Jan A. Kregel is considered to be “the best all-round general economist alive” (G. C. Harcourt). This is the first collection of his essays dealing with a wide range of topics reflecting the incredible depth and breadth of Kregel’s work. These essays focus on the role of finance in development and growth. Kregel has expanded Minsky’s original postulate that in capitalist economies stability engenders instability in international economy, and this volume collect’s Kregel’s key works devoted to financial instability, its causes and effects. The volume also contains Kregel’s most recent discussions of the Great Recession beginning in 2008.
Interest and Capital brings together Michał Kalecki's published fragments on monetary theory and policy to explore his distinctive approach to money and its circulation in the capitalist economy. Toporowski lays out Kalecki's critique of the international monetary arrangements proposed by Keynes and White at Bretton Woods, casting new light on the international monetary imbalances that have since disrupted the international economy. The greater importance of debt management revealed in Kalecki's monetary analysis makes it particularly relevant to the policy dilemmas of developing countries and governments facing high levels of debt in the wake of recent global crises. In Kalecki's theoretical approach, money has both an industrial and a financial circulation. Corporate finance takes its place at the centre of monetary considerations because it is the money of capitalists that is the autonomous determinant of expenditure in the economy. This theory has important implications for the rate of interest, which is not related to the rate of profit, nor to the kind of portfolio adjustments necessary to maintain portfolio equilibrium, but to the kind of financing that may prevail in any given phase of the business cycle.
This timely book studies the economic theories of credit cycles and disturbances in the 20th century, presenting a nuanced view of the role of finance in the economy after the financial crash of 2008. Focusing on the work of economists from Marx onwards, Jan Toporowski moves beyond conventional monetary theory to offer an insightful critical alternative to current financial macroeconomics.
This book will be of interest to advanced students looking for an even-handed overview of alternative theories of financial disturbances; academics who need a reference on the historical interrelationships of the literature in the field; and professionals who want to understand how the tools and concepts they use daily have emerged through time and whether there are forgotten lessons to be heeded. Susan K. Schroeder, Review of Political Economy Financial markets have an aura of disturbing instability. In this history of the thought of earlier economists who have studied the processes of finance, Jan Toporowski takes us on a fascinating journey to explore how they saw the impact of finance on the real economy. Not one for formal models, nor for rational expectations, Jan [Toporowski] values historical experience and the insights and experience of earlier great thinkers. Charles A.E. Goodhart, CBE, London School of Economics and Political Science, UK Jan Toporowski s Theories of Financial Disturbance is a tour de force. With his substantial knowledge of financial markets, his deep conceptual understanding of relevant concepts and his exhaustive reading of the essential literature, he is ideally placed to tell an absorbing narrative of, as he writes, critical theories of finance from Adam Smith to the present days and he has. In a world in which finance and industrial and commercial capital are so out of kilter with one another, Toporowski s lucid wisdom is required reading. G.C. Harcourt, University of Cambridge, Jesus College, Cambridge, UK and University of Adelaide, Australia Theories of Financial Disturbance examines how the operations of market-driven finance may initiate and transmit disturbances to the economy at large, by looking in detail at how various economists envisaged such disturbances occurring. This book is more than just a study in the history of economic thought it illustrates how economic debate focuses upon financial disturbance at times of financial instability, and then conveniently discards critical views when such instability recedes. Jan Toporowski looks at the development of critical theories from the views of Adam Smith and François Quesnay, and their reflection in recent new Keynesian ideas of Joseph Stiglitz and Ben Bernanke, through credit cycles in Alfred Marshall and Ralph Hawtrey, to the financial theories of Thorstein Veblen and Irving Fisher. Also studied are the theories of John Kenneth Galbraith, Michal Kalecki, John Maynard Keynes, Charles Kindleberger, Rosa Luxemburg, Hyman P. Minsky, Robert Shiller and Josef Steindl. Not least among the original features of this book are a discussion of Quesnay s attitude towards interest, and a chapter devoted to the work of the Polish monetary economist Marek Breit, whose work inspired Kalecki. Jan Toporowski s fascinating work will find its audience in academics of finance and financial economics, bankers, financiers and policy makers concerned with financial stability as well as anyone looking for arguments on the imperfect functioning of finance.
Ever since the 2007–8 global financial crisis and its aftermath, Hyman Minsky’s theory has never been more relevant. Throughout his career, Jan Kregel has called attention to Minsky’s contributions to understanding the evolution of financial systems, the development of financial fragility and instability, and designing the financial structure necessary to support the capital development of the economy. Building on Minsky, Kregel developed a framework to analyze how different financial structures develop financial fragility over time. Rather than characterizing financial systems as market-based or bank-based, Kregel argued that it is necessary to distinguish between the risks that are carried on the balance sheets of banks and other financial institutions. This volume, brought together by Felipe C. Rezende, highlights these major contributions from Kregel through a collection of his influential papers from various journals and conferences. Kregel’s approach provides a strong theoretical background to understand the making and unfolding of the crisis and helps us to draw policy implications to improve financial stability, and suggest an alternative financial structure for a market economy. In this book, his knowledge is consolidated and the ideas he puts forward offer a path for future developments in economics which will be of great interest to those studying and researching in the fields of economics and finance.
This volume develops an original critique of the belief that the present era of finance, where finance markets dominate contemporary capitalist economies, represents the best possible way of organising economic affairs. In fact, it is argued, the ensuing economic instability and inefficiency create the preconditions for the end of the dominance of finance. The End of Finance develops a theory of capital market inflation rooted in the work of Veblen, Kalecki, Keynes and Minsky, demonstrating how it disinclines productive activity on the part of firms, provides only short-term conditions that are propitious for privatisation and distorts monetary policy in the long-term. The author examines the role of pension fund schemes and financial derivatives in transmitting capital market inflation and provides a nuanced analysis of the contradictory role they play in the financial system. Capital market inflation is also examined in its historical context and compared with past inflations, in particular the South Sea and Mississippi Bubbles, which spawned the first financial derivatives, and the first privatisations. This broad historical vision allows us to see these forms of inflation as temporary and provisional in character.
Salvation in the New Testament offers an analysis of the soteriological perspectives and language of the different books of the New Testament. Special attention is given to the imagery used in expressing soteriological ideas. Salvation deals with becoming part of the people of God. In Salvation in the New Testament special attention is given to the nature and power of the salvific language used in the New Testament to express the dynamics of salvation. Individual articles on the different books of the New Testament highlight the diverse perspectives offered in these documents. The emphasis especially falls on the different images and metaphors which were used to express the event and moment of salvation, rather than on the results (ethics or behaviour) of salvation. An overview of the different perspectives on soteriology in the New Testament offers the opportunity to compare similarities and differences in concepts and expressions. It also illustrates the dynamic interaction between historical situations and salvific language and expression.
Why is there such a distance between the churches and the young people living around them? How can Christians engage with young people? How can they build relationships? How can they plan and develop their youth ministry? What practical skills do they need? For years John worked on Manchester's broken down estates, frequently dealing with aggressive, often drugged or drunk teenagers, and has learned the hard way how to diffuse tension, establish contact quickly, maintain boundaries, and also how to develop relationships over time and establish mutual respect.
This book brings solutions to a very great list of hitherto unsolved chronological and synchronisation problems. The reason why those solutions could be found lies in the extensive research the author made in old and often rare texts instead of limiting himself to the near exclusive source of the Bible. Ample use has been made of information that is available in works like the Books of Enoch, The Apocrypha, The Legends of the Jews, The Seder Olam, the Book of Jasher and many more, as well as in the texts from known historians like Herodotus and the famous Jewish historian and priest Flavius Josephus Just a few of the many special findings are: - The real reason why Joseph was so popular with the Pharaoh. - Sarah was not Abraham's (half)-sister. - Moses was uncircumcised and even forbade the ritual for 40 years. - Terah was not 70 years old when he begat Abraham. - The exact period of the Judges: when they started and when they ended. - A solution for the verse of the "about 450 years" of Paul's speech. - Why did the Lord God give form and then blew life into Adam? - Eve was not made out of Adam's rib but from another body part - A solution to the "impossible synchronism" of Judah and his sons. - Enoch made not one but 4 trips to Heaven. - The definitive answer: why did King Josiah attack Necho II? - Why did King Ahab not fight at Qarqar? And many more. The book has a unique style. It has nothing of the "study book", difficult to understand texts. The subject is serious, well researched, and treated with respect. But that does not mean that it cannot be presented at a fast moving pace, in easy to read style with here and there even a bit of humour. The purpose of the book is to prove that the promise that the Lord God made to Adam was kept. It held that there would be exactly 5500 years between the arrival of Adam in this world and the arrival of Christ. Every person who was of importance in that timespan has been visited. For every single one there are his years of birth and death or the years of his rule. Every person has a short story about some important part of his life, his actions or the influence he had on the history of the Hebrew people that lived in that period.
Do you wonder about the End Times, and what the Bible says about our eternal God and the final end? In THE END Jan du Rand offers a Bible-based perspective on popular topics such as the signs of the times and the Second Coming. A comprehensive index is provided for easy reference at the back of the book.
Muslim societies are struggling under the need for modernization and the drift towards Islamic fundamentalism. The balance between these two forces is struck differently in the various Muslim societies depending upon the constellation of groups as historical legacies. However, the tension is real. In this work, Jan-Erik Lane and Hamadi Redissi look at the underlying social consequences of religious beliefs to account for the political differences between major civilizations of the world against a background of the rise of modern capitalism. Offering a timely new appraisal of the political and social impact of Islam, this expanded second edition of Religion and Politics has been fully updated in line with new events and will be welcomed by political scientists and historians alike. In a readable and accessible style, this thought-provoking work raises the question of whether the tenets of Islam might be reconciled with the requirements of post-modernity.
This in-depth inductive Bible study examines Mark?s record of events in Christ?s life and ministry and considers the same events as presented in the other Gospels. The twenty-two-week study looks for eternal principles to lead Christ?s followers to a life of obedience and commitment. It includes many questions to bring personal application from Christ?s teaching through Mark?s historical and biographical narrative. The lessons also offer reflections in Scripture in the study of the classical spiritual disciplines to challenge students to grow in their faith as mature disciples of Christ.The study provides a number of options for completing the lessons. When a group is meeting weekly, each student will benefit from the review discussion suggested in the accompanying leader?s guide.
The reality of a radically changing world is beyond dispute. The notion of the Fourth Industrial Revolution is a heuristic key for the world of emerging technologies such as artificial intelligence, nanotechnology, quantum computing, big data, the internet of things, and biotechnology. The discussion of emerging technologies and the Fourth Industrial Revolution highlights urgent questions about issues like intention, function, risk, and responsibility. This publication stimulates further reflection, ongoing conversation, and eventually the production of more textured thinking. The conversation with technology and with thinkers on technology, holds the promise of a certain fecundity, the possibility to see deeper into human evolution, but also, may be, into the future of humankind.
Think twice" encouragements for women to help them make smart choices in life. Popular author and conference speaker Jan Silvious is back with savvy advice for women to help them deal with the important choices they face every day. Realizing choices bring consequences, she shares the value of the second look, the second perspective, and the second consideration as well as the significance of acknowledging red flags. Jan offers biblically sound, psychologically positive wisdom for smart choices in 8 critical areas: Time Money Words Family Men Giving Rest God
Can you understand algebra if you have never learned basic addition? Can you write a book if you have never constructed a simple sentence? In order to understand complex things, we must go back to the beginning and learn the basics. The same principle can be applied to our understanding of biblical truths. When looking at the complex issue of women’s ordination, it is important to examine the beginning of God’s Word. Pastor Jan Voerman’s analysis of the Genesis account of Creation and the fall of Adam and Eve more than strengthens an unpopular argument for the restoration of the traditional roles of men and women in society. In addition to studying the Old and New Testaments in regards to this topic, Pastor Voerman also draws from the writings of the early church fathers and Ellen G. White. The Ordination of Women: The Priesthood of All Believers and Other Aspects presents a surprisingly refreshing outlook on a complex subject that encourages readers to return to their biblical roots as “people of the book.”
Offering a timely new appraisal of the political and social impact of Islam, this expanded second edition of Religion and Politics has been fully updated in line with new events. Jan-Erik Lane and Hamadi Redissi look at the underlying social consequences of religious beliefs to account for the political differences between major civilizations of the world against a background of the rise of modern capitalism.
THIS BOOK TELLS the stories of twenty-five women, from the dawn of civilization to the present day, who bent the arc of history by what they did at the defining moment in their lives. At this critical juncture, they had a choice—taking the safe, or least risky, option—or challenging the status quo. They wielded the sword, seized political power, or challenged societal norms and laws—and transformed society contrary to all cultural dictates. Some women were virtual saints, others were more ruthless than any man of their age. One even instituted the first police state in history. These women all faced enormous odds. The social norms of their time were so pervasive and insular that every touchpoint in society bullied them as social media bullies women today—especially those who dare to be different—not for difference’s sake, but to make a difference in their brief time on this planet. To the woman, they responded to challenges, setbacks, and disappointments by redoubling their efforts. We can learn from—and be inspired by—their lives and their grit, and their mistakes. To read their stories is to see ourselves anew.
Ever since the 2007–8 global financial crisis and its aftermath, Hyman Minsky’s theory has never been more relevant. Throughout his career, Jan Kregel has called attention to Minsky’s contributions to understanding the evolution of financial systems, the development of financial fragility and instability, and designing the financial structure necessary to support the capital development of the economy. Building on Minsky, Kregel developed a framework to analyze how different financial structures develop financial fragility over time. Rather than characterizing financial systems as market-based or bank-based, Kregel argued that it is necessary to distinguish between the risks that are carried on the balance sheets of banks and other financial institutions. This volume, brought together by Felipe C. Rezende, highlights these major contributions from Kregel through a collection of his influential papers from various journals and conferences. Kregel’s approach provides a strong theoretical background to understand the making and unfolding of the crisis and helps us to draw policy implications to improve financial stability, and suggest an alternative financial structure for a market economy. In this book, his knowledge is consolidated and the ideas he puts forward offer a path for future developments in economics which will be of great interest to those studying and researching in the fields of economics and finance.
Reflects on two cities discussed in the Bible: Babylon - representing the efforts and achievements of man, rejection of God, and materialism - and Jerusalem, representing God's intervention and salvation, holiness and righteousness. Ch. 8 (p. 81-106), "The Time of Jacob's Trouble, " describes troubles which befell the people of Israel from the destruction of the Temple to the Holocaust. States that God has not rejected His people: the message of God's love is Zionism, the movement for return to the Land of Israel. Indeed, those Jews who heard this message and came to the Land were spared from the Nazi genocide. Ch. 11 (p. 131-146), "Why Israel Is Hated, " discusses Arabs' and Muslims' hatred of the State of Israel. Contends that this hatred is inspired not only by the question of the land, but is deeply rooted in the ideology of Islam, and is essentially a hatred of the Jews. The main goal of Arab movements which have engaged in fighting Israel, and of the wars of the bordering Arab states with Israel, was not to regain their lost territories but to eliminate the State of Israel from the map.
Jan A. Kregel is considered to be “the best all-round general economist alive” (G. C. Harcourt). This is the first collection of his essays dealing with a wide range of topics reflecting the incredible depth and breadth of Kregel’s work. These essays focus on the role of finance in development and growth. Kregel has expanded Minsky’s original postulate that in capitalist economies stability engenders instability in international economy, and this volume collect’s Kregel’s key works devoted to financial instability, its causes and effects. The volume also contains Kregel’s most recent discussions of the Great Recession beginning in 2008.
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