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| Titre : | Capitalism, Macroeconomics and Reality : Understanding Globalization, Financialization, Competition and Crisis | | Type de document : | texte imprimé | | Auteurs : | James Crotty, Auteur | | Editeur : | Edward Elgar | | Année de publication : | 2019 | | Importance : | 428 P | | Présentation : | ILL | | Format : | 24 cm | | ISBN/ISSN/EAN : | 978-1-83910-080-2 | | Langues : | Anglais | | Index. décimale : | 330.122 Economie libérale. Capitalisme | | Résumé : | This wide-ranging set of papers deals with crucial questions in economic theory, economic policy and economic history. The papers help explain why economic performance deteriorated dramatically in the West over the past three decades as the ''Golden Age'' of capitalism after World War II was replaced by global neoliberal capitalism. They show that theoretical frameworks rooted in the radical and heterodox traditions can explain this evolution and the current global economic and financial crisis, something mainstream theories cannot do.
Topics include but are not limited to:
methodology: a critique of ''positivism'' is used to explain why mainstream reliance on fairy-tale assumptions should be replaced by realistic assumption sets as argued by Marx and Keynes
Marx, Keynes and Minsky on financial market instability versus mainstream theories of ''efficient'' financial markets
how Keynes's assumption that the future is unknowable revolutionized not only macro theory but the micro theory of agent choice as well
structural causes of the current global financial crisis
how innovative theories of competition, globalization, capital investment and financialization inspired by Marx, Keynes and Schumpeter can be used to explain the crisis tendencies of neoliberal capitalism
the influence of class conflict on economic policy, including in the current ''austerity'' regimes.
The papers in this book should be of interest to most economists and can be used in both graduate and upper level undergraduate courses. Many of these papers are accessible to anyone who reads the business press. | | Note de contenu : | Introduction
PART I: METHODOLOGY AND THEORY AS IF REALITY MATTERED: FRIEDMAN VS. KEYNES, MARX AND MINSKY
1. The Realism of Assumptions Does Matter: Why Keynes-Minsky Theory Must Replace Efficient Market Theory as the Guide to Financial Regulation Policy
2. Are Keynesian Uncertainty and Macrotheory Compatible? Conventional Decision Making, Institutional Structures and Conditional Stability in Keynesian Macromodels
3. The Centrality of Money, Credit and Financial Intermediation in Marx’s Crisis Theory: An Interpretation of Marx’s Methodology
PART II: UNDERSTANDING THE GREAT FINANCIAL CRISIS OF 2007-2008
4. If Financial Market Competition is Intense, Why are Financial Firm Profits so High?: Reflections on the Current “Golden Age” of Finance
5. Structural Causes of the Global Financial Crisis: A Critical Assessment of the “New Financial Architecture”
6. How Bonus-Driven “Rainmaker” Financial Firms Enrich Top Employees, Destroy Shareholder Value and Create Systemic Financial Instability
PART III: KEYNES, THE “KEYNESIANS” AND “NEW KEYNESIANS” ON INVESTMENT THEORY
7. Is New Keynesian Investment Theory Really “Keynesian”?: Reflections on Fazzari and Variato
8. Owner-Manager Conflict and Financial Theories of Investment Instability: A Critical Assessment of Keynes, Tobin and Minsky
PART IV: COMPETITION, GLOBALIZATION, ACCUMULATION AND FINANCIALIZATION IN THE SPIRIT OF MARX, SCHUMPETER AND KEYNES
9. Rethinking Marxian Investment Theory: Keynes-Minsky Instability, Competitive Regime Shifts and Coerced Investment
10. Core Industries, Coercive Competition and the Structural Contradictions of Global Neoliberalism
11. The Neoliberal Paradox: The Impact of Destructive Product Market Competition and Modern Financial Markets on Nonfinancial Corporation Performance in the Neoliberal Era
PART V: RADICAL THEORY, CLASS CONFLICT AND POLICY IN THE US AND ABROAD
12. Was Keynes a Corporatist?: Keynes’s Radical Views on Industrial Policy and Macro Policy in the 1920s
13. Class Conflict and Macropolicy: The Political Business Cycle
14. The Great Austerity War in the US: What Caused the US Deficit Crisis and Who Should Pay to Fix It?
15. Was IMF-Imposed Economic Regime Change in South Korea Justified: The Political Economy of the IMF
Index |
Capitalism, Macroeconomics and Reality : Understanding Globalization, Financialization, Competition and Crisis [texte imprimé] / James Crotty, Auteur . - USA : Edward Elgar, 2019 . - 428 P : ILL ; 24 cm. ISBN : 978-1-83910-080-2 Langues : Anglais | Index. décimale : | 330.122 Economie libérale. Capitalisme | | Résumé : | This wide-ranging set of papers deals with crucial questions in economic theory, economic policy and economic history. The papers help explain why economic performance deteriorated dramatically in the West over the past three decades as the ''Golden Age'' of capitalism after World War II was replaced by global neoliberal capitalism. They show that theoretical frameworks rooted in the radical and heterodox traditions can explain this evolution and the current global economic and financial crisis, something mainstream theories cannot do.
Topics include but are not limited to:
methodology: a critique of ''positivism'' is used to explain why mainstream reliance on fairy-tale assumptions should be replaced by realistic assumption sets as argued by Marx and Keynes
Marx, Keynes and Minsky on financial market instability versus mainstream theories of ''efficient'' financial markets
how Keynes's assumption that the future is unknowable revolutionized not only macro theory but the micro theory of agent choice as well
structural causes of the current global financial crisis
how innovative theories of competition, globalization, capital investment and financialization inspired by Marx, Keynes and Schumpeter can be used to explain the crisis tendencies of neoliberal capitalism
the influence of class conflict on economic policy, including in the current ''austerity'' regimes.
The papers in this book should be of interest to most economists and can be used in both graduate and upper level undergraduate courses. Many of these papers are accessible to anyone who reads the business press. | | Note de contenu : | Introduction
PART I: METHODOLOGY AND THEORY AS IF REALITY MATTERED: FRIEDMAN VS. KEYNES, MARX AND MINSKY
1. The Realism of Assumptions Does Matter: Why Keynes-Minsky Theory Must Replace Efficient Market Theory as the Guide to Financial Regulation Policy
2. Are Keynesian Uncertainty and Macrotheory Compatible? Conventional Decision Making, Institutional Structures and Conditional Stability in Keynesian Macromodels
3. The Centrality of Money, Credit and Financial Intermediation in Marx’s Crisis Theory: An Interpretation of Marx’s Methodology
PART II: UNDERSTANDING THE GREAT FINANCIAL CRISIS OF 2007-2008
4. If Financial Market Competition is Intense, Why are Financial Firm Profits so High?: Reflections on the Current “Golden Age” of Finance
5. Structural Causes of the Global Financial Crisis: A Critical Assessment of the “New Financial Architecture”
6. How Bonus-Driven “Rainmaker” Financial Firms Enrich Top Employees, Destroy Shareholder Value and Create Systemic Financial Instability
PART III: KEYNES, THE “KEYNESIANS” AND “NEW KEYNESIANS” ON INVESTMENT THEORY
7. Is New Keynesian Investment Theory Really “Keynesian”?: Reflections on Fazzari and Variato
8. Owner-Manager Conflict and Financial Theories of Investment Instability: A Critical Assessment of Keynes, Tobin and Minsky
PART IV: COMPETITION, GLOBALIZATION, ACCUMULATION AND FINANCIALIZATION IN THE SPIRIT OF MARX, SCHUMPETER AND KEYNES
9. Rethinking Marxian Investment Theory: Keynes-Minsky Instability, Competitive Regime Shifts and Coerced Investment
10. Core Industries, Coercive Competition and the Structural Contradictions of Global Neoliberalism
11. The Neoliberal Paradox: The Impact of Destructive Product Market Competition and Modern Financial Markets on Nonfinancial Corporation Performance in the Neoliberal Era
PART V: RADICAL THEORY, CLASS CONFLICT AND POLICY IN THE US AND ABROAD
12. Was Keynes a Corporatist?: Keynes’s Radical Views on Industrial Policy and Macro Policy in the 1920s
13. Class Conflict and Macropolicy: The Political Business Cycle
14. The Great Austerity War in the US: What Caused the US Deficit Crisis and Who Should Pay to Fix It?
15. Was IMF-Imposed Economic Regime Change in South Korea Justified: The Political Economy of the IMF
Index |
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330 Economie
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