Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

"Capital Redefined presents a unique perspective on the nature of "capital," departing from the prevailing reductionist accounts. Hosseini and Gills offer an expanded perspective on Marxian value theory by addressing its main limitations and building their own integrative value theory. They argue that the current understanding of "value" must be re-examined and liberated from its subservient ties to capital while acknowledging the ways in which capital appropriates value. This is achieved by differentiating between "fetish value" created by capital and "true value" generated through various commons-based forms of coexistence. The authors propose a defetishization of value by rejecting the commonly accepted idea of its objectivity. They introduce their "commonist value theory" which redefines capital as both the product and process of perverting the fundamental commoning causes of true value into sources of fetish value. Capital is theorized through a "modular" framework, where multiple intersecting processes constitute a comprehensive power structure, a "value regime," representing an unprecedented degree of the domination of capital over life. Their theory reconciles two apparently incompatible views on the notion of value. One view encompasses all inputs involved in capitalist value production and conflates intrinsic and commodity value. The other warns against this conflation as it treats capital as an entity tightly associated only with commodity production and wage labor. The authors believe that establishing alternative forms of value creation based on normative principles of living in commons is crucial as an analytical base for criticizing existing power structures and economic systems. The book offers a theoretical foundation for transforming our life worlds towards "post-capitalist" futures. It appeals to scholars and students in various fields such as political economy, capitalism and post-capitalist studies, economic and political sociology, globalization, development studies, social ecology, and ecological philosophy"-- Provided by publisher.

Capital. --- Value.

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

Capital structure

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

To face a debt crisis, countries often implement various forms of fiscal consolidation policies aiming at addressing fiscal imbalances. This paper investigates how debt and fiscal consolidation could influence government expenditure on education. It shows that increased external debt is associated with a higher risk of fiscal consolidation, which may contribute to a decline in education expenditure. A 1 percent increase in external debt is associated with a 1.4 percent decline in education spending per school-age child. Given the rising debt levels fueled by the COVID-19 response policies, a decline in education expenditure is to be expected in the post-pandemic era. For instance, in low- and middle-income countries, a 5 percent increase in the external debt could lead to a USD 12.8 billion decline in the volume of education expenditure, all things being equal. This decline is almost equivalent to the volume of official development assistance to the education sector in 2021. The paper sounds the alarm bell for the potential impact of COVID-19-related debt on education financing.

Human capital.

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

Pakistan can realize major economic growth and development by investing in its people and their human capital. But the reality is that Pakistan's human capital is low and has improved only marginally over the past three decades. Inequalities in human capital outcomes have persisted or widened over time between the rich and poor, men and women, and rural and urban areas and among the provinces. Human capital outcomes are low across the board, with even the most economically advantaged groups in Pakistan having lower human capital outcomes than less economically advantaged groups in peer countries. Pakistan's Human Capital Index (HCI) value of 0.41 is low in both absolute and relative terms. It is lower than the South Asia average of 0.48, with Bangladesh at 0.46 and Nepal at 0.49. Pakistan's human capital outcomes are more comparable to those in Sub-Saharan Africa, which has an average HCI value of 0.40. To enhance its human capital, Pakistan should adopt a life cycle approach to building, protecting, and deploying human capital, starting before birth, continuing through early childhood development, and schooling, culminating in increasingly productive employment. This calls for a long-term commitment, recognition of the multidimensional and cumulative nature of human capital investments, deliberate efforts from multiple stakeholders and sectors to build on intersectoral linkages, and a continuity of policies across political parties and governments. Many countries previously at Pakistan's level of development have managed to precisely do this, even with regional variations and gaps just as large. Pakistan has the tools to implement the recommendations in this report, provide stewardship for human capital investments, and enhance economic growth over the long term. Pakistan's handling of the COVID-19 pandemic has shown that the country can manage complex challenges, despite its institutional constraints.

Human capital.

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

The global economic recovery remains fragile, creating choppy seas for the recovering Pacific. While global conditions have gradually improved since the pandemic and spillovers from Russia's invasion of Ukraine, progress on reducing inflation in major economies has proven more challenging than expected. Given that all Pacific countries are net importers, this has resulted in persistently high imported inflation. The speed of monetary policy tightening by major central banks has slowed, but easing is unlikely in the near term. Aggregate demand in major trading partners of the Pacific (particularly Australia and New Zealand) remains lackluster. This could limit demand for travel and tourism services and other income sources such as remittance and commodity exports. Despite uncertainties in the global economic recovery, Pacific economies are expected to see ongoing expansion in 2023 and 2024. Fiji led the Pacific's post-COVID-19 recovery with open borders and a strong rebound in 2022 and is now on track to reach its pre-pandemic output level in 2023. Ongoing recovery expectations in the Pacific are broadly in line with March 2023 World Bank projections except for Tuvalu and Palau, where growth has been revised down given weaker than expected outcomes in construction and tourism. In 2023, Pacific growth is expected to reach 3.9 percent and then moderate to 3.3 percent in 2024 as the initial post-COVID-19 rebound dissipates and the region moves towards its long-term trend growth of 2.6 percent. Nonetheless, uncertainty remains high and depends on whether a soft landing can be achieved among key trading partners as they battle ongoing inflation. Inflation remained stubborn across the Pacific at an average of over 6.7 percent in 2022, a substantial increase from the 1.5 percent average during 2019-2021. This has increased the risk of vulnerable populations falling into poverty. In line with global trends, Pacific inflation is expected to decline to an average of 6.0 percent in 2023 and gradually subside thereafter.

Human capital.