391 results
In the graveyard of economic ideology, dead ideas still stalk the land.
The recent financial crisis laid bare many of the assumptions behind market liberalism—the theory that market-based solutions are always best, regardless of the problem. For decades, their advocates dominated mainstream economics, and their influence created a system where an unthinking faith in markets led many to view speculative investments as fundamentally safe.
Zombie Economics Green Growth has been increasingly discussed as a solution to the socio-ecological crisis. But can economic growth be sustainable at all? Is Green Growth a myth? "Leveraged" provides an authoritative guide to the new economics of our crisis-filled century with a focus on financial crises and financial economics. Leveraged It has become a contentious term in- and outside of economic policy: austerity. Allegedly the culprit behind the shortfalls of governments' reaction to the Great Financial Crisis, the policy makes for a spirited debate. Austerity In this interview, the political activist, author and lecturer Dr. Vandana Shiva explains the linkage between ecology, feminism and economics along the lines of current effects and implications of the Corona-Crisis in India and around the world. Ecology, feminism and economics in times of Covid-19 pandemic How exactly are persisting social inequalities and the operations of modern finance connected? Adam Tooze provides a detailed answer to a still relevant problem by focusing on the Great Financial Crisis and the role of the finance industry in the USA. Crashed: How a Decade of Financial Crises Changed the World 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 Since the 1980s, the financial sector and its role have increased significantly. This development is often referred to as financialization. Authors working in the heterodox tradition have raised the question whether the changing role of finance manifests a new era in the history of capitalism. The present article first provides some general discussion on the term financialization and presents some stylized facts which highlight the rise of finance. Then, it proceeds by briefly reviewing the main arguments in the Marxian framework that proposedly lead to crisis. Next, two schools of thought in the Marxian tradition are reviewed which consider financialization as the latest stage of capitalism. They highlight the contradictions imposed by financialization that disrupt the growth process and also stress the fragilities imposed by the new growth regime. The two approaches introduced here are the Social Structure of Accumulation Theory and Monthly Review School. The subsequent part proceeds with the Post-Keynesian theory, first introducing potential destabilizing factors before discussing financialization and the finance-led growth regime. The last section provides a comparative summary. While the basic narrative in all approaches considered here is quite similar, major differences stem from the relationship between neoliberalism and financialization and, moreover, from the question of whether financialization can be considered cause or effect. Financialization and the crises of capitalism The British historian, Adam Tooze, highlights how the climate crisis is not just an environmental or ecological problem but also a political economy challenge. Climate, carbon and class 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 In Trouble in Paradise, Slavoj Žižek, one of our most famous, most combative philosophers, explains how by drawing on the ideas of communism, we can find a way out of the crisis of capitalism. Trouble in Paradise Heterodox Macroeconomics offers a detailed understanding of the foundations of the recent global financial crisis. Heterodox Macroeconomics In this searing and insightful critique, Adrienne Buller examines the fatal biases that have shaped the response of our governing institutions to climate and environmental breakdown, and asks: are the 'solutions' being proposed really solutions? Tracing the intricate connections between financial power, economic injustice and ecological crisis, she exposes the myopic economism and market-centric thinking presently undermining a future where all life can flourish. The Value of a Whale 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 CapitalBest-selling books such as Freakonomics and The Undercover Economist have paved the way for the flourishing economics-made-fun genre. While books like these present economics as a strong and explanatory science, the ongoing economic crisis has exposed the shortcomings of economics to the general public.
Economics Made Fun In the late nineteenth and early twentieth centuries, Bombay was beset by crises such as famine and plague. Yet, rather than halting the flow of capital, these crises served to secure it. In colonial Bombay, capitalists and governors, Indian and British alike, used moments of crisis to justify interventions that delimited the city as a distinct object and progressively excluded laborers and migrants from it. Making the Modern Slum Steve Keen provides an alternative view on Macroeconomics before and after the crisis and outlines different macroeconomic fallacies. Advanced Political Economy Lectures In this interview Mariana Mazzucato talks about economic actions governments need to take facing the Corona-crisis. Using the example of Britain, she argues that governmental bailouts need to be bound to commitment to sustainability. Mariana Mazzucato on New Economic Approaches