A Socioeconomic Systems Model of the Global Financial Crisis of 2007+: Power, Innovation, Ideology and Regulatory Failures

Burns, Tom; Martinelli, Alberto; DeVillé, Philippe

doi:10.1057/9781137302953_13

Cited by 3 publications

(10 citation statements)

References 18 publications

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“…The theoretical framework was used to analyze a variety of scientific and policy problems from a multi-disciplinary and dynamic perspective: the complex interplay between economic and socio-political institutions, conflicts and struggles over economic resources and economic institutions, problems of development and underdevelopment, and inflation and unemployment. The research resulted in a number of publications (from the 1970s (Baumgartner et al, 1975;Baumgartner et al, 1976;Baumgartner, 1977;Baumgartner, 1979;Burns et al, 1979;DeVille and Burns, 1976)); in the 1980s (Baumgartner et al, 1986;Burns et al, 1985;Burns and Flam, 1987), and more recently (Burns, 1990;Burns andDeville, 2003, 2006;Burns et al, 2013;Burns and Roszkowska, 2016;Carson et al, 2003).…”

Section: The Synthesis and Integration Of Economics And Sociology (Asmentioning

confidence: 99%

“… The failure of orthodox economic theories, including to some extent Keynesianism, in the face of recurrent economic crises and instabilities. The various topics of ASD research relating to socio-economic issues differentiate our work markedly from that of mainstream economics (Baumgartner et al, 1976;Baumgartner et al, 1986;Burns et al, 1985;Burns et al, 2013). The ASD approach to human behavior does not rely on the axiomatic of rational choice theory.…”

Section: The Synthesis and Integration Of Economics And Sociology (Asmentioning

confidence: 99%

“…Such a conception lends support to our treatment of economic processes in behavioral, conflictive and powering terms. It enables ASD investigations to address issues such as the mobilization and exercise of power in shaping and constraining institutional development, blocked or distorted development, and socio-economic crises and their dynamics (Baumgartner et al, 1977(Baumgartner et al, , 1986Burns and DeVille, 2006;Burns et al, 2013).…”

Section: The Synthesis and Integration Of Economics And Sociology (Asmentioning

confidence: 99%

“…Capitalism and its discontents continue more than ever (Baumgartner et al, 1986;Burns and DeVille, 2006;Burns and Hall, 2012;Burns et al, 2013;DeVille and Burns, 1976). Conflicts and struggles are endemic on all levels and in all sectors, not only on labor markets but commodity and money and financial markets.…”

Section: The Continued Relevance Of the Asd Approachmentioning

confidence: 99%

“… The ASD approach has also been applied to an analysis of financial systems as complex, dynamic and unstable systems (Burns and DeVille, 2003;Burns et al, 2013;Burns, 2017). The 2007+ crisis has been analyzed as a systemic crisis; it is argued that a major re-design will be required if genuine stabilization is to be achieved (Burns, 2017;Burns et al, 2013). But such a re-design is unlikely to happen in the present context, given the opposition of major world banks and financial interests and their supporting countries.…”

Section: The Continued Relevance Of the Asd Approachmentioning

confidence: 99%

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Socio-economics: the Approach of Social Systems Theory in a Forty Year Perspective

Burns¹,

DeVillé²

2017

Economics &Amp; Sociology

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ABSTRACT. This article presents a social systems theoretical approach to the field of socio-economics. Drawing on actor-system dynamics, a social systems theory, developed in the 1970s, we report on how it has been applied to socio-economic questions and analyses in a series of reports and publications for the past 40+ years. Among the problems discussed are:(1) The discontents and conflicts of capitalism.(2) Economic inequality, uneven socio-economic development, conflict and instability. (3) The limits of orthodox economic theories and policies in the face of recurrent economic crises and instabilities. Introduction of the paper briefly outlines the social systems theory, actor-system dynamics (ASD). Part I discusses the continued relevance of the systems approach, possibly even more so as systemic failures have occurred in the post-Keynesian world. In Part II, we consider what next for social systems analysis and its application to socioeconomic problems.

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Section: The Synthesis and Integration Of Economics And Sociology (Asmentioning

confidence: 99%

Section: The Synthesis and Integration Of Economics And Sociology (Asmentioning

confidence: 99%

Section: The Synthesis and Integration Of Economics And Sociology (Asmentioning

confidence: 99%

Section: The Continued Relevance Of the Asd Approachmentioning

confidence: 99%

Section: The Continued Relevance Of the Asd Approachmentioning

confidence: 99%

See 3 more Smart Citations

Socio-economics: the Approach of Social Systems Theory in a Forty Year Perspective

Burns¹,

DeVillé²

2017

Economics &Amp; Sociology

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A comprehensive people, process and technology (PPT) application model for Information Systems (IS) risk management in small/medium enterprises (SME)

Javaid

Iqbal

2017

2017 International Conference on Communication Technologies (ComTech)

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Boom and Bust Cycles in Financial Markets—Causes and Cures: Multiple Contradictory Functions of Money and Collective Action Problems

Burns¹

2017

TEL

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The aim of this conceptualization article is to formulate propositions about: (1) systemic faults in established money and financial systems, in particular the mechanisms that make for boom-and-bust cycles; and (2) the cognitive and action factors which limit the central banks capabilities to consistently and effectively to regulate or to limit these cycles. Drawing on earlier research (our own as well as that of others), this conceptualization is presented in Section 1. Section 2 identifies a new design and institutional arrangement, which would minimize the boom-and-bust predispositions in money and financial systems. This work builds on earlier research invested in "the Chicago Plan" (from the 1930s) in addition to our own research. Section 3 considers the expected political and ideological constraints on reforming financial systems. Previously operating constraints-including Neo-liberal erosion of New Deal banking arguments and reforms-make for formidable barriers. The paper concludes that reform is necessary-if boom-and-bust cycles on the scale of those since 1929 are to be effectively regulated; but it is suggested that such reform is politically and ideologically difficult if not impossible in the short-run.

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A Socioeconomic Systems Model of the Global Financial Crisis of 2007+: Power, Innovation, Ideology and Regulatory Failures

Cited by 3 publications

References 18 publications

Socio-economics: the Approach of Social Systems Theory in a Forty Year Perspective

Socio-economics: the Approach of Social Systems Theory in a Forty Year Perspective

A comprehensive people, process and technology (PPT) application model for Information Systems (IS) risk management in small/medium enterprises (SME)

Boom and Bust Cycles in Financial Markets—Causes and Cures: Multiple Contradictory Functions of Money and Collective Action Problems

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