The Great Recession and the contradictions of contemporary capitalism
'This book makes a difference compared with the mass of existing crisis literature. Exploring a variety of heterodox approaches, it clearly discusses the important issues behind the well known facts: the dynamics of capitalism leading to the current crisis, the character of the crisis as mainly...
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| Format: | eBook |
| Language: | English |
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Cheltenham
Edward Elgar Pub. Ltd
2014
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| Series: | New directions in modern economics
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| Collection: | Edward Elgar eBook Archive - Collection details see MPG.ReNa |
| Summary: | 'This book makes a difference compared with the mass of existing crisis literature. Exploring a variety of heterodox approaches, it clearly discusses the important issues behind the well known facts: the dynamics of capitalism leading to the current crisis, the character of the crisis as mainly financial or as a result of changing conditions in production and consumption, the "rationality" of money, credit and debt, and the gender perspective of the crisis. Here you can find interesting alternatives to sterile mainstream discussions.'--Michael Heinrich, University of Technology and Economics, Germany. 'An excellent assemblage of scholarly thought on the current economic mess in Europe and America. Drawing on a range of left traditions in political economy, from Marx to Keynes to Minsky, the authors offer original takes on crisis theory, financial fragility and austerity. The Great Recession has punctuated the long history of capitalism and is a necessary outcome of contemporary capitalism's great contradictions, both in its Anglo-Saxon configuration and European neo-mercantilism posture. To be properly understood it is vital to take into account the ongoing structural transformation of the crisis in its multiple dimensions. Through expert contributions, this book explores the integral role of finance, class and gender in analysing the great recession, alongside offering plural theoretical interpretations of the crisis. The Great Recession and the Contradictions of Contemporary Capitalism presents a comprehensive insight into the global crisis, focusing on debt, asset inflation and financial fragility. Key areas such as global imbalances, monetar ... 1. The Great Recession and the contradictions of contemporary capitalism / Bellofiore R. -- 2. The crisis of the early 21st century : Marxian perspective / Duménil G. and Levy D. -- 3. Marx, Keynes and Hayek and the Great Recession of 2008 / Desai M. -- 4. Fictitious capital in the context of global over-accumulation and changing international economic power relationship / Chesnais F. -- 5. Conventions and disruptions / Marazzi C. -- 6. Debt, class and asset inflation / Toporowski J. -- 7. Speculation, financial fragility and stock-flow consistency / Michell J. -- 8. A structural monetary reform to reduce global imbalances : Keynes' plan revisited to avert international payment deficits / Rossi S. -- 9. The true rules of a good management of public finance : an implication of the fatal Euro-zone crisis / Parguez A. -- 10. Growth and crisis in the Italian economy / Valli V. -- 11. What's gender got to do with the Great Recession? : the Italian case / Vertova G. -- 12. Financial and nuclear meltdowns : the fragility of chain-reaction critical processes / Vercelli A The book's great strength is the depth of analysis of money, debt and speculation, and how they are implicated in the malfunctioning of contemporary capitalism. A salutatory challenge to the aridity of so much of conventional economics.'--Richard A. Walker, University of California, US. 'The Great Recession has shaken up the economics profession, underscoring the urgency of developing new and innovative ways of understanding the changes in the global economy. This excellent and thoughtful volume offers a series of heterodox analyses that will do just that. It will prove valuable to economists ready to question neoclassical and even Keynesian assumptions about how macroeconomies function in order to develop more relevant models and policies that fit our current system.'--Stephanie Seguino, University of Vermont, US. |
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| Physical Description: | 256 p |
| ISBN: | 9780857938527 9780857938534 |