Description
Book SynopsisThe central focus of this book is the relationship between money, the sphere of production, and the State.
It explores how best to adapt the fundamental ideas of the circulationist perspective to achieve a better understanding of the financialisation of the production processes within contemporary capitalist economies. Importantly, the expert contributors illustrate that the true challenge ahead is to address how these new emerging forms can be eventually tamed, a challenge that the recent financial crisis has forcefully proven essential.
This book will prove an illuminating read for scholars and researchers in the heterodox economics domain.
Contributors: R. Bellofiore, H. Bougrine, V. Chick, M. Cingolani, E. Correa, S. Dow, T. Ferguson, M. Forstater, A. Girón, C. Gnos, R. Johnson, M. Lavoie, W.C. Marshall, E. Nell, L.-P. Rochon, M. Seccareccia, J. Smithin, B. Vallageas, G. Vidal, L.R. Wray
Table of ContentsContents: Preface Warren Mosler Selected Publications of Alain Parguez 1. Alain Parguez’s Contribution to Political Economy Louis-Philippe Rochon and Mario Seccareccia PART I: MONEY AND THEORY OF THE MONETARY CIRCUIT 2. The State, the Central Bank and the Monetary Circuit Marc Lavoie 3. A Historical Perspective on the Theory of the Monetary Circuit: From Schumpeter to Parguez Claude Gnos 4. Time of Production, Time of Circulation and Turnover Time: Exploring the Guts of Marx’s Circuits of Capital Mathew Forstater 5. Credit Creation, the Monetary Circuit and the Formal Validity of Money John Smithin 6. Is There Room for Bulls, Bears and States in the Circuit? L. Randall Wray PART II: MONEY, BANKS AND FINANCIAL CRISIS 7. When Wolves Cry ‘Wolf’: Systemic Financial Crises and the Myth of the Danaid Jar Thomas Ferguson and Robert Johnson 8. Financial Institutions and the State: A Re-examination Victoria Chick and Sheila Dow 9. Basel III and the Strengthening of Capital Requirement: The Obstinacy in Mistake or Why ‘it’ Will Happen Again Bernard Vallageas 10. Rethinking Banking Institutions in Contemporary Economies: Are There Alternatives to the Status Quo? Hassan Bougrine and Mario Seccareccia 11. Financial Flows and Mexico’s Disintegrated Spaces of Production Gregorio Vidal and Wesley C. Marshall PART III: MONEY, PUBLIC FINANCES AND ROLE OF THE STATE 12. Public Expenditure and Deficits: The Emerging Countries’ Financial Circuits and Crises Eugenia Correa and Alicia Girón 13. The End of the Innocence: The True Nature of the Euro Crisis, and the Alternative Based on Minsky’s Socialization of the Economy and Parguez’s Good Deficits Riccardo Bellofiore 14. The Monetary Conditions for Growth: Parguez’s Debt Stability Condition Massimo Cingolani 15. A Contribution to the Macroeconomics of Public Goods and Externalities Edward Nell Index
