The frequency and repetition of economic crises over the last hundred years demands an analysis that allows us to discover the root causes of these situations and the problems they have generated in the world economy. This book investigates these cycles throughout the 20th and the early 21st century. Economic crises can be the result of political or military conflict, but they have also been the consequence of bad practices, unbridled speculation, excessive greed or poor management by the rulers and leaders of nations. The contributors to this volume analyse the causes and consequences of economic crises from the Great Depression to the present day, incorporating post-World War II reconstruction, the oil crisis of the 1970s and the "lost" Latin American decade of the 1980s, among others. This longer-term view allows the book to provide insights into understanding economic cycles in the long run, not just at a specific moment in time, and the ways in which they have spread internationally. This historical analysis also helps to shed new light on the current covid-impacted situation, as it provides another reading of the main crises of recent centuries and their causes and consequences, as well as the measures and policies adopted to overcome the difficulties. This book will be of significant interest to readers in economic history, business history, politics, and economics and history more broadly.

In this third decade of the 21st century, deep problems plague our world. Many people lack adequate nutrition, health care, and education, because-while there is enough wealth for everyone to meet these basic needs-most of it is tightly controlled by precious few. Global warming causes droughts, floods, rising sea levels, and soon the forced migrations of millions of people. In this book, philosopher Graham Priest explains why we find ourselves in this situation, defines the nature of the problems we face, and explains how we might solve and move beyond our current state. The first part of this book draws on Buddhist philosophy, Marx's analysis of capitalism, and their complementary role in explaining our present crisis and the events that led us here. In the second part of the book, Priest turns to the much harder question of how one might go about creating a more rational and humane world. Here, he draws again on Buddhist and Marxist ideas as well as some key aspects of anarchist thought. His discussion of the need for bottom-up control of production, power, ideology, and an emerging awareness of our interdependence is a must-read for anyone who cares about the future of the planet and our latent capacity to care for each other. Key Features Explains the necessary elements of Marxist, Buddhist, and anarchist thought-no background knowledge of political theory or Buddhism is necessary Shows how Buddhist and Marxist notions of persons are complementary Convincingly shows capitalism's role in creating current socio-economic problems Provides an analysis of the corrosiveness of top-down power structures and why they should be eliminated in a post-capitalist state Discusses capitalism's role in war, environmental degradation, and race and gender-based oppression

The aim of Bernard Schmitt's analysis of the monetary economy of production was twofold: to introduce and to explain the logical character of the macroeconomic laws governing our economies and to explain the origin of the pathologies that follow if these laws are not complied with. Schmitt's main original contributions concern the theories of value, profit, and capital, as well as his explanation of inflation, unemployment and international payments, unified as quantum macroeconomic analysis. This book expounds on the key principles of quantum macroeconomic analysis as he conceived and developed them. Schmitt's starting point was the analysis of bank money and the way it is associated with produced output. His macroeconomics was not founded on microeconomics nor derived from the aggregation of microeconomic variables. Schmitt's theory does not rely on mathematics and modelling either; instead, it is based on logical laws derived from the nature of money and monetary payments. Part I of this book deals with the quantum macroeconomic analysis of capitalism and its pathologies developed by Schmitt and provides the elements necessary to understand its 'structural' mechanism. Parts II and III deal with the principles of two reforms that enable the passage from capitalism to post-capitalism and from the present non-system of international payments to an orderly system. This book provides essential reading for all those interested in heterodox approaches to macroeconomics, monetary economics, banking, international economics, and the history of economic thought.

Recent years have seen a surge of interest in 'the commons' based on a simple yet radical idea: great improvements in production and management could be achieved by reducing barriers to knowledge exchange and power-sharing. Ranging from meadows, forests and parks to language, open-source software (FLOSS and Blockchain) and 3D printers, the commons are distributed or common property resources/infrastructures that are self-managed by their user communities. While acknowledging the significant contributions that can be made through commons-based peer production, this book provides a critical examination of the commons with the aim of contributing to their long-term sustainability. In particular, the book examines the relation of Blockchain to the commons by illustrating the case study of the Commons Stack. Drawing on a range of interdisciplinary ideas and methodologies, the book argues that there are a number of economic and social barriers that are obstructing the wider reproduction of the commons. Problems with access to capital and training, the lack of entrepreneurial and managerial skills and the absence of institutional support from governments, larger co-ops and NGOs are some of the external difficulties facing the commons today. Meanwhile, localism, gated communities, vested interests, atavism, traditionalism, ideology, conflict, neo-conservatism and techno-elitism represent some of the internal contradictions inherent in the commons. Through overcoming these contradictions, the ultimate goal is to transform capitalism into the postcapitalism of the commons: the creation of a social economy self-organised around the commons. This book provides vital reading for anyone interested in the commons, from economics, techno-politics and across the social sciences.

All schools of thought in economics, explicitly or otherwise, have referred to economic disorder as a self-evident fact. They have also unanimously considered it to be a temporary state. By contrast, this book contends that economic disorder is an interminable condition of human existence. From this perspective, the present study brings to light the misunderstanding of successive generations of economists on economic disorders. This book provides an alternative exposition of economic disorder and correctional measures that can be taken in order to correct these misconceptions. The analysis offered in this book is a scholarly work that provides a thorough explanation of the hidden dimensions and multiple aspects of economic disorders. Much of this book is devoted to uncovering the origins of such dimensions to further refine our understanding of the development of contemporary economies. To this end, this book also outlines how to tackle some of the most intriguing issues of our time. It seeks to provide a refreshing recount of the tenets of economic disorders. This book is a major contribution to the literature on economic disorder and crises and will be of great interest to readers of economic theory, philosophy of economics and the history of economic thought.

Critical examination of the concept of 'embeddedness', the core concept of an Economic Sociology of Law. Combines insights from law, sociology, economics, and psychology. Ground-breaking study into the prioritization throughout society of interests and voices that align with doctrinal understandings of law and neoclassical understandings of economics. Will appeal to socio-legal scholars and others with interests in the intersection of law, economics and sociology.

German industry in particular is a central focus for studying technical and organizational changes in industry due to its pivotal position in international markets, its technological sophistication and its well-established training systems. Originally published in 1992, this study brings together contributions which contain both theoretical approaches and extensive empirical studies, on the manufacturing industry in Germany, including comparisons to other european countries. It looks at the developments of new technology, identifying trends in rationalization and the influences they have on organizational behaviour. As it discusses the relationships between technology and the work-force it includes discussion on flexible specialization, labour processes, union relations, small and large firms and training processes.

During the second half of the twentieth century, economics exported its logic - utility maximization - to the analysis of several human activities or realities: a tendency that has been called "economic imperialism". This book explores the concept termed by John Davis as "reverse imperialism", whereby economics has been seen in recent years to have taken in elements from other disciplines. Economics and Other Disciplines sheds light on the current state and possible future development of economics by focusing on it from a philosophical perspective, broadening the concept of rationality in economic theory. The beliefs that prevail in the world today make up a physicalist worldview. This book argues that this pervasive view is harmful for economics as a social science. Do new economic currents like behavioral economics, evolutionary economics, neuroeconomics, institutional economics, happiness economics, the capability approach and civil economy, escape this widespread mentality? What would be an adequate underlying economic ethos? Do these approaches fit into this ethos? Ricardo F. Crespo appraises the contributions from a classical philosophy angle, emphasizing their implications regarding practical reason. This volume is of great importance to those who are interested in political economy, economic theory and philosophy, as well as philosophy of social science.

Written by the leading and most respected experts, academics, and scholars working in the field of global political economy, the book provides detailed studies of the gig economy's roots, goals, methods, and impact around the world. Addresses and analyses the fundamental debates around precarious labour and the gig economy that are emerging within the social sciences. A significant feature of the book is an examination of the gig economy and labour in major world territories, which will provide a comparative investigation of the transformation of labour and the gig economy in key global regions, continents and countries. This volume will become a classic and state-of-the-art text on the subject of the gig economy and neoliberalism for many years to come.

First Published in 1998. Routledge is an imprint of Taylor & Francis, an informa company.

When we look at the state of the world today, what is most evident is the fact that the major problems of our time - energy, environment, economy, climate change and social justice - cannot be understood in isolation. They are interconnected problems, which means that they require corresponding systemic solutions. Today's global economy has brought about critical distress for ecosystems and societies and we have to go to the very root of the problems to find a way out. This volume develops a synthesized interpretation of ecological economics integrating different levels: (economic) system, (business) practice and the (economic) actor. It discusses how changes on a systems level are connected to changes in practice and development of individual consciousness. Transformative Ecological Economics delves into the insight and knowledge from different sources of inspiration (thermodynamics, Darwinism, anthroposophy and Buddhism) as well as into an integrated story describing and illustrating the core ideas, principles and values that characterize a utopian society anchored in ecological economics. Implementation of the deep changes demanded depends on our ability to write a new story, a utopian one for sure, but one which is in accordance with and based on the reality in which we live. This book will be of interest to those who study ecological economics, political economy and environmental economics.

It is now widely acknowledged that history is useful, even essential, because it helps us predict the future. The history of ideas in economics, as in other fields of inquiry, plays an important role in enlightening current researchers as they endeavour to understand contemporary events and anticipate the future of human societies. This book brings together a fine collection of chapters that span contributions from forgotten classics to the most recent new thinking about critical issues such as growth, wealth, its creation and its distribution among members of society. It is A Brief History of Economic Thought, but it will certainly go a long way in helping undergraduate students and other researchers who are curious about the evolution of economic ideas over the last five centuries. Chapters offer discussions on the main tenets of post-Keynesian economics, and focus on issues of growth, wealth and income distribution. The debate on the role of government versus the market is brought to the fore within the context of economic thought from the Physiocrats to the post-Keynesians. The editors have created an essential read for scholars and students interested in the history of economic thought and post-Keynesian economics.

Islamic finance has emerged to meet the financial needs of people who seek a different approach to conventional banking and finance. Due to its late inception, Islamic finance has often been regarded as an "infant industry" compared to its traditional counterparts. Even though the Islamic finance industry is still classified as nascent, it has shown rapid growth in the last decade or so. The primary objective of this book is to highlight the main issues and challenges the Islamic finance industry faces and to offer practical solutions. Firstly, the book classifies the main components of Islamic finance such as money and banking, capital markets, fintech, microfinance, insurance as well as morality and governance. Secondly, all of the chapters are combined according to their relationship and link with each other so as to provide readers with a unique and holistic overview of the subject. The chapters are written by well-renowned experts in the field. As well as offering readers theoretical information about each subject under discussion, it also advances practical solutions that can contribute to the development of each field. The book answers questions such as how money is created by banks; what the business model of Islamic banking should look like; whether Islamic microfinance institutions are sustainable; what the likely framework of takaful should be; what the potential role of fintech could be in reshaping the Islamic financial system, and where and whether morality fits in the financial system. The book will attract the attention of students, researchers, practitioners, regulators and policymakers.

From Industrial Districts to Local Development introduces a set of papers representing the main contribution of the 'Florence school' to the recent literature on industrial districts. The authors illustrate that the revitalisation of the concept of industrial districts, returning to Alfred Marshall's nineteenth-century writings, is rooted in an unconventional interpretation of the economic development of Tuscany after the Second World War.Models of industrial organisation and empirical investigation of industrial tendencies are featured, and Alfred Marshall's concepts of the advantages of the geographical agglomeration of specialised small firms in industrial districts are reintroduced. The authors extend the analysis of purely economic effects of agglomeration, including social, cultural and institutional foundations of local development, and current case studies are presented. This book will appeal to scholars, lecturers and researchers focusing on industrial economics, development economics and economic geography. Its references to Italian political experiences will also be of interest to policymakers in both developed and developing countries.

It is a popular notion that money and output are separate and autonomous entities. Money and Inflation argues that this idea can neither explain the purchasing power of money nor its variations over time, and a new theory is therefore presented in its place. The book aims to provide the foundations for a new analysis of inflation from a macroeconomic perspective. The role of money is investigated in terms of value, prices, profit, and capital accumulation. The author argues that in order to gain a thorough comprehension of inflation it is necessary to focus on the formation of national income, not on its distribution. Sergio Rossi's new approach proposes a structural reform of modern banking systems, and outlines an original macro-theoretical investigation of measurement problems in price index theory. Despite its elective affinity with the works of Ricardo, Walras and Keynes, the new analysis overturns traditional concepts of money. The discussion elicits a deeper understanding of the conditions underlying today's inflationary pressures and prescribes new solutions to permanently eradicate them. This unique and path-breaking study will be of enormous interest to academics, researchers, and students involved in monetary economics, as well as monetary policy makers, and central bank and international banking officials.

First published in 1997. Routledge is an imprint of Taylor & Francis, an informa company.

* The real strength of the book lies in setting out an alternative vision to the current practice in economics, especially in light of the re-evaluation being forced by COVID-19 in addition to the climate crisis. * Offers an important challenge to the current corporate sustainability gospel expressed in recent books. * Written by a well-recognised commentator on the environment and economics. * The book specifically connects global environmental imperatives with their microeconomic implications for businesses and households, which makes it utterly unique.

This book discusses important recent developments in the theory, concepts and empirical applications of ecological economics and sustainable development. The editors have assembled a fascinating collection of papers from some of the leading scholars in the field of ecological economics. Topics covered include: * the contribution of classical economics to ecological economics * alternatives to the growth paradigm and Gross Domestic Product * valuation in ecological economics and indicators of natural resource scarcity * case studies of sustainable development * critical reviews of the environmental Kuznets curve * green national accounting. This will be an invaluable text for scholars, policy analysts and students interested in sustainable development and ecological, environmental and resource economics.

This comprehensive volume provides a state-of-the-art overview of regulatory economics and reviews the main theories, tools, and domains of regulation. The book is divided into six parts: regulation in general; tools of regulation; social regulation; regulation of public utilities; regulation of non-natural-monopolies, and regulation of professions. Regulation and Economics begins with a valuable introductory chapter on the law and economics of regulation followed by 17 concise chapters on specific subjects in regulation including highly topical matters such as regulation of banking, finance and insurance; energy markets and telecommunications; and environmental and risk regulation. Providing an overview of the most important insights in regulatory economics and providing a useful access point to the more specialized literature in this area, this unique book will particularly benefit students of law and economics, as well as academics and government officials of regulatory agencies. Contributors: A. Arcuri, D. Black, K.J. Cseres, P.M. Danzon, A. de Hauteclocque, J. den Hertog, M.G. Faure, C. Gibson, D. Heremans, W. Jacobs, B. Kuipers, J.H. Love, C. McKean, B. Moselle, J.S. Netz, R.N. Olsen, A.M. Pacces, Y. Perez, N.J. Philipsen, H. Piffaut, D. Porrini, A. Renda, N. Rickman, P.H. Rubin, F.H. Stephen, R.J. Van den Bergh, M. White

Demonstrating that there are (superior) alternatives to the modern macroeconomic mainstream and its DSGE (dynamic stochastic general equilibrium) models, this book presents the cutting edge in macroeconomic modelling, economic policy, and methodology from the perspective of heterodox economic thinking. The first part of the book explores methodological issues, advocating for a stronger ethical consideration in macroeconomics and for the adoption of a strategy of pluralism to ensure that macroeconomic theory is capable of adapting to real-world issues. The second part highlights recent trends in empirical Stock-Flow Consistent models by collecting a group of the most well-developed empirical models of five different economies: the Danish, the Dutch, the French, the Italian, and the Argentinian models. In all five cases, the models are used to discuss various policy aspects of the individual economies. Finally, the book explores issues of macroeconomic policy which are largely neglected by mainstream economists including financial (in)stability and macro imbalances. The book emphasizes the need for investigating sectoral balances, which are crucial elements for investigating imbalances from the heterodox perspective. This book will be of significant interest to students and scholars of macroeconomics, economic modelling, economic methodology and heterodox economics more broadly.

Nunzio Ali's Proportional Justice and Economic Inequality - Explores how social justice correlates with economic inequality to favour the best-off and advocates for a system of proportional justice. - discusses the primary rules of society and material domination in contemporary politics; how money influences politics and what are the remedies for this phenomenon; the space of 'merit' in a liberal democracy; social justice faces the questions of power, poverty, efficiency, individual merit, and economic liberties; and most importantly, how to determine income and wealth limit ratios in a liberal democracy. - will be of great interest to students and researchers of political theory, political philosophy, economics and development, economics theory and philosophy, and social policy.

May you sell your spare kidney? May gay men pay surrogates to bear them children? Should we allow betting markets on terrorist attacks and natural disasters? May spouses pay each other to do the dishes, watch the kids, or have sex? Should we allow the rich to genetically engineer gifted, beautiful children? May you ever sell your vote? Most people-and many philosophers-shudder at these questions. To put some goods and services for sale offends human dignity. If everything is commodified, then nothing is sacred. The market corrodes our character. In this expanded second edition of Markets without Limits, Jason Brennan and Peter M. Jaworski say it is now past time to give markets a fair hearing. The market does not, the authors claim, introduce wrongness where there was not any previously. Thus, the question of what rightfully may be bought and sold has a simple answer: if you may do it for free, you may do it for money. Contrary to the conservative consensus, Brennan and Jaworski claim there are no inherent limits to what can be bought and sold, but only restrictions on how we buy and sell. Key Updates and Revisions to the Second Edition: Includes revised introductory chapters to further clarify what's at stake in the commodification debate. Provides easier-to-follow chapters on semiotic objections, stronger analyses of these objections, and more evidence of these objections' widespread pervasiveness. Offers cogent responses to several recent papers that have raised counterexamples to the authors' thesis. Includes new empirical evidence on the ways markets sometimes crowd in virtue and altruism. Analyzes the topics of blackmail and "associative" objections to markets. Includes new material on issues surrounding exploitation and coercion, selling citizenship, residency rights, and arguments about "dignity" as objections to markets.

Originally published between 1951 and 1987, the 8 volumes in this set: Provide a wide-ranging and critical review of both first and second generation theories of inflation (and the related problem of unemployment), including the classical approach to macroeconomics. Examine how inflation as a policy has come about in modern democracies, how it works, how to avoid it and at what cost Reassess the strengths and weaknesses of incomes policies Examine pay control policies in major Western economies and survey developments from 1945, explore the aims of pay policies and discusse the problems of implementation, comparing the different kinds of policies.

This important new book presents a state-of-the-art assessment of how economic models can be used by different levels of government to combat environmental problems. It considers policies for climate change and transport that can be used at federal and confederal levels of government. The authors examine the unique aspects of environmental policy making in a multi-layered government using empirical case studies covering Europe and the US. They consider the causes of pollution at three levels - federal government, local government and industries and firms. Concentrating on greenhouse gas abatement and the transport sector, they use quantitative techniques to compare alternative policy solutions. This quantitative approach overcomes problems of some inconclusive theoretical prescriptions, which often depend on combinations of particular parameter values. In addition, this method makes it possible to investigate the costs and benefits of a particular solution, and the distribution effects between different groups. This approach also provides insights into the economic consequences of the application of local versus national or federal policies. Climate Change, Transport and Environmental Policy provides the necessary analysis required for environmental policy making in that it uses a quantitative approach to balance the costs and benefits of alternative policy options. Climate Change, Transport and Environmental Policy is an important addition to the literature and will be welcomed by environmental policymakers at the local, regional, national and international level as well as scholars and postgraduate students in environmental economics and public policy.

Adam Smith's contribution to economics is well recognised, yet scholars have recently been exploring anew the multidisciplinary nature of his works. The Adam Smith Review is a rigorously refereed annual review that provides a unique forum for interdisciplinary debate on all aspects of Adam Smith's works, his place in history, and the significance of his writings to the modern world. It is aimed at facilitating debate among scholars working across the humanities and social sciences, thus emulating the reach of the Enlightenment world which Smith helped to shape. This twelfth volume brings together leading scholars from across several disciplines and contributes to two particular themes. First, there is a focus on Adam Smith's moral and political philosophy, exploring how Smith's approach finds expression in both abstract philosophy and practical judgment. Second, there is a focus on epistemology, economics, and law, with innovative interpretations of Smithian theories.