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16 Pages Essays / Projects Year Uploaded: 2022

As its advocates and its critics argue, economic liberalism is predicated on a separation of the ‘economic’ and the ‘social’ dimensions of capitalism, which mirrors disciplinary splits between economics and sociology, and regulatory splits between markets and ‘externalities’. Synthesising themes addressed over the course of the ESRC Rising Powers symposia, the paper explores rival ways in which the phenomenon of ‘externalities’ has been conceived. Firstly, externalities can be treated as rare events, ‘market failures’, which make calculation impossible, and typically require some form of state intervention. Secondly, externalities can be treated as problems of under-defined property rights, or inadequate privatisation. This is identified as a neoliberal position. Thirdly, there are emerging methodological approaches and institutional models (especially in the urban economies of the rising powers), which demonstrate ambiguous mediations between public and private goods, and between different spheres of value, without making them fully commensurable. Discovering how this occurs in practice requires further empirical research, as outlined in the conclusion.


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