Andrew Gamble

Theories of British Politics

The traditional theory of British politics emphasized the unique character of the British political tradition and interrelationship of ideas and institutions. Its three main elements were a constitutional doctrine, a theory of the state and a theory of history. New theories and perspectives, often influenced by American and European political science, have challenged the assumptions of this Westminster model because it excluded too much and explained too little. The study of British politics has become more fragmented with no single dominant perspective. Theories in five main research areas ideology, the constitution, public policy, political economy and political behaviour are discussed, as well as the prospects for more interdisciplinary and comparative studies.

Shareholder Value and the Stakeholder Debate in the UK

Shareholder value is assumed to be the ruling idea in Anglo-American corporate governance. This paper first reviews the historical origins of the idea of shareholder value in the UK and the particular theoretical assumptions about the company which underpin it. It assesses the reasons why it was subjected to so little subsequent political challenge, and contrasts this with US experience. This historical and theoretical context is then used to explore the current debate on stakeholding in the UK, whether the UK system of corporate governance needs reform, and if so in which direction. Four main positions on stakeholding are identified – property rights, enlightened managerialism, active shareholders, and corporate pluralism. The paper concludes with an assessment of the political and legal pressures for reform of the UK model of corporate governance and the prospects for any significant change.

The New Political Economy

Political economy has been an extremely diverse field of study, embracing a large number of different approaches and methodologies. The fading of old ideological and methodological disputes and the development of new intellectual agendas in response to far-reaching changes in the economic and political structures of the world system have created the possibility of a new political economy which promises a reconstruction of the field and the overcoming of the methodological division between economics and political science. Recent critiques of established literatures in international political economy, state theory, comparative government-industry relations, and public choice are contributing to a new paradigm. Drawing on recent developments in economics such as New Keynesianism it combines the historical and institutionalist analysis of structure with rational choice analysis of agency.

After the crash

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Two Faces of Neo-liberalism

One of the significant trends of the last thirty years has been the reinvention of economic liberalism both as a form of political economy and as a political ideology. This cluster of ideas and policies has become known as neo-liberalism, and by the end of the twentieth century many had come to regard it not just as a hegemonic ideology but also as a largely unchallenged one, following the collapse of Communism in the USSR, the fading of alternative paths of development in the Third World and the new trajectory of social democracy in the West (Fukuyama 1992; Gamble 2000). Capital appeared to be triumphant once more. Furthermore, the nostrums of economic liberalism about the organization of the economy were once more being expressed as simple common sense and were encountering relatively little challenge, either politically or intellectually. The world was once again proclaimed to be One World, and it was a neo-liberal world.

The Political Consequences of the Crash

The financial crash of 2008 precipitated a major recession. It shattered the financial growth model that had dominated the previous twenty years and plunged the international economy into a period of economic and political restructuring of uncertain duration. The immediate origins of the crash lay in the lending practices associated with the sub-prime mortgages in the United States which produced the credit crunch in 2007, but the wider causes were the unbalanced character of growth in the international economy and the particular role played by finance. The crisis has been explained in a number of different ways, focusing on the behaviour of the financial markets, the institutional and policy conditions that made the boom possible and then undermined it, longer-term economic and policy cycles and the nature of uncertainty and risk in complex social systems. The political impact of the crash and the recession has not been uniform; it has been highly uneven, depending on the position of particular states in the international economy. The rapid interventions by governments to stave off financial collapse at the end of 2008 were successful, but at the cost of creating serious problems of adjustment for the future. The political debate around what were the causes, who should be blamed and what should be done is only just beginning, and the way this crisis comes to be understood will play a major part in determining how it is eventually resolved and how far-reaching will be the changes to the international economy and to domestic politics.

The British Labour Party and monetary union

The real test of the British Labour Partys new orientation to Europe will be its policy on economic and monetary union (EMU). This article analyses Labours political economy in relation to European integration and to the management of the currency, and how the intersection of these two have produced four distinctive approaches to EMU within the party. It assesses the stance of new Labour towards EMU in the context of this internal Labour Party debate as well as in the wider context of European social democracy.

Marxism and social science

Why Bother with Marxism? A.Gamble PART 1: CRITICAL ENGAGEMENTS Marxism and Feminism S.Jackson Marxism and Regulation Theory M.Kenny Marxism and Postmodernity G.Daly Marxism and New Right Theory A.Gamble Marxism as Social Science? T.Tant PART 2: SUBSTANTIVE ISSUES Marxism and Social Class J.Johnston & D.Dolowitz Marxism and the State C.Hay Marxism and the Welfare State C.Pierson Marxism and Culture C.McMahon Marxism and Nationalism T.Purvis Marxism and Democracy D.Glaser Marxism and Ecology J.Barry Marxism and Globalisation S.Bromley Marxism, Communism and Post-Communism N.Robinson Resurrecting Marxism D.Marsh

Assets and Poverty

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Hayek and Liberty

ABSTRACT Hayeks political theory is directed against coercion, which he defines as the intentional control of one person by another. The element of personal intention ensures a clear conceptual distinction between the freedom from coercion—i.e., the “liberty”—that is exercised in the private sphere, and the freedom of choice and opportunity that may be severely constrained by the impersonal, unintentional operation of market forces. Hayeks narrow definitions of coercion and liberty therefore suggest that he was more intent on defending the benefits conferred on us by market forces than on affirming any value intrinsic in freedom—a suggestion confirmed by his lack of interest in species of freedom, such as autonomy, that might conceivably be fostered by state coercion. Hayeks consequentialist defense of liberty, however, was grounded in economic doctrines such as his own view that prices served a vital epistemic function. Given his strictures against the ignorance of modern electorates, Hayek was driven to propose extravagant limits on democracy and to embrace traditionalism; a different Hayekianism might limit inequalities of wealth and encourage the ability to learn from experimentation.