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6 From reparations to (net) interest payments on external debt: same script, different cast -- 7 Keynes's and Schumacher's plans and the failed attempt to understand international monetary relations -- 8 European monetary union -- 9 The sovereign debt crisis -- 10 A one-country reform: the solution to the sovereign debt crisis -- Afterword: Bernard Schmitt and heterodox economics -- Bibliography -- Index.
Consists of over 30 major contributions that explore a range of work on money and finance. The contributions in this handbook cover the origins and nature of money, detailed analyses of endogenous money, surveys of empirical work on endogenous money and the nature of monetary policy when money is endogenous.
Monetary Theory provides an alternative to monetary economics based on the distinctive properties of money banking. The book: *Analyses money *Shows that the distinction between money and income is rooted in the banking practice *Examines exchange rate instability and financial crisis *Puts forward an alternative proposal for European Monetary Union.
The second edition of this important textbook introduces students to the fundamental ideas of heterodox economics. It is written in a clear way by top heterodox scholars. This introductory book offers not only a critique of the dominant approach to economics, but also presents a positive and constructive alternative. Students interested in an explanation of the real world will find the heterodox approach not only satisfying, but ultimately better able to explain a money-using economy prone to periods of instability and crises.
In mainstream economic theory money functions as an instrument for the circulation of commodities or for keeping a stock of liquid wealth. In neither case is it considered fundamental to the production of goods or the distribution of income. Augusto Graziani challenges traditional theories of monetary production, arguing that a modern economy based on credit cannot be understood without a focus on the administration of credit flows. He argues that market asset configuration depends not upon consumer preferences and available technologies but on how money and credit are managed. A strong exponent of the circulation theory of monetary production, Graziani presents an original and perhaps controversial argument that will stimulate debate on the topic.
The volume deals with the main problems faced by capitalist economies, inflation and unemployment, in a new and original way, and provides the theoretical foundations for quantum macroeconomic analysis. Its aim is to allow English-speaking economists and interested readers to have a direct access to the analysis provided by Schmitt in his 1984 book Inflation, chômage et malformations du capital. Orthodox economics has failed to provide a consistent insight of the pathologies hindering our economies, and both the academic and the economic worlds are much in need for an alternative approach capable to explain the origins of these pathologies and how they can eventually be disposed of. Schmitt...
The aim of Bernard Schmitt’s analysis of the monetary economy of production was twofold: to introduce and to explain the logical character of the macroeconomic laws governing our economies and to explain the origin of the pathologies that follow if these laws are not complied with. Schmitt’s main original contributions concern the theories of value, profit, and capital, as well as his explanation of inflation, unemployment and international payments, unified as quantum macroeconomic analysis. This book expounds on the key principles of quantum macroeconomic analysis as he conceived and developed them. Schmitt’s starting point was the analysis of bank money and the way it is associated ...
This timely book uses cutting-edge research to analyse the fundamental causes of economic and financial crises, and illustrates the macroeconomic foundations required for future economic policymaking in order to avoid these crises. The expert contributors take a critical approach to monetary analysis, providing elements for a new paradigm of economic policymaking at both national and international levels. Major issues are explored, including: inflation, capital accumulation and involuntary unemployment, sovereign debts and interest payment, and the euro-area crisis. Opening new lines of research in the economic and financial crises, this book will prove a fascinating read for academics, students and researchers in the field of monetary economics. Monetary policymakers, central bank officials and international financial organisations will also find the book to be an invaluable resource.
ItOs All Who You Know When Working the System HereOs How to Get to Know the Right People The worldOs attention turned to the U.S. Capitol on January 20, 2009, when Barack Obama took the Presidential oath of office. But inside the building, changes had already taken place that would have broad implications for his agenda. The 111th Congress had convened on January 6 with a far stronger Democratic majority than the one that had preceded it. Their ambitious legislative agenda requires the assistance of their staffs to prepare them for all the important issues on the legislative table. Thus, it is more important than ever to know about senior congressional committee staff members and the role th...
Quantum Macroeconomics presents a new paradigm in macroeconomic analysis initiated by Bernard Schmitt. It explains the historical origin, the analytical contents, and the actual relevance of this new paradigm, with respect to current major economic issues at national and international level. These issues concern both advanced and emerging market economies, referring to inflation, unemployment, financial instability, and economic crises. In the first part of this volume, leading scholars explain the historical origin and analytical content of quantum macroeconomics. The second part explores its relevance with respect to the current major economic issues such as the sovereign debt crisis and E...