Scope of the Program

Irene and Bernard L. Schwartz Lecture Series

Scholarly Conferences and Publications

Research Assistants and Dissertation Fellows

Curriculum Development

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The Scope of the Program:

The underlying principle of the Program in Markets, Equality and Democracy is that, at its most constructive, capitalism produces good jobs, a rising standard of living, more stable families and a safer environment. But this is only possible when the market system is embedded in a legal and ethical system that has popular support. The stability of the law is crucial, as is the legitimacy of the system protecting property rights and the regulation of markets when they fail to produce socially desirable outcomes. Equally important is the need for a sense of justice felt by all stakeholders, including employers, employees and consumers. Ethical business behavior, encouraged by law, is a key first step in establishing this legitimacy.

This vision of a constructive capitalism leads to a number of important political questions. For example: Why has there been a steady rise in income and wealth inequality in the U.S. over the past 25 years? What legal reforms are needed to make market systems better able to attain such social goals as greater employment creation, more equal educational attainment, and universal access to health care? What is the proper role of fiscal and monetary policies under conditions of rising inequality? Can significant energy conservation be undertaken in a way that does not thwart economic growth? The activities of this Program are designed to explore these kinds of questions – pursuing both scholarly research and public consideration of policy issues. The activities include the Irene and Bernard L. Schwartz Lecture Series; scholarly conferences leading to the publication of working papers and books; a staff of Research Assistants focused on projects directed by New School Economics faculty; and the hiring of a research faculty member to boost activities related to the themes of the Program.

The Irene & Bernard L. Schwartz Lecture Series is designed to contribute to and influence the debate over crucial policy issues facing the U.S. and world economies. The themes of the lecture reflect the main themes of the program: policy responses to inequality, free trade and economic development, and energy conservation. The 2003 Lecture: "What Went Wrong?" Professor Paul Krugman of Princeton University and columnist for The New York Times spoke on April 22nd, 2003. The topic was economic inequality and its implications for American politics. The lecture was moderated by New School President Bob Kerrey, and discussants were New School faculty members Nancy Fraser and Alice Rivlin. The 2002 Lecture: "The World Economy After the U.S. Recession." The lecture was given by Robert Rubin and Stanley Fischer and moderated by New School President Bob Kerrey. Discussion focused on U.S. fiscal policy and the role of the IMF in world financial markets. This inaugural lecture and the spirited Q&A period with New School students was aired on C-SPAN. Themes for future Irene and Bernard L. Schwartz Lectures include “Does Economic Development Require Democracy?” and “Ending Poverty for Working Americans.” Look for announcements of future lectures at the CEPA website. For more information about the Lecture Series and to download an archived version of the 2003 Paul Krugman Lecture webcast, click here.

While we seek to advance the popular discussion of economic policy, particularly as we head into the 2004 Presidential race, our scholarly research efforts continue at a vigorous pace. We have held three academic conferences under the Program, each of which will lead to the publication of a significant academic book.

April 2003: Professor Anwar Shaikh organized a conference on "Globalization and the Myths of Free Trade." This conference addressed the question: can global free trade can raise all boats? In particular the conference questioned whether unrestricted trade helps developing countries in their efforts to industrialize. The aim of this conference was to challenge the theoretical and empirical claims that underpin the current wave of globalization, and the drive to institute a world wide system of unrestricted trade and capital flows. (For the full program of this conference and access to conference papers, click on the conference title.)

November 2002: Professor Willi Semmler organized a conference on "Monetary Policy and the Labor Market in the U.S., the Euro-area and Japan: A Conference in Honor of James Tobin." The conference brought together major scholars from all United States and Europe, including from the European Central Bank and the European Union, and addressed issues at the forefront of applied academic research. (For the full program of this conference and access to conference papers, click on the conference title.)

March 2002: Professor Will Milberg organized a conference on "Labor and the Globalization of Production," which focused on the effect of foreign direct investment and international outsourcing on work and pay in developing countries. Papers on Mexico, China, Chile, South Africa, and Pakistan explored how globalized production has changed wages, labor relations and, in particular, how it has affected workers of different skills, regions and gender. (For the full program of this conference and access to conference papers, click on the conference title.)

The Program provides annual support for three Research Assistants and one Dissertation Fellow. The Research Assistants contribute to advanced research under the guidance of Economics Department faculty. This year four Research Assistants were appointed and no Dissertation Fellow. They are Massimiliano La Marca, Diego Sanchez, Ramaa Vasudevan and Norma Vite Leon. They have been working with Professors Will Milberg, Willi Semmler, Anwar Shaikh and Lance Taylor.

In addition to these scholarly activities and public lectures, interest in the themes of the program has spurred the development of a new sequence of courses for undergraduates, entitled “Understanding Capitalism.” During the Fall 2002 semester, Professor Lance Taylor taught the coursse, “Introduction to Economics I: Understanding American Capitalism.” Professor Will Milberg is teaching the sequel this term, “Introduction to Economics II: Understanding World Capitalism.” The courses combine basic economic theory with analysis of political and ethical issues related to contemporary capitalism. The course currently enrolls students from Eugene Lang College, Parsons and The New School BA program. The syllabi for these courses are available on line.