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Author:   James Crotty
Publisher:   Edward Elgar Publishing Ltd
Imprint:   Edward Elgar Publishing Ltd
ISBN:  

9781784719012

ISBN 10:   1784719013
Pages:   448
Publication Date:   28 April 2017
Audience:   Professional and scholarly ,  Professional & Vocational
Format:   Hardback
Publisher's Status:   Active
Availability:   To order  
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Table of Contents

Contents: 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

Reviews

'Crotty's book provides solid theoretical foundations to understanding key economic topics such as growth, distribution, and instability from a heterodox perspective. The reader will have a new opportunity to rethink macroeconomic policies not only based -- on short-term operational targets but mainly as long-term systemic needs. For these reasons, this book is a valuable academic source for understanding the functioning of complex, path-dependent, crisis-prone capitalist economies.' - Juan Matias De Lucchi, Review of Keynesian Economics 'This is a marvellous collection of essays of Jim Crotty. They are a joy to read, and provide contributions a plenty for analysing and understanding the evolution of capitalism through globalization and financialization, and developing theories alternative to the mainstream based on realistic assumptions.' -- Malcolm Sawyer, University of Leeds, UK 'No one has written with greater clarity and insight about economic theory and capitalist dynamics in the past three decades than James Crotty. This collection, assembling his best papers in one place, is a must-have for established and aspirational political economists alike. There is wisdom on every page.' -- Gary Dymski, Leeds University Business School, UK 'At a time when mainstream economics is being questioned across the world for its lack of relevance and inability to explain observed reality, James Crotty's work comes as a welcome reminder of how economics can be both relevant and insightful. This body of work spanning more than four decades is still fresh and topical, and essential reading for anyone who wants to understand contemporary capitalism.' -- Jayati Ghosh, Jawaharlal Nehru University, New Delhi, India

'No one has written with greater clarity and insight about economic theory and capitalist dynamics in the past three decades than James Crotty. This collection, assembling his best papers in one place, is a must-have for established and aspirational political economists alike. There is wisdom on every page.' -- Gary Dymski, Leeds University Business School, UK 'At a time when mainstream economics is being questioned across the world for its lack of relevance and inability to explain observed reality, James Crotty's work comes as a welcome reminder of how economics can be both relevant and insightful. This body of work spanning more than four decades is still fresh and topical, and essential reading for anyone who wants to understand contemporary capitalism.' -- Jayati Ghosh, Jawaharlal Nehru University, New Delhi, India

Author Information

James Crotty, Emeritus Professor of Economics and Sheridan Scholar, Political Economy Research Institute, University of Massachusetts, Amherst, US

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