Financial Analysis and the Predictability of Important Economic Events

By Ahmed Riahi-Belkaoui | Go to book overview
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5

The Accounting Validation of the Dual-Labor Theory

INTRODUCTION

The dual-economy and the dual-labor-market paradigms are often included within the broadly defined field of radical economics. This umbrella term describes a discipline that focuses on those phenomena contaminating what others see as the economic order. Seven examples of these phenomena include (1) unequal distribution of income, wealth, and power within individual countries; (2) maldistribution of resources within individual countries; (3) failure to internalize the set of social costs involved in the term ‘‘quality of life’’; (4) militarism or racial discrimination; (5) ‘‘economic imperialism’’ and ‘‘neo-colonialism’’; (6) an inefficient reward system paying better for virtuoso solutions to the ‘‘wrong’’ (primary technical) problems than for thinking seriously about the dangerous ones; and (7) an erroneous ‘‘one-dimensional’’ view of human nature as producing, consuming, and nothing more. 1

The dual-economy paradigm with its emphasis on the differences in economic organization within social structures is not a very recent phenomenon. One may cite J. H. Boeke’s model of economic dualism contrasting Western capitalist and traditional agricultural societies and stressing the function of such economic dualism for colonial economic development, 2 Furnivall’s portrayal of social and economic segmentation in the Far Eastern colonies as a ‘‘plural society,’’ 3,4 and more recently, a set of studies of local urban labor markets conducted in advanced capitalist societies where labor markets are defined as either ‘‘primary’’ or ‘‘secondary.’’ 58

The two major components of the paradigm refer either to the economic organization of firms, as in the dual-economy theory, or to the description of the labor force and labor-market characteristics as in the dual-labor market. The

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