These notes aim to clarify some basic features and implications of gross capital flows In the context of the 2007 08 Global Financial Crisis and the 2010 12 Eurozone Crisis trade imbalances and capital flows received a lot of attention from academics policymakers and the media However there is still … 2020 Level: mittel Gross capital flows and the balance-of-payments: a balance sheet perspective Karsten Kohler Post Keynesian Economics Society Working Paper Series The world is coping with a global disaster, as the new Coronavirus takes a toll on many lost lives and a severe impact on economic activity. To provide a long-run perspective, this column documents the international response to a variety of disasters since 1790. Based on a new comprehensive database on loans extended by governments and central banks, official (sovereign-to-sovereign) international lending is much larger than generally known. Official lending spikes in times of global turmoil, such as wars, financial crises or natural disasters. Indeed, in these periods, official capital flows have repeatedly surpassed total private capital flows in the past two centuries. Wars, in particular, were accompanied by large surges in the volume of official cross-border lending. 2020 Level: mittel Coping with disasters: Lessons from two centuries of international response Sebastian Horn, Carmen Reinhart, Christoph Trebesch VOX CEPR Policy Portal The book’s central theme is to develop a new theory of speculative capital related to other forms of capital, the world market, and the state. Unlike most marxist and heterodox theories, the book distinguishes credit and fictitious capital from speculative capital to show its hegemony today in the capital markets. 2022 Level: mittel Financial Capital in the 21st Century Achim Szepanski Springer Nature Michael Kalecki famously remarked “I have found out what economics is; it is the science of confusing stocks with flows”. Stock-Flow Consistent (SFC) models were developed precisely to address this kind of confusion. The basic intuition of SFC models is that the economy is built up as a set of intersecting balance sheets, where transactions between entities are called flows and the value of the assets/liabilities they hold are called stocks. Wages are a flow; bank deposits are a stock, and confusing the two directly is a category error. In this edition of the pluralist showcase I will first describe the logic of SFC models – which is worth exploring in depth – before discussing empirical calibration and applications of the models. Warning that there is a little more maths in this post than usual (i.e. some), but you should be able to skip those parts and still easily get the picture. 2020 Level: leicht Stock Flow Consistent Macroeconomics Cahal Moran Rethinking Economics This edited volume presents a collection of articles that engage with various concepts from Marx’s Capital and Marxian theory in general, from a ‘Southern’ perspective. The book engages with four specific themes: “Reception of Capital in the East; Value, Commodity, Surplus Value and Capitalism; Population and Rent in Capital; and Issues Beyond Capital”. 2019 Level: leicht ‘Capital’ in the East Achin Chakraborty, Anjan Chakrabarti, Byasdeb Dasgupta, Samita Sen Springer Nature In the second video of the series Investigating International Finance, an alternative view on capital controls is given contrasting with the paradigm of classical trade theory suggesting that the removal of trade and capital barriers is associated with higher market efficiency. After explaining the conceptual mechanisms underlying capital controls, examples are introduced where countries actually apply capital controls and how these controls have been associated with a lesser exposure to international financial crises spillovers. 2012 Level: leicht Capital controls - Investigating International Finance, Episode 2   New Economics Foundation This multimedia dossier is part of the series „Understanding Finance“ by Finance Watch and explores the following questions: What is bank capital and how is it regulated? It further presents controversies on the size of bank capital in the aftermath of the financial crisis and on how bank capital affects economic activity. 2016 Level: leicht Bank capital – what is it and how is it regulated?   Finance Watch Marxist scholar David Harvey explains key concepts of capital from Marx. Applying Marx's analysis of capital to today's world, showing both the longevity and relevance of Marx's Capital, 150 years after its publication. 2017 Level: mittel Marx, Capital and the Madness of Economic Reason David Harvey YouTube This paper attempts to clarify how the European economic crisis from 2007 onwards can be understood from the perspective of a Marxian monetary theory of value that emphasizes intrinsic, structural flaws regarding capitalist reproduction. Chapter two provides an empirical description of the European economic crisis, which to some extent already reflects the structural theoretical framework presented in chapter three. Regarding the theoretical framework Michael Heinrich's interpretation of 'the' Marxian monetary theory of value will be presented. Heinrich identifies connections between production and realization, between profit and interest rate as well as between industrial and fictitious capital, which represent contradictory tendencies for which capitalism does not have simple balancing processes. In the context of a discussion of 'structural logical aspects' of Marx's Critique of the Political Economy, explanatory deficits of Heinrich's approach are analyzed. In the following, it is argued that Fred Moseley's view of these 'structural logical aspects' allows empirical 'applications' of Marxian monetary theories of value. It is concluded that a Marxian monetary theory of value, with the characteristics of expansive capital accumulation and its limitations, facilitates a structural analysis of the European economic crisis from 2007 onwards. In this line of argument, expansive production patterns are expressed, among other things, in global restructuring processes, while consumption limitations are mitigated by expansive financial markets and shifts in ex-port destinations. 2019 Level: schwer The European economic crisis from 2007 onwards in the context of a global crisis of over-production of capital - a Marxian monetary theory of value interpretation Sascha Gander Institute for International Political Economy Berlin Thomas Piketty's Capital in the 21st century is presented and the central argument that capital returns have historically exceeded growth rates, thus exacerbating inequality is illustrated. 2015 Level: leicht An Introduction to Thomas Piketty's Capital in the 21st Century- A Macat Economics Analysis   Macat The economist Thomas Piketty presents a central argument of his book Capital in the Twenty-First century: if the rate of return to capital generally exceeds an economy's growth rate, this leads to a higher concentration of wealth in the long run. He furthermore shows with historical data how wealth and income inequality increased within the past decades. 2014 Level: mittel New thoughts on capital in the twenty-first century Thomas Piketty TED Talks In his 2010 published book “The Enigma of Capital and the Crises of Capitalism” multi-talented US geographer, anthropologist and Marxist economist David Harvey aims to analyse the capitalist system that has shaped western society and the globalized world of today. 2011 Level: mittel The Enigma of Capital David Harvey Profile Books In the second video of the series Investigating International Finance, an alternative view on capital controls is given contrasting with the paradigm of classical trade theory which suggests that the removal of trade and capital barriers is associated with higher market efficiency. After explaining the conceptual mechanisms underlying capital controls, examples are introduced where countries actually apply capital controls and how these controls have been associated with a lesser exposure to international financial crises spillovers. 2011 Level: leicht Tax Havens - Investigating International Finance   New Economics Foundation For many social critics "globalization" is a signpost of “late-capitalism” with the rise of multinational corporations, mass consumption and the multidirectional flows of capital, labor, media, communication, ideologies and social movements across national borders. Feminist analyses of globalization and the gendered and sexualized permutations of these phenomena offer a critical stance for theorizing these processes, and for studying their complex articulations across time and space. Level: mittel Feminist Inroads in Epistemology, Method, and Theory Carla Freeman Emory University 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. 2019 Level: mittel The Code of Capital Katharina Pistor Princeton University Press 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. 2017 Level: mittel Fictitious Capital Cedric Durand Verso This brilliantly concise book is a classic introduction to Marx’s key work, Capital. In print now for over a quarter of a century, and previously translated into many languages, the new edition has been fully revised and updated, making it an ideal modern introduction to one of the most important texts in political economy. 2010 Level: mittel 'Marx's Capital' Ben Fine, Alfredo Saad-Filho Pluto Press "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 2019 Level: mittel Globalizing Capital Barry Eichengreen Princeton University Press While many are unsatisfied with capitalism and critique it in highly sophisticated ways, there are few concrete proposals for a socialist mode of production that could replace the capitalist one. Daniel E. Saros has developed such a proposal in his book "Information Technology and Socialist Construction – The End of Capital and the Transition to Socialism" which we discuss at length over the course of two episodes. 2020 Level: mittel Daniel E. Saros on Digital Socialism and the Abolition of Capital Jan Groos, Daniel E. Saros Future Histories Professor David Harvey presents a complete visual representation of the flow of capital in all its forms. Similar to the Water Cycle diagrams, Harvey models the economics of production, consumption, human reproduction, labor, private business, and government redistribution. 2017 Level: mittel Visualizing Capital David Harvey School of Geography and the Environment One of the pluralist theories which has gained prominence following the 2008 financial crisis is Hyman Minsky and his Financial Instability Hypothesis (FIH). Minsky was unique in viewing balance sheets and financial flows as the primary components of capitalist economies, and his focus on the financial system meant he was well-equipped for foresee a crisis much like 2008. Although he died long before 2008 his framework anticipated many of the processes which led to the crash, particularly increased risk-taking and financial innovation which would outstrip the abilities of regulators and central banks to manage the system. 2020 Level: leicht Minsky’s Moments Cahal Moran Rethinking Economics The Atlas of Economic Complexity is an award-winning data visualization tool that allows people to explore global trade flows across markets, track these dynamics over time and discover new growth opportunities for every country. 2013 Level: leicht Atlas of Economic Complexity Ricardo Hausmann and the whole Harvard Growth Lab team Harvard Growth Lab This book challenges the mainstream paradigm, based on the inter-temporal optimisation of welfare by individual agents. It introduces a methodology for studying how institutions create flows of income, expenditure and production together with stocks of assets and liabilities, thereby determining how whole economies evolve through time. 2012 Level: mittel Monetary Economics W. Godley, M. Lavoie Palgrave Macmillan UK Capitalism is dissolving boundaries - not only in the sense of ever-expanding global trade flows, but also in the concrete everyday working lives of individuals. What implications does this have for our understanding of freedom, work and borders? Level: leicht Capitalism & Boundaries   Netzwerk Plurale Ökonomik e.V. The concept of financialisation has undergone a similar career as ‘globalisation’, ‘neoliberalism’ or even ‘capitalism’, in the course of which it changed from the explanandum to the explanans; the process of financialisation is taken for granted, while the concrete historical and empirical causal conditions of its realisation and perpetuation are being moved into the background. 2023 Level: schwer A holistic theory of financialisation Samuel Decker Exploring Economics This website belongs to PolyluxMarx and provides open access material for use while reading Karl Marx Capital For several years now people have been starting to dust off Marx and return to his analysis of society This is mainly due to the social turmoil in global capitalism weaknesses in prevailing … 2013 Level: leicht PolyluxMarx - A Capital Workbook in Slides Valeria Bruschi, Antonelle Muzzupappa, Sabine Nuss, Anne Stecker & Ingo Stütze Rosa Luxemburg Stiftung In this book, Carlota Perez develops her Neo-Schumpeterian concept of "techno-economic paradigms" which captures the patterns underlying the role of technological revolutions in economic development since the Industrial revolution. 2003 Level: mittel Technological Revolutions and Financial Capital Carlota Perez Edward Elgar David Harvey is a Distinguished Professor of Anthropology Geography at the Graduate Center of the City University of New York CUNY the Director of Research at the Center for Place Culture and Politics and the author of numerous books He has been teaching Karl Marx s Capital for nearly 50 … Level: mittel Reading Marx’s Capital David Harvey City University of New York In this video, Clara Mattei investigates the function of austerity in relation the stabilization of capitalism as a form of social order build around private property, wage labor and class relations. In order to develop this argument, she situates austerity in the history of World War 1 and its revolutionary aftermath. Zooming in on the politicization of the economy and the associated threat to class society that emerged in the period, she highlights how austerity was a „tool of reaction“ that was successful in curtailing demands for economic democracy and a society free from class oppression. 2022 Level: leicht The Capital Order - How Economists Invented Austerity & Paved the Way to Fascism Clara Mattei Institute for New Economic Thinking Those who control the world’s commanding economic heights, buttressed by the theories of mainstream economists, presume that capitalism is a self-contained and self-generating system. 2021 Level: leicht Capital and Imperialism Utsa Patnaik, Prabhat Patnaik NYU Press From Marketisation to Armed Conflict Since 1991 nominally independent Ukraine has been in turmoil with the Orange Revolution and the Maidan protests marking its most critical moments Now its borders are threatened and the civil unrest and armed conflict continue to destabilise the country In order to understand these dramatic … 2018 Level: mittel Ukraine and the Empire of Capital Yuliya Yurchenko Pluto Press Source image GC Videography Fellows Youtube channel David Harvey davidharvey org City University of New York Level: mittel Marx and Capital: The Concept, The Book, The History David Harvey City University of New York