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Conventional theories of capitalism are mired in a deep crisis: after centuries of debate, they are still unable to tell us what capital is. Liberals and Marxists both think of capital as an 'economic' entity that they count in universal units of ‘utils’ or 'abstract labour', respectively....
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In this paper we consider a standard policy game between the Government and a union. In such a framework, we first …. In particular, we show that a micro-founded union will never find it profitable to co- operate with the Government …
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