Uncertainty, insecurity, individual relative autonomy and the emancipatory potential of Galbraithian economics

Fuller, Chris (2020) Uncertainty, insecurity, individual relative autonomy and the emancipatory potential of Galbraithian economics. Cambridge Journal of Economics, 44 (1). pp. 229-246. ISSN 1464-3545

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Official URL: https://doi.org/10.1093/cje/bez011


J. K. Galbraith’s economics may be ‘foundational’ to integrating Original Institutionalism and Post Keynesianism (Dunn, S. P. 2011. The Economics of John Kenneth Galbraith, Cambridge, UK, Cambridge University Press). This paper seeks a stronger justification of the emancipatory potential of structural interventionism favoured by the above approaches, by interpreting Galbraith’s ‘emancipation of belief’ as implying a self-trusting capacity, applying the argument to Galbraith’s theory of social balance and advocating a supporting notion of individual psychological balance. John Davis’s capabilities characterisation of ideal human psychological development is built upon, incorporating insecurity under uncertainty. Carl Rogers’ humanistic psychology is used to understand how actual and ideal psychological development diverge. Since Rogers’ work lacks institutional context but shares with Veblenian Evolutionary Economics an organismic view of the individual, a ‘middle range’ conception of the psychologically developing institutionalised individual emerges. A counterpart to a Galbraithian ‘organisational’ view of capitalisms, this ‘organismic’ conception explains how ‘social balance’ maintenance (i.e. structural intervention) may be necessary for psychologically balanced self-trusting individuals.

Item Type: Journal Article
Keywords: relative autonomy, habit, institutions, self concept, capabilities
Faculty: Faculty of Business & Law
SWORD Depositor: Symplectic User
Depositing User: Symplectic User
Date Deposited: 27 Feb 2019 16:01
Last Modified: 09 Sep 2021 18:53
URI: https://arro.anglia.ac.uk/id/eprint/704141

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