This major Handbook consists of 29 contributions that explore the full range of exciting and interesting work on money and finance currently taking place within heterodox economics. There are many themes and facets of alternative monetary and financial economics but two major ones can be identified. The first concerns the nature of money: money is credit created through the financial system in the process of loan creation. The second theme is that money is endogenous and not exogenous. Contributions to the Handbook cover the origins and nature of money, detailed analyses of endogenous money, surveys of empirical work on endogenous money and the nature of monetary policy when money is endogenous. The second theme focuses on the financial system, and the perception that it is generally subject to volatility, instability and crisis. This Handbook will undoubtedly serve as the ultimate guide to the full spectrum of alternative monetary economics. Philip Arestis and Malcolm Sawyer have performed an invaluable task in compiling a comprehensive Handbook, written by leading specialists, that will be required reading by upper level undergraduate and postgraduate students studying money, finance and macroeconomics as well as heterodox and monetary economists more generally.

This major reference book has been designed to provide a comprehensive coverage of radical political economy. International in scope, The Elgar Companion to Radical Political Economy includes contributions from a very wide range of specialists who discuss topics, ideas and theories in the field. Radical political economy is a term used to encompass a range of different schools of thought. These include post Keynesian, Kaleckian, Marxian, Institutionalist, Sraffian and other approaches to economics which share the common theme of production, rather than the exchange focus of neoclassical and Austrian economics. Their concern with the generation and use of the surplus leads them to an interest in dynamics, income distribution, growth and development, and capital accumulation. With over 100 entries, the companion provides detailed information on a wide range of aspects of radical political economy as well as some important insights into its theoretical underpinning. A special feature of the book is its emphasis upon explaining the positive elements in radical political economy. As the first book of its kind devoted to radical political economy, the companion will be an essential reference source for scholars and students with an interest in the development of economic ideas.

This book is the fifteenth volume in the renowned International Papers in Political Economy (IPPE) series which explores the latest developments in political economy. Containing contributions by experts in the field, this book focuses on topics that address the ongoing debate of inequalities in economic systems. Inequality has been considered a problem by many academics and policy makers for a long time now and recently here has been some evidence of increasing inequalities in society. Contributors to this book focus on the causes and consequences of inequality along with the importance of tackling inequality and recommend potential policies to reduce it, for example tax reforms. The book covers different aspects of inequality - from income to gender - and explores links between inequality and economic growth, and financialisation and financial crisis.

This important book presents a thematic selections of essays by leading post Keynesian economists from Europe and North America. It focuses on a major feature of post Keynesian economics namely the interrelationships between pricing, distribution and growth. It is no accident that these aspects were emphasised in the work of the founding fathers particularly Kalecki and Keynes. Included in the present volume are essays by scholars who have made significant contributions to our understanding of these relationships. Lying behind them is the emphasis on the role of time and uncertainty that initially comes from the works of Keynes, Kalecki and Kaldor. The book offers a thorough coverage of both pricing and distribution as well as the related issue of growth which has, hitherto, been comparatively neglected. It also provides a critical appraisal of certain aspects of main stream economics.

This book examines the performance of the Brazilian economy since the Great Financial Crisis of 2007/2008 with focus on both the productive and financial dimensions, along with distributional and social issues. The book will bring to light the causes of the fast recovery over 2009-2010 as well as of the slowdown after 2011. The chapters use econometric approaches and traditional Keynesian and post-Keynesian theories to empirically analyse the macro scenario. They explore monetary policy, fiscal policy, alongside discussion of investments and the exchange rate market, and an analysis of social policy and its impact on the economy.

This book honours Professor John McCombie's retirement by exploring a variety of themes, theories and debates in non-orthodox macroeconomics. With contributions from leading scholars, the book covers diverse ground in economic thought, policy, empirical work and modelling. It demonstrates ongoing presumptions and asks probing questions of topical questions from the increase of income equality to the international variation of productivity investment. This collection will appeal to academics and students with an interest in the history of macroeconomic thinking.

The period of past four decades has been characterized as one of neo-liberalism, financialization, globalization, privatization and de-regulation. Inequality has risen in industrialised countries, labour's share in national income has been in decline and economic growth slowed. The evidence of the damage to the environment from human economic activity, and the dramatic consequences of failure to address climate change have become more apparent and urgent. The global financial crises shocked the complacency of the neo-liberal era, though a decade later it may be doubted how much has changed. The central purpose of this volume is to investigate a range of economic and social policies, which move in the direction of constructing a post-neoliberal world. These range over alternative forms of ownership (public, co-operative), policies to address and reverse economic and social inequalities, responses to the forces of globalization, re-constituting the financial system and its roles, and the nature of employment.

The International Papers in Political Economy (IPPE) series explores the latest developments in political economy. This twelfth volume presents a collection of eight papers, analysing the emergence and economic problems of the emerging economies during and after the international financial crisis of 2007-8 and the subsequent Great Recession. The contributions range from an analysis of the international financial crisis of 2007-8 in general terms to an analysis of the same but concentrating on the emerging economies, before turning to groups of economies, Arab, African and Eastern European countries, and two relevant but individual countries, namely China and Turkey. This book offers students, scholars, researchers and policy-makers detailed analysis and informed commentary on the origins of the international financial crisis of 2007-8 and the great recession by focusing on its effect on emerging countries.

European economic and monetary union continues to be the subject of intense controversy, and the launch of a single currency in January 1999 served to concentrate this debate around one issue: is the euro in the interests of Europe? This pertinent book attempts to address this contentious question. The authors offer a sustained argument that the single currency as currently implemented does not promise to deliver prolonged growth. They contend that the economic impact of the euro, and its accompanying institutions, is likely to be destabilising and deflationary; that the political impact is profoundly undemocratic and that the social consequences are likely to be deleterious. They do not reject the concept of a single currency but are highly critical of policy arrangements such as the Stability and Growth Pact which govern the euro. The authors propose alternative policy and institutional arrangements within which the euro should be embedded. They demonstrate that these would have the benefits of a single currency whilst avoiding many of the potential costs identified by detractors. EMU will continue to cause huge changes in the social and economic sphere of Europe. This book does not attempt to polarise the debate by simply advocating for or against the euro, but instead puts the situation into context, identifies potential problems and proposes possible remedies. It will be required reading for economists, political scientists, politicians and policymakers.

An examination of the future of economic policy in the next millennium, assessing the reasons for the shift to a more sceptical view of the role of government given the power of the financial markets and the impact of globalization. These contributions from within the political economy tradition emphasise the important lessons from the past about the varieties of forms of capitalism, the importance of public institutions and public policy and the limitations of the rival laissez-faire approach. The dangers of an unregulated and powerful financial sector for the real side of the economy are a particular focus of attention. Proposals to rectify the shortcomings of financial markets and shift the focus of policy to a greater concern for the poor and excluded are put forward. The message to the economic policy-makers of the future is that markets perform valuable economic and social functions, but perform these better when appropriately regulated and controlled.

The processes of globalisation and increased economic regionalism have had profound, often destabilising, effects on modern economic and financial systems. In recognition of this fact, the editors of this fine book have collected together a diverse range of heterodox ideas surrounding the complex relationships and interactions between globalisation, regionalism and economic activity.The book promotes real-world economic issues and explores them without adopting any particular methodological, ideological or theoretical agenda. A number of influential economists explore the inter-relationships between globalisation, regionalism, finance, economic growth and development from a global perspective. Amongst other topics, the book includes comprehensive discussions on fixed versus flexible exchange rates; international liquidity; the WTO dispute settlement system; the eastward expansion of the European Union; crowding-out in export led growth; demand and supply in the New Economy; the national origin of financial liberalisation in the US; and the relationship between savings and investment. The range and depth of analysis makes this book a timely and useful contribution to current policy debates. Academics, students and scholars with an interest in globalisation, international economics and macroeconomics will do well to read this eclectic and stimulating volume.

Contents:
1. Arestis, Desai and Dow On Chick's Life as an Academic
2. Claudio Sardoni On the Microeconomic Foundations of Macroeconomics: a Keynesian Perspective
3. Meghnad Desai The Nature of Equilibrium in Keynes's General Theory
4. Maria Cristina Marcuzzo From the Fundamental Equations to Effective Demand: 'Natural Evolution' or 'Change of View'?
5. Alexander C. Dow and Sheila C. Dow The Relevance of Historical Experience for Economics
6. Geoffrey M. Hodgson General Theorising versus Historical Specificity: a Problem for Post Keynesians
7. Roy J. Rotheim Timeful Theories, Timeful Theorists
8. Tony Lawson Mathematical Formalism in Economics: What Really is the Problem?
9. Jan Toporowski Mathematics as Natural Law: an Epistemological Critique of Formalism in Economics
10. Giuseppe Fontana and Bill Gerrard The Encompassing Principle as an Emerging Methodology for Post Keynesian Economics
11. Athol Fitzgibbons A Note on Non-Walrasian Macroeconomics
12. Suzanne W. Helburn Marshall and Keynes on Rational (Ethical) Economic Man
13. B. J. Loasby Cognition and Co-ordination
14. Donald Gillies and Grazia Ietto-Gillies Keynes's Notion of Causa Causans and its Application to the Globalization Process
15. Fabiana Santos and Marco Crocco Technology and the Need for an Aternative View of the Firm in Post Keynesian Theory
16. Ian Steedman Consumer Beliefs and a Possible Welfare 'Gain' from Monopoly
17. David Pearce The Political Economy of Economic growth and Environmental Protection
18. Carmen Aparecida Feijo Firms and Banks Interacting in a Monetary Production Economy
19. Adriana M. Amado The Regional Impact of the Internationalization of the Financial System: the Case of Mercosul
20. Jochen Runde Assessing Credit Worthiness and Small-Firm Bank Lending
21. P. A. Riach and J. Rich Women's Work or Work for Women?
22. Victoria Chick's Publications

What can Keynesian economics mean in the 21st century? Do globalization, inflationary pressures and supply-side constraints make managing demand in a domestic economy impossible? Or could its use to tackle unemployment be put back on the political agenda? These essays examine the potential relevance of Keynesian policies for Europe, America, the developing world and the global economy. There is no common definition, but Keynesianism is throughout seen as more than demand management, with policy proposals to promote investment, strengthen the supply-side and reduce uncertainty.

In these twelve essays, spanning fifteen years, Victoria Chick develops a distinctive view of macroeconomics (especially the economics of Keynes) and monetary theory. By careful and rigorous analysis in which nothing is taken for granted, she uncovers the implicit assumptions of economic theory and argues, in a variety of contexts, that differences of economic method and the influence of the stylised facts are decisive forces, both in the construction of theories and in appraising their contemporary relevance.

Geoff Harcourt has made substantial and wide-ranging contributions to economics in general and Post-Keynesian economics in particular. In these volumes more than 80 of the world's leading economists pay tribute to, and critically evaluate, his work.
"Markets, " "Unemployment and Economic Policy" addresses: the methodological foundations of economic analysis; the theoretical and empirical studies of alternative economic systems; and specific issues in economic policy including privatization and unemployment. Contributors include: Tony Atkinson, Tony Lawson, Edward Nell and Ian Steedman.

Geoff Harcourt has made substantial and wide-ranging contributions to economics in general and Post-Keynesian economics in particular. In these volumes more than 80 of the world's leading economists pay tribute to, and carefullly evaluate, his work.
"Capital" "Controversy, Post Keynesian Economics and the History of Economic Thought" focuses on: debates about capitol theory; the development of post-Keynesian economuics and the evolution of the "Cambridge tradition"; and major figures in the development of economics including Marx, Keynes and Sraffa. Contributors include: William Baumol, Christopher Bliss, Paul Davidson, John Eatwell, Paul Samuelson and Robert Solow.

This book explores the issues caused by climate change and environmental degradation, alongside the economic policies that can help secure an environmentally sustainable future. Through examining sustainability and resilience, the neoliberal globalised trading system and recent economic policies are questioned to inquire into whether capitalist economies are compatible with addressing climate change. Prolonged economic growth, forms of ownership, economic equality, the global ecosystem, universal basic services, the Green New Deal, and inclusive growth, are also discussed. Economic Policies for Sustainability and Resilience aims to provide policy options to develop sustainable and resilient market economies. It will be relevant to students, researchers, and policymakers interested in the political economy, environment economics, and economic policy.

Discussing the turbulent 1980s and 1990s, which have seen important developments in the area of money and banking, this book focuses on the ones that will shape issues in this area as the 21st century approaches. These are: financial innovations; the EMS and international monetary systems; certain issues in monetary policy arising from recent developments in monetry economics, such as monetary policy in an interdependent world; liquidity constraints and monetary policy; and monetary problems of developing countries which emanate from attempts to introduce financial liberalization types of policies in these countries.

This book investigates the changing nature of economic policies following the Global Financial Crisis of 2007-9. Well-respected, international scholars come together to discuss the level of economic growth following the crisis, concerns over inequality in industrialised countries, and labour market policies.

This is the third volume of the series of International Papers in Political Economy (IPPE). The theme of this volume is the political economy of a number of Latin American countries in the aftermath of the introduction of liberalization policies in this part of the world. In particular, the book concentrates on recent economic performance. The book assesses notions of neoliberalism, democracy and economic policy in Latin America, examines the economic policies of the first period of President Lula da Silva in Brazil, appraises Chile's experience between neo-liberalism and equitable growth, considers of the possibility of Argentina in the late twentieth century and early Twenty-First being a case of disruptive international financial integration, and assesses recent political economy in Venezuela, examining the extent to which political stability matters in the case of Ecuador.

This book aims at addressing the emergence of a 'new consensus in macroeconomics' (NCM), following the end of the 'old consensus' and the 'golden age' period of the late 1960s and early 1970s, and the spur of the 'schools of thought' controversies thereafter. The book deals not only with the question of whether a consensus has actually emerged, but also elaborates on the many aspects of this new consensus that exercised macroeconomics over the recent past.

This is the third and final volume written in honour of Bernard Corry and Maurice Peston by an internationally renowned group of experts, and focuses on the application of economics to policy advice.The contributors to this volume consider practical policy issues including labour market policy and the problem of unemployment, methodology and econometric analysis, taxation policy, industrial regulation, practical applications of transaction cost theory in the European Union, policy issues such as foreign direct investment and pension reform affecting transition economies and training policies in developing countries.

In the past few decades, and intensified since the global financial crisis of August 2007, heterodox macroeconomics has developed apace and its scope has broadened in a number of directions. The purpose of this volume is to review the 'state of the art' in heterodox macroeconomics, its strengths and weaknesses and future directions. Heterodox macroeconomics has broadened its scope through gender macroeconomics, ecological macroeconomics and further incorporated income distribution and inequality into macroeconomics analysis. New macroeconomic models, particularly stock-flow consistent modelling has become a widely used mode of analysis. Money and finance, monetary policy and fiscal policy as well as other policies have been discussed widely. The focus of this edited collection is on all of these issues, with chapters focusing on inflation, ecological sustainability and regulatory policy.

This is the first of three volumes, written by an internationally renowned group of experts, to celebrate the contribution of Bernard Corry and Maurice Peston to teaching and research.In this first volume, the distinguished contributors provide original material on the formulation of macroeconomic policy in advanced countries ranging from a study of central bank independence, the consequences of European monetary union and macroeconomic policy in transition economies.