This volume focuses on current issues of debate in the area of modern macroeconomics and money, written from (a broadly interpreted) post Keynesian perspective. The papers connect with Philip Arestis' contributions to macroeconomics and money, and pay tribute to his distinguished career.
This book seeks to analyse the development of the European Union (EU), which was founded upon the principle of the free movement of capital, goods, services and people in 1957. Its central thesis is that, from a practical and theoretical point of view, such a basis is fundamentally at odds with the creation of an interventionist regime that the construction of a social Europe would require. The authors argue convincingly that - economically: the EU does not currently possess the budget or the economic tools to pursue such a strategy; politically: close to none of the institutions of the EU have backed such a policy; practically: conservative and neo-liberal forces (among member states and the institutions of the EU) have repeatedly thwarted any moves in this direction. In reality, the Single Internal Market, Economic and Monetary Union, enlargement, the Lisbon Agenda and European Constitution projects all prioritise supply-side measures and expanding the scope of the market rather than the boosting of demand and other economic intervention. Consequently, constructing a social Europe in the face of this would appear problematic. Hence, in both theory and practice, the idea that there can be a social Europe vis-à-vis neoliberalisation is a contradiction in terms. This controversial book will be an educating and refreshing read for advanced students and academics involved with European politics, the European Union, European Economics and Economic instititutions.
In the wake of the Greek crisis, the future of the EU is the subject of a great deal of debate. This book critically evaluates the current new monetarist model of Economic and Monetary Union in Europe, presenting an alternative post-Keynesian (progressive) model, aimed at addressing the current problems of trade imbalance and asymmetric macroeconomic policy infrastructure that are augmenting tensions within the Eurozone. The book’s approach is based upon the development of a common, rather than a single, currency approach, and utilises post-Keynesian policy solutions in order to create a form of EMU which will promote full employment rather than austerity.
This title was first published in 2003. The creation of a 'Third Way' between unfettered capitalism and old-style Keynesian-corporatist forms of social democracy has become the driving force behind the policy programmes of many left-of-centre political parties in the industrialised nations of the world today. Sweden and the 'Third Way' critically evaluates this 'new' social democracy by examining the profound shift in Swedish political economy from being the prototype old-style social democracy towards the 'Third Way' synthesis of neo-liberalism and elements of traditional social democracy. Philip Whyman evaluates internal and external challenges to Swedish macroeconomic policy - including globalisation, European integration, post-Fordist technological change and the relative empowerment of capital - to discover the extent to which national economic autonomy is constrained. Furthermore, he considers the plausibility of revising the core elements of the traditional 'Swedish Model' as an alternative to the prevailing macroeconomic platform.
This text is concerned with the increasingly important and problematic area of financial exclusion, broadly defined as the inability and/or reluctance of particular societal groups to access mainstream financial services. This has emerged as a major international policy issue. There is growing evidence that deregulation in developed financial sectors improves financial inclusion for some societal groups (more products become available to a bigger customer base), but may at the same time exacerbate it for others (for example, by emphasizing greater customer segmentation and more emphasis on risk-based pricing and 'value added'). In developing countries access to financial services is typically limited and therefore providing wider access to such services can aid financial and economic development. This is the first text to analyze financial exclusion issues in different parts of the world and it covers the various public and private sector mechanisms that have been advanced to help eradicate this problem.
Is there an alternative to EU membership? What if Britain left the EU? Would it be a disastrous or liberating experience? What trade relationships could the UK forge outside the EU? How would economic and social policy be different? What are the implications for sovereignty and democracy? This text seeks to answer these questions through exploring the future options for Britain regarding its relationship with the European Union (EU). To the British establishment it seemed obvious that joining the process towards greater European integration would reverse the UK's post-war declining political influence and accelerate its rate of economic growth. Consequently, a recurrent theme is that UK participation in ever closer European integration is widely perceived as ‘inevitable'. In contrast, this book both addresses and challenges this presumption by illustrating that a variety of alternative forms of relationship are feasible, together with outlining possible policy options that may compliment and enhance the consequences arising from the fundamental decision of how the UK determines its future.
This book carves the beginnings of a new path in the arguably weary discipline of economics. It combines a variety of perspectives – from the history of ideas to epistemology – in order to try to understand what has gone so wrong with economics and articulate a coherent way forward. This is undertaken through a dual path of deconstruction and reconstruction. Mainstream economics is broken down into many of its key component parts and the history of each of these parts is scrutinized closely. When the flaws are thoroughly understood the author then begins the task of reconstruction. What emerges is not a ‘Grand Unified Theory of Everything’, but rather a provisional map outlining a new terrain for economists to explore. The Reformation in Economics is written in a lively and engaging style that aims less at the formalization of dogma and more at the exploration of ideas. This truly groundbreaking work invites readers to rethink their current understanding of economics as a discipline and is particularly relevant for those interested in economic pluralism and alternative economics.
In today's globalized economy, banking is of international importance. This book interrogates important issues, including reform in China, electronic money and loan pricing. Highlighting key policy and research, it provides insight into contemporary global banking trends and assesses the impact of new technology for future industry development.
Provides an analysis of the relationship between the UK and the EU, treating the key overarching issues in the 1975 referendum and looking ahead to the prospect (eventually) of further referendums on the subjects of EMU and a European constitution.
The four volumes of the Encyclopaedia of International Aviation Law are intended for students, lawyers, judges, scholars and readers of all backgrounds with an interest in Aviation Law; and to provide the definitive corpus of relevant national and regional legislation, including global aviation treaties and legislation to enable all readers without exception, to develop the background, knowledge and tools to understand local, regional and international Aviation Law in contextual fashion. The first volume has a detailed text of country legislation, including national cases and materials whilst the second, third and fourth volumes focus on International Aviation Law Treaties, international cases and materials and Aircraft Refueling Indemnity (TAR BOX) Agreements.
This book presents a comprehensive evaluation of the likely economic impact upon the UK economy arising from Brexit. It seeks to assess both the methods adopted, and conclusions reached, by the existing economic studies, and supplements this by providing additional evidence to assist the reader in forming their own assessment of the relative merits of the different approaches. It additionally outlines the options available to policy makers for the formation of an economic strategy capable of adapting the economy to the challenges and opportunities presented by Brexit. Finally, it outlines and comments upon the range of alternative models of future trading relationships that are available to the UK, both in relation to the EU and the rest of the world.
This important book provides an analysis of the economic relationship between Britain and the EU and discusses the future direction in which this relationship might develop. It examines the historic and contemporary costs and benefits of EU membership, and assesses whether this has been a burden or a benefit for the British economy. In addition the authors assess current trends and developments, most notably in the area of participation in Economic and Monetary Union (EMU) and the consequences that this would have. Questions of fiscal federalism, the development of a minimum level of social policy for Europe, together with the likely impact on business and trade unions are also considered. The authors then discuss potential future scenarios, including a more flexible loose membership arrangement or complete withdrawal, and the affect that a range of options might have on the British economy.
The regional and urban development policy of the European Union, or more precisely, EU Cohesion Policy, is undergoing change. This development is driven by the enormous transformations in European regions and by shifts in thinking and analysis. The iss
This major new book provides a coherent critique of the neo-classical synthesis together with a comprehensive and systematic introduction to the post Keynesian alternatives. Professor Arestis demonstrates that post Keynesian economics offers a challenge to conventional neoclassical economics. He argues that although post Keynesianism is not problem-free, it nevertheless offers a more satisfactory explanation of 'real' phenomena. The post Keynesian Approach to Economicsreveals the microfoundations of post Keynesian economics and describes how these theoretical propositions link up with the macrofoundations. In doing so, it demonstrates that money pricing, capital accumulation, growth and distribution are linked very closely together. The economic policy implications are discussed extensively.
A remarkable feature of the period since 1970 has been the patterns of rapid and turbulent change in financing behavior and financial structure in many advanced countries. This book explores, in theoretical and empirical terms, the nature of the relationships between the underlying phenomena--levels and changes in debt, vulnerability to default in the corporate and household sectors, and systematic risk in the financial sector. The book focuses on the generality of this phenomena--whether similar patterns are observable in certain countries, as well as in the international capital markets themselves. Emphasis is placed to the importance of the nature and evolution of financial structure to the genesis of instability. Given the international scope of the analysis, the work is germane to the study of the development of financial systems in all advanced countries, as well as the euromarkets.
The US economy has gone through a period of fluctuation in the last twenty years or so. The economy had a time of significant expansion that lasted for almost ten years. Stock markets made enormous gains, especially in areas of technology, media and communication. This led to the belief in the emergence of a 'new economy' with rules that were different from what had traditionally been known. However, beginning in March 2000, the stock market simply crashed. The US is now slowly recovering from the aftermath of the bursting of the 'new economy' bubble - which was one of the worst in monetary history. In this sophisticated yet assessable analysis of the US economy, the authors examine the causes and consequences of the bursting of the 'new economy' bubble and investigate the impact on financial markets. The risks and long-term prospects for the economy and financial markets are also examined.
The financial crisis and the ensued 'great recession' are primarily caused by the excessive liquidity that was created in the last thirty years or so of inequality that benefited greatly the financial sector, deregulation and financial liberalisation as well as financial innovation.
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.
The real strength of Arestis's book is in providing a survey of a very large number of contributions which have gone into building-up this central position. Thoughtful students who have had a thorough grounding in neoclassical macroeconomics and want to see something of the alternatives, would learn much from Arestis (as would their teachers).' - Adrian Winnett, Cyprus Journal of Economics '. . . [provides] excellent expositions for students [and] should allow discussion to concentrate on the theoretical consistency of the various components of the post-Keynesian alternative.' - J.A. Kregel, the Economic Journal This major new book provides a coherent critique of the neo-classical synthesis together with a comprehensive and systematic introduction to the post-Keynesian alternatives. Professor Arestis demonstrates that post-Keynesian economics offers a challenge to conventional neo-classical economics. He argues that although post-Keynesianism is not problem-free, it nevertheless offers a more satisfactory explanation of 'real' phenomena.
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