Veblen has been claimed and rejected both by sociologists and economists as being one of theirs. He enriched and attacked both disciplines, as he did so many others: philosophy, history, social psychology, politics, and linguistics. Because he took all knowledge as necessary and relevant to adequate understanding, Veblen was a holistic analyst of the social process. First published in 1904, this classic analysis of the U.S. economy has enduring value today. In it, Veblen posited a theory of business fluctuations and economic growth which included chronic depression and inflation. He predicted the socioeconomic changes that would occur as a result: militarism, imperialism, fascism, consumerism, and the development of the mass media as well as the corporate bureaucracy. Douglas Dowd's introduction places the volume within the traditions of both macroeconomics and microeconomics, tracing Veblen's place among social thinkers, and the place of this volume in the body of his work.

Theory of business enterprise

This article analyzes the shift from corporatist to liberal economic policy regimes in Zimbabwe that led to the crisis of the late 1990s. It outlines the rationale for both regimes, the reasons for their introduction and major achievements and failures, and how they contributed to the subsequent adoption of the dysfunctional policies of the late 1990s. It argues that the failures of both these regimes were avoidable, and the outcome of "political" rather than economic variables. It concludes by calling for economic policies that take more account of their political implications, and of the need to strengthen state capacity in weak states. Corporatism, Liberalism, and the African Crisis Some 40 years after independence, Africa's capacity to maintain its political, economic, and social institutions and to provide for its people is in crisis, with many now governed by predatory political and economic elites that ignore the public interest in order to maximize "their returns on the state of confusion, uncertainty, and sometimes even chaos" (Chabal and Daloz, 1999: xviii; see also Bayart et al., 1998). This article is concerned with the causes and consequences of this crisis, and, more specifically, with its relationship to the disfunctionality of the

From corporatism to liberalization in Zimbabwe: Economic policy regimes and political crisis, 1980-97

On 14 November 1997, the Zimbabwe dollar crashed against most major currencies, sparking a major currency crisis, followed by financial market instability. One merchant bank collapsed, and a building society was rescued amid major problems in the banking sector. The ‘November’ crash occurred against the backdrop of severe balance of payments pressure dating back several months, and market uncertainty regarding a potential devaluation. The local unit crashed again in July and October 1998. Selling rates of the Zimbabwe dollar against the US dollar plunged from about Z$20 to over Z$32 during August/September 1998 to peak at Z$44/US$ in October 1998. For most of 1999, it traded within a narrowband of between Z$38 and Z$39/ US$, mainly due to a voluntary, informal agreement between the Reserve Bank and foreign currency dealers (mainly commercial banks) to achieve artificial stability at these levels. This is by far the biggest and most prolonged period of currency volatility in recent years.

From Liberalization to Financial Crisis

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From Liberalization to Financial Crisis