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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.
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