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Once in a while the world astonishes itself. Anxious incredulity replaces intellectual torpor and a puzzled public strains its antennae in every possible direction, desperately seeking explanations for the causes and nature of what just hit it. 2008 was such a moment. Not only did the financial system collapse, and send the real economy into a tailspin, but it also revealed the great gulf separating economics from a very real capitalism. Modern Political Economics has a single aim: To help readers make sense of how 2008 came about and what the post-2008 world has in store. The book is divided into two parts. The first part delves into every major economic theory, from Aristotle to the presen...
The latest editions in Routledge's ongoing series The Collected Works of F. A. Hayek, these volumes bring together Hayek's work on what causes periods of boom and bust in the economy. Business Cycles: Part I contains Hayek's two major monographs on the topic: Monetary Theory and the Trade Cycle and Prices and Production. Reproducing the text of the original 1933 translation of the former, this edition also draws on the original German, as well as more recent translations.
Why did the economists of the so-called "mainstream" seem to fail to foresee the global economic crisis that exploded in 2008? And why do they appear to have difficulty in putting forward an interpretation of it that is consistent with the theoretical foundations of their models? These two questions have echoed insistently since the outbreak of the crisis, not only in academic circles but also in the mass media, and appear to reflect increasingly widespread dissatisfaction with the dominant paradigm of economic theory. Many believe that the global recession now underway may constitute an historic watershed for the evolution of economics and therefore that an authentic change of paradigm is c...
This book provides a comprehensive overview of the development of economics from its beginnings, at the end of the Middle Ages, up to contemporary developments. It is strong on contemporary theory, providing extensive coverage of the twentieth century, particularly since the Second World War. The second edition has been revised and updated to take account of new developments in economic thought.
This highly illuminating book marks a significant stage in our growing understanding of how the development of national traditions of economic thought has been affected by both internal and external factors. The expert contributors set an explicit agenda for the study of the dissemination of economic ideas across four centuries, acknowledging that the history of dissemination is also a history of the flux of economic beliefs, rendering any generalisation difficult, if not impossible. Topics explored include systems of political economy, European and American interactions, the diffusion of economic ideas in South-Eastern Europe and beyond, and the exchange of ideas between Japan and the rest of the world. This book will prove a fascinating and stimulating read for scholars and researchers in the field of economics generally, and more specifically in heterodox economics, the history of economic thought and economic theory.
A vigorous and timely defense of the state as a force for good For decades now wealth and power have been shifting from states to markets. This experiment has been a failure for all but a privileged few. But this trend is beginning to reverse, accelerated by the COVID-19 pandemic, which has seen the state play the most direct and positive role in citizens' everyday lives in living memory. Graeme Garrard makes a powerful case for the state as our only realistic hope of countering the rising power of multinational corporations, organized crime, and international organizations that will always put their own interests first. Today the state is essential to the health and welfare of everyone except the rich and powerful. Yet it is being rolled back and whittled away, leaving the well-being of most of us at the mercy of unaccountable private powers that are increasingly free from external control. As Garrard shows, the state is the only realistic way of promoting the public good in our time.
For most economists, ‘Austrian economics’ refers to a distinct school of thought, originating with Mises and Hayek and characterised by a strong commitment to free-market liberalism. This innovative book explores an alternative Austrian tradition in economics. Demonstrating how the debate on the economics of socialism began in Austria long before the 1930s, it analyses the work and impact of many leading Austrian economists through a century of Austrian socialist economics.
The most pressing issues of the twenty-first century—climate change and persistent hunger in a world of food surpluses, to name only two—are not problems that can be solved from within individual disciplines, nation-states, or cultural perspectives. They are predicaments that can only be resolved by generating sustained and globally robust coordination across value systems. The scale of the problems and necessity for coordinated global solutions signal a world historical transit as momentous as the Industrial Revolution: a transition from the predominance of technical knowledge to that of ethical deliberation. This volume brings together leading thinkers from around the world to delibera...
Over the past thirty years, the ability of global finance to affect aspects of everyday life has been increasing at an unprecedented rate. The world of food bears vivid testimony to this tendency, through the scars opened by the 2008 world food price crisis, the iron fist of retailing giants that occupy the supply chain and the unsustainable ecological footprint left behind by global production networks. Hungry Capital offers a rigorous analysis of the influence that financial imperatives exert on the food economy at different levels: from the direct use of edible commodities as an object of speculation to the complex food chains set up by manufacturers and supermarkets. It argues that the circular compulsion to build profits upon profits that global finance injects into the world of food restructures the basic nurturing relationship between man and nature into a streamlined process from which value has to be mined. The end result is a monstrous Leviathan that holds together while – at every step – risks to crumble. ,
Offers a philosophical critique of neoclassical and post-neoclassical economics.