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More than a century after Hartley Withers's "The Meaning of Money" and 80 years after Keynes's "Treatise on Money", the fundamentals of how banks create money still needs explaining and this book meets that need with clear exposition and expert marshalling of the relevant facts.
Where Does Money Come From?
The 2007–08 credit crisis and the long recession that followed brutally exposed the economic and social costs of financialization. Understanding what lay behind these events, the rise of “fictitious capital” and its opaque logic, is crucial to grasping the social and political conditions under which we live. Yet, for most people, the operations of the financial system remain shrouded in mystery.
Fictitious Capital
Macroeconomics in Context: A European Perspective lays out the principles of macroeconomics in a manner that is thorough, up to date, and relevant to students. With a clear presentation of economic theory throughout, this latest addition to the bestselling "In Context" set of textbooks is written with a specific focus on European data, institutions, and historical events, offering engaging treatment of high-interest topics, including sustainability, Brexit, the euro crisis, and rising inequality. Policy issues are presented in context (historical, institutional, social, political, and ethical), and always with reference to human well-being.
Macroeconomics in Context
Introduction Economics is by necessity a multi paradigmatic science Several theoretical structures exist side by side and each theory can never be more than a partial theory Rothschild 1999 Likening scientific work to the self coordinating invisible hand of the market Michael Polanyi cautioned strongly against centralized attempts to steer …
Making Many Maps: Why We Need an Interested Pluralism in Economics and How to Get There
The outbreak of COVID-19 has substantially accelerated the digitalization of the economy. Yet, this unprecedented growth of digital technology brought novel challenges to the labour market. Rise in income inequalities and precarious working conditions or polarization of jobs. In this essay, we try to assess what tools to use to counter these trends.
Post-pandemic future of work - How does digitization impact labour?
Jede Finanzkrise ist in erster Linie eine Schuldenkrise. Schuldner_innen nehmen zu viele Kredite auf, die sie dann nicht mehr bedienen können. Gläubiger_innen – vor allem Banken – müssen in der Folge ihre Forderungen abschreiben und vergeben weniger Kredite. Die Finanzkrise ist da.
Um eine solche Finanzkrise wirklich zu verstehen, muss man aber erst begreifen, wie Kredite eigentlich entstehen und wie genau Banken und andere Finanzinstitutionen funktionieren. Aufgabe einführender Bücher in die Volkswirtschaftslehre sollte sein, diese fundamentalen Zusammenhänge darzustellen. Leider stellen diese Bücher das Finanzsystem und die Kreditschöpfung meist falsch dar. Das erschwert sowohl die Analyse einer Finanzkrise als auch Wege zu ihrer Lösung zu finden.
Wie der Kredit wirklich in die Welt kommt
The module is designed to first present some of the main schools of thought from a historical and methodological perspective. Each week we explore and critically assess the main tenants of each school of thought. In the second part of the module we link history of economic thought and methodology to a specific and contemporary economic question. The second part allows you to engage with current economic issues with an awareness of methodology and methodological differences and with some knowledge of the history of economics.
History of Economic Thought
Der Fokus der Marxistischen Politischen Ökonomik liegt auf der Ausbeutung von Arbeit durch Kapital. Die Ökonomie wird nicht als neutrale Austausch- und Kooperationsplattform gesehen, sondern als historische und politische Ausprägung, die von asymmetrischen Machtverhältnissen, Ideologie und sozialen Konflikten geprägt ist.
Marxistische Politische Ökonomik
Die marxistische Ökonomie stellt eine Wirtschaftstheorie dar, die im Wesentlichen auf Karl Marx Hauptwerk „Das Kapital“ beruht. Aufbauend auf den Ansätzen der klassischen Nationalökonomie werden hierbei die kapitalistischen Produktionsweisen sowie der Grundwiderspruch zwischen Kapital und Arbeit analysiert und kritisiert (vgl. Kirchgässner 1988, S. 128). Ausgehend von der marxistischen Kapitalismuskritik werden insbesondere das Wesen der kapitalistischen Ausbeutung und der Klassenkonflikt zwischen Bourgeoisie und Proletariat behandelt (vgl. Utz 1982, S. 22-23).
Marxistische Ökonomie
Economist and 2020 Balzan Prize winner for Environmental Challenges: Responses from the Social Sciences and Humanities, Joan Martínez Alier, speaks on the importance of ecological economics and its timeliness around the 2007/2008 global financial crisis. He speaks on the importance of building the field of ecological economics “from the ground up” through praxis.
Ecological Economics
Maria Nikolaidi on how Minsky’s theory has been modelled over past decades and how one can use these models in order to analyse contemporary issues such as financial fragility and financial instability caused by climate change.
Minsky's theory about financial fragility and financial instability
Donald Trump won in 2016 largely because enough voters in three states, all in the Rustbelt, which had voted for Barack Obama in both 2008 and 2012, switched their electoral votes from Democratic to Republican.
The Rise of Trumpism
As part of the 2019/2020 Exploring Economics Experience, one of our supporters Prof. Steve Keen gave a presentation to our editorial team. Read more
The foundations of monetary macroeconomics - Steve Keen | Exploring Economics Global Lecture
To prevent the coronavirus shock to demand precipitating a long-lasting depression, government needs to become short-term payer of last resort.
Introducing the Payer of Last Resort
An analysis of the modern neoliberal world, its characteristics, flaws and planetary boundaries aiming to end new economic politics and support a global redistribution of power, wealth and roles.
In this online lecture, economist and Professor at the School of Oriental and African Studies (SOAS), London, UK. Costas Lapavitsas, explains the limitations of the neoliberal market in creating financial stability and growth in both, developing and developed countries.
The Limits to Neoliberalism: how states respond to the crisis
In the fifth part of the Economics of COVID-19 Webinar by SOAS, Jo Michell sketches out the effects of the COVID-19 pandemic on the wider macroeconomy and warns against a resurgence of austerity politics.
Will Coronavirus Mean the End of Austerity? The Macroeconomics of the COVID-19 Crisis
A detailed introduction into dependency theory that rethinks its relevance to modern development challenges.
Dependency Theory and Uneven Development
Fighting Neoliberalism with Keynes & Minsky? Riccardo Bellofiore proposes to revise the insights of Minsky's financial instability hypothesis, combining it with the Keynesian theory of the monetary circuit to answer many questions in modern economy.
Fighting Neoliberalism with Keynes & Minsky?
This essay analyses how the role of central banks changed since the global financial crisis, and how this directional change was accelerated by the outbreak of Covid-19.
Revolution without revolutionaries: interrogating the return of monetary financing
The Bank of England s introduction to money in the modern economy is composed by a video and a paper which work hand in hand In them money is presented as a form of debt issued by someone and spent as credit by someone else Furthermore the three main types …
Money in the modern economy: an introduction
This film looks at the role economic growth has had in bringing about this crisis, and explores alternatives to it, offering a vision of hope for the future and a better life for all within planetary boundaries.
Fairytales of Growth
After completing the module, participants should have knowledge and understanding about the theory of Critical Political Economy and its basic methods. They should be able to apply central concepts to analyse critical questions regarding the embeddedness of economic relations within broader social, political and ecological relations.
Marxist Political Economy
The article reviews the effects that the War in Ukraine will have for the global economy.
The Ukraine War's Multifaceted Economic Fallout
What the heck is the yield curve? And why is it considered a powerful predictor of economic crisis? Here you'll get to know.
Killik Explains: Fixed Income Basics - the yield curve
This lecture acts as an introduction to the Macroeconomics course (ECON 720) at John Jay College. Throughout the lecture, the classical and Keynesian conceptions of macroeconomic relationships are contrasted.
Macroeconomics with J.W. Mason, Lecture 0: Introduction
Money is the fantasy that makes the world go round. Where did it come from and what is its future? From the Bank of England to Bitcoin and the Bristol Pound, LSE sociologist Nigel Dodd explores.
The future of money
Teaching economics students about climate reparations enriches their educational experience by providing real-world relevance, promoting critical thinking, fostering interdisciplinary learning, and equipping them with valuable skills for both academic and practical applications. It also encourages ethical awareness, global perspective, and civic engagement, aligning with the broader goals of education in preparing students to address complex global challenges.
Policy Debate: Climate Reparations - Economy Studies
"First published more than a decade ago, Globalizing Capital has remained an indispensable part of economic literature. This classic book emphasizes the importance of the international monetary system for understanding the international economy. The second edition, published in October 2008, has consistently appeared on syllabuses since its release
Globalizing Capital
Some economic events are so major and unsettling that they “change everything.” Such is the case with the financial crisis that started in the summer of 2007 and is still a drag on the world economy. Yet enough time has now elapsed for economists to consider questions that run deeper than the usual focus on the immediate causes and consequences of the crisis.
Rethinking the Financial Crisis
In this revealing book, Katharina Pistor argues that the law selectively “codes” certain assets, endowing them with the capacity to protect and produce private wealth. With the right legal coding, any object, claim, or idea can be turned into capital—and lawyers are the keepers of the code.
The Code of Capital
Austerity has been at the center of political controversy following the 2008 financial crisis, invoked by politicians and academics across the political spectrum as the answer to, or cause of, our post-crash economic malaise.
Austerity
The relationship between race and capitalism is one of the most enduring and controversial historical debates. The concept of racial capitalism offers a way out of this impasse.
Histories of Racial Capitalism
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