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Development, Law, and Economics

The "Socialization of Investment" (Law and Economics Papers)

paper money of many nations
May 7, 2024

Robert Hockett in World in Focus

Robert Hockett recently published a paper, The "Socialization of Investment," in CRADLE's new open-access Law and Economics Papers series.

"This has been all about reclaiming public capital for ... investment that grows the Republic’s wealth. And the Republic’s wealth is just the Citizens’ wealth—our 'Commonwealth.' This is, of course, what we owe and are owed by one another. It’s literally what we owe to ourselves."

The paper aims to demystify economist John Maynard Keynes' General Theory by interpreting some "intriguing asides" he introduced when writing about investment and capital. Hockett analyzes "three provocative phrases seemingly alluding to a common contemporary prospect": public investment financed by public finance-capital.

In Hockett's view, these "throwaway lines" offer clues toward constructing "both a plausible model and a powerful brief that Keynes might have composed—and would surely have approved—for reforming contemporary finance in certain materially productive, hence socially salutary ways."

The paper ultimately outlines a Capital Commons model that suggests a pathway to socialize investment while being attentive to private sector and public sector advantages.

Hockett's paper is one of four working papers launching CRADLE's new open-access series. Read the Law and Economics Papers and find out how to submit your paper for consideration.

Robert Hockett is cofounder of Cornell Research Academy of Development, Law, and Economics (CRADLE), an interdisciplinary research initiative based at Einaudi.

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  • Development, Law, and Economics
  • World in Focus

Farmer Innovations and Best Practices by Shifting Cultivators in Asia-Pacific

Rice terraces in Southeast Asia
March 28, 2024

Featuring Carol J. Colfer

This book, the third of a series, shows how shifting cultivators, from the Himalayan foothills to the Pacific Islands, have devised ways to improve their farming systems. Using case studies collected over many years, it considers the importance of swidden agriculture to food security and livelihoods, and its environmental significance, across multiple cultures, forest and cropping systems. There is a particular focus on soil fertility and climate change challenges. It is a 'must read' for those who realize that if the lives of shifting cultivators are to be improved, then far more attention needs to be directed to the indigenous and often ingenious innovations that shifting cultivators have themselves been able to develop. Many of these innovations and best practices will have strong potential for extrapolation to shifting cultivators elsewhere and to farming systems in general.

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  • Development, Law, and Economics

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  • International Development
  • Land Use

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What Is Insider Trading?

Oculus World Trade Center Station
March 6, 2024

Robert Hockett, CRADLE

Robert Hockett, professor of law, explains what could happen when insider trading occurs too frequently.

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  • Development, Law, and Economics

Grad Student Grants Support Sustainability, Biodiversity

Farmers in Indonesia bend over crops
March 7, 2024

Congratulations to Tamar Law and Made Adityanandana!

Thirty-one graduate students across three colleges have been awarded research grants from the Cornell Atkinson Center for Sustainability. The grants provide support for up to two years to doctoral students whose research advances sustainable biodiversity, energy transitions, food security, human health or reducing climate risk.

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  • Development, Law, and Economics

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  • International Development
  • Land Use

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Indonesian Markets Cheer as Prabowo's Likely Victory Removes Uncertainty

Indonesia land
February 15, 2024

Thomas Pepinsky, SEAP

Tom Pepinsky, professor of government and director of the Southeast Asia Program, says “But as always with Prabowo, one must be wary of how he would respond to disappointing or negative economic news, and his dominating performance will mean that he will assume office with a relatively free hand.”

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  • Development, Law, and Economics

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