scholarly journals Entry to the WTO on the domestic private economy

2012 ◽  
Author(s):  
Ligang Song
Keyword(s):  
Private Economy

The Politics of Commodification

2021 ◽  
pp. 40-61
Author(s):  
Christoph Hermann
Keyword(s):  
Welfare State ◽  
Public Management ◽  
New Public Management ◽  
Private Economy ◽  
Goods And Services ◽  
Market Values ◽  
Neoliberal Reforms ◽  
New Public ◽  
Natural Tendency ◽  
Over Time

Even though commodification is a quasi-natural tendency of capitalist economies, the extent of commodification can vary over time, depending, among other things, on government intervention. In the last three decades, neoliberal reforms have fueled (re-)commodification. This chapter looks at six major policies: privatization, liberalization, deregulation, marketization, New Public Management, and austerity. Privatization promotes commodification by abolishing non-commodified alternatives to the sale of goods and services. Liberalization fuels commodification by exposing producers to competition and by forcing them to make profits. Deregulation eliminates restrictions that in one way or another limit commodification. Marketization creates markets in economic and social spheres where no markets have existed before, while New Public Management promotes metric output measurements that closely resemble what, in the private economy, are market values. Austerity and related cuts in welfare expenditure drive re-commodification by making citizens more dependent on markets and on private alternatives to the welfare state.

scholarly journals Woe to the vanquished? State, ‘foreign’ banking and financial development in Southern Italy in the nineteenth century

2020 ◽  
Vol 27 (3) ◽  
pp. 340-360
Author(s):  
Maria Stella Chiaruttini
Keyword(s):  
Financial Development ◽  
Southern Italy ◽  
Banking System ◽  
Capital City ◽  
Credit Institution ◽  
The South ◽  
Private Economy ◽  
Italian Market ◽  
New Statistics ◽  
Foreign Banking

After Southern Italy became part of a new, national state in 1860, its financial sector was radically transformed under Piedmontese influence. This article challenges the conventional wisdom that the aggressive penetration of a Northern credit institution, the future Bank of Italy, into the South following unification harmed the local banking system and highlights instead its transformative role in modernising and deepening regional credit markets. On the basis of new statistics, banking and political records, this contribution shows that the introduction of ‘foreign’ banking from Northern Italy under the auspices of a national, constitutional government resulted in a financial revolution and a democratisation of credit supply to the advantage of the whole South. Public banking under the Bourbons had privileged the needs of an absolute government over those of the private economy and of the capital city over those of the rest of the country, retarding financial development. Credit undersupply and regional fragmentation could only be overcome through the integration of the South within a larger Italian market, in which, however, the lion's share went to a predominantly Northern institution.

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