The horizontalist perspective is an extension of the post-Keynesian
approach, that has hitherto focused on a theory of credit and
money. This book extends horizontalism beyond its traditional
boundaries and makes it consistent with the post-Keynesian theories
of output and the open economy. The authors compare and contrast
the horizontalist position with various orthodox and non-orthodox
views on money. They argue that horizontalism is perfectly
compatible with liquidity preference, credit constraints, and a
flexible interest-rate mark-up, and address recent developments in
banking that reinforce the validity of a horizontal schedule of
credit-money. The overall intention is to place horizontalism
within the current heterodox tradition as a general theory of the
creation of money that is consistent with the post-Keynesian view
on macroeconomic policy. Credit, Interest Rates and the Open
Economy is essential reading for those who wish to expand their
theoretical understanding of international financial issues and
will be of great interest to those involved in macroeconomics,
money and banking and radical economics.
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