The economic integration of Europe and the problem of international specialized communities digital
This article focuses on the features and the working of the European Coal and Steel Community, seen as a first step in the ongoing process of European Integration. In Vito’s view the integration process would bear many economic advantages not only for the high concentrated sectors of Steel and Coal, but also in agriculture and transportation. While not ignoring the complexadjustment problem arising from the closure of less efficient firms and the unemployment costs arising from it, Vito underlines economic and social advantages of the 1952 Paris Agreement for the economy as a whole: cost reduction; better terms of trade; technical improvements; development of capital equipment; new outlays for export production and international migration. Moreover the establishment of a common market in Europe would strengthen the sense of solidarity and trust in a common heritage of culture and values, laying down the foundations of a durable peace in Europe.
Notes and Discussions - The Issue of the Stability of Capitalism in Recent Literature digital
The definition of capitalism is the focus of a wide-ranging debate raised by W. Sombart. The author indicates his own definition according to which capitalism is a system characterized by ‘‘free choice of activity for economic subjects; private property of the means of production competition’’. This definition prescinds from the concepts of capital and waged work, and while placing itself in a field that is rather far from Marxism yet does not prevent Vito from acknowledging the ongoing substantial changes of the system due to the process of industrial concentration. The author discusses the positions expressed on this issue by some coeval economists. Vito denies that such phenomena as trade unions, industrial concentration, state intervention, business forecasts and the economic crisis itself, may prelude to the fall of capitalism or to its transformation into a socialist system. In his opinion, many of the changes occurring in modern capitalism may help to make it more socially acceptable and equitable. Key words: definition of capitalism; industrial concentration; K. Marx; W. Sombart; J.B. Clark, J.A. Schumpeter, R. Bachi. JEL Classification: B2, B24, B31, D4.
Notes and Discussions - The Question of High Wages and a Proposal by J.M. Keynes digital
The article discusses Keynes’s proposal contained in ‘‘The Question of High Wages’’ (1930) and Pagni’s criticism against it. In the article there emerges the author’s aversion to Pagni’s thesis: wage rises reduce firms’ self-financing margins, and, more in general, the savings of entrepreneurs whence come investment and, consequently, employment. Vito is not completely against high wages, but only if they are within the limits set by economic law: ‘‘Limits are set on social policy; that believing to be allowed to cross these limits undermines the whole social economy and in particular the working class’’. Key words: theory of wages; J.M. Keynes; C. Pagni; wages and social policy. JEL Classification: B2, B31, E12, E24.
The English Crisis and the Gold Standard digital
The article amends the theses supported by Tagliabue and recalls those advanced in the article written, again by Francesco Vito, in 1931 (‘‘The Question of High Wages and a Proposal by J.M. Keynes’’, RISS, pp. 194-203). The author maintains that the English crisis regarded the conditions of inefficiency which had weighed down on English industry well before the war; he reports the data collected and analyzed by Loveday, according to which English exports saw the lowest growth among all the developed countries, the only exception being Germany. Vito contests the fact that the sterling returned at a too high value, and also that the price deflation policy was responsible for the crisis after 1925. But, according to the author, the main problem is high wages which, not being proportional to labor productivity, prevented production from being rationalized. Key words: British monetary policy; wages and labor productivity; Loveday; Rueff; Hayek. JEL Classification: B2, B22, E12.
World Depression and the Crisis of Economic Theory digital
The article is based on Johan Akerman’s monograph Some Lessons of the World Depression (Stockholm 1931), and maintains that in order to understand the crisis, it is essential to use the framework of the Austrian school as refined by K. Wicksell. The crisis derives from the lack of an equilibrating factor, which should be the interest rate intended as the cost of capital, in the production process. Akerman does not manage to demonstrate why entrepreneurs continue expanding their enterprises – facing an increase in the loan interest rate – in the hope of higher profits. Vito wonders why entrepreneurs do not correct this mistake and offers an original response to the question. Key words: J. Akerman; economic theories and world depression; Wicksell; Hayek; Fanno; Sraffa; Robertson; Papi; fixed costs and variable costs ratio in enterprises. JEL Classification: B2, B31, D2.
The New Trends in Economic Policy in the USA digital
The author offers an overview and an overall interpretation of the various policy measures and programs composing in the New Deal launched by the newly appointed American President Franklin D. Roosevelt. A theoretical basis and clear objectives underlie the New Deal economic policies in their entirety. Supported by deep knowledge of literature and concrete experiences attested by unpublished documents, the article focuses on Veblen, technocracy and planning (Soule, Chase), under- consumption and income inequality (Foster and Catchings) pragmatism and quantitative studies (Mitchell), public expenditure (Hansen, Mitchell), scientific management, industrial coordination, social activism, and the leading position of J.M. Clark from Columbia University where originated the ‘‘Brain Trust’’. Vito analyzes furthermore the contribution by Tugwell, Slichter, Hamilton, Hansen, Paterson, and Lorwin. The needs for social reform and social control on economic activity prevail over the need for cycle stabilization related to monetary policy: Monetary stabilization does not work by itself if not in the short term, and therefore managed currency experiments have to be subordinated or functional to managed economy. The author also deals with the issue of high wages, which he positively evaluates when part of a policy of wealth redistribution, production coordination and re-equilibration between the various sectors. Key words: New Deal; Veblen, Soule, Chase, J.M. Clark, Tugwell, Slichter, Hamilton, Hansen, Paterson, Lorwin; managed currency/managed economy; high wages policy. JEL Classification: B2, B25, B31.
Antichi e nuovi strumenti della stabilità monetaria digital
Monopolistic competition and italian economic thought digital
La «Populorum Progressio» e le disuguaglianze di tenore di vita digital
06.12.2022La metafisica cristiana di Gustavo Bontadini
Giovedì 15 dicembre Leonardo Messinese presenta "Il filosofo e la fede" all'Università della Calabria.
02.12.2022Carlo Borgomeo alla Rai Sicilia
Il 19 dicembre l'autore di "Sud. Il capitale che serve" presenterà il suo libro.
02.12.2022Bombelli e Chiesi al Festival della Migrazione
Lunedì 12 dicembre la tavola rotonda a partire dal volume "Persone, spazi e complessità".
08.11.2022La ricetta perfetta per un Natale di libri
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