Development pp 103-125 | Cite as

Sustainable Reproduction, on Use and Exchange Values

  • Gianni Vaggi


This chapter deals with sustainable reproduction and the distinction between ends and means in the SDGs. The former are strategic ‘use values’, the latter belong to the realm of ‘exchange values’. Four reproduction cycles are examined: the universal, capitalistic, sustainable and financial cycles. This chapter presents different contributions on how to achieve sustainable development; some authors rely on market mechanisms, other writers are very critical of the idea of growth in itself. From Randomized Control Trials to incentives and market games to institutions in development. Neo-structuralist and neo-Keynesian authors emphasize the macro-constraints to growth facing developing countries. Degrowth and the circular economy underline the limits of nature; sustainability requires the abandonment of capitalist production. We have entered a period of Financial Mercantilism: money generates money. Investment banks and funds behave like the old Mercantilists, their choices dominated by the search for a surplus value.


Reproduction Sustainability Use and exchange values Financial Mercantilism Institutions 


  1. Acemoglu, D., & Robinson, J. (2012). Why Nations Fail: The Origins of Power, Prosperity, and Poverty. New York: Crown Publisers.Google Scholar
  2. Acemoglu, D., Johnson, S., & Robinson, J. (2004). Institutions as the Fundamental Cause of Long-Run Growth (NBER Working Paper No. 10481). Cambridge, MA.Google Scholar
  3. Amin, S. (1997). Capitalism in the Age of Globalization: The Management of Contemporary Society. London: Zed Books.Google Scholar
  4. Amin, S. (2011, February). The Trajectory of Historical Capitalism and Marxism’s Tricontinental Vocation. Monthly Review, 2(9), 1–18. New York.Google Scholar
  5. Autor, D., Dorn, D., Katz, L. F., Patterson, C., & Van Reenen, J. (2017, May). The Fall of the Labor Share and the Rise of Superstar Firms (NBER Working Paper No. 23396).
  6. Bacha, E. L. (1990, April). A Three-Gap Model of Foreign Transfers and the GDP Growth Rate in Developing Countries. Journal of Development Economics, 32(2), 279–296.CrossRefGoogle Scholar
  7. Banerjee, A. E., & Duflo, E. (2011). Poor Economics: A Radical Rethinking of the Way to Fight Global Poverty. New York: Public Affairs.Google Scholar
  8. Banerjee, A. E., Duflo, E., Glennerster, R., & Kinnan, C. (2009, May 31). The Miracle of Microfinance? Evidence Form a Randomized Evaluation (Working Paper). Chennai: Institute for Financial Management, Research Centre for Micro Finance.Google Scholar
  9. Bédécarrats, F., Guérin, I., & Roubaud, F. (2017). All That Glitters Is Not Gold: The Political Economy of Randomised Evaluations in Development (AFD Research Papers 44).Google Scholar
  10. Bhaduri, A., & Marglin, S. (1990). Unemployment and the Real Wage: The Economic Basis for Contesting Political Ideologies. Cambridge Journal of Economics, 14(4), 374–393.CrossRefGoogle Scholar
  11. Botta, A., Porcile, G., & Ribeiro, R. S. M. (2018). Economic Development, Technical Change and Income Distribution [Special Issue]. PSL Quarterly Review, 71(285), 97–101.Google Scholar
  12. Cimoli, M., & Porcile, G. (2011). Global Growth and International Cooperation: A Structuralist Perspective. Cambridge Journal of Economics, 35, 383–400.CrossRefGoogle Scholar
  13. De Loecker, J., & Eeckhout, J. (2017). The Rise of Market Power and the Macroeconomic Implications (NBER Working Paper No. 23687).
  14. Dosi, G., Napoletano, M., Roventini, A., & Treibich, T. (2017). Micro and Macro Policies in the Keynes+Schumpeter Evolutionary Models. Journal of Evolutionary Economics, 27(1), 63–90.CrossRefGoogle Scholar
  15. Dutt, A. K. (1984). Stagnation, Income Distribution and Monopoly Power. Cambridge Journal of Economics, 8(1), 25–40.CrossRefGoogle Scholar
  16. Hausmann, R., & Rodrik, D. (2003, December). Economic Development as Self Discovery. Journal of Development Economics, 72(2), 603–633.CrossRefGoogle Scholar
  17. Hausmann, R., Rodrik, D., & Velasco, A. (2005). Growth Diagnostics. Cambridge, MA: John F. Kennedy School of Government, Harvard University.
  18. Lagarda, G., Linares, J., & Gallagher, K. P. (2017, April). Capital Openness and Income Inequality: Smooth Sailing or Troubled Waters? (Global Economic Governance Initiative, GEGI Working Paper 010).Google Scholar
  19. Latouche, S. (2006). Le pari de la décroissance. Paris: Librairie Arthème Fayard.Google Scholar
  20. Mallaby, S. (2015, August 5). Shortsighted Complaints About Short-Term Capitalism. The Financial Times.Google Scholar
  21. Marois, T. (2012). Finance, Finance Capital and Financialization. In B. Fine & A. Saad-Filho (Eds.), The Elgar Companion to Marxist Economics. Cheltenham: Edward Elgar.Google Scholar
  22. Marx, K. (1867). Capital (3 vols.). London: Lawrence & Wishart, 1954, 1956, and 1959.Google Scholar
  23. Maskin, E. S. (2007, December 8). Mechanism Design: How to Implement Social Goals. The Nobel Prize Lecture, Stockholm.
  24. Mazzucato, M. (2013). The Entrepreneurial State: Debunking Public vs. Private Sector Myths. London: Anthem Press.Google Scholar
  25. Mun, T. (1623). England’s Treasure by Forraign Trade. London: Thomas Clark, 1664 (Reprints Augustus M. Kelley, New York, 1968). Google Scholar
  26. Palley, T. I. (2016, April). Inequality, the Financial Crisis and Stagnation. Real-World Economics Review, 74, 1–19.Google Scholar
  27. Rashid, S. (2014). If Finance Works, Microfinance Works: Contextual Evaluation and the Irrelevance of Randomized Controlled Trials. Journal of Poverty Alleviation and International Development, 5(2), 117–143.Google Scholar
  28. Rodrik, D. (2015, January). Premature Deindustrialization (Economic Working Papers). Princeton, NJ: School of Social Sciences, Institute for Advanced Study.Google Scholar
  29. Smith, A. (1776). An Inquiry into the Nature and Causes of the Wealth of Nations, WN (R. H. Campbell, A. S. Skinner, & W. B. Todd, Eds.). Oxford: Oxford University Press, 1976.Google Scholar
  30. Stahel, W., & Reday, G. (1981). Jobs for Tomorrow, the Potential for Substituting Manpower for Energy. New York: Vantage Press.Google Scholar
  31. Stiglitz, J. E., Sen, A., & Fitoussi, J. P. (2008). Report by the Commission on the Measurement of Economic Performance and Social Progress. Paris.
  32. Taylor, L. (1983). Structuralist Macroeconomics: Applicable Models for the Third World. New York: Basic Books.Google Scholar
  33. UN. (2015, August 11). Transforming Our World: The 2030 Agenda for Sustainable Development. Draft Outcome Document of the United Nations summit for the Adoption of the Post-2015 Development Agenda.
  34. UNCTAD. (2014). Trade and Development Report 2014. Geneva.Google Scholar
  35. UNCTAD. (2017). Trade and Development Report 2017. Geneva.Google Scholar
  36. Vaggi, G. (1987). The Economics of Francois Quesnay. London: Macmillan.CrossRefGoogle Scholar
  37. Vaggi, G. (2018, May). Development Finance in the Age of Financial Mercantilism (Department of Economics and Management, DEM Working Paper Series No. 157 [05-18]).Google Scholar
  38. World Bank. (2002). World Development Report 2002 Building Institutions for Markets. New York: Oxford University Press.Google Scholar
  39. World Bank. (2005). Enabling Country Capacity to Achieve Results, Vol. I, 2005 CDF Progress Report, Vol. I Overview. Washington, DC: World Bank.,

Copyright information

© The Author(s) 2018

Authors and Affiliations

  1. 1.Department of Economics and BusinessUniversity of PaviaPaviaItaly

Personalised recommendations