The 2008 crash has left all the established economic doctrines - equilibrium models, real business cycles, disequilibria models - in disarray. Part of the problem is due to Smith’s "veil of ignorance": individuals unknowingly pursue society’s interest and, as a result, have no clue as to the macroeconomic effects of their actions: witness the Keynes and Leontief multipliers, the concept of value added, fiat money, Engel’s law and technical progress, to name but a few of the macrofoundations of microeconomics. A good viewpoint to take bearings anew lies in comparing the post-Great Depression institutions with those emerging from Thatcher and Reagan’s economic policies: deregulation, exogenous vs. endoge- nous money, shadow banking vs. Volcker’s Rule. Very simply, the banks, whose lending determined deposits after Roosevelt, and were a public service became private enterprises whose deposits determine lending. These underlay the great moderation preceding 2006, and the subsequent crash.

The Economic Institutions of Capitalism

and theoretical concerns of his later work arose out of the concrete issues raised in this study. The Structural Transf ormation of the Public Sphere is a historical-sociological account of the emergence, transformation, and disintegration of the bourgeois public sphere. It combines materials and methods from sociology and economics, law and political science, and social and cultural history in an effort to grasp the preconditions, structures, functions, and inner tensions of this central domain of modern society. As a sphere between civil society and the state, in which critical public discussion of matters of general interest was institutionally guaranteed, the liberal public sphere took shape in the specific historical circumstances of a developing market economy. In its clash with the arcane and bureaucratic practices of the absolutist state, the emergen I bourgeoisie gradually replaced a public sphere in which the ruler's power was merely represented before the people with a sphere in which state authority was publicly monitored through informed and critical discourse by the people. Habermas traces the interdependent development of the literary and political self-consciousness of this new class, weaving together accounts of the rise of the novel and of literary

The Structural Transformation of the Public Sphere: An Inquiry into a Category of Bourgeois Society

Trust: The Social Virtues and the Creation of Prosperity

Politics Among Nations: The Struggle for Power and Peace

Oxford Dictionary of National BiographyEditors: MatthewColin and others 60 vols Price £7500: online personal subscription £295 per annum [www.oxforddnb.com] Oxford: Oxford University Press

Social network research is widely considered atheoretical. In contrast, in this article I argue that network analysis often mixes two distinct theoretical frameworks, creating a logically inconsistent foundation. Relationalism rejects essentialism and a priori categories and insists upon the intersubjectivity of experience and meaning as well as the importance of the content of interactions and their historical setting. Formalism is based on a structuralist interpretation of the theoretical works of Georg Simmel. Simmel laid out a neo-Kantian program of identifying a priori categories of relational types and patterns that operate independently of cultural content or historical setting. Formalism and relationalism are internally consistent theoretical perspectives, but there are tensions between them. To pave the way for stronger middle-range theoretical development, I disaggregate the two approaches and highlight the contradictions that must be addressed or resolved for the construction of any general and...

Formalist and Relationalist Theory in Social Network Analysis

Preface vii 1. Introduction 1 2. Merchant Capitalism and the Great Transition 31 3. The European Trade with the East Indies 51 4. Social Networks and the East Indiaman 77 5. Decentralization, Corruption, and Market Structure 107 6. The Eastern Ports 125 7. Eastern Institutions and the English Trade 154 8. Conclusion 173 Appendix 183 Notes 193 Bibliography 203 Index 231

Between Monopoly and Free Trade : The English East India Company, 1600-1757

Between Monopoly and Free Trade

Social networks are heavily implicated in large-scale social transformations. They are both transformed and transformative. We review the ways in which social networks act as agents of change in macrohistorical processes, stressing two distinct theoretical approaches. Formalism analyzes the structure of networks. Relationalism evaluates the linking properties of networks. Using these two approaches to organize the literature, we present the current state of knowledge on the effects of social networks for four central macrohistorical outcomes: civil uprising, state formation, global and national policy formation and diffusion, and economic development and increasing inequality. We then consider new theoretical advances in institutional emergence and methodological innovations in computational modeling and their potential for reconciling and advancing existing findings and approaches on the effects of social networks on macrosocial change.

Social Networks and Macrosocial Change

Strong central authorities are able to effectively manage costly defection, but are unable to adequately address lesser conflicts because of limits to their ability to monitor and enforce. We argue, counterintuitively, that these limitations build cooperation and trust among subordinates: the limitations contribute to the production of order. First, limits to authority leave space for locally informed decentralized enforcement. Second, central authorities act as powerful but incompetent third parties whose threatened interventions increase incentives to cooperate and, therefore, to trust. We outline the mechanisms by which a strong central authority enforces order and test their utility by considering the secondary literature on rates of conflict in strong, weak, and capricious states. We supplement this evidence, based on association, with a close examination of diverse case studies: baseball umpires, commercial contracts, and domestic disputes. By analyzing these case studies, we isolate and describe the mechanisms by which central authorities produce order in varied settings. We find that central authority may be effective, but the majority of this effectiveness derives from an indirect influence on dyadic relations rather than direct intervention. The state interacts with local communities, but each operates according to distinct logics. The particular character of their interaction produces four mechanisms useful in the production of order. We briefly explore implications for the operation of law as well as the production of generalized trust.

https://www.jstor.org/stable/pdfplus/20453080.pdf

Central authority and order

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