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Since the beginning of the twenty-first century, there has been an unprecedented move towards 'rethinking economics' due to the damages generated by the global financial crisis that burst in 2007-2008. Almost a decade after this crisis, policy is still unable to provide all citizens greater wellbeing or at least an encouraging economic future.
As the Covid-19 fueled economic downturn begins to intensify this winter, an extended study of the Italian cooperative sector’s historical resilience in times of crisis can serve as a learning experience for other countries seeking to create policies that foster more stable economies, with job security, care for marginalized communities and adequate counter-cyclical policies. Particularly, the Italian cooperative sector’s contributions to three aspects should be noted in closing. Firstly, the innovative phenomenon of cooperative enterprises has contributed to social inclusion of immigrant communities, the activation of youth, the unemployed and people with disabilities, a true compensation for both a market and state failure. Secondly, they have contributed to a reduction in income and wealth inequalities at a time when the issue of inequality is of global significance. Thirdly, the Italian cooperative movement has helped local communities revitalize in the face of demographic shifts and rendered them more resilient to the ravages of globalization. Each of these in their own right is a remarkable achievement.
Based on a critique on econometric and DSGE models (in particular in the context of the financial crisis), Doyne Farmer presents his current research programme that aims at building an agent-based model of the financial and economic crisis. It models heterogeneous agents and from there simulates the economy, firstly for the housing market. The interview gives a short insight in the research programme.
Economist and politician Costas Lapavitsas: presents differing theoretical definitions of financialization, namely from Marxist and Post-Keynesian thinkers and compares their approaches. By presenting pattern and features of the economic and financial crisis, he interprets the latter as a crisis of financialization. Lapavitsas emphasizes his arguments by presenting data from the U.S. and Germany on the transformation of business, banks and households.
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.
This course introduces students to the relevance of gender relations in economics as a discipline and in economic processes and outcomes. The course covers three main components of gender in economics and the economy: (1) the gendered nature of the construction and reproduction of economic theory and thought; (2) the relevance and role of gender in economic decision-making; and (3) differences in economic outcomes based on gender. We wil touch on the relevance of gender and gender relations in at least each of the following topics: economic theory; the history of economic thought; human capital accumulation; labor market discrimination; macroeconomic policy, including gender budgeting; household economics; basic econometrics; and economic crises.
La EPM concibe la economía como un proceso continuo de transformación de la naturaleza y la sociedad mediante la producción.
Así, la economía no se concibe como una plataforma neutral de intercambio y cooperación, sino como una constitución histórica y política caracterizada principalmente por relaciones de poder asimétricas, ideología y conflictos sociales.
Este estudio pone al descubierto lo que muchos probablemente hemos sospechado alguna vez y unos pocos economistas llevan sabiendo desde hace tiempo: la teoría económica no sólo es difícil de digerir, sino que además está sencillamente equivocada. Cuando fue publicado en 2001, la economía de mercado parecía invencible y la teoría económica "neoclásica" estaba en el candelero. Steve Keen mantuvo entonces que los economistas no merecían crédito alguno por la aparente buena marcha de las finanzas, y que la falsa confianza en la estabilidad de la economía de mercado había llevado a muchos actores políticos a desmantelar algunas instituciones creadas para mantener la inestabilidad dentro de ciertos límites. La inestabilidad se desbordó con la devastadora crisis financiera que estalló en 2007, y ahora amenaza la economía global con la perspectiva de otra depresión.
En esta nueva edición, puesta al día y considerablemente ampliada, Keen lleva aún más lejos su feroz crítica de la teoría económica convencional, al tiempo que explica lo que la economía dominante no es capaz de explicar: por qué sobrevino la crisis, por qué está demostrando ser inabordable, y qué es lo que hay que hacer para ponerle fin.
La crisis del modelo de desarrollo ha dado una nueva vigencia a organizaciones que no pertenecen ni al sector privado tradicional ni al sector público. Estas organizaciones reciben diferentes apelaciones, tercer sector, economía solidaria, economía social, economía popular, organizaciones de desarrollo social, etc. Este trabajo se propone analizar los contextos de utilización de algunos de estos términos que designan las actividades que escapan a la lógica capitalista y a la lógica de la administración pública. La nueva constitución venezolana de 2000 incluye en su artículo 184 un término nuevo en el país, el de economía social. Se trata de un término que data del siglo XIX, cuando era utilizado sobre todo en el mundo francófono. La crisis del modelo de desarrollo fordista ha llevado a su reactualización a partir de los años 1980. Las definiciones que tiene varían según los países. Este trabajo tiene como propósito precisar el significado de este término, y de otros que le son afines. Luego, se definen algunos criterios para la delimitación de un sector de economía social en Venezuela.
Today it feels like everybody is talking about the problems and crises of our times: the climate and resource crisis, Greece's permanent socio-political crisis or the degrading exploitative practices of the textile industry.
How long the COVID-19 crisis will last, and what its immediate economic costs will be, is anyone's guess. But even if the pandemic's economic impact is contained, it may have already set the stage for a debt meltdown long in the making, starting in many of the Asian emerging and developing economies on the front lines of the outbreak.
Steve Keen analyses how mainstream economics fails when confronted with the covid-19-pandemic. Mainstream economics has propagated the dismantling of the state and the globalization of production - both of which make the crisis now so devastating. More fundamentally, mainstream economics deals with market systems, when what is needed to limit the virus’s spread is a command system.
Marxian Political Economy focuses on the exploitation of labour by capital. The economy is not conceived as consisting of neutral transactions for exchange and cooperation, but instead as having developed historically out of asymmetric distributions of power, ideology and social conflicts.
This historic timeline presents economic events, economic thinkers and schools of thought from the 18th century until the 2007/2008 financial and economic crisis with short texts on the respective event or perspective.
Recovery from the Covid-19 crisis provides a chance to implement economic measures that are also beneficial from environmental and social perspectives. While ‘green’ recovery packages are crucial to support economies tracking a low-carbon transition in the short-term, green measures such as carbon pricing are also key to improving welfare in the long-term. This commentary specifies the need for carbon pricing, outlines its implications for our everyday lives, and explains how it works alongside value-based change in the context of climate action and societal well-being.
As the current economic crisis spreads around the globe questions are being asked about what king of capitalist or post-capitalist economy will follow. There is increasing talk of the need for stringent economic regulation, the need to temper greed and individualism, to make the economy work for human and social development.
The likely global impacts of the economic fallout from the Coronavirus and how we might be better prepared than the 2008 economic crisis to put forward progressive solutions.
In this overview paper, Laura Porak reviews the history of industrial policy in the European Union before the background of a Cultural Political Economy approach.
Post-Keynesians focus on the analysis of capitalist economies, perceived as highly productive, but unstable and conflictive systems. Economic activity is determined by effective demand, which is typically insufficient to generate full employment and full utilisation of capacity.
Since the Middle Ages, literature has portrayed the economic world in poetry, drama, stories and novels. The complexity of human realities highlights crucial aspects of the economy. The nexus linking characters to their economic environment is central in a new genre, the "economic novel", that puts forth economic choices and events to narrate social behavior, individual desires, and even non-economic decisions.
Feminist economics focuses on the interdependencies of gender relations and the economy. Care work and the partly non-market mediated reproduction sphere are particularly emphasised by feminist economics.
The authors discuss how identity affects economic outcomes by bringing together psychological and sociological perspectives and economics. For economic outcomes of a single individual, it might be interesting which kind of social groups this individual belongs to. This may influence individual daily decisions and hence economic outcomes. It can, however, not only affect individual economic outcomes but also economic outcomes of organizations, institutions and other groups. This paper describes these influences with respect to gender in the workplace, to the economics of poverty and social exclusion, and to the household division of labour.
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.
Green Growth has been increasingly discussed as a solution to the socio-ecological crisis. But can economic growth be sustainable at all?
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.
David Harvey illustrates the five most common narratives on why the financial and economic crisis took place – from human frailty to policy failure.
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.
The book deals with the financial instability hypothesis of Hyman P. Minsky and its application to current developments. The first part of the work summarizes the hypothesis and mentions works elaborating the hypothesis. The second part applies the hypothesis to the financial crisis 0f 2008/09.
Best-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.
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.
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.
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.
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