The recent financial crisis has demonstrated the dangers of ignoring the factors that led to previous crises, and the effectiveness of the policies designed to deal with them. Over time, these macroeconomic policies have evolved, oscillating between state intervention and a free-market approach. Following a story that runs from the pre-Great Depression era up until the Financial Crisis of 2007-11, this book reveals an intimate connection between new macroeconomic ideas and policies and the events in the real economy that inspired them. It does this in an accessible, easy-to-follow style, first by focusing on the developments of economic theories and policies, and then by concentrating on the design of domestic and international institutions and economic governance. Written by three leading experts on the history of economic policy, the book is ideal for graduates and undergraduates studying macroeconomics, monetary policy and the history of economic thought.

This book unites diverse heterodox traditions in the study of endogenous money - which until now have been confined to their own academic quarters - and explores their similarities and differences from both sides of the Atlantic. Bringing together perspectives from post-Keynesians, Circuitists and the Dijon School, the book continues the tradition of Keynes's and Kalecki's analysis of a monetary production economy, emphasising the similarities between the various approaches, and expanding the analytical breadth of the theory of endogenous money. The authors open new avenues for monetary research in order to fuel a renewed interest in the nature and role of money in capitalist economies, which is, the authors argue, one of the most controversial, and therefore fascinating, areas of economics. Providing new theoretical and empirical grounds for the construction of a general, policy oriented theory of money, this thought-provoking collection will appeal to academics, researchers and students interested in monetary economics. It will also be welcomed by monetary policymakers and central bank officials.

Is the theory of money that underlies most modern macroeconomics well-grounded? What determines the value of a currency, and how is the state's power over its currency related to its ability to stabilize prices and employment? Charles Goodhart's classic paper 'The Two Concepts of Money: Implications for the Analysis of Optimal Currency Areas' which first raised these questions is reprinted here, and the distinguished authors expand its line of argument and comment on its central themes. The issues discussed are of fundamental importance in contemporary monetary theory and policy. The State, the Market and the Euro presents two sharply contrasting theories of money - Chartalist and Metallist - and the resulting equally sharply contrasting approaches to macroeconomic policy. Academic monetary, financial and political economists will find this book of great interest as will policymakers, financial analysts and journalists.

Since the rational expectations revolution in macroeconomics, the subject has evolved in a major way, adopting the principles behind the revolution and building on them in spectacular fashion. In this thoroughly revised and updated second edition, the authors provide a complete and up-to-date textbook designed to guide students through the mathematical and conceptual maze of modern macroeconomics. The updated second edition includes: Explanation of the historical development of the subject Introduction to traditional macro-classical/adaptive expectations Demonstration of how rational expectations are handled in macro models and in finance An explanation of the importance of structural, micro-founded models Key examples of structural models examined in detail, and with extension to the open economy Discussion of policy implications throughout Methodology for testing models against macro data behaviour, complete with the latest evidence on these models' success Coverage of key topics, including the supply-side, unemployment, growth and the open economy. By explaining the basics of each topic, and providing the solid grounding for students to tackle more complex and detailed material, this textbook will be an invaluable resource for both postgraduate and upper level undergraduate students of macroeconomics alike.

This book offers a generic explanation of the political economy of the EU, demonstrating in a clear and comprehensive way how the present institutional set-up makes it vulnerable to lobbyism, corruption and the destruction of social capital. Gert Tinggaard Svendsen contends that this 'EU disease' may be avoided by strengthening the power of the EU Parliament at the expense of the EU Commission. The book also discusses issues surrounding policy design, international negotiations on climate change and renewable energy sources. Using an interdisciplinary framework, the author examines how the current institutional set-up of the EU will determine future economic performance and will adversely affect policy outcomes. He looks at whether fundamental EU policies, such as the CAP, are consistent with economic growth or whether these policies will instead distort markets, leading to economic decline. Focusing in detail on international climate negotiations and wind energy, the author explores the way in which the design of a policy proposal can be affected by the interactions between interest groups and the institutions and bureaucrats of the EU. The case of greenhouse gas emissions trading is a unique example because it allows the author to actually measure lobbyism as the difference between the proposed design and the final EU directive. The interdisciplinary approach of the book and the original treatment of a very pertinent subject will appeal to academics, economists, political scientists and decision-makers. It will also interest and inform a wide readership in the social sciences, particularly those with an interest in the institutional structure of the EU.

This important textbook offers a comprehensive look into the two main traditions in contemporary macroeconomics ? New Classical and Keynesian ? and examines the work of economists who have drawn on principles from both traditions to form a new, integrated approach known as New Neoclassical Synthesis. Importantly, this provides the theoretical foundation for much of current mainstream economics and the work done by central banks around the world. With a dual focus on research methods and policy applications, this book bridges the gap between intermediate macroeconomic and advanced graduate-level texts, making it an ideal resource for senior undergraduate and Masters students in applied economics programs. Key topics include:? a concise summary of intermediate macroeconomics, including the foundational ideas of both the New Classical and Keynesian traditions? the Lucas critique of standard methods for evaluating policy design? debt sustainability and austerity vs. stimulation debate? optimal inflation rates? tax reform and growth analysis? alternative monetary policies for pursuing price stability? theories of unemployment.Students and instructors will find additional useful resources on the book?s companion website, including practice questions for each chapter.

Lance Taylor is widely considered to be one of the pre-eminent development economists in the world and is known for his work on development planning, macroeconomics of development, stabilization policy, and the global economy. He has also been the major force behind structuralist economics, which is seen by many to be a major alternative to orthodox development economics and policy prescriptions. The essays in this volume, written by well-known scholars in their own right, make contributions to each of these areas while honoring the contributions made by Lance Taylor. Professional economists, researchers and policy makers interested in development economics, political economy, global political economy and viable alternatives to mainstream thought will find this collection a valuable addition to their libraries.

Providing a unique perspective on economic history and policy, this book shows how a daring method once recommended by top economists could be adapted to help America pay for the things it needs. Written in a crisp, fast-paced style, this groundbreaking work presents an in-depth account of monetary theory and practice as the basis for its suggestion of a new system of money creation. First, the economic history of the United States is explored, with special emphasis on the years from the Civil War to the Great Depression. The proposal that follows, based on a long-lost method of money creation, is related to that context, as well as to America's current situation, both economic and political. Readers will learn how banks have created most of America's money supply since the nation's founding, but also about experiments with an alternative system in which the government plays that role. The crux of the book is an examination of the way in which the two systems could be harmonized to pay for public necessities without increasing taxes or national debt. The proposed new system of money creation would incorporate two complementary money streams-the existing banking system run by the Federal Reserve and a new stream of money created by Congress. By integrating the "Greenback" method with the fiscal and monetary status quo, the author argues, the United States could spend its way back to greatness. Explains in vivid terms the way money has evolved in modern times, clarifying the rise and global triumph of "fractional reserve banking" Shows how a compromise between our existing method of money creation and the "Greenback" method could pay for hundreds of billions of dollars of national necessities without higher taxes, more deficit spending, or inflation Documents what money consists of, how it enters into circulation, and how the nature of money has changed over the centuries Reveals how significant numbers of economists, businessmen, and political leaders have advocated for the direct creation of money by government through the years Takes the lay reader through the history of previous attempts at direct money creation in a fascinating tour of American economic history

In Money, Income and Time, Alvaro Cencini examines how money has been alternatively defined as a commodity and as the general equivalent of all commodities to be, subsequently, identified with the concept of numeraire, and, finally, reduced to the actual notion of credit. To better clarify the terms of the problem, the writer analyses it through the main theories of money which have been developed since the works of the classical economist. The book does not take the form of a history of economic doctrines, however, since its aim is at the same time less ambitious and more precise, that is defining the true nature of money through a critical and synthetic appraisal of its various analyses.

Greening Auto Jobs: A Critical Analysis of the Green Job Solution details current and problematic understandings of what constitutes a "green job." Adopting an approach grounded in critical political economy, this book presents a framework to scrutinize the green job solution and the theoretical framework which overwhelmingly informs contemporary green job creation efforts and ecological modernization. The text also explores the tensions that encircle the world of work and environmental action, often referred to as "jobs versus the environment," by detailing the conflicting commitments of political-economic actors to the idea of green job creation. These conflicts are outlined through an examination of the political-economic debate that has surrounded the Australian Government s environmental plans from 2008 to 2012 and the conflicting positions of Australian trade unions on environmentally transitioning the world of work. Interviews with key political-economic actors provide in-depth and nuanced understandings of the varied perspectives of political and union leaders in Australia. The second part of the book presents a detailed case study of the posited green job solution within the specific context of the Australian automotive manufacturing industry. The case study is also informed by interviews with key industry, union, and policymakers. The automotive industry is scrutinized not only because it has expressed going green as important to its long-term economic future, but because the Australian Government declared that its $6.2 billion "New Car Plan for a Greener Future" policy would create green jobs. Therefore, the book engages with the task of examining the three multinational vehicle producers operating in Australia Ford, GM Holden, and Toyota and how they have responded and engaged with the idea of green jobs, greening the manufacturing process, and the vehicles they produce in Australia."

This book shares essential insights into the implementation of monetary policy in various East Asian countries. Highlighting case studies from China, Taiwan, Korea, Japan and Singapore, leading economists and practitioners from central banks illustrate how dependent effective monetary policy is on the institutional and financial market environment, as well as on successful implementation and communication. The respective contributions cover various aspects of monetary policy implementation, such as: How is inflation targeting handled? For what purposes and how do central banks operate on financial markets, and what are the (at times unintended) effects? How do currency market interventions help achieve the monetary policy targets set by individual countries or areas? In addition, Asian experiences are contrasted with those from the Eurozone.

This book is about the most precious piece of paper we know, about bank-notes. Modern life would be unthinkable without them. Yet, the general public is kept very much in the dark about how they are made or who makes them. It is rarely known, for example, that despite America's technical Prowess all dollar bills are printed exclusively on German high-security printing presses using secret Swiss special inks, or that the phony 100 dollar bills, the so-called supernotes may well be printed in a top-secret printing works located just north of the white House and run by the CIA - although the US government is blaming the rogue government of North Korea for counterfeiting these bills. This book is finally lifting the veil on an industry used to absolute secrecy. It recounts the stories of a British banknote printer who, fearing the loss of his customer, informed the Egyptian secret service that the securities printing machinery the Egyptians were about to buy was of Jewish origin; of a private printer who convinced the Polish central bank that it should destroy a complete series of new, perfect banknotes which had been printed by a competitor, or of an Argentinean high-security printer who came to print genuine fake bank-notes for Zaire and Bahrain as a result of two sting operations, which smell of the Belgian and French secret service.

Moneymakers, by offering a detailed view of the banknote industry and its modus operandi, removes the industry's carefully imposed shroud of secrecy. This book has been researched over a five-year period in Europe, the USA, and Latin America. The book is based exclusively on personal Interviews and confidential mate4rial normally not accessible tooutsiders. There were attempts to stop this research project.

Klaus W. Bender has peered behind the scenes of the Secret and exclusive world of the moneymakers. - Financial Times Deutschland, 2004

The errors and pitfalls at the birth of the euro make Bender's research so unnerving. - Suddeutsche Zeitung, 2004

Bender does not mince his words when he describes abuses - and there are lots of them. - Neue Zurcher Zeitung, 2004

During the past few decades the economies of East and South East Asia have grown at a significant rate, resulting in a large proportion of the world's population being relieved from poverty in a relatively short space of time. This unprecedented phenomena underlines the importance of understanding the driving forces behind the growth 'miracle' of East Asia. Yanrui Wu addresses some of the most critical macroeconomic issues associated with East Asian growth. Principally focusing on the most rapidly emerging economies in the region, the author covers a broad base of topics. Several determinants of growth are examined and in each case an analytical framework is applied to empirical data. Specific themes include: * economic openness and growth * stock market development * intra-industry trade * growth engines in Singapore * productivity growth in Taiwan * the Asian financial crisis. Employing both cross-country analyses and case studies of individual economies, this important new book substantially contributes to the many debates surrounding economic growth in East Asia. The author's concise yet absorbing style will appeal to economic researchers, lecturers and students of economics, as well as business economists and market analysts.

In this book, leading experts in the field examine the effects of the recent growth in concentration in the European food retailing sector. In particular, the book develops a number of buyer power propositions and builds on the previous work of several of the authors, to consider how the growth of large supermarket chains affects competition in food retailing. The authors outline the theoretical and policy analysis underpinning the work and assess evidence on the size and growth of supermarket chains across the EU. Whilst not entirely critical, they suggest that there is strong evidence in some countries that supermarkets use their buying power to impose unfair terms and conditions on suppliers, particularly affecting small suppliers. The authors use case studies, to provide an in-depth analysis of four European countries, namely France, Germany, Spain and the UK. The book ends with a discussion of policy issues against a backdrop of likely future trends in concentration in this area. Academics working in the areas of microeconomics and industrial economics as well as those involved in European competition policy more generally, such as lawyers, civil servants and consultancy groups, will find this volume enlightening.

This book focuses on one of the most important features of the contemporary Japanese economy; cross shareholding - or mutual shareholding - between corporations. The book analyses recent trends and the reasons behind these, and discusses the implications for the entire Japanese economic system and highlights relevant public policy. Mitsuaki Okabe proposes that the dissolution of cross shareholdings has weakened the importance of long-term transactional relationships as seen in the Keiretsu (the 'main bank') practice and employment, and that as a result the character of the economy is now closer to that of the Anglo-American system. Cross Shareholdings in Japan is a timely book and will be of special interest to academics and researchers of economics, Asian studies and finance, as well as policymakers and those involved either directly or indirectly in the Japanese financial system.

In The Methodology of Macroeconomic Thought, Sheila Dow attempts to bridge the gap between methodology and macroeconomic theory through the study of four different schools of thought in economics - the Neo-Austrian, mainstream, post Keynesian and Marxian traditions - and by seeking to understand their methodological foundations in their own terms. In this substantially-revised new edition of her classic work, Macroeconomic Thought: A Methodological Approach, Dr Dow argues for methodological awareness among practising economists as a basis for constructive debate and reasoned argument. The methodological content has been substantially increased to include material on recent developments in the field. After analysing the historical and methodological development of each of the schools, the author covers the micro-foundations of their macroeconomics and their approaches to key concepts including equilibrium, expectations, money and macroeconomic policy. The author seeks to identify the sources of differences between schools of thought as well as potential and actual commonalities before examining their differences at a conceptual level. Unlike other accounts, mainstream economics is treated here as one school of thought on a par with Neo-Austrian economics, PostKeynesian economics and Marxian economics. The Methodology of Macroeconomic Thought will be welcomed by readers for its description and analysis of these schools in their own terms, as well as for the wider perspective it offers on methodology.

This book outlines the connection between the principles of proportionality of state intervention and strategies made by the European Union. It describes underlining reasons for the occurrence of the global economic recession and available intervention options for governments to the EU markets.This book works out several possibilities EU countries use with the help of state intervention to actively intervene in the market economy. The author critically assesses the proportionality of interventions in the markets of EU members. With regard to the European economic recession, the book highlights the background of the global financial and external debt crisis. In this context, possible measures for growth promotion processes of the EU are also described.The book will appeal to lecturers and students of economics disciplines worldwide, political advisors of EU member states and decision-makers of the European Central Bank; as well as, in principle, all interested readers who would like to learn more about fiscal policy in the European Union.

This book shows that research contributions from different fields-finance, economics, computer sciences, and physics-can provide useful insights into key issues in financial and cryptocurrency markets. Presenting the latest empirical and theoretical advances, it helps readers gain a better understanding of financial markets and cryptocurrencies. Bitcoin was the first cryptocurrency to use a peer-to-peer network to prevent double-spending and to control its issue without the need for a central authority, and it has attracted wide public attention since its introduction. In recent years, the academic community has also started gaining interest in cyptocurrencies, and research in the field has grown rapidly. This book presents is a collection of the latest work on cryptocurrency markets and the properties of those markets. This book will appeal to graduate students and researchers from disciplines such as finance, economics, financial engineering, computer science, physics and applied mathematics working in the field of financial markets, including cryptocurrency markets.

This concise book, by one of the leading scholars in development economics, has been developed from a series of lectures given to masters students and will serve as an excellent introduction to the principles of growth and development theory. The author presents conventional wisdom with a critical eye and charts development economics as it has evolved from Adam Smith to 'new' or endogenous growth theory. Thirlwall is critical of the latter, and its predecessor neo-classical growth theory, and tries to put back demand as a driving force in growth theory. He argues that in an open developing economy one of the major constraints is the availability of foreign exchange to pay for imports, so that export growth which relaxes a balance of payments constraint on demand becomes a crucial determinant of overall growth performance. Demand creating its own supply in a growth context, rather than the pre-Keynesian view of supply creating its own demand, provides an alternative framework to the neo-classical one for understanding the differential growth performance of nations. This highly original book will be essential reading for all students and scholars of development and growth economics.

National Accounting and Capital presents definitive solutions to current problems in national accounting practice. Professor Hartwick deals expertly with problems in accounting natural capital, financial capital and skills capital and communicates his solutions in specially designed national accounting tables or matrices. Key issues discussed include: * new developments in the theory of green national accounting, particularly the place of natural resource stocks in the national accounts * the relationship between dollar valued net national product and sustainable income * an extension of standard treatments of capital, (buildings, machines, etc.), in the national accounts to deal with natural resources, human capital, and financial capital, (equities of banks and other firms and loans from banks to firms) * the sustainability of the current path of an economy * the role of capital gains on 'new' types of capital in the expression for net national product In addition, Professor Hartwick indicates how to deal with certain long-standing issues involving services to banks in the national accounts. The accounts are always expressed in a national accounting matrix and this makes for consistency in style. He wishes to persuade readers of the value of this approach. This book will be of immense use to scholars of national and environmental accounting and practitioners in government statistical agencies, the UN, the World Bank and the IMF.

This volume spans economics, history, sociology, law, graphic design, religion, environmental science, politics and more to offer a transdisciplinary examination of debt. From this perspective, many of our most pressing social and environmental crises are explored to raise critical questions about debt's problems and possibilities. Who do we owe? Where are the offsetting credits? Why do such persistent deficits in care permeate so much of our lives? Can we imagine new approaches to balance sheets, measures of value, and justice to reconcile these deficits? Often regarded as a constraint on our ability to meet the challenges of our day, this volume reimagines debt as a social construct capable of empowering people to organize and produce sustainable prosperity for all. This text is ideal for provoking classroom discussions that not only point out the gravity of the crises we face in the twenty-first century, but also seeks to set readers' minds free to create innovative solutions.

Economic Growth is an advanced undergraudate text written specifically for one semester courses in growth theory and for first year graduate students to refresh their knowledge. It should also be of great use for scholars and professional economists as the text contains many references to practical policy issues. The author condenses the fundamental issues of growth theory and covers the new ideas in a highly entertaining text, written in a clear and accessible style.

This expanded and enlarged third edition of Theodore Pelagidis and Michael Mitsopoulos' popular Who's to Blame for Greece? covers almost a decade of Greece's economic crisis from 2009 to 2019, as well as recent developments in the first months of 2020. It provides an overview of recent developments in the Greek economy and outlines the most important obstacles to a return to robust and sustainable growth rates. It considers the new optimism being developed in Greece after the crisis, but also the policy challenges facing Greece emanating from a deeply hurt economy in the aftermath of the crisis and the structural problems that persist. The book covers the most recent issues that affect the Greek economy including, the migration crisis at the borders with Turkey as well as a faltering global economy hit by the Covid-19 pandemic. This book will appeal to researchers, practitioners and policy makers interested in the EU and the political economy of Greece and offers valuable updates on the second edition.

The widespread capital market liberalisation has resulted in a massive surge in international capital flows and the development of a more integrated world financial system. At the same time, however, the volatility of capital flows has increased and the stability of this modern financial system has been called into question by a number of financial and currency crises. In this volume the editors assess the behaviour of international capital markets during this period, focusing on both the causes and the consequences of financial instability. They examine the origins of the Latin American and East Asian crises and the lessons that can be drawn from these, and they consider the proposals for reform of the international financial system which have followed. This collection of papers, written by both academics and practitioners, is addressed both to specialists and to a wider audience, and will provide insight into an extremely important global development.