A powerful and progressive programme for the Eurozone Since 2010, the eurozone crisis has roiled the continent, creating political discord and generating a long period of economic stagnation. The cyclical recovery enjoyed in 2017 is no cause for complacency. It should act as an impetus to undertake long-overdue reforms. At present, there is no future for those incapable of investing. There is no stimulus for innovation in countries that have been converted to the hegemony of finance at the expense of productive investment. Europe must confront the challenges of the twenty-first century by recovering the community spirit behind the Union’s origins. The Reform of Europe demonstrates the need for a long-term vision with two goals: the reconstruction of a social contract based on entrepreneurial partnership and investment in the transition to ecological sustainability. This political vision will restore to citizens of the member states a sense of belonging to a wider community. To this end, argues Michel Aglietta, one of today’s most important heterodox economists, we must strengthen European institutions at the financial and fiscal levels. This means making the euro a full currency, endowed with democratic legitimacy.
Aglietta's path-breaking book is the first attempt at a rigorous historical theory of the whole development of US capitalism, from the Civil War to the Carter presidency. A major document of the "Regulation School" of Marxist economics, it was received as the boldest book in its field since the classic studies of Paul Baran, Paul Sweezy and Harry Braverman. This edition includes a substantial new postface by Aglietta which brings regulation theory face to face with capitalism at the beginning of the new millennium.
The major French economist offers a new theory of money As the financial crisis reached its climax in September 2008, the most important figure on the planet was Federal Reserve chairman Ben Bernanke. The whole financial system was collapsing, with little to stop it. When a senator asked Bernanke what would happen if the central bank did not carry out its rescue package, he replied, “If we don’t do this, we may not have an economy on Monday.” What saved finance, and the Western economy, was fiscal and monetary stimulus – an influx of money, created ad hoc. It was a strategy that raised questions about the unexamined nature of money itself, an object suddenly revealed as something other than a neutral signifier of value. Through its grip on finance and the debt system, money confers sovereign power on the economy. If confidence in money is not maintained, crises follow. Looking over the last 5,000 years, Michel Aglietta explores the development of money and its close connection to sovereign power. This book employs the tools of anthropology, history and political economy in order to analyse how political structures and monetary systems have transformed one another. We can thus grasp the different eras of monetary regulation and the crises capitalism has endured throughout its history.
The major French economist offers a new theory of money As the financial crisis reached its climax in September 2008, the most important figure on the planet was Federal Reserve chairman Ben Bernanke. The whole financial system was collapsing, with little to stop it. When a senator asked Bernanke what would happen if the central bank did not carry out its rescue package, he replied, “If we don’t do this, we may not have an economy on Monday.” What saved finance, and the Western economy, was fiscal and monetary stimulus – an influx of money, created ad hoc. It was a strategy that raised questions about the unexamined nature of money itself, an object suddenly revealed as something other than a neutral signifier of value. Through its grip on finance and the debt system, money confers sovereign power on the economy. If confidence in money is not maintained, crises follow. Looking over the last 5,000 years, Michel Aglietta explores the development of money and its close connection to sovereign power. This book employs the tools of anthropology, history and political economy in order to analyse how political structures and monetary systems have transformed one another. We can thus grasp the different eras of monetary regulation and the crises capitalism has endured throughout its history.
China is entering a phase where deep structural changes will arise throughout society. These multi-fold processes will be intertwined in a globalized world, impacted by the transformation of capitalism in the aftermath of the financial crisis and under the threat of severe environmental damage. Focussing on sustainability, this book explores the future of China in light of the successful reforms undertaken in the last thirty years. It combines Chinese economic history and up-to-date macroeconomic theory in order to show how economic transformations and institutional changes are intertwined in developing capitalism under state sovereignty. The book is divided into three parts: Part 1 analyses the structural changes ahead, drawing on the knowledge of the causes of the demise of imperial China and of the social disruptions due to political warfare in the 20th century. Part 2 examines the reasons why the last thirty years of reform were successful and why the present growth regime will undergo a dramatic mutation in future decades. Part 3 seeks to address the question: what type of political economy can support the purpose of achieving "harmonious society"? China's Development will be of interest to students and scholars of Chinese economics, politics, history and development.
Recent corporate governance scandals have brought to the fore the inherent contradictions of a capitalism dominated by financial markets. This challenging book by Michel Aglietta and Antoine Reberioux argues that capitalism's basic premise - that companies must be managed in the sole interest of their shareholders - is incongruent with the current environment of liquid markets, profit-hungry investors and chronic financial instability.
China is entering a phase where deep structural changes will arise throughout society. These multi-fold processes will be intertwined in a globalized world, impacted by the transformation of capitalism in the aftermath of the financial crisis and under the threat of severe environmental damage. Focussing on sustainability, this book explores the future of China in light of the successful reforms undertaken in the last thirty years. It combines Chinese economic history and up-to-date macroeconomic theory in order to show how economic transformations and institutional changes are intertwined in developing capitalism under state sovereignty. The book is divided into three parts: Part 1 analyses the structural changes ahead, drawing on the knowledge of the causes of the demise of imperial China and of the social disruptions due to political warfare in the 20th century. Part 2 examines the reasons why the last thirty years of reform were successful and why the present growth regime will undergo a dramatic mutation in future decades. Part 3 seeks to address the question: what type of political economy can support the purpose of achieving "harmonious society"? China's Development will be of interest to students and scholars of Chinese economics, politics, history and development.
Michel Aglietta’s path-breaking book is the first attempt at a rigorous historical theory of the whole development of US capitalism, from the Civil War to the Carter presidency. A major document of the “Regulation School” of heterodox economics, it was received as the boldest book in its field since the classic studies of Paul Baran, Paul Sweezy and Harry Braverman. This edition includes a substantial postface by Aglietta, which situates regulation theory in the context of twenty-first-century capitalism.
The major French economist offers a new theory of money As the financial crisis reached its climax in September 2008, the most important figure on the planet was Federal Reserve chairman Ben Bernanke. The whole financial system was collapsing, with little to stop it. When a senator asked Bernanke what would happen if the central bank did not carry out its rescue package, he replied, “If we don’t do this, we may not have an economy on Monday.” What saved finance, and the Western economy, was fiscal and monetary stimulus – an influx of money, created ad hoc. It was a strategy that raised questions about the unexamined nature of money itself, an object suddenly revealed as something other than a neutral signifier of value. Through its grip on finance and the debt system, money confers sovereign power on the economy. If confidence in money is not maintained, crises follow. Looking over the last 5,000 years, Michel Aglietta explores the development of money and its close connection to sovereign power. This book employs the tools of anthropology, history and political economy in order to analyse how political structures and monetary systems have transformed one another. We can thus grasp the different eras of monetary regulation and the crises capitalism has endured throughout its history.
A powerful and progressive programme for the Eurozone Since 2010, the eurozone crisis has roiled the continent, creating political discord and generating a long period of economic stagnation. The cyclical recovery enjoyed in 2017 is no cause for complacency. It should act as an impetus to undertake long-overdue reforms. At present, there is no future for those incapable of investing. There is no stimulus for innovation in countries that have been converted to the hegemony of finance at the expense of productive investment. Europe must confront the challenges of the twenty-first century by recovering the community spirit behind the Union’s origins. The Reform of Europe demonstrates the need for a long-term vision with two goals: the reconstruction of a social contract based on entrepreneurial partnership and investment in the transition to ecological sustainability. This political vision will restore to citizens of the member states a sense of belonging to a wider community. To this end, argues Michel Aglietta, one of today’s most important heterodox economists, we must strengthen European institutions at the financial and fiscal levels. This means making the euro a full currency, endowed with democratic legitimacy.
Thank you for visiting our website. Would you like to provide feedback on how we could improve your experience?
This site does not use any third party cookies with one exception — it uses cookies from Google to deliver its services and to analyze traffic.Learn More.