Abstract This essay explores the affinities between Vincenzo Gioberti’s Del primato morale e civile degli italiani (1843) and the constitutional political economy advanced by Adrian Pabst and Roberto Scazzieri in The Constitution of Political Economy: Polity, Society and the Commonwea l (2023). Gioberti argued that Italy’s political regeneration required a prior renewal of its moral and civil order, insisting that institutions cannot be legitimate or enduring unless grounded in dispositions, associations and collective vocation. Pabst and Scazzieri similarly reject contractarian and institutionalist accounts of political economy, proposing instead that polity and economy are constituted by interdependencies, proportionality, systemic interests and dispositions. By placing these works in dialogue, the essay highlights convergences in their conception of politics as constitution rather than contract, their emphasis on civil association, their recognition of structural embeddedness and their understanding of persistence and transformation as mutually dependent. At the same time, important divergences are acknowledged: Gioberti’s teleological nationalism and reliance on providential history contrast with the pluralism and secular structural analysis of Pabst and Scazzieri. The comparison suggests that constitutional political economy is best understood as both structural and civil: grounded in coherence, viability and proportionality, but equally dependent on dispositions and collective imagination. In contemporary Europe, where crises of legitimacy, inequality and ecological sustainability prevail, such a civil-structural vision of political economy offers a timely, critical resource for re-thinking the commonweal.

Abstract Drawing on the New Economics of Labour Migration and debt overhang theories, this study investigates the joint impact of remittances and external debt on CO 2 emissions in India, Pakistan, Bangladesh and Sri Lanka from 1991 to 2023. Using balanced panel data and multi-stage estimation techniques—including pooled OLS, Driscoll–Kraay standard errors and Feasible GLS—the study finds that remittance inflows consistently reduce emissions, likely by enabling cleaner household investments. In contrast, both external debt stock and debt servicing increase emissions, suggesting that debt burdens may crowd out environmentally friendly public spending. Notably, the interaction between debt stock and servicing shows a mitigating effect, while heavy debt servicing diminishes the environmental benefits of remittances. Additionally, urbanization and financial development contribute to higher emissions. These findings highlight the need for integrated policies that direct remittances towards green investments and incorporate environmental conditions into debt-servicing frameworks, helping South Asian countries pursue more sustainable development paths.

Abstract The UK fiscal framework, especially the fiscal rules in place, has faced widespread criticism. Since the current system was introduced, the UK’s fiscal arithmetic has worsened. The article examines practices in other countries and, going beyond rules, looks at other dimensions of their fiscal frameworks, then suggests a ‘menu’ of possible changes to improve the UK approach. Scrutiny and a variety of governance features also deserve attention. While not all practices elsewhere can be directly adopted in the UK institutional setting and some would encounter political sensitivities, many can.

Abstract We discuss ten key priorities, innovations and actions to mitigate the climate crisis. These priorities were identified by the Hutton Series on Climate Change, which took place across 2020–2021 at Adam Smith’s Panmure House. The Hutton Series brought together a diverse cross section of experts, business leaders, scientists and concerned citizens in open discourse around energy, climate change and resource use and availability. The priorities highlight the increasing need for reasoned debate and action between industry, NGOs, government and the public.

Abstract To be effective, central bankers must project expertise and an anti-inflation commitment. However, those attributes are usually male-coded, which may undermine female central bankers. We assess gender bias using a survey experiment fielded in Japan in September 2022, when, for the first time in decades, the Bank of Japan appeared to struggle with inflation. We exposed individuals to simplified Bank of Japan communication and randomly assigned attribution to male (Mr. Adachi) or female (Ms. Nakagawa) Policy Board members. Respondents trusted the Bank of Japan less and were more sceptical of its capacity to handle inflation when Ms. Nakagawa represented it.

Abstract The key aim of this article is to reassess the societal consequences of the adoption of neo-liberal policies, post-1970, in the light of the writings of Adam Smith. We make two main points: First, the neo-liberal paradigm (NLP) and its characteristics are not the creation of Adam Smith as asserted by leading economists and, indeed, the contrary is very much the case. Second, given this, what does Adam Smith’s work tell us about how we can fix modern-day capitalism broken by the NLP and bring it back in line with Smith’s work?

Abstract Emissions are directly linked to economic output and consequently subject to business cycle fluctuations. The present study analyses the interactions between climate policies and business cycles through the lens of a New Keynesian dynamic stochastic general equilibrium model. We compare a static cap-and-trade policy with a dynamically adjusting policy in terms of macroeconomic stabilisation, welfare and emissions price dynamics. The results of the quantitative evaluation suggest that a constant policy leads to lower aggregate volatility but is associated with larger welfare costs. In contrast, under the dynamic policy emissions prices and labour markets display less variations.

Abstract This study is a reconsideration of a theme, connecting The Theory of Moral Sentiments and The Wealth of Nations, namely the interplay between moral sentiments and self-interest. Two aspects of the theme are examined. The first consists of an interpretation of the so-called ‘das Adam Smith Problem’, an issue originally pointed out by nineteenth-century German scholars. The second, building on the insight of Smith on the association of shame and poverty, reports on recent research that seeks to examine how emotions impact the perception of economic interests and behaviour in marginalized groups.

Abstract We apply insights from the political economy of secession to analyse the early years of the Irish Free State (IFS). The IFS was fortuitous in a debt settlement that enabled it to begin its existence debt free while also receiving financial assistance to quell civil unrest. Yet the IFS was unable to continue to provide the welfare spending inherited from the old regime thereby exacerbating inequality. The IFS also maintained a sterling peg, which led to a milder experience of the depression era. Ultimately, however, the benefits of independence were not forthcoming in the early years of the IFS.