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Most mainstream neoclassical economists completely failed to anticipate the crisis which broke in 2007 and 2008. There is however a long tradition of economic analysis which emphasises how growth in a capitalist economy leads to an accumulation of tensions and results in periodic crises. This paper first reviews the work of Karl Marx who was one of the first writers to incorporate an analysis of periodic crisis in his analysis of capitalist accumulation. The paper then considers the approach of various subsequent Marxian writers, most of whom locate periodic cyclical crises within the framework of longer-term phases of capitalist development, the most recent of which is generally seen as having begun in the 1980s. The paper also looks at the analyses of Thorstein Veblen and Wesley Claire Mitchell, two US institutionalist economists who stressed the role of finance and its contribution to generating periodic crises, and the Italian Circuitist writers who stress the problematic challenge of ensuring that bank advances to productive enterprises can successfully be repaid. 2014 Level: advanced Finance and Crisis: Marxian, Institutionalist and Circuitist approaches Georgios Argitis, Trevor Evans, Jo Michell, Jan Toporowski Institute for International Political Economy Berlin This book contends that post Keynesian economics has its own methodological and didactic basis, and its realistic analysis is much-needed in the current economic and financial crisis. 2013 Level: beginner Teaching Post Keynesian Economics Jespersen, Jesper; Madsen, Mogens Ove Edward Elgar Publishing Economics After the Crisis is an introductory economics textbook, covering key topics in micro and macro economics. However, this book differs from other introductory economics textbooks in the perspective it takes, and it incorporates issues that are presently underserved by existing textbooks on the market. This book offers an introduction to economics that takes into account criticisms of the orthodox approach, and which acknowledges the role that this largely Western approach has played in the current global financial and economic crisis. 2014 Level: advanced Economics After the Crisis Irene van Staveren Routledge Dirk Bezemer exemplary presents pattern of the U.S. economy before the 2007 economic crisis and explains how due to those pattern the crisis could have been, unless not precisely predicted, yet anticipated. 2014 Level: beginner Prof Dirk Bezemer on 2007/2008 Financial Crisis Dirk Bezemer University of Groningen In this episode of Jacobin radio, James K. Galbraith elaborates on the economic policies for the corona crisis, and Aaron Benanav on the crisis of unemployment. James K Galbraith also discusses why the economy as currently organized has been unable to deal with the challenges of the pandemic. 2020 Level: beginner Jacobin Radio: economic policies for the corona crisis ames K. Galbraith and Aaron Benanav Jacobin Radio Post-Colonialisms Today researchers Kareem Megahed and Omar Ghannam discuss the importance of industrial policy during the pandemic to improve domestic capacity for manufacturing essential goods. 2020 Level: beginner Egypt's Past Industrialization Project: Lessons for the COVID-19 Crisis Kareem Megahed and Omar Ghannam Post-Colonialisms Today: postcolonialisms.regionsrefocus.org This brief but comprehensive account of the Post Keynesian approach to economic theory and policy is ideal for advanced undergraduate and postgraduate students in economics, public policy and other social sciences. Clear, non-technical and with a strong policy focus, it will also appeal to all of those who are dissatisfied with mainstream economics and wish to explore the alternatives. 2015 Level: advanced Advanced Introduction to Post Keynesian Economics John Edward King Edward Elgar Publishing This paper surveys the development of the concept of socialism from the French Revolution to the socialist calculation debate. Karl Marx’s politics of revolutionary socialism led by an empowered proletariat nurtured by capital accumulation envisions socialism as a “top-down” system resting on political institutions, despite Marx’s keen appreciation of the long-period analysis of the organization of social production in the classical political economists. Collectivist thinking in the work of Enrico Barone and Wilfredo Pareto paved the way for the discussion of socialism purely in terms of the allocation of resources. The Soviet experiment abandoned the mixed economy model of the New Economic Policy for a political-bureaucratic administration of production only loosely connected to theoretical concepts of socialism. The socialist calculation debate reductively recast the problem of socialism as a problem of allocation of resources, leading to general equilibrium theory. Friedrich Hayek responded to the socialist calculation debate by shifting the ground of discussion from class relations to information revelation 2017 Level: beginner Socialist alternatives to capitalism I: Marx to Hayek Duncan Foley New School for Social Research, Department of Economics Devine begins with an analysis of the theory and practice of capitalist planning, central planning and 'market socialism'. He argues that, while market socialism is currently favoured by many economists who reject both capitalism and the command planning of the Soviet model, it cannot fulfil the promises held out for it. 2022 Level: advanced Democracy And Economic Planning Pat Devine Taylor & Francis Limited Cédric Durand locates the Russian War on Ukraine in relation to Russian Economic Development and Political Economy after the collapse of the soviet union. 2022 Level: beginner Cold Peace Cédric Durand New Left Review After completing the workshop in Post Keynesian Economics participants should be able to describe the main differences and similarities between PKE and other schools of thought. 2021 Level: beginner Post Keynesian Economics Valeria Jimenez Summer Academy for Pluralist Economics The Covid-19 pandemic has laid bare the deep structural rifts in modern capitalist economies. It has exposed and exacerbated the long-lasting systemic inequalities in income, wealth, healthcare, housing, and other aspects of economic success across a variety of dimensions including class, gender, race, regions, and nations. This workshop explores the causes of economic inequality in contemporary capitalist economies and its consequences for the economy and society in the post-pandemic reality, as well as what steps can be taken to alleviate economic inequality in the future. Drawing from a variety of theoretical and interdisciplinary insights, the workshop encourages you to reflect on your personal experiences of inequality and aims to challenge the way in which the issue is typically approached in economics. 2022 Level: beginner Inequality in the Post-pandemic Era Hanna Szymborska Summer Academy 2022 for Pluralist Economics Though apparently siblings from the same family, New Keynesianism and Post-Keynesianism are completely different schools of economic thought. As to why and in what regard exactly, that is what this book is all about. While the former is the official label of the current mainstream in economic research and teaching (rather than neoclassic economics, which would be more apt a term), the latter tries to preserve the original thinking of John Maynard Keynes, but also additional ideas and concepts of all those building on his work. 2009 Level: beginner Introduction to Post-Keynesian Economics Marc Lavoie Palgrave Macmillan UK Feminist economics is a key component of the movement for pluralism in economics and one that has, to some extent, been acknowledged by the mainstream of the profession. It seeks to highlight issues which affect women because (it claims) they have not traditionally been recognised in a field dominated by men. On top of this, it seeks to carve out a space for women in the discipline, both for intrinsic reasons of fairness and diversity and because it means that women’s issues are more likely to be highlighted going forward. 2020 Level: beginner Why Feminist Economics is Necessary Cahal Moran Rethinking Economics This lecture by Economy Studies lays out the foundations and current state of the ecological crisis, its main drivers and who is responsible for this. It is crucial for students to develop a deeper understanding of the problem they are likely to encounter in their future careers, before getting into various economic policies or solutions to this pressing issue. 2022 Level: beginner Economic Introduction to the Ecological Crisis - Economy Studies   Economy Studies Yao Graham, coordinator of Third World Network- Africa, reflects on lessons learned from past Economic Partnership Agreements (EPAs), specifically as they relate to the Post-Cotonou Agreement. 2020 Level: beginner Lessons From Economic Partnership Agreements to the Post- Cotonou Framework Yao Graham Post-Colonialisms Today: postcolonialisms.regionsrefocus.org Post-Keynesian and heterodox economics challenge the mainstream economics theories that dominate the teaching at universities and government economic policies. And it was these latter theories that helped to cause the great depression the United States and the rest of the world is in. 2012 Level: advanced In Defense of Post-Keynesian and Heterodox Economics Lee, Frederic S.; Lavoie, Marc Routledge This lecture by Prof. Dr. Eckhard Hein is part of the Introductory Lectures on Heterodox Economics at the 20th FMM Conference in 2016. It gives a good overview about where Post-Keynesian Economics can be located and what it is all about. 2016 Level: advanced Introduction to Post-Keynesian Economics Eckhard Hein IMK Environmental catastrophe looms large over politics: from the young person’s climate march to Alexandria Ocasio-Cortez’s Green New Deal, increasing amounts of political space are devoted to the issue. Central to this debate is the question of whether economic growth inevitably leads to environmental issues such as depleted finite resources and increased waste, disruption of natural cycles and ecosystems, and of course climate change. Growth is the focal point of the de-growth and zero-growth movements who charge that despite efficiency gains, increased GDP always results in increased use of energy and emissions. On the other side of the debate, advocates of continued growth (largely mainstream economists) believe that technological progress and policies can ‘decouple’ growth from emissions. 2020 Level: beginner To Grow or Not to Grow? Cahal Moran Rethinking Economics The 2007-2010 economic crisis has profoundly shaken the foundations of mainstream financial economics. The apparent falsification of core concepts such as risk diversification, informational efficiency and valuation efficiency by an unexpected course of events has revealed the need to redefine the objectives and direction of research today. 2010 Level: advanced After the Crisis Thomas Lagoarde-Segot Nova Science Publishers, Incorporated Pluriverse: A Post-Development Dictionary contains over one hundred essays on transformative initiatives and alternatives to the currently dominant processes of globalized development, including its structural roots in modernity, capitalism, state domination, and masculinist values. 2019 Level: beginner Pluriverse: A Post-Development Dictionary Ashish Kothari, Ariel Salleh, Arturo Escobar, Alberto Acosta, Federico Demaria Tulika Books and Authorsupfront The historical situation of low interest rates after the Fed's response to the 2001 crisis alongside with huge foreign money inflow to the US are presented as the historical context in which subprime lending and financial instruments like CDOs and CDS evolved. Then those instruments as well as the concept of leverage are explained briefly. 2009 Level: beginner The Crisis of Credit Visualized   Films for Action Mark Blyth criticises the political inability to solve the persistent economic crisis in Europe against the background of a deflationary environment. Ideological blockades and impotent institutions are the mutually reinforcing causes of European stagnation. The deeper roots lie in the structural change of the economic system since the 1980s, when neoliberalism emerged as hegemonic ideology. This ideology prepared the ground for austerity and resulting deflationary pressures and a strategy of all seeking to export their way out of trouble. Worryingly this is breeding populist and nationalist resentments in Europe. 2015 Level: beginner Policies to avert stagnation: The Crisis and the Future(s) of the Euro Mark Blyth IMK In the interview, Robert Skidelsky discusses the emergence of political influence of a certain school of economic thought and how the success of an economic theory depends on the power relations in the society. He introduces the historical example of Keynesian economics and its replacement by liberal economic theory and policy in the aftermath of the Great Depression, and transfers this historical case to the dominant paradigm of austerity policies in the Europe as response to rising public debts caused by the Financial Crisis. He contrasts austerity policies with a Keynesian approach. Furthermore, he relates the targets of policy to the underlying power structures, for example when not the reduction of unemployment but the protection of financial capital is politically addressed. 2015 Level: advanced Economics and Political Power during the Crisis Robert Skidelsky INET Value and Crisis brings together selected essays written by Alfredo Saad-Filho, one of the most prominent Marxist political economists writing today. Divided into two parts, "Essays on the Theory of Value" and "Essays on Contemporary Capitalism," this book examines the labour theory of value from a rich and innovative perspective from which fresh insights are derived. 2020 Level: advanced Value and Crisis Alfredo Saad Filho Haymarket Books Peter Bofinger argues that the Modern Monetary Theory gives theoretical justification for bold answers to the corona crisis. 2020 Level: beginner Coronavirus crisis: now is the hour of Modern Monetary Theory Peter Bofinger Social Europe As part of a larger series on Just Transitions, the author describes how the current corona crisis comes with new economic policy responses which would have been considered unthinkable only a year ago. Arguing that with the current high levels of confidence in politicians and scientific advice, combined with the realisation that the market has not been able to solve this problem on its own, we are now in a unique position to implement a radically different solution than was politically possible previously. 2020 Level: beginner A Social-Green Deal, with just transition—the European answer to the coronavirus crisis Maja Göpel Social Europe For some days, global financial markets are in turmoil. Central banks and governments are dealing with the unfolding crisis on a daily basis with seemingly u... 2020 Level: beginner Replay of the financial crisis of 2008? What is different today, and what to expect? Adam Tooze & Gerhard Schick Finanzwende The blog post by Marc Lavoie contrasts what he perceives as the two main interpretations of the current inflationary tendencies (the 'excessive demand inflation' story and the 'profit inflation' story) and contrasts them with a third interpretation. This interpretation acknowledes rising profits but argues in favor of a different mechanism that centers on changes in the relative composition of costs. 2023 Level: advanced Some controversies in the causes of the post-pandemic inflation Marc Lavoie Monetary Policy Institute Blog Tom Palley provides a very clear and insightful description of the post-Keynesian school of economics by tracing back its connections to the different historical schools of thought. 2015 Level: beginner Post-Keynesian Economics through the Lens of History of Thought - Introductory lectures on heterodox economics Tom Palley IMK This article outlines the fundamental challenges of democratically planned economies and categorises proposed models into six groups, each of which approaches planning and coordination at different levels of authority and between myriad economic units in a particular way, taking into account efficiency as well as democratic principles and environmental and social sustainability. Through a classification system based on decision-making authority and mediation mechanisms, the article provides a framework for understanding and comparing these models. By examining their different approaches, it offers insights into the complexities and potential paths of democratically planned economies in the 21st century. 2024 Level: beginner Rethinking Democratic Economic Planning: An Overview Jakob Heyer Exploring Economics Geographical economics starts from the observation that economic activity is clearly not randomly distributed across space. This revised and updated introduction to geographical economics uses the modern tools of economic theory to explain the who, why and where of the location of economic activity. The text provides an integrated, first-principles introduction to geographical economics for advanced undergraduate students and first-year graduate students, and has been thoroughly revised and updated to reflect important developments in the field, including new chapters on alternative core models and policy implications. 2009 Level: advanced The New Introduction to Geographical Economics Steven Brakman, Harry Garretsen, Charles van Marrewijk Cambridge University Press

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