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Radical Origins to Economic Crises - German Bernacer, A Visionary Precursor (Hardcover, 1st ed. 2018)
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Radical Origins to Economic Crises - German Bernacer, A Visionary Precursor (Hardcover, 1st ed. 2018)
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This book presents the complete and pioneering works of the great
Spanish economist, German Bernacer (1883-1965), to an English
audience for the first time. Bernacer, the first director of the
Research Service of the Bank of Spain (1930-55), inspired Keynes'
theory but was also a major critic and opponent of it. A macro
economist by trade, Bernacer's major theory related to recurring
crises, which he believed were inherent in the existence of
speculative markets such as property, works of art, long term
currency markets, commercial trading, materials, and energy.
Bernacer believed that these speculative markets generate unearned
income and hoarding,they abound in financial capital and, when such
capital is captured, it then lacks in production industries where
real value is created, draining their financing. The author shows
how history has repeated itself in this manner in 1929, 2007, 2008,
2014 and 2016. The author derives his content from Bernacer's
Spanish publications and his private correspondence with his
contemporary economists, providing an historical and thematic
insight into his thinking. It is well-timed to contribute to
current worldwide debates on monetary,financial and budgetary
policies needed to implement an economic order that can restore
economic stability, providing readers with rare and important
insights into the deep roots of crises. The book will be of
interest to all readers interested in the history of economic
thought, history of financial crises, Keynesian approaches to
economics and criticism to Keynesian approaches.
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