Description
Book SynopsisThe Great Recession has punctuated the long history of capitalism and is a necessary outcome of contemporary capitalism’s great contradictions, both in its Anglo-Saxon configuration and European neo-mercantilism posture.
Trade Review‘The Great Recession and the Contradictions of Contemporary Capitalism is a critically important contribution and a strongly recommended addition to the academic library economics reference collections and supplemental studies reading lists’ -- The Midwest Book Review
‘This book makes a difference compared with the mass of existing crisis literature. Exploring a variety of heterodox approaches, it clearly discusses the important issues behind the well known facts: the dynamics of capitalism leading to the current crisis, the character of the crisis as mainly financial or as a result of changing conditions in production and consumption, the “rationality” of money, credit and debt, and the gender perspective of the crisis. Here you can find interesting alternatives to sterile mainstream discussions.’ -- Michael Heinrich, University of Technology and Economics, Germany
‘An excellent assemblage of scholarly thought on the current economic mess in Europe and America. Drawing on a range of left traditions in political economy, from Marx to Keynes to Minsky, the authors offer original takes on crisis theory, financial fragility and austerity. The book’s great strength is the depth of analysis of money, debt and speculation, and how they are implicated in the malfunctioning of contemporary capitalism. A salutatory challenge to the aridity of so much of conventional economics.’ -- Richard A. Walker, University of California, US
‘The Great Recession has shaken up the economics profession, underscoring the urgency of developing new and innovative ways of understanding the changes in the global economy. This excellent and thoughtful volume offers a series of heterodox analyses that will do just that. It will prove valuable to economists ready to question neoclassical and even Keynesian assumptions about how macroeconomies function in order to develop more relevant models and policies that fit our current system.’ -- Stephanie Seguino, University of Vermont, US
Table of ContentsContents: Introduction Riccardo Bellofiore and Giovanna Vertova 1. The Great Recession and the Contradictions of Contemporary Capitalism Riccardo Bellofiore 2. The Crisis of the Early 21st Century: Marxian Perspective Gérard Duménil and Dominique Lévy 3. Marx, Keynes and Hayek and the Great Recession of 2008 Meghnad Desai 4. Fictitious Capital in the Context of Global Over-accumulation and Changing International Economic Power Relationship François Chesnais 5. Conventions and Disruptions Christian Marazzi 6. Debt, Class and Asset Inflation Jan Toporowski 7. Speculation, Financial Fragility and Stock-flow Consistency Jo Michell 8. A Structural Monetary Reform to Reduce Global Imbalances: Keynes’ Plan Revisited to Avert International Payment Deficits Sergio Rossi 9. The True Rules of a Good Management of Public Finance. An Implication of the Fatal Euro-zone Crisis. Alain Parguez 10. Growth and Crisis in the Italian Economy Vittorio Valli 11. What’s Gender got to do with the Great Recession? The Italian Case. Giovanna Vertova 12. Financial and Nuclear Meltdowns: the Fragility of Chain-reaction Critical Processes Alessandro Vercelli Index
