Record details

Title:Fragility of Social and Economic Systems and the Role of “Modality”
Author:Biga Bartłomiej
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Knowledge area:Mechanisms of collective action management
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Publisher:Routledge
Journal name:Journal of Economic Issues
Abstract:

The distinct problem arising from the progressive dysfunctionalization of social and economic systems is the starting point for intellectual exercise within the framework of this article. As far as the origins and course of the 2008 global financial crisis are concerned, the notion that the capacity to self-stabilize in the case of every complex dynamic system deteriorates over time is the pivotal issue (i.e. to keep disequilibria under control). However, social systems interact with one another in numerous ways, for instance, in terms of communication which is one of the most important interaction. We call the space of intersystem communication a “modality”. That term, explained in this paper, describes mechanisms in which deliberation helps stabilize social systems by changing the rules of the game, through action of social agents acting as observers of various social systems they are part of. We argue that communication space is visibly deteriorating, by being captured by a particular set of economic ideas (i.e. neoliberal ideas). We see this as a threat because “variety is the spice of life”, and robustness of the economy depends on existence of a diverse portfolio of ideas, together with actors being ready and institutionally encouraged to defend them. We propose some casual evidence, that modality indeed seems to become captured. We also suggest some solutions that may bring more vigor to modality.

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