This study aims to bring the modern theory of literary criticism, and Pope's 'Essay on Criticism' of 1711, into a more productive and intersting association than critical-historical structures have generally allowed. Smallwood marks out in current terms and in depth the specialized theoretial and aesthetic problem of defining criticism. He recognizes that criticism, no more than literature or art, cannot be finally codified or defined, but insists on the need for clarity in the exposition of criticism's purposes and a fuller consciousness of a common community of practice available to audiences outside the academic fold. Affirming the unfailing currency and utility of the term criticism as new languages have taken over the critical domain, or have sought to replace or abolish literature, Smallwood distinguishes between the normative definitions that are everywhere apparent in modern theory of criticism, and the advantages to conceptual comprehension achieved by Pope's poetic idea of criticism in the 'Essay'.
Macroeconomics is in disarray. No one approach is dominant, and an increasing divide between theory and empirics is evident. This book presents both a critique of mainstream macroeconomics from a structuralist perspective and an exposition of modern structuralist approaches. The fundamental assumption of structuralism is that it is impossible to understand a macroeconomy without understanding its major institutions and distributive relationships across productive sectors and social groups. Lance Taylor focuses his critique on mainstream monetarist, new classical, new Keynesian, and growth models. He examines them from a historical perspective, tracing monetarism from its eighteenth-century roots and comparing current monetarist and new classical models with those of the post-Wicksellian, pre-Keynesian generation of macroeconomists. He contrasts the new Keynesian vision with Keynes's General Theory, and analyzes contemporary growth theories against long traditions of thought about economic development and structural change. Table of Contents: Acknowledgments Introduction 1. Social Accounts and Social Relations 1. A Simple Social Accounting Matrix 2. Implications of the Accounts 3. Disaggregating Effective Demand 4. A More Realistic SAM 5. Stock-Flow Relationships 6. A SAM and Asset Accounts for the United States 7. Further Thoughts 2. Prices and Distribution 1. Classical Macroeconomics 2. Classical Theories of Price and Distribution 3. Neoclassical Cost-Based Prices 4. Hat Calculus, Measuring Productivity Growth, and Full Employment Equilibrium 5. Mark-up Pricing in the Product Market 6. Efficiency Wages for Labor 7. New Keynesian Crosses and Methodological Reservations 8. First Looks at Inflation 3. Money, Interest, and Inflation 1. Money and Credit 2. Diverse Interest Theories 3. Interest Rate Cost-Push 4. Real Interest Rate Theory 5. The Ramsey Model 6. Dynamics on a Flying Trapeze 7. The Overlapping Generations Growth Model 8. Wicksell's Cumulative Process Inflation Model 9. More on Inflation Taxes 4. Effective Demand and Its Real and Financial Implications 1. The Commodity Market 2. Macro Adjustment via Forced Saving and Real Balance Effects 3. Real Balances, Input Substitution, and Money Wage Cuts 4. Liquidity Preference and Marginal Efficiency of Capital 5. Liquidity Preference, Fisher Arbitrage, and the Liquidity Trap 6. The System as a Whole 7. The IS/LM Model 8. Keynes and Friends on Financial Markets 9. Financial Markets and Investment 10. Consumption and Saving 11 "Disequilibrium" Macroeconomics 12. A Structuralist Synopsis 5. Short-Term Model Closure and Long-Term Growth 1. Model "Closures" in the Short Run 2. Graphical Representations and Supply-Driven Growth 3. Harrod, Robinson, and Related Stories 4. More Stable Demand-Determined Growth 6. Chicago Monetarism, New Classical Macroeconomics, and Mainstream Finance 1. Methodological Caveats 2. A Chicago Monetarist Model 3. A Cleaner Version of Monetarism 4. New Classical Spins 5. Dynamics of Government Debt 6. Ricardian Equivalence 7. The Business Cycle Conundrum 8. Cycles from the Supply Side 9. Optimal Behavior under Risk 10. Random Walk, Equity Premium, and the Modigliani-Miller Theorem 11. More on Modigliani-Miller 12. The Calculation Debate and Super-Rational Economics 7. Effective Demand and the Distributive Curve 1. Initial Observations 2. Inflation, Productivity Growth, and Distribution 3. Absorbing Productivity Growth 4. Effects of Expansionary Policy 5. Financial Extensions 6. Dynamics of the System 7. Comparative Dynamics 8. Open Economy Complications 8. Structuralist Finance and Money 1. Banking History and Institutions 2. Endogenous Finance 3. Endogenous Money via Bank Lending 4. Money Market Funds and the Level of Interest Rates 5. Business Debt and Growth in a Post-Keynesian World 6. New Keynesian Approaches to Financial Markets 9. A Genus of Cycles 1. Goodwin's Model 2. A Structuralist Goodwin Model 3. Evidence for the United States 4. A Contractionary Devaluation Cycle 5. An Inflation Expectations Cycle 6. Confidence and Multiplier 7. Minsky on Financial Cycles 8. Excess Capacity, Corporate Debt Burden, and a Cold Douche 9. Final Thoughts 10. Exchange Rate Complications 1. Accounting Conundrums 2. Determining Exchange Rates 3. Asset Prices, Expectations, and Exchange Rates 4. Commodity Arbitrage and Purchasing Power Parity 5. Portfolio Balance 6. Mundell-Fleming 7. IS/LM Comparative Statics 8. UIP and Dynamics 9. Open Economy Monetarism 10. Dornbusch 11. Other Theories of the Exchange Rate 12. A Developing Country Debt Cycle 13. Fencing in the Beast 11. Growth and Development Theories 1. New Growth Theories and Say's Law 2. Distribution and Growth 3. Models with Binding Resource or Sectoral Supply Constraints 4. Accounting for Growth 5. Other Perspectives 6. The Mainstream Policy Response 7. Where Theory Might Sensibly Go References Index Reconstructing Macroeconomics is a stunning intellectual achievement. It surveys an astonishing range of macroeconomic problems and approaches in a compact, coherent critical framework with unfailing depth, wit, and subtlety. Lance Taylor's pathbreaking work in structural macroeconomics and econometrics sets challenging standards of rigor, realism, and insight for the field. Taylor shows why the structuralist and Keynesian insistence on putting accounting consistency, income distribution, and aggregate demand at the center of macroeconomic analysis is indispensable to understanding real-world macroeconomic events in both developing and developed economies. The book is full of new results, modeling techniques, and shrewd suggestions for further research. Taylor's scrupulous and balanced appraisal of the whole range of macroeconomic schools of thought will be a source of new perspectives to macroeconomists of every persuasion. --Duncan K. Foley, New School University Lance Taylor has produced a masterful and comprehensive critical survey of existing macro models, both mainstream and structuralist, which breaks considerable new ground. The pace is brisk, the level is high, and the writing is entertaining. The author's sense of humor and literary references enliven the discussion of otherwise arcane and technical, but extremely important, issues in macro theory. This book is sure to become a standard reference that future generations of macroeconomists will refer to for decades to come. --Robert Blecker, American University While there are other books dealing with heterodox macroeconomics, this book surpasses them all in the quality of its presentation and in the careful treatment and criticism of orthodox macroeconomics including its recent contributions. The book is unique in the way it systematically covers heterodox growth theory and its relations to other aspects of heterodox macroeconomics using a common organizing framework in terms of accounting relations, and in the way it compares the theories with mainstream contributions. Another positive and novel feature of the book is that it takes a long view of the development of economic ideas, which leads to a more accurate appreciation of the real contributions by recent theoretical developments than is possible in a presentation that ignores the history of macroeconomics. --Amitava Dutt, University of Notre Dame
Just as Reconstruction after the Civil War worked to repair a desperately broken society, our Christianity requires a spiritual reconstruction that undoes the injustices of the past. Jonathan Wilson-Hartgrove traces his journey from the religion of the slaveholder to the Christianity of Christ, showing that when the gospel is reconstructed, freedom rings for both individuals and society as a whole.
What does it mean to be free? We invoke the word frequently, yet the freedom of countless Americans is compromised by social inequalities that systematically undercut what they are able to do and to become. If we are to remedy these failures of freedom, we must move beyond the common assumption, prevalent in political theory and American public life, that individual agency is best conceived as a kind of personal sovereignty, or as self-determination or control over one’s actions. In Freedom Beyond Sovereignty, Sharon R. Krause shows that individual agency is best conceived as a non-sovereign experience because our ability to act and affect the world depends on how other people interpret and respond to what we do. The intersubjective character of agency makes it vulnerable to the effects of social inequality, but it is never in a strict sense socially determined. The agency of the oppressed sometimes surprises us with its vitality. Only by understanding the deep dynamics of agency as simultaneously non-sovereign and robust can we remediate the failed freedom of those on the losing end of persistent inequalities and grasp the scope of our own responsibility for social change. Freedom Beyond Sovereignty brings the experiences of the oppressed to the center of political theory and the study of freedom. It fundamentally reconstructs liberal individualism and enables us to see human action, personal responsibility, and the meaning of liberty in a totally new light.
Reconstructing Rawls has one overarching goal: to reclaim Rawls for the Enlightenment—more specifically, the Prussian Enlightenment. Rawls’s so-called political turn in the 1980s, motivated by a newfound interest in pluralism and the accommodation of difference, has been unhealthy for autonomy-based liberalism and has led liberalism more broadly toward cultural relativism, be it in the guise of liberal multiculturalism or critiques of cosmopolitan distributive-justice theories. Robert Taylor believes that it is time to redeem A Theory of Justice’s implicit promise of a universalistic, comprehensive Kantian liberalism. Reconstructing Rawls on Kantian foundations leads to some unorthodox conclusions about justice as fairness, to be sure: for example, it yields a more civic-humanist reading of the priority of political liberty, a more Marxist reading of the priority of fair equality of opportunity, and a more ascetic or antimaterialist reading of the difference principle. It nonetheless leaves us with a theory that is still recognizably Rawlsian and reveals a previously untraveled road out of Theory—a road very different from the one Rawls himself ultimately followed.
The Civil War transformed American life. Not only did thousands of men die on battlefields and millions of slaves become free; cultural institutions reshaped themselves in the context of the war and its aftermath. The first book to examine the Civil War's immediate and long-term impact on higher education, Reconstructing the Campus begins by tracing college communities' responses to the secession crisis and the outbreak of war. Students made supplies for the armies or left campus to fight. Professors joined the war effort or struggled to keep colleges open. The Union and Confederacy even took over some campuses for military use. Then moving beyond 1865, the book explores the war's long-term effects on colleges. Michael David Cohen argues that the Civil War and the political and social conditions the war created prompted major reforms, including the establishment of a new federal role in education. Reminded by the war of the importance of a well-trained military, Congress began providing resources to colleges that offered military courses and other practical curricula. Congress also, as part of a general expansion of the federal bureaucracy that accompanied the war, created the Department of Education to collect and publish data on education. For the first time, the U.S. government both influenced curricula and monitored institutions. The war posed special challenges to Southern colleges. Often bereft of students and sometimes physically damaged, they needed to rebuild. Some took the opportunity to redesign themselves into the first Southern universities. They also admitted new types of students, including the poor, women, and, sometimes, formerly enslaved blacks. Thus, while the Civil War did great harm, it also stimulated growth, helping, especially in the South, to create our modern system of higher education.
In Democracy's Reconstruction, the latest addition to Cathy Cohen and Fredrick Harris's Transgressing Boundaries series, noted political theorist Lawrie Balfour challenges a longstanding tendency in political theory: the disciplinary division that separates political theory proper from the study of black politics. Political theory rarely engages with black political thinkers, despite the fact that the problem of racial inequality is central to the entire enterprise of American political theory. To address this lacuna, she focuses on the political thought of W.E.B. Du Bois, particularly his longstanding concern with the relationship between slavery's legacy and the prospects for democracy in the era he lived in. Balfour utilizes Du Bois as an intellectual resource, applying his method of addressing contemporary problems via the historical prism of slavery to address some of the fundamental racial divides and inequalities in contemporary America. By establishing his theoretical method to study these historical connections, she positions Du Bois's work in the political theory canon--similar to the status it already has in history, sociology, philosophy, and literature.
In Pastoral Care in the Classical Tradition, Andrew Purves argued that pastoral care and theology has long ignored Scripture and Christian doctrine, and pastoral practice has become secularized in both method and goal, the fiefdom of psychology and the social sciences. He builds further on this idea here, presenting a christological basis for ministry and pastoral theology.
Over the last thirty years, conservative evangelicals have been moving to the Northwest of the United States, where they hope to resist the impact of secular modernity and to survive the breakdown of society that they anticipate. These believers have often given up on the politics of the Christian Right, adopting strategies of hibernation while developing the communities and institutions from which a new America might one day emerge. Their activity coincides with the promotion by prominent survivalist authors of a program of migration to the "American Redoubt," a region encompassing Idaho, Montana, parts of eastern Washington and Oregon, and Wyoming, as a haven in which to endure hostile social change or natural disaster and in which to build a new social order. These migration movements have independent origins, but they overlap in their influences and aspirations, working in tandem to offer a vision of the present in which Christian values must be defended as American society is rebuilt according to biblical law. This book examines the origins, evolution, and cultural reach of this little-noted migration and considers what it might tell us about the future of American evangelicalism. Drawing on Calvinist theology, the social theory of Christian Reconstruction, and libertarian politics, these believers are projecting significant soft power. Their books are promoted by leading mainstream publishers and listed as New York Times bestsellers. Their strategy is gaining momentum, making an impact in local political and economic life, while being repackaged for a wider audience in publications by a broader coalition of conservative commentators and in American mass culture. This survivalist evangelical subculture recognizes that they have lost the culture war - but another kind of conflict is beginning.
