Adrian Vermeule recently made a stir with his proposal for a “common-good constitutionalism.” He argued that originalism had “outlived its utility” now that the right had gained power on the federal bench. Instead it was time for a “substantively conservative approach to constitutional law and interpretation.” We got only a few peaks at the substance,…
Inspired by Anne Alstott & Ganesh Sitaraman’s The Public Option, this post suggests that it is time to tell new stories about the nature and purpose of economic institutions, and that infrastructural investments should be put to work to ensure there is a world we can retire into.
Despite mainstream economists’ fixation on relations among natural persons, ours is a world teeming with abstract legal entities—corporations—chartered by the public authority, managed by corporate fiduciaries. Such public-private hybrids illustrate the “political” in “political economy.”
This post introduces a symposium on heterodox methodologies in the study of political economy.
We live in a neoliberal age. For ideological reasons bound up in the epic struggle against totalitarianisms both left and right, a bold experiment in hyper-liberalism took root in the wake of the Cold War. Allowing the democratic achievements and aspirations of liberal and social democracy to atrophy, intellectuals and policymakers began an audacious celebration…
The modern administrative state has always faced ongoing debates about the appropriate balance between administrative authority and procedural constraint. But this moment of debate is about more than just the familiar clashes between “big government” and “free market” visions of political economy. These attacks on the administrative state—and the historical and current efforts to (re)build administrative institutions—are a critical frontline for our substantive moral values of democracy, equality, and inclusion.
Many of the critical day-to-day governance decisions — from zoning to civil rights enforcement to worker protections, financial regulations, and consumer rights — take place within the administrative state. Without a greater degree of democratic responsiveness and accountability within the administrative process, these substantive rights are unlikely to be vindicated or equitably enforced. This means that policymakers and administrative law scholars alike need to start approaching the task of administrative institutional design with a greater attention to power disparities.
Among the various perspectives utilized to understand sex work, a political economy approach directs attention to the fundamentally political and moralized nature of markets. Markets are not abstract spaces for economic transactions but rather politically contested terrains of societal struggle where competing actors wield technical legal tools and moralized beliefs in attempts to shape structures of societal governance.
For the first time in nearly a century, the conservative scholars, judges, lawyers, and advocacy groups challenging the constitutional foundations of the modern administrative state have reached a critical mass. However, by relying on originalist foundations, these critics may be inviting in a Trojan Horse. As I argue in a forthcoming article, returning to 19th century administrative law would smuggle in an unwelcome consequence: largely eliminating judicial review of the constitutionality of agency action. As a result, they may have to choose between their originalist attack on the modern administrative state and preserving a type of court review they value highly.
Astra Taylor is an independent writer, documentarian, activist, organizer, and musician. She recently completed a project on the concept of democracy, which produced both a movie–What is Democracy?–and a book–Democracy May Not Exist, but We’ll Miss it When It’s Gone. Both treat democracy as a paradoxical and tension-filled ideal that nevertheless must be fought for.…
The concept of democracy is critical to the Law and Political Economy approach, yet its precise meaning is not always clear. On the left, “democracy” often functions as shorthand for the opposite of whatever has most recently earned our wrath: be it oligarchy or neoliberalism, marketization or regulatory capture, technocracy or inequality. Even when the…
In their essence, monetary systems are all very simple. But that essence can be buried and hidden from view by accretions of practices over time. Money systems give rise to additional, ‘emergent’ properties as the groups that develop them grow in size and complexity.
Katharina Pistor’s new book, The Code of Capital: How the Law Creates Wealth and Inequality, deserves to be the essential text of any movement today that concerns itself with law and political economy. It establishes, as its central topic, how fundamental law is to political economy, in the tradition of classical social theory but with a considerable update in light of contemporary affairs. And, more fully than anything else I know, it vindicates the LPE intuition that legal intellectuals have something essential to bring to the current and ongoing debate about markets and injustice.
In different ways, the seven legal scholars in this symposium all pose questions around description and prescription. Quinn Slobodian concludes the series by arguing that former supply the grounds for the latter – that what we see tells us what to do – and suggests what we are still missing.
This post is part of our symposium on Quinn Slobodian’s Globalists: The End of Empire and the Birth of Neoliberalism. Read the rest of the symposium here. As many of the other contributors to this symposium have attested, one of the signal achievements of Globalists is the evidence that “neoliberalism” is indeed a coherent set of…
