This paper examines the development of employment policy in the United Kingdom. Past public-secto... more This paper examines the development of employment policy in the United Kingdom. Past public-sector direct employment schemes, including those associated with the workfare model, had been discredited as ineffective across the OECD. In numerous countries, however, newer job creation schemes were implemented from the 1990s, aimed at addressing some of the shortcomings of earlier projects, and utilizing the growth of smaller community-based projectsthe Intermediate Labour Markets, or ILMs. With the onset of the current economic downturn, and the substantial rise in cyclical unemployment, policy-makers more closely examined options for a demand-led strategy. Although ILMs had not been created with a view to forming part of a comprehensive job guarantee, the potential of these schemes to form part of a wider national strategy was clearly seen. In 2009 the government announced a job guarantee for young people, the Future Jobs Fund. This initiative was inspired at least in part by the work of Hyman Minsky. Although the Future Jobs Fund was scrapped in May 2010, it represents a bold step in active labour market policy. Subsequent analysis of the data related to the Future Jobs Fund indicate that it was a success, achieving its goals even under conservative assumptions.
Capital or people – what is the true purpose of education?
On the Horizon, 2017
Purpose The purpose of this study is to present the book Education, Economy and Society, edited b... more Purpose The purpose of this study is to present the book Education, Economy and Society, edited by Salim Vally and Enver Motala (UNISA Press, Pretoria, 2014), which highlights the main concepts introduced and discussed. Design/methodology/approach The study primarily summarizes the critique of human capital theory (HCT) which is developed in the book. This is done using different approaches and is comprehensive in scope. The study also introduces some of the alternative visions of education as presented by the contributing authors. The author of the review also draws on other literature which addresses the same fields. Findings HCT dominates the discourse on the role of education in society, but the concept is hard to measure and evidence of its importance is scant. Despite the criticism of this theory, it continues to dominate the mainstream economic theory. Research limitations/implications The main premise merits more systematic study, ideally drawing on more extensive literature...
Purpose – The purpose of this study is to examine two rival narratives regarding the nature and e... more Purpose – The purpose of this study is to examine two rival narratives regarding the nature and evolution of money with reference to metaphor. Design/methodology/approach – The article draws on theoretical literature on money. Post-Keynesian perspectives are given consideration due to the particular attention that this school has given to money. Findings – A crucial divide in the understanding of money is interpreted in terms of two different narratives. We conclude that the narrative of money as credit has greater explanatory power, but that the commodity narrative, which is metaphorical in nature, is easier to comprehend and conceptualize. Research limitations/implications – This study has been qualitative in nature; further research would require specification of a linguistic methodology, including selection and analysis of a corpus. A process for detecting metaphors within a selected corpus would also need to be established. Moreover, the discussion of the commodity metaphor as a normative theory has ...
This paper examines the development of employment policy in the United Kingdom leading to the cre... more This paper examines the development of employment policy in the United Kingdom leading to the creation of the Young Person's Guarantee and its main component, the Future Jobs Fund. Past public-sector direct employment schemes, including those associated with the workfare model, had been discredited as ineffective across the OECD. In numerous countries, however, newer job creation schemes were implemented from the 1990s, aimed at addressing some of the shortcomings of earlier projects, and utilizing the growth of smaller community-based projects-the Intermediate Labour Markets, or ILMs. Whilst there was no strategic policy commitment to demand-led active labour market policy in the UK until recent years, a network of ILMs came into existence, and much of the funding for these small-scale local projects came from the government. With the onset of the current economic downturn, and the substantial rise in cyclical unemployment, policy-makers more closely examined options for a demand-led strategy. Although ILMs had not been created with a view to forming part of an 'employer of last resort' policy, and were generally directed at very specific groups, the potential of these schemes to form part of a wider national strategy was clearly seen. In 2009 the government announced a job guarantee for all young people, primarily through the Future Jobs Fund. This initiative was inspired by 'employer of last resort' (or 'job guarantee') concept and the work of Hyman Minsky, and the intention was to extend it over time. Although the Future Jobs Fund was scrapped in May 2010 following a change of government in the UK, it incorporates the lessons of past policy failures, representing a bold step in active labour market policy-and may form a model for reviving demandled employment policy.
This paper critiques the principle of shareholder value and offers an alternative paradigm. We co... more This paper critiques the principle of shareholder value and offers an alternative paradigm. We consider different theories describing the corporation and its relationship with shareholders, concluding that much of the modern academic discourse on corporate governance centres around the notion of the firm as a contractual arrangement. We provide a full critique of shareholder primacy from an economic as well as a moral perspective, which includes a focus on Rawls. An alternative contractarian paradigm is offered, one that is based on the concept of the corporation as a ‘social union.’ This characterization justifies participation of a wider group of stakeholders in the governance of a corporation, and we make a distinction between electoral and moral constituents. A role for the application of the principles of deliberative democracy is also discussed.
Purpose – The purpose is to examine two rival narratives regarding the nature and evolution of mo... more Purpose – The purpose is to examine two rival narratives regarding the nature and evolution of money with reference to metaphor. Design/methodology/approach – The article draws on theoretical literature on money. Post-Keynesian perspectives are given consideration due to the particular attention that this school has given to money. Findings – A crucial divide in the understanding of money is interpreted in terms of two different narratives. We conclude that the narrative of money as credit has greater explanatory power, but that the commodity narrative, which is metaphorical in nature, is easier to comprehend and conceptualize. Research limitations/implications – This study has been qualitative in nature; further research would require specification of a linguistic methodology, including selection and analysis of a corpus. A process for detecting metaphors within a selected corpus would also need to be established. Moreover the discussion of the commodity metaphor as a normative theory has not considered the moral aspects of different views on debt and credit. Social implications – Study of metaphor should shed light on basic assumptions behind public policy choices. This should enhance the general understanding of related debates, for example on public spending (i.e. austerity v. stimulus). Originality/value – This article examines a familiar debate in economics using the methods of linguistics. The approach may also serve a function as a pedagogical tool. Keywords: Money, metaphor, banking, commodity, credit Article Type: Theoretical article
Purpose – The purpose is to examine two rival narratives regarding the nature and evolution of mo... more Purpose – The purpose is to examine two rival narratives regarding the nature and evolution of money with reference to metaphor. Design/methodology/approach – The article draws on theoretical literature on money. Post-Keynesian perspectives are given consideration due to the particular attention that this school has given to money. Findings – A crucial divide in the understanding of money is interpreted in terms of two different narratives. We conclude that the narrative of money as credit has greater explanatory power, but that the commodity narrative, which is metaphorical in nature, is easier to comprehend and conceptualize. Research limitations/implications – This study has been qualitative in nature; further research would require specification of a linguistic methodology, including selection and analysis of a corpus. A process for detecting metaphors within a selected corpus would also need to be established. Moreover the discussion of the commodity metaphor as a normative theory has not considered the moral aspects of different views on debt and credit. Social implications – Study of metaphor should shed light on basic assumptions behind public policy choices. This should enhance the general understanding of related debates, for example on public spending (i.e. austerity v. stimulus). Originality/value – This article examines a familiar debate in economics using the methods of linguistics. The approach may also serve a function as a pedagogical tool. Keywords: Money, metaphor, banking, commodity, credit Article Type: Theoretical article
Within a transnational educational programme, students residing in the Czech Republic obtain bacc... more Within a transnational educational programme, students residing in the Czech Republic obtain baccalaureate degrees from an accredited American college. The college has a distinctive approach towards learning, co‐creation of knowledge and the use of mentors. Part of the degree assessment is an undergraduate dissertation, which serves as a capstone experience. The Czech partner instituted a policy whereby students could obtain a second local degree by, among other things, using the same dissertation. This study examines the situation confronting mentors from the American college. It considers assessment as an integral component of a constellation of educational assumptions and pedagogic values: a paradigm. It analyses the competing/conflicting, paradigms involved and discusses ways in which educational practice was reconsidered and changed to allow a single work product to be authentically and meaningfully assessed under both approaches.
This paper examines the development of employment policy in the United Kingdom. Past public-secto... more This paper examines the development of employment policy in the United Kingdom. Past public-sector direct employment schemes, including those associated with the workfare model, had been discredited as ineffective across the OECD. In numerous countries, however, newer job creation schemes were implemented from the 1990s, aimed at addressing some of the shortcomings of earlier projects, and utilizing the growth of smaller community-based projectsthe Intermediate Labour Markets, or ILMs. With the onset of the current economic downturn, and the substantial rise in cyclical unemployment, policy-makers more closely examined options for a demand-led strategy. Although ILMs had not been created with a view to forming part of a comprehensive job guarantee, the potential of these schemes to form part of a wider national strategy was clearly seen. In 2009 the government announced a job guarantee for young people, the Future Jobs Fund. This initiative was inspired at least in part by the work of Hyman Minsky. Although the Future Jobs Fund was scrapped in May 2010, it represents a bold step in active labour market policy. Subsequent analysis of the data related to the Future Jobs Fund indicate that it was a success, achieving its goals even under conservative assumptions.
Capital or people – what is the true purpose of education?
On the Horizon, 2017
Purpose The purpose of this study is to present the book Education, Economy and Society, edited b... more Purpose The purpose of this study is to present the book Education, Economy and Society, edited by Salim Vally and Enver Motala (UNISA Press, Pretoria, 2014), which highlights the main concepts introduced and discussed. Design/methodology/approach The study primarily summarizes the critique of human capital theory (HCT) which is developed in the book. This is done using different approaches and is comprehensive in scope. The study also introduces some of the alternative visions of education as presented by the contributing authors. The author of the review also draws on other literature which addresses the same fields. Findings HCT dominates the discourse on the role of education in society, but the concept is hard to measure and evidence of its importance is scant. Despite the criticism of this theory, it continues to dominate the mainstream economic theory. Research limitations/implications The main premise merits more systematic study, ideally drawing on more extensive literature...
Purpose – The purpose of this study is to examine two rival narratives regarding the nature and e... more Purpose – The purpose of this study is to examine two rival narratives regarding the nature and evolution of money with reference to metaphor. Design/methodology/approach – The article draws on theoretical literature on money. Post-Keynesian perspectives are given consideration due to the particular attention that this school has given to money. Findings – A crucial divide in the understanding of money is interpreted in terms of two different narratives. We conclude that the narrative of money as credit has greater explanatory power, but that the commodity narrative, which is metaphorical in nature, is easier to comprehend and conceptualize. Research limitations/implications – This study has been qualitative in nature; further research would require specification of a linguistic methodology, including selection and analysis of a corpus. A process for detecting metaphors within a selected corpus would also need to be established. Moreover, the discussion of the commodity metaphor as a normative theory has ...
This paper examines the development of employment policy in the United Kingdom leading to the cre... more This paper examines the development of employment policy in the United Kingdom leading to the creation of the Young Person's Guarantee and its main component, the Future Jobs Fund. Past public-sector direct employment schemes, including those associated with the workfare model, had been discredited as ineffective across the OECD. In numerous countries, however, newer job creation schemes were implemented from the 1990s, aimed at addressing some of the shortcomings of earlier projects, and utilizing the growth of smaller community-based projects-the Intermediate Labour Markets, or ILMs. Whilst there was no strategic policy commitment to demand-led active labour market policy in the UK until recent years, a network of ILMs came into existence, and much of the funding for these small-scale local projects came from the government. With the onset of the current economic downturn, and the substantial rise in cyclical unemployment, policy-makers more closely examined options for a demand-led strategy. Although ILMs had not been created with a view to forming part of an 'employer of last resort' policy, and were generally directed at very specific groups, the potential of these schemes to form part of a wider national strategy was clearly seen. In 2009 the government announced a job guarantee for all young people, primarily through the Future Jobs Fund. This initiative was inspired by 'employer of last resort' (or 'job guarantee') concept and the work of Hyman Minsky, and the intention was to extend it over time. Although the Future Jobs Fund was scrapped in May 2010 following a change of government in the UK, it incorporates the lessons of past policy failures, representing a bold step in active labour market policy-and may form a model for reviving demandled employment policy.
This paper critiques the principle of shareholder value and offers an alternative paradigm. We co... more This paper critiques the principle of shareholder value and offers an alternative paradigm. We consider different theories describing the corporation and its relationship with shareholders, concluding that much of the modern academic discourse on corporate governance centres around the notion of the firm as a contractual arrangement. We provide a full critique of shareholder primacy from an economic as well as a moral perspective, which includes a focus on Rawls. An alternative contractarian paradigm is offered, one that is based on the concept of the corporation as a ‘social union.’ This characterization justifies participation of a wider group of stakeholders in the governance of a corporation, and we make a distinction between electoral and moral constituents. A role for the application of the principles of deliberative democracy is also discussed.
Purpose – The purpose is to examine two rival narratives regarding the nature and evolution of mo... more Purpose – The purpose is to examine two rival narratives regarding the nature and evolution of money with reference to metaphor. Design/methodology/approach – The article draws on theoretical literature on money. Post-Keynesian perspectives are given consideration due to the particular attention that this school has given to money. Findings – A crucial divide in the understanding of money is interpreted in terms of two different narratives. We conclude that the narrative of money as credit has greater explanatory power, but that the commodity narrative, which is metaphorical in nature, is easier to comprehend and conceptualize. Research limitations/implications – This study has been qualitative in nature; further research would require specification of a linguistic methodology, including selection and analysis of a corpus. A process for detecting metaphors within a selected corpus would also need to be established. Moreover the discussion of the commodity metaphor as a normative theory has not considered the moral aspects of different views on debt and credit. Social implications – Study of metaphor should shed light on basic assumptions behind public policy choices. This should enhance the general understanding of related debates, for example on public spending (i.e. austerity v. stimulus). Originality/value – This article examines a familiar debate in economics using the methods of linguistics. The approach may also serve a function as a pedagogical tool. Keywords: Money, metaphor, banking, commodity, credit Article Type: Theoretical article
Purpose – The purpose is to examine two rival narratives regarding the nature and evolution of mo... more Purpose – The purpose is to examine two rival narratives regarding the nature and evolution of money with reference to metaphor. Design/methodology/approach – The article draws on theoretical literature on money. Post-Keynesian perspectives are given consideration due to the particular attention that this school has given to money. Findings – A crucial divide in the understanding of money is interpreted in terms of two different narratives. We conclude that the narrative of money as credit has greater explanatory power, but that the commodity narrative, which is metaphorical in nature, is easier to comprehend and conceptualize. Research limitations/implications – This study has been qualitative in nature; further research would require specification of a linguistic methodology, including selection and analysis of a corpus. A process for detecting metaphors within a selected corpus would also need to be established. Moreover the discussion of the commodity metaphor as a normative theory has not considered the moral aspects of different views on debt and credit. Social implications – Study of metaphor should shed light on basic assumptions behind public policy choices. This should enhance the general understanding of related debates, for example on public spending (i.e. austerity v. stimulus). Originality/value – This article examines a familiar debate in economics using the methods of linguistics. The approach may also serve a function as a pedagogical tool. Keywords: Money, metaphor, banking, commodity, credit Article Type: Theoretical article
Within a transnational educational programme, students residing in the Czech Republic obtain bacc... more Within a transnational educational programme, students residing in the Czech Republic obtain baccalaureate degrees from an accredited American college. The college has a distinctive approach towards learning, co‐creation of knowledge and the use of mentors. Part of the degree assessment is an undergraduate dissertation, which serves as a capstone experience. The Czech partner instituted a policy whereby students could obtain a second local degree by, among other things, using the same dissertation. This study examines the situation confronting mentors from the American college. It considers assessment as an integral component of a constellation of educational assumptions and pedagogic values: a paradigm. It analyses the competing/conflicting, paradigms involved and discusses ways in which educational practice was reconsidered and changed to allow a single work product to be authentically and meaningfully assessed under both approaches.
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Papers by Tanweer Ali
Design/methodology/approach – The article draws on theoretical literature on money. Post-Keynesian perspectives are given consideration due to the particular attention that this school has given to money.
Findings – A crucial divide in the understanding of money is interpreted in terms of two different narratives. We conclude that the narrative of money as credit has greater explanatory power, but that the commodity narrative, which is metaphorical in nature, is easier to comprehend and conceptualize.
Research limitations/implications – This study has been qualitative in nature; further research would require specification of a linguistic methodology, including selection and analysis of a corpus. A process for detecting metaphors within a selected corpus would also need to be established. Moreover the discussion of the commodity metaphor as a normative theory has not considered the moral aspects of different views on debt and credit.
Social implications – Study of metaphor should shed light on basic assumptions behind public policy choices. This should enhance the general understanding of related debates, for example on public spending (i.e. austerity v. stimulus).
Originality/value – This article examines a familiar debate in economics using the methods of linguistics. The approach may also serve a function as a pedagogical tool.
Keywords: Money, metaphor, banking, commodity, credit
Article Type: Theoretical article
Design/methodology/approach – The article draws on theoretical literature on money. Post-Keynesian perspectives are given consideration due to the particular attention that this school has given to money.
Findings – A crucial divide in the understanding of money is interpreted in terms of two different narratives. We conclude that the narrative of money as credit has greater explanatory power, but that the commodity narrative, which is metaphorical in nature, is easier to comprehend and conceptualize.
Research limitations/implications – This study has been qualitative in nature; further research would require specification of a linguistic methodology, including selection and analysis of a corpus. A process for detecting metaphors within a selected corpus would also need to be established. Moreover the discussion of the commodity metaphor as a normative theory has not considered the moral aspects of different views on debt and credit.
Social implications – Study of metaphor should shed light on basic assumptions behind public policy choices. This should enhance the general understanding of related debates, for example on public spending (i.e. austerity v. stimulus).
Originality/value – This article examines a familiar debate in economics using the methods of linguistics. The approach may also serve a function as a pedagogical tool.
Keywords: Money, metaphor, banking, commodity, credit
Article Type: Theoretical article
Design/methodology/approach – The article draws on theoretical literature on money. Post-Keynesian perspectives are given consideration due to the particular attention that this school has given to money.
Findings – A crucial divide in the understanding of money is interpreted in terms of two different narratives. We conclude that the narrative of money as credit has greater explanatory power, but that the commodity narrative, which is metaphorical in nature, is easier to comprehend and conceptualize.
Research limitations/implications – This study has been qualitative in nature; further research would require specification of a linguistic methodology, including selection and analysis of a corpus. A process for detecting metaphors within a selected corpus would also need to be established. Moreover the discussion of the commodity metaphor as a normative theory has not considered the moral aspects of different views on debt and credit.
Social implications – Study of metaphor should shed light on basic assumptions behind public policy choices. This should enhance the general understanding of related debates, for example on public spending (i.e. austerity v. stimulus).
Originality/value – This article examines a familiar debate in economics using the methods of linguistics. The approach may also serve a function as a pedagogical tool.
Keywords: Money, metaphor, banking, commodity, credit
Article Type: Theoretical article
Design/methodology/approach – The article draws on theoretical literature on money. Post-Keynesian perspectives are given consideration due to the particular attention that this school has given to money.
Findings – A crucial divide in the understanding of money is interpreted in terms of two different narratives. We conclude that the narrative of money as credit has greater explanatory power, but that the commodity narrative, which is metaphorical in nature, is easier to comprehend and conceptualize.
Research limitations/implications – This study has been qualitative in nature; further research would require specification of a linguistic methodology, including selection and analysis of a corpus. A process for detecting metaphors within a selected corpus would also need to be established. Moreover the discussion of the commodity metaphor as a normative theory has not considered the moral aspects of different views on debt and credit.
Social implications – Study of metaphor should shed light on basic assumptions behind public policy choices. This should enhance the general understanding of related debates, for example on public spending (i.e. austerity v. stimulus).
Originality/value – This article examines a familiar debate in economics using the methods of linguistics. The approach may also serve a function as a pedagogical tool.
Keywords: Money, metaphor, banking, commodity, credit
Article Type: Theoretical article