Aldo F. Balardini

Associate Professor
Social Sciences, Human Services and Criminal Justice

Office: N-651K

Office Hours:

Phone: +1 (212) 220-8000;ext=5263

Professor Aldo Fabian Balardini holds a Ph.D. in Economics from The New School for Social Research and he is Associate Professor of Economics and coordinator of the Economics Program at the Borough of Manhattan Community College. His areas of specialization are: the role played by violence in capitalism, the political economy of energy markets, and heterodox economics. His research has appeared in the “Handbook of Marxian Economics” and in the academic journals “Socialism and Democracy”, “Razon y Revolucion”, and “International Journal of Social Economics”.

Expertise

Political economy of energy markets, Marx’s theory of rent, and heterodox economics.

Degrees

Ph.D. New School for Social Research, Economics, 2006
M.A. New School for Social Research, Economics, 2000
B.A. State University of New York at Fredonia, Economics, 1992

Courses Taught

3 CRS.3 HRS.NULL LAB HRS. ECO 100 ECO 100 (Introduction to Economics): This course provides an introduction to the fundamental economic concepts of production, consumption and price determination, as developed by economists over the last two centuries for understanding market economies. The class introduces students to the role of markets and economic policy in our contemporary global economy at the individual and societal level. The topics to be explored in the course span the areas of economics and economic history, and may include the banking system, social insurance programs, international trade, market regulations, the role of unions, and the federal budget. The student will come away with a broad understanding of economic issues, methods, ideas, and history.
3 CRS.3 HRS.NULL LAB HRS. ECO 202 ECO 202 (Microeconomics): This course is an introduction to the topics of microeconomics, which include market supply and demand, theories of the firm and individual behavior, competition and monopoly, externalities, public goods, and income distribution. Students will learn ways to analyze the basic economic activities of consumption and production, and how to evaluate the allocation of resources and products achieved through markets. The role of government policy in addressing markets failures will be emphasized throughout the course, with special focus on contemporary economic problems.
3 CRS.3 HRS.NULL LAB HRS. ECO 201 ECO 201 (Macroeconomics): This course is intended primarily for those students who intend to pursue professional careers in fields such as economics, finance, management, and administration. It is also open to highly motivated students in other areas. Topics include: national income and national product; saving, consumption, investment, the multiplier theory, fiscal policy, inflation, employment and business cycles. The student will also be acquainted with money, banking, and central bank monetary policies, as well as some of the more significant theories of international trade and economic development.
3 CRS.3 HRS.NULL LAB HRS. ECO 215 ECO 215 (Environmental Economics): This course introduces students to the economic analysis of environmental issues and problems related to the allocation of natural resources as well as the role of government in dealing with environmental problems. Students will develop the capacity to understand economic and policy issues related to environmental and natural resource exploitation, the micro- and macroeconomic foundations of environmental theory and policy, and discuss and evaluate current environmental policies in the United States. Students will learn about the economics of externalities and natural resource management, including theoretical concepts, models of analysis, and theoretical debates among orthodox and heterodox interpretations. Prerequisite: ECO 100 or ECO 201 or ECO 202

Research and Projects

Economics Violence: In this article I argue that the working of private energy markets gives rise to different forms of violence against poor and working-class communities. I present two case-studies as evidence: a) the making and implementation of the first carbon market in the early 1990’s and its violent impact in poor communities in Congo and working-class communities in the US, and b) the privatization of the electricity market in Texas in the late 1990’s and the violence it generated against working-class communities early this year leading to 21 deaths. The objective of this article is to show that contrary to the argument presented by supporters of free-markets, the privatization of energy markets rather than being a solution to climate change has led instead to increasing levels of violence against poor and working-class communities.

Demand and market value in Marx’s theory of Rent: In Marxian economics market-value in rent-bearing sectors is conceptualized as being solely determined by production conditions in the highest-cost regions (worst lands, almost depleted mines and oil reservoirs, etc). In this article I argue that this view is wrongfully attributed to Marx. I show that in Theories of Surplus Value II Marx presented a very detailed numerical example where the determination of market-value in the coal market by the conditions of production located in the highest-cost region was just one case scenario of market-value determination among a number of other possible scenarios. I conduct a detailed analysis of Marx’s numerical example and show that for Marx demand conditions in conjunction with production conditions determine the market-value of commodities produced in rent-bearing sectors. I conclude the article discussing how Marx’s analysis of market-value determination in the coal market can provide us with important theoretical insights into the determinant forces driving oil price cycles.

Oil prices and market disequilibrium: dynamics of competition and pricing in the international oil market. This paper presents an empirical analysis of the behavior of oil prices based on a largely neglected analysis of competitive pricing behavior under disequilibrium market conditions originally presented in Arrow (1959). In section 1, I conduct a review of the literature on oil prices and show empirical evidence to prove that Cartel (C), Dominant-Firm (DF), and Target-Revenue (TR) models of the oil market cannot provide a consistent theory of oil price determination under conditions of market-disequilibrium. In section 2, I discuss the disequilibrium hypothesis of oil price determination advanced in Arrow (1959) and first proposed by Roberts (1984).In section 3, I conduct an empirical analysis of price-leadership between OPEC and non-OPEC producers for the period of 1980-2008. The results of the empirical analysis show that the roles of price-makers and price-takers in the international oil market shift systematically over the oil price cycle as expected in Arrow (1959) and Marx (1975).

Indigenous movements, socialist governments, and the exploitation of natural resources: the cases of Bolivia, Ecuador, and Peru: This paper reviews the recent experiences in Bolivia, Ecuador, and Peru, where indigenous movements oppose the so called “extractivist” model of development being imposed on their communities by self-described socialist governments. The evolving relationship between state-landlords and international oil companies is discussed in the context of these three countries and empirical facts are reviewed. A discussion of environmentally-friendly development strategies and economic policies in socialist societies in the context of 21st century highly competitive global energy markets concludes the paper.

Publications

Farias, Christine & Balardini, Fabian. (2019). Teaching social economics: bringing the real world into the classroom and taking the classroom into the real world. International Journal of Social Economics / Volume 46 Issue 8 – Special Issue: Teaching Social Economics during the Global Financial Crisis, Emerald Publishing, London.
Balardini, Fabian. (2017). Rent. Handbook of Marxian Economics, Routledge, London.
Balardini, Fabian. (2013). Demanda y valor de Mercado en la Teoria de la Renta de Marx. Razon y Revolucion, No. 24, pg. 64-84. Buenos Aires, Argentina.
Balardini, Fabian. (2012). The Self-Destructive Logic of Capitalism and the Occupy Movement. Socialism and Democracy, No. 26:2, pg. 35-38. Routledge, London.

Honors, Awards and Affiliations

World Association for Political Economy
Eastern Economic Association
Union for Radical Political Economics
International Association for Energy Economics
United States Association for Energy Economics

Additional Information

Presentations at conferences:

“Economic Violence: the case of Carbon Markets”. Paper presented at the Economics, Equality and Environmental Club at BMCC. (December, 2020).
“The sharing economy: Libertarian promises and Marxist realities”. Paper presented at Techno I Culture in the 21^st Century BMCC Faculty Symposium, Department of Social Sciences, Human Services, and Criminal Justice at BMCC. (April 13, 2018).
“On the origin and applications of the concept of price-elasticity of demand: Marx vs. Marshall”. Paper presented at XV AISPE Conference “Towards a Comparative History of Economic Thought”. Rome, Italy (November 23-25, 2017).
“Rent and Violence in Global Carbon Markets: An Analysis Using Marx’s Theory of Value”. Paper presented at conference Karl Marx’s Critique of Political Economy and the Global Crisis Today. Commemorating the 150^th Anniversary of the publication of Hofstra University, Long Island, New York (April 2017).
“Trump and the rise of extractivism”. Paper presented at We’ve been Trumped! Analyzing Trump’s Election and Strategies of Resistance BMCC Faculty Symposium, Department of Social Sciences, Human Services, and Criminal Justice at BMCC. (February 2017).
“Displacement as environmental violence: the anti-social consequences of the economics of climate change”. Paper presented at the Left Forum 2016 Conference, John Jay College of Criminal Justice, New York (May 2016).
“Displacement as environmental violence: the anti-social consequences of the economics of climate change”. Paper presented at Dis-locations: Precarious Migrations, Social Sciences, Human Services, and Criminal Justice Faculty Symposium, Borough of Manhattan Community College, New York (May 2016).
“The carbon budget, crisis in the global oil markets, and the transition to post-fossil fueled economies”. Paper presented at the Left Forum 2015 Conference, John Jay College of Criminal Justice, New York (May 2015).
“Bolivia: economic, social, and environmental consequences of the extractive model of development”. Paper presented at the Left Forum 2015 Conference, John Jay College of Criminal Justice, New York (May 2015).
“The failure of the extractive model of development in Latin America and radical alternatives”. Paper presented at the Historical Materialism Conference, New York University, New York (April 2015).
“The Profit Motive, Economic Inequality, and Climate Change”. Paper presented at the Inequality Forum, Borough of Manhattan Community College, New York (February 2015).
“The building of 21^st century socialism in South America: a balance sheet”. Paper presented at the Left Forum 2014 Conference, John Jay College of Criminal Justice, New York (June 2014).
“Climate Change and the Political Economy of Global Energy”. Paper presented at the Social Sciences and Human Services Faculty Salon, Borough of Manhattan Community College (BMCC), New York (March 2014).
“Extractivism and the Governing Left in South America”. Paper presented at the Union for Radical Political Economics Conference: The Political Economy of the Environment, St. Francis College, Brooklyn, New York (October 2013).
“Marx’s Theory of Rent: An Anti-essentialist Interpretation”. Paper presented at the Rethinking Marxism 2013 Conference, University of Massachusetts, Amherst (September 2013).
“Marx’s concept of social need and leaving oil in the ground: a critique of the extractive model of development in Latin America”. Paper presented at the Left Forum 2013 Conference, Pace University, New York (June 2013).
“The Theory of Rent and Oil Prices in Marxian Economics: A Critique Based on Marx’s Theory of Market Value”. Paper presented at the Historical Materialism 2013 Conference: Confronting Capital, New York University (NYU), New York (April 2013).
“No Fracking Way: Occupying the Energy Industry in the U.S.”. Paper presented at the Left Forum 2012 Conference, Pace University, New York (March 2012).
“The Self Destructive Logic of Capitalism and the Occupy Movement”. Paper presented at Occupy Social Science! Professors and Students Converse about the Meaning of Occupy Wall Street, at Borough of Manhattan Community College, City University of New York, (November 2011).
“Taking control and moving beyond the ‘extractivist’ model of development: socialist state-owned National Oil Companies and permanent profitability crisis in the global oil market”. Paper presented at The Sixth Forum of the World Association for Political Economy Conference, University of Massachusetts at Amherst, (May 2011).
“Moving beyond the ‘extractivist’ model of development: socialist state-owned National Oil Companies and permanent profitability crisis in the global oil market”. Paper presented at the Left Forum 2011 Conference, Pace University, New York (March 2011).
“Taking control and moving beyond the ‘extractivist’ model of development: socialist state-owned National Oil Companies and permanent profitability crisis in the global oil market”. Paper presented at the Taking Control Conference, School of Oriental Studies (SOAS), University of London, London (March 2011).
“Market value and social need in Marx and in Marxian Economics”. Paper presented at the panel Marxist Theory organized by the Union for Radical Political Economics at the Eastern Economic Association Annual Conference, New York (February 2011).
“Social movements, socialist governments, and the management of natural resources: the cases of Bolivia, Ecuador, and Uruguay”. Paper presented at the Left Forum 2010 Conference, Pace University, New York (March 2010).
“The struggle to appropriate excess profits in the international oil industry: hybrid state-run National Oil Companies (NOCs) vs. capitalists International Oil Companies (IOCs)”. Paper presented at the New Marxian Times Conference, University of Massachusetts, Amherst (October 2009).
“Marx on demand and market value determination in rent-bearing sectors”. Paper presented at the New Marxian Times Conference, University of Massachusetts, Amherst (October 2009).
“Global capitalism and the capitalist-tenant/landlord-state relationship in the international oil market”. Paper presented at the Left Forum 2009 Conference, Pace University, New York (April 2009).
“Marx’s theory of market value and producer behavior in the international oil market”. Paper presented at the conference Cognitive Capital and Spaces of Mobility, University of Gothenburg, Sweden (Nov. 2008).