained and enabled, while maintaining predictability, order and continuity in our social and economic lives. More
Piketty-Saez v. Lakner-Milanovic: Visions on Income Inequality
The issue of labor in contemporary Economics and society is a very interesting one. First of all, the rapid changes such as the accelerated evolution of technology and the emergence of new economic paradigms have radically influenced the vision on labor. Secondly, with all of these changes, some positive, labor still faces many issues, some of which are very old, such as forced labor or even slavery – even now, with its contemporary forms – and some which are a direct result of modernization, such as low job matching efficiency or welfare systems. These are related to another set of problems, which go hand in hand with those of labor, namely inequality issues, especially those of an economic nature. More
