art-e-conomy _ reader - marko stamenkovic

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100 consumption, economy is able to react to the growth without investments, or investments acceleration will be much lower than capital ratio output. Precise estimation of capital ratio output for the whole economy is very difficult. Specific difficulties appear in the analysis of the index in unstable post-socialist economies, where the existence of many market niches. In my opinion, we can put forward a theory that the stronger investments react to consumption growth, the less production capital meet market demand, so the accelerator volume reflects the adequacy of existing production capital to market demand. The very first look at the emergence of consumption and investment dynamics in Poland, Hungary and the Czech Republic lets us notice that the two rates are strongly correlated. Estimations prove that, as the correlation rates (change in consumption – change in investments) amount to: 0,74 for Poland; 0,67 for Hungary; 0,73 for the Czech Republic 0,73. So high the correlation of consumption and investments proves that the market mechanism in the economy started to function properly – changes in investments level (development and modernization of production capital) are determined by market factors, such as undoubtedly consumption demand. The attempt to estimate the acceleration rate in the economies of Poland, Hungary and the Czech Republic is not easy methodologically, because in those countries the process of transformation proceeded in a different way in respect of consumption and investments dynamics. As the beginning of time series used for estimation of the relation between investments ant savings I have taken the first year in which we observed consumption growth. In my opinion the assumption is correct – in this way we can check how the economy reacts to growing demand after the period of production and consumption collapse. Only in one of the three countries, that is in Poland, consumption was growing from the first year (for Poland it is 1992), and the next years brought constantly growing private consumption. In the Czech Republic, as well as in Hungary, from 1992 in certain years private consumption was declining in relation to the previous year. The existence of years of consumption collapse, connected with the very short time series we have at our disposal, causes great disturbances in the final result of estimating investment reaction to growing consumption. However, it is unacceptable to assume that for the estimation of trend inclination we should take into account only years of growing consumption. First, it would shorten our short time series. Second, it is difficult to justify the fact of ‘removing’ a few years from the trend only because they do not comply with our theoretical assumptions. The theory saying that production capital in post socialist countries did not fit market system, works best in Poland. The consumption and production collapse in the first years let us believe that with growing consumption the economy would use spare production capital, so increase in production does not need to take place by means of raising production capital. The analysis of regression (change in consumption vs. change in investments) brings interesting results. The inclination of regression line is positive and amounts to 3,5; which means that every consumption growth of 1% in 1992-2001meant average growth in investments of over 3,5%. Such an observation proves functioning of accelerator conception in Polish economy of the 90s, which means that in Polish economy investment processes had to take place to meet market consumption demand.
The situation is much more difficult to interpret in the case of The Czech Republic. In those countries, the inclination of regression line is positive, but below 1 (0,96 in the Czech Republic and 0,65 in Hungary), which means that the reaction of investment change to consumption change in Czech and Hungarian economy is less than proportional. However, the appearance of consumption collapse in the 90s changes the inclination of trend line. Taking this fact into consideration we can claim that the reaction of investments to consumption growth in the Czech Republic and Hungary is stronger than it follows from the inclination of trend line. To sum up, the analysis of relation between consumption change and investments change in the economies of The Czech Republic and Hungary does not let us draw clear conclusions for Polish economy. However, in my opinion we can conclude that also here (although to a smaller extent than in Poland) adjustment of volume and structure of production had to take place by investments. Attanasio, O. Picci, L. Scorcu (1997) Saving, Growth and Investment. A Macroeconomic Analysis Using a Panel of Countries NBER Working Paper, Cambridge. Beck, T. Levine, R. Layza, N. (2000) Finance and the Sources of Growth World Bank Working Paper, Washington DC. Besley, T. Meghir, C. (1998) Tax Based Savings Incentive IFS Working Paper, London. Buiter, W. Lago, R. Ray, H. (1998) Financing transition: investing in enterprises during macroeconomic transition EBRD Working Paper, London. Denizer, C. Wolf, H. (2000) The Savings Collapse during the Transition in Eastern Europe World Bank Working Paper, Washington DC. Feldstein, M. (1998) Fiscal Policies, Capital Formation and Capitalism NBER Working Paper, Cambridge. IMF (2002) World Economic Outlook Washington DC. Kołodko, G. W (1999) Od szoku do terapii. Ekonomia i polityka transformacji. Poltext, Warszawa. Kołodko, G. W. (1999) Fiscal Policy and Capital Formation in Transition Economies. Emergo Vol. 6 No.3, s. 33-62. Rodrik, D. (1998) Saving Transition World bank, Washington DC. Tanzi V. Zee, H. (1998) Taxation and Household Saving Rate: Evidence from OECD Countries IMF Working Paper WP/98/36. United Nations (1984) Savings for Development, New York. 101
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art-e-conomy theoretical reader edi
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Saskia Sassen Economy and Art Today
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FOREWORD This publication is a theo
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Marko STAMENKOVIĆ INTRODUCTION CUR
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not whether there is a connection,
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As it is now evident and possible t
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The current reality of contemporary
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official presentation[12], the Euro
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(1) The capitalist economic system
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1 Miško Šuvaković, “The Ideolo
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24 économique du travail. Les sect
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26 d’information et de manipulati
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28 La segmentarité moléculaire Da
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30 Les pédés, les fous, les radio
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32 mesure qu’il se sentira débor
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34 upon consent nor even capable of
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36 universally valid and applicable
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38 imposing obligations on themselv
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40 A cosmopolitan Europe of nationa
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42 Tatjana ĐURIĆ KUZMANOVIĆ Glob
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44 Unlike these countries, the Unit
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46 fact that they benefited from Am
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48 marital status and language. How
Page 50 and 51: 50 influenced by ethnicity, class,
Page 52 and 53: 52 assistance from them. However, i
Page 54 and 55: 54 What is the reason for this enor
Page 56 and 57: 56 In India, the policy of “Econo
Page 58 and 59: 58 Nick DYER-WITHEFORD Cognitive Ca
Page 60 and 61: 60 demands an extraordinary exercis
Page 62 and 63: 62 ‘immaterial labourers’ are t
Page 64 and 65: 64 ranks of immaterial labour is se
Page 66 and 67: 66 Thus, for example, in the cycle
Page 68 and 69: 68 about neoliberal policies and al
Page 70 and 71: 70 Species-being movements are biop
Page 72 and 73: 72 25. See Tony Vellela, New Voices
Page 74 and 75: 74 problem for capitalistic societi
Page 76 and 77: 76 The critique of objectifying the
Page 78 and 79: 78 1. The example of the often-cite
Page 80 and 81: 80 not these tendencies themselves
Page 82 and 83: 82 on the horizon of language and c
Page 84 and 85: 84 Instances where such affiliation
Page 86 and 87: 86 may bolster and/or feed off stat
Page 88 and 89: 88 of-life that changes through wha
Page 90 and 91: 90 - to operate as a transcendent b
Page 92 and 93: 92 Freedom without Security It is w
Page 94 and 95: 94 International Meeting of the Pre
Page 96 and 97: 96 Jacek TOMKIEWICZ Capital Formati
Page 98 and 99: 98 fundamental reasons, such as the
Page 102 and 103: 102 Endre KISS ‘Discourses’ and
Page 104 and 105: 104 almost inevitable and requires
Page 106 and 107: 106 (though obviously the theory an
Page 108 and 109: 108 The ‘elitist discourse’, ca
Page 110 and 111: 110 The political and social rhetor
Page 112 and 113: 112 consequences that the theory on
Page 114 and 115: 114 upravo kao što će to jednako
Page 116 and 117: 116 jednostavno nisu moguće bez iz
Page 118 and 119: 118 Upravo nas ta nedavna „traged
Page 120 and 121: 120 3. preformulirati ciljeve, odno
Page 122 and 123: 122 njihove analize mahom temelje u
Page 124 and 125: 124 je nemoguće preskakanje u viš
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Page 128 and 129: 128 has been remarkably successful
Page 130 and 131: 130 More specifically to do with cu
Page 132 and 133: 132 set out in their 1992 book, Rei
Page 134 and 135: 134 Sandra BRAMAN Art in the Inform
Page 136 and 137: 136 Taste in art is to some degree
Page 138 and 139: 138 It is one of the features of th
Page 140 and 141: 140 now concerned about the fact th
Page 142 and 143: 142 It is, as it was in the example
Page 144 and 145: 144 interactional exchange, and hie
Page 146 and 147: 146 works of art and those who may
Page 148 and 149: 148 Ewen, S. (1988). All consuming
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150 Die Mechanik des Kunstbegriffs
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152 Doch so aktuell und vielseitig,
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154 abgetan worden wäre. Dies ist,
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156 sich lässig, smart, durchsetzu
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158 Katalogen lesen, von Art Consul
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160 das Marketing verdingen und so
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162 Saskia SASSEN Economy and Art T
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164 capacity to make present is a n
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166 the development of communicatio
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168 3 One interesting instance here
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170 the market for mass culture. To
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172 may produce future consumers, a
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174 Martin FERRO-THOMSEN Change thr
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176 anything other than artists. To
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178 - ungrounded, fluid, virtual«[
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180 Julie VANDENBROUCKE & Michel ES
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182 great deal of social resistance
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184 But is producing “this sort o
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186 become more involved. Once the
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188 Elena FILIPOVIC The Global Whit
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190 Now, Biennials and Other Large-
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192 almost categorically fixed, a p
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194 of dialogue between artists, in
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196 to white cubes amounted to a ra
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198 stage stood in the middle of th
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200 the constitution of society in
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202 Yet, one could say that the “
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204 See, in particular, Douglas Cri
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206 manner, verging on seamless sli
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208 Such a statement naturally call
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210 exploitive and forced nature of
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212 Pier Luigi SACCO & Marco SENALD
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214 academicism for the feverous re
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216 a notable step ahead toward ben
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218 Pietroiusti on one side and Tak
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220 Žarko PAIĆ The Spectacle of t
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222 The project was brought to a cl
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224 Martinis’s “intervention in
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226 Marina GRŽINIĆ Performative A
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228 Economic contradictions are cen
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230 Susanne ALTMANN Artists Strike
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232 its creation, Althamer investig
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234 Dawicki’s colleagues from Sou
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236 Some of the hopes and illusions
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238 27. Dan Perjovschi in an email
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240 Quitting the common artistic wo
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242 oriented practices into an arti
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244 According to Adorno’s aesthet
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246 The approach underlying the ent
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248 and hypocrisy of the internatio
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250 Interestingly enough, for the s
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252 6. Of course, Adorno’s thesis
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254 art theory. The magazine is pub
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256 grant systems that support not
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258 but also in new media. And ther
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260 MIHNEA MIRCAN: There was, of co
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262 become one of the first victims
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264 as a private museum, which does
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266 edge and this competitive edge
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268 very different from the German
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270 als wichtigste Produktionsfakto
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272 sowohl der Wirtschafts- als auc
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274 Malerei-Bewegung erfolgten viel
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276 SOURCES Félix Guattari, “Le
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278 ABOUT THE CONTRIBUTORS Félix G
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280 Struggle in High Technology Cap
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282 Cultural Politics, Cultural Stu
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284 the collaborations evolved from
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286 Marina Gržinić Born 1958 in R
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288 About the Editor Marko Stamenko
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290 art-e-conomy theoretical reader
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292 CIP - Каталогизаци
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