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This book addresses how digital technology is challenging the principles of the market economy and the consequences for economic policy. Applying the approach of the Freiburg School as a heuristic perspective, the study examines the concrete effects of digital technology on the price system and monetary policy, the openness of markets, the role of private property, and labour markets. It highlights the emergence of digital innovations such as digital currencies, digital goods, artificial intelligence, digital platforms and the sharing economy and discusses the challenges these innovations pose for economic governance and the development of adequate economic policy instruments. This comprehensive overview provides a basic understanding of the scope of the digital transformation and addresses a wide scale of important aspects of e.g. competition and trade policy, the impact of robotisation on labour market policy, and how economic policy must incorporate social aspects. The book appeals to scholars and students of economics, public management professionals, and anyone interested in the challenges of digitalisation in the context of economic policy.

This book explains the formation and evolution of the capitalist society from the perspective of language and media. It argues that linguistic presentations given by using language serve as a basis for humans to define private property rights, engage in market exchange, establish the wage labor system, exploit science and technology in production, and organize socialized production.

Are we doomed because of the new digital technologies used in workspaces? Can we avoid measuring in our work? Or are we trapped in a metrification dystopia? Can we create workspaces that can produce what we prefer in order to use our human effort in ways that support nature and our communities? And if yes, what technologies could we use?Here, monetary-theorist Irene Sotiropoulou explores and critiques the information and communication means that were created for capitalist profit-making, showing how we can subvert these and use them for our own non-capitalist purposes. Machines Against Measures shows that in times of capitalist restructuring and multiple social reproduction crises, there open up new possibilities to experiment with quantity, measuring, machines and digital technologies, creating new ways of production and transaction. Within these, are ways of sharing and producing that defy many principles of capitalist relations. Using everyday examples from grassroots activity, this book offers new insights into how to be inventive with what we have at hand and be able to reflect on what technologies we truly need, revealing a grounded and practical vision of technology and work, based on re-defining why and how we measure what we do.

A specter is haunting Europe and America: the specter of anti-democratic, right-wing nationalism. This has finally exposed as ill-based the astonishingly widely shared belief that unleashing capitalism will, sooner or later, lead societies to democratic politics. It's nothing more than the big liberal myth. Krishnan Nayar explores the history of six major pioneers of modernity--Britain, America, France, Germany, Russia and Japan-- from the seventeenth century's Cromwellian revolution to Donald Trump's election, via the Age of Darwinian Capitalism: the pre-Second World War, pre-consumerist, pre-welfare state capitalism of severe economic instability and a penurious working class. Nayar shows that, in this period, capitalist industrialization was far more likely to lead to modernized right-wing autocracy than democracy, which got a chance thanks simply to fortunate circumstances in a few countries. Capitalism only underpinned democracy in the post-war period due to transient factors: the existence and character of the post-1945 Western welfare systems owed far more than is admitted by most historians to the challenge posed by the Russian and Chinese revolutions. The return of large-scale, extremist right-wing politics should not, therefore, come as a surprise. As autocratic China grows in strength, and Russia returns to expansionism, can democracy be rescued from a capitalism of dire instability and inequality?

Sortir du capitalisme, certes, mais pour aller où? À quoi pourrait bien ressembler une économie postcapitaliste? Devant l'ampleur de la crise écologique et l'absence de solutions conséquentes de la part de la classe politique, il devient urgent de répondre à ces questions, que la gauche évite depuis trop longtemps. Selon les tenants du capitalisme, seules deux options semblent s'offrir à nous: le statu quo ou les goulags soviétiques. La victoire du capitalisme serait donc définitive, et envisager une société sans exploitation serait une lubie réservée aux adeptes de science-fiction, aux révolutionnaires nostalgiques et aux jeunes idéalistes. Prenant ces désolants lieux communs à contre-pied, Construire l'économie postcapitaliste présente dans le détail des modèles concrets pour réorganiser en profondeur notre système économique et politique. Ce livre offre au lectorat francophone une synthèse des réflexions des trente dernières années sur la planification démocratique de l'économie. Il permet de penser l'activité de nos sociétés au-delà du capitalisme, dans un esprit de justice sociale dont elles ont plus que jamais besoin.

Well-designed industrial policies can improve a nation's economic performance. Using a range of tools, such as subsidies, tax incentives, infrastructure development, protective regulations, and R&D support, governments are able to support specific industries or economic activities. Steve Coulter examines the patterns of industrial policymaking across late capitalist societies. Drawing on case studies from a range of countries, each with different growth models, national capabilities, policy traditions, and political/welfare state regimes, he is able to offer a nuanced comparative assessment of states'responses to specific economic challenges. The book draws broad conclusions about the trajectories of industrial policy and highlights key technical and political drivers that policymakers consider when addressing whether best practice should centre on general or nationally-specific approaches. The book also focuses on fresh challenges and opportunities for industrial policy and questions the sustainability of current policy practice.

As the current capitalist system has been increasingly struggling to respond to the problems and uncertainties in the global economy, this book aims to identify the main economic, social, and ecological problems and discusses solutions for a more inclusive and sustainable economic system. Written by an international selection of contributors, it takes a wider perspective beyond classical orthodox economics. By doing so, this book covers a wide range of topics, such as global warming and climate change, food and energy scarcity, rising inequality and debt issues, health, ecological, economic, and political crises, degrowth, green new deals, solidarity, economy, artificial intelligence, technological change, smart solutions, and smart cities. Discussing these topics, the book presents answers to the question of whether the current capitalist system is viable and provides suggestions for a fair, inclusive, and modern economic system. Taking a comprehensive approach, thebook will appeal to students, scholars, and researchers of heterodox and alternative economics.

A Foreign Affairs Best Book of the YearFrom the front lines of economics and policymaking, a compelling case that economic growth is a force for good and a blueprint for enrolling it in the fight against climate change.Economic growth is wrecking the planet. It's the engine driving climate change, pollution, and the shrinking of natural spaces. To save the environment, will we have to shrink the economy? Might this even lead to a better society, especially in rich nations, helping us break free from a pointless obsession with material wealth that only benefits the few? Alessio Terzi takes these legitimate questions as a starting point for a riveting journey into the socioeconomic, evolutionary, and cultural origins of our need for growth. It's an imperative, he argues, that we abandon at our own risk.Terzi ranges across centuries and diverse civilizations to show that focus on economic expansion is deeply interwoven with the human quest for happiness, well-being, and self-determination. Growth, he argues, is underpinned by core principles and dynamics behind the West's rise to affluence. These include the positivism of the Enlightenment, the acceleration of science and technology and, ultimately, progress itself. Today growth contributes to the stability of liberal democracy, the peaceful conduct of international relations, and the very way our society is organized through capitalism. Abandoning growth would not only prove impractical, but would also sow chaos, exacerbating conflict within and among societies.This does not mean we have to choose between chaos and environmental destruction. Growth for Good presents a credible agenda to enroll capitalism in the fight against climate catastrophe. With the right policies and the help of engaged citizens, pioneering nations can set in motion a global decarbonization wave and in parallel create good jobs and a better, greener, healthier world.

Contemporary capitalism produces more and more money, debt, and inequality. These three trends have a common cause: the privilege of private banks to create money by means of accounting - by the stroke of a key. Why was this privilege not addressed politically for so long - and who benefited from it? At the heart of the answer lies the realization that the power to create money has been hidden by the way we commonly think and talk about capitalism. The book traces the omission of money creation from theories of capitalism and maps its consequences. By expanding the manoeuvring space for the banks to use their privilege, the capitalist countries have financed a transformation of the economy known as financialization. As a result, the real economy and private households became a debt supplier to a monetary system whose returns accumulate at the top. It is not simply'the markets'but money itself that transfers economic benefits from the masses to a minority. Increasing inequality of income and wealth can therefore only be combated if one does not only correct distributive results of markets-redistribution-, but addresses predistribution: the modalities of money creation.

An informed argument for an economic policy based on bridges of preparation and adaptation rather than walls of protection and exclusion &nbsp“When technological change and globalization in recent decades brought frustration over the resulting losses to jobs and communities, there were no guardrails to get these workers back on track. As this compelling book shows, our nation is going to need bridges to help people get through the unavoidable transformations.”—Edmund Phelps, 2006 Nobel Laureate in Economics and author of Mass Flourishing Free-market economists often have noted that there are winners and losers in a competitive capitalist world. The question of how to deal with the difficult real-life consequences faced by the losers, however, has largely been ignored. Populist politicians have tried repeatedly to address the issue by creating walls—of both the physical and economic kinds—to insulate communities and keep competition at bay. While recognizing the broad emotional appeal of walls, economist Glenn Hubbard argues that because they delay needed adaptations to the ever-changing world, walls are essentially backward-looking and ultimately destined to fail. Taking Adam Smith's logic to Youngstown, Ohio, as a case study in economic disruption, Hubbard promotes the benefits of an open economy and creating bridges to support people in turbulent times so that they remain engaged and prepared to participate in, and reap the rewards of, a new economic landscape.

For mainstream economics, cultural production raises no special questions: creative expression is to be harvested for wealth creation like any other form of labour. As Karl Marx saw it, however, capital is hostile to the arts because it cannot fully control the process of creativity. But while he saw the arts as marginal to capital accumulation, that was before the birth of the mass media. Engaging with the major issues in Marxist theory around art and capitalism, From Printing to Streaming traces how the logic of cultural capitalism evolved from the print age to digital times, tracking the development of printing, photography, sound recording, newsprint, advertising, film and broadcasting, exploring the peculiarities of each as commodities, and their recent transformation by digital technology, where everything melts into computer code. Showing how these developments have had profound implications for both cultural creation and consumption, Chanan offers a radical and comprehensive analysis of the commodification of artistic creation and the struggle to realise its potential in the digital age.

Capitalist Economics introduces and explains the basic economic forces that shape the present and structure the future of capitalist societies today. Rejecting the idea that economics is a universal science of'choice'or the'efficient allocation of scarce resources,'this book analyzes economic forces and relations as essential elements of a broader society. This entails understanding'the economic'as a logic that always operates alongside cultural, political, and social forces. As well, it requires grasping the economic as itself a product of historical development. This book explores the unique economic pressures found in capitalist societies, offering detailed yet concise analysis of basic concepts - commodities, money, exchange, interest - and investigating broader issues such as the source of profit, the nature of growth, and the role of technology and invention. Written for political scientists, sociologists, philosophers, cultural studies scholars, and beyond, the book is a completely new way of grasping socio-economic relations.

Why society needs to reclaim the power to create moneyAt the heart of capitalism lies the ability of private banks to create money at the stroke of a key. Why have we ignored this unique privilege for so long – and at what cost? Aaron Sahr attributes the lack of attention paid to money creation to the core of popular theories of capitalism, which equate economic power with capital ownership. This conceptual framework obscures the real drivers of capitalist dynamics as well as the causes of increasing inequality. By exploring the transformation of banking over the last half century, Sahr shows how the creation of money has driven the rise of finance as well as splitting incomes from wealth. As a result, the real economy of ordinary people has become a debt supplier to a monetary system whose returns accumulate at the top. It is not simply the markets but money itself that transfers wealth from the masses to a minority. Increasing financial inequality can therefore only be remedied by addressing predistribution – the modalities of money creation – as well as the distributive effects of the markets. By mapping this hidden regime of ‘keystroke capitalism', Sahr makes an essential contribution to our understanding of economic inequality and capitalist dynamics.

Was wäre, wenn die gleiche Innovationskraft, die vor 50 Jahren die Menschheit auf den Mond brachte - die große Ziele setzt und ebensolche Risiken eingeht – auch auf die Herausforderungen unserer Gegenwart angewendet würde? Wir müssen weg vom Schubladendenken, nach dem der Staat das Geld gibt und die Privatwirtschaft kreativ ist, sagt die Starökonomin Mariana Mazzucato. Stattdessen müssen wir sicherstellen, dass Unternehmen, Gesellschaft und Regierung ein gemeinsames Ziel ins Auge fassen – mit geteiltem Risiko und geteilter Belohnung! Mazzucatos Zukunftsformel ist radikal, aber dank ihr können wir dem Klimawandel, der Ungleichheit oder bedrohlichen Krankheiten entgegentreten. »Mariana Mazzucato bietet etwas, das sowohl breit gefächert als auch pointiert ist: eine fesselnde neue Geschichte darüber, wie man eine wünschenswerte Zukunft schaffen kann.« New York Times

This book explores the role of expectations within the modern capitalist system. Through looking at how they are formed and develop, the impact of events that lead to a collapse in expectations, such as a major financial crisis, is examined to highlight the precarious and unstable nature of the economic system. With a particular focus on the UK and USA, it is also considered how public policy and institutions can shift the balance away from speculation and back towards enterprise. This book aims to conceptualise instability and highlight how economic and regulatory policy can limit it. It will be relevant to researchers and policymakers interested in economic policy and regulatory reform.

This book critically engages with the proliferation of literature on postcapitalism, which is rapidly becoming an urgent area of inquiry, both in academic scholarship and in public life. It collects the insights from scholars working across the field of Critical International Political Economy to interrogate how we might begin to envisage a political economy of postcapitalism. The authors foreground the agency of workers and other capitalist subjects, and their desire to engage in a range of radical experiments in decommodification and democratisation both in the workplace and in their daily lives. It includes a broad range of ideas including the future of social reproduction, human capital circulation, political Islam, the political economy of exclusion and eco-communities. Rather than focusing on the ending of capitalism as an implosion of the value-money form, this book focuses on the dream of equal participation in the determination of people's shared collective destiny.

Hayek Book Prize FinalistAn Economist Best Book of the YearA Foreign Affairs Best Book of the YearFrom one of the world's leading economists and his coauthors, a cutting-edge analysis of what drives economic growth and a blueprint for prosperity under capitalism.Crisis seems to follow crisis. Inequality is rising, growth is stagnant, the environment is suffering, and the COVID-19 pandemic has exposed every crack in the system. We hear more and more calls for radical change, even the overthrow of capitalism. But the answer to our problems is not revolution. The answer is to create a better capitalism by understanding and harnessing the power of creative destruction—innovation that disrupts, but that over the past two hundred years has also lifted societies to previously unimagined prosperity.To explain, Philippe Aghion, Céline Antonin, and Simon Bunel draw on cutting-edge theory and evidence to examine today's most fundamental economic questions, including the roots of growth and inequality, competition and globalization, the determinants of health and happiness, technological revolutions, secular stagnation, middle-income traps, climate change, and how to recover from economic shocks. They show that we owe our modern standard of living to innovations enabled by free-market capitalism. But we also need state intervention with the appropriate checks and balances to simultaneously foster ongoing economic creativity, manage the social disruption that innovation leaves in its wake, and ensure that yesterday's superstar innovators don't pull the ladder up after them to thwart tomorrow's. A powerful and ambitious reappraisal of the foundations of economic success and a blueprint for change, The Power of Creative Destruction shows that a fair and prosperous future is ultimately ours to make.

An engaging and reflective look at how austerity and the billionaire class paved the way for Trump's presidency, the rise of the'alt-right,'and the caging of migrants children and adults in detention centers across the country. For all of the energy that the far right has demonstrated-and for all of the support that they receive from institutional conservatives in the GOP and affiliated organizations-the United States is experiencing an upsurge in left-wing social movements unlike any other in the past half-century, with roots not in the Democratic Party but Occupy Wall Street and Black Lives Matter. Drawing on his original reporting as well as archival research, O'Connor investigates how the capitalist class and the radical right mobilize racism to defend their interests, while focusing on one of the most pressing issues of our time: immigration.

This timely and provocative book challenges the conventional wisdom that neoliberal capitalism is incompatible with social justice. Employing public choice and market process theory, Nick Cowen systematically compares and contrasts capitalism with socialist alternatives, illustrating how proponents of social justice have decisive reasons to opt for a capitalism guided by neoliberal ideas. Cowen shows how general rules of property and voluntary exchange facilitate widespread cooperation. Revisiting the works of John Rawls, he offers an interdisciplinary reconciliation of Rawlsian principles with liberal democracy by introducing'robust property-owning democracy', a new form of governance that aims to achieve social justice via practical, liberal means. Chapters address the knowledge problem and the incentive problem that emerge when aiming for a fair distribution of social resources and demonstrate how everyday political bargaining can help achieve just outcomes for all. Utilising insights from philosophy, politics and economics to show the role of market institutions and constitutional government in producing social justice, this book is crucial reading for academics, researchers and students of PPE and the political sciences. Its practical policy proposals will further benefit policymakers interested in mechanisms that spread the benefits of economic growth equitably.

Es un estudio que fundamenta las condiciones y las causas de la existencia de la producción mercantil en el socialismo y el papel de las categorías económicas y de las relaciones monetario-mercantiles en la orientación de la economía socialista. Se adentra en el origen de la producción mercantil y sus categorías inherentes en la dirección centralmente planificada de la economía, sus características y la utilización de las relaciones monetario-mercantiles en la construcción de la nueva sociedad.

新自由主義と相まって世界を撹乱する金融グローバリズム。その形成史とメカニズムを解説し、ルールある経済社会の創生を展望。

Angesichts der gegenwärtigen Krisen des Kapitalismus hat das Werk von Karl Marx wieder an Aktualität gewonnen. Dieses Buch wirft grundlegende Fragen einer undogmatischen und kritischen Beschäftigung mit Marx und seinem Denken auf und stellt sie zur Diskussion. Es präsentiert internationale Forschungsansätze nach dem Scheitern der sich auf Marx berufenden politischen Regime. Aufgrund einer konsequenten Historisierung wird deutlich: Marx war durch seine Herkunft, seine Lebensstationen, sein Denken und seine politischen Aktivitäten fest im westeuropäischen Radikalismus verwurzelt. Vor diesem Hintergrund untersuchen die Beiträge auch die Tragfähigkeit von Marx zur Analyse gesellschaftlicher Konstellationen im 21. Jahrhundert. Die Aufsätze behandeln exemplarisch Marx'ideengeschichtliche Kontexte, sein Engagement für die entstehende internationale Arbeiterbewegung, seine Kapitalismusanalyse, seine Kanonisierung und Nachwirkung. Mit Beiträgen von Heinz Bude, Axel Honneth, Jürgen Kocka, Gerd Koenen, Christina Morina, Wilfried Nippel, Jonathan Sperber, Gareth Stedman Jones u.a. •Renommierte Historiker und Sozialwissenschaftler ziehen Bilanz •Perspektiven für die Krisen des 21. Jahrhunderts

Amidst waves of economic crises, health crises, class struggle and neo-fascist reaction, few possess the clarity and foresight of world-renowned theorist, David Harvey. Since the publication of his bestselling A Brief History of Neoliberalism, Harvey has been tracking the evolution of the capitalist system as well as tides of radical opposition rising against it. In The Anti-Capitalist Chronicles, Harvey introduces new ways of understanding the crisis of global capitalism and the struggles for a better world. While accounting for violence and disaster, Harvey also chronicles hope and possibility. By way of conversations about neoliberalism, capitalism, globalization, the environment, technology, social movements and crises like COVID-19, he outlines, with characteristic brilliance, how socialist alternatives are being imagined under very difficult circumstances. In understanding the economic, political and social dimensions of the crisis, Harvey's analysis in The Anti-Capitalist Chronicles will be of strategic importance to anyone wanting to both understand and change the world.

This collection explores key themes in the contemporary critique of political economy, in honour of the work and practice of Silvia Federici and George Caffentzis - two of the most significant contemporary theorists of capitalism and anti-capitalism, whose contributions span half a century of struggle, crisis and debate. Drawing together a collection of essays that assess Federici and Caffentzis's contributions, offering critical and comradely reflections and commentary that build on their scholarship, this volume acts as a guide to their work, while also taking us beyond it. The book is organised around five key themes: revolutionary histories, reproduction, money and value, commons, and struggles. Ultimately, the book shines light on the continuing relevance of Caffentzis and Federici's work in the twenty-first century for understanding anti-capitalism,'primitive accumulation'and the commons, feminism, reproductive labour and Marx's value theory.

This interdisciplinary edited collection explores the dynamics of global capitalist expansion through the concept of the ‘commodity frontier'. Applying an inductive approach rather than starting at the global level, as most meta-narratives have done, this book sheds light on how local dynamics have shaped the process of capitalist expansion into ‘uncommodified'spaces. Contributors demonstrate that ultimately the evolution of frontier zones and their reconfiguration over time have transformed human ecology, labour relations and social, economic and political structures across the globe. Chapters examine agricultural and pastoral frontiers, natural habitats, and commodity frontiers with fossil fuels and mineral resources located in various regions of the world, including South America, Asia, Africa and the Arabian Gulf.

Corporations have a huge influence on the life of every citizen—this book offers a visionary but practical plan to give every citizen a say in how corporations are run while also gaining some supplemental income. It lays out a clear approach that uses the mechanisms of the private market to hold corporations accountable to the public. This would happen through the creation of what the authors call the Universal Fund, a kind of national, democratic, mega mutual fund. Every American over eighteen would be entitled to a share and would participate in directing its share voting choices. Corporations and wealthy individuals would donate stocks, bonds, cash, or other assets to the fund just like they do to other philanthropic ventures now. The fund would pay out dividends to its citizen-shareholders that would grow as the fund grows. The Universal Fund is undoubtedly a big idea, but it is also eminently practical: it uses the tools of capitalism, not government, to give all citizens a direct influence on corporate actions. It would be a major institutional investor beholden not to a small elite group of stockholders pushing for short-term gain but to everyone. The fund would reward corporations that made sure their actions didn't harm people, communities, and the environment, and it would enable them to invest in innovations that would take more than a few months to pay off. Which is another reason corporations would donate to the fund—they could be freed from the constant pressure to maximize their quarterly share price and would essentially be subsidized for doing good. The authors demonstrate that our current economic rules force corporations to be shortsighted and even destructive because for most large investors, nothing matters but share price. The Universal Fund is designed to be a powerful positive balancing force, making the world a better place and the United States a better nation.

This book explores the policy implications of the unified theory of capitalism—how economic growth has led to a new epoch, the Anthropocene, and it presents a new set of economic principles that are needed in this new age. The unified theory of capitalism has been published as a new scientific endeavor, attempting to present new economics for the Anthropocene age that are empirically verifiable and fully consistent with the physical sciences. This book elaborates on the implications of the unified theory for both the science of economics and for public policies. In particular, this book develops in more detail the policy implications, discussing the fundamental economic and societal policy issues of our time—employment, inequality, the environment, and quality of life—in empirical terms.

This book is an extension of the author's last book (Crisis and Sustainability: The Delusion of Free Markets, Palgrave Macmillan, 2017) and sheds light on the evolution of the financial system after the 2007/08 crisis and on changes and developments in the regulatory framework that have taken place concurrently over the last ten years. The book's central theme addresses the neoliberal philosophy of financial regulation and, in particular, the role of self-regulating markets in the finance sector and how this has affected incentives and behaviour within the finance sector. The author contends that neoliberal maxims have led us to believe that market-based finance is superior to, and safer than, a more rules-based regulatory regime for the sector, and then explains that experience suggests otherwise. The huge expansion of ‘financialization'in the developed economies over the last two decades has greatly magnified the risks emanating from the impact of highly leveraged, risk averse, under-regulated finance on other sectors of these economies. The author concludes that financial institutions need to be encouraged to operate within a more socially responsible matrix that facilitates and promotes long-term economic growth coupled with social stability.

Value and Crisis brings together selected essays written by Alfredo Saad-Filho, one of the most prominent Marxist political economists today. This book examines the labour theory of value from a rich and innovative perspective, from which fresh insights and new perspectives are derived, with applications for the nature of neoliberalism, financialisation, inflation, monetary policy, and the contradictions, limitations and crises of contemporary capitalism.

This book promotes an in-depth understanding of the key mechanisms that govern the functioning of capitalist economies, pursuing a Classical Political Economics approach to do so. It explores central theoretical issues addressed by the classical economists Smith and Ricardo, as well as Marx, while also operationalizing more recent theoretical developments inspired by the works of Sraffa and other modern classical economists, using actual data from major economies.On the basis of this approach, the book subsequently provides alternative explanations for various microeconomic issues such as the determination of equilibrium prices and their movement induced by changes in income distribution; the dynamics of competition of firms within and between industries; the law of tendential equalization of interindustry profit rates; and international exchanges and transfers of value; as well as macroeconomic issues concerning capital accumulation and cyclical economic growth. Given its scope, the book will benefit all researchers, students, and policymakers seeking new explanations for observed phenomena and interested in the mechanisms that give rise to surface economic categories, such as prices, profits, the unemployment rate, interest rates, and long economic cycles.

No economist has written more incisively and provocatively on financial crisis than Hyman Minsky. Minsky is best known for his claim that'stability is destabilizing'– that the seeds of the bust are sown in the boom. This financial instability hypothesis received renewed attention – and substantial confirmation – in the global financial crisis of 2008. Minsky's insights are not limited to moments of crisis; they grow out of a comprehensive and critical theory of financial capitalism. This book provides a systematic overview of Minsky's thought, covering his entire body of work. It shows how financial crises arise not as exceptions, but out of the normal operation of a financial capitalist system. It explains why Minsky's theories sit uncomfortably with economics and what efforts have been made to integrate them, and shows how Minsky's work can be incorporated into other fields of social thought. This book will be of interest to students and scholars in economics, political economy, finance, politics, and social theory, as well as to anyone with an interest in the financial system and its tendency toward crisis.

The debate around growing inequality is raging amongst economists, and Marxists are finding new ways to map-out the modern economy. Managerial Capitalism introduces a new way of understanding the changing structure of our economy through the emergence and behaviour of a new class – managers. In the post war years as social democracy reigned, managers tended to form compromises with workers. However, under neoliberalism, allegiances have shifted. Today, a new alliance is forming between managers and capitalist owners, changing the nature of the hierarchy of power under capitalism. Additionally, the authors argue, this is happening much faster and universally than was previously thought. By applying Marx's basic concepts to the reality of the system today, through the use of extensive data sets as well as firmly rooting the argument in its historical context, Managerial Capitalism updates Marxism for the twenty-first century, through showing how the modes of production today are shaped by a new class, that must be understood if it is to be challenged.

Modern-day markets do not arise spontaneously or evolve naturally. Rather they are crafted by individuals, firms, and most of all, by governments. Thus'marketcraft'represents a core function of government comparable to statecraft and requires considerable artistry to govern markets effectively. Just as real-world statecraft can be masterful or muddled, so it is with marketcraft. In Marketcraft, Steven Vogel builds his argument upon the recognition that all markets are crafted then systematically explores the implications for analysis and policy. In modern societies, there is no such thing as a free market. Markets are institutions, and contemporary markets are all heavily regulated. The'free market revolution'that began in the 1980s did not see a deregulation of markets, but rather a re-regulation. Vogel looks at a wide range of policy issues to support this concept, focusing in particular on the US and Japan. He examines how the US, the'freest'market economy, is actually among the most heavily regulated advanced economies, while Japan's effort to liberalize its economy counterintuitively expanded the government's role in practice. Marketcraft demonstrates that market institutions need government to function, and in increasingly complex economies, governance itself must feature equally complex policy tools if it is to meet the task. In our era-and despite what anti-government ideologues contend-governmental officials, regardless of party affiliation, should be trained in marketcraft just as much as in statecraft.

This book examines what we can gain from a critical reading of Marx's final manuscript and his conclusion of the'systematic presentation'of his critique, which was the basis for Engels's construction of the third volume of his infamous'Capital'. The text introduces the reader to a key problem´of Marx's largely implicit epistemology, by exploring the systematic character of his exposition and the difference of this kind of'systematicity'from Hegelian philosophical system construction. The volume contributes to establishing a new understanding of the critique of political economy, as it has been articulated in various debates since the 1960s - especially in France, Germany, and Italy - and as it had already been initiated by Marx and some of his followers, with Rosa Luxemburg in a key role. All the chapters are transdisciplinary in nature, and explore the modern day relevance of Marx's and Luxemburg's theoretical analysis of the dominance of the capitalist mode of production.

Revolutionary ideas on how to use markets to achieve fairness and prosperity for allMany blame today's economic inequality, stagnation, and political instability on the free market. The solution is to rein in the market, right? Radical Markets turns this thinking on its head. With a new foreword by Ethereum creator Vitalik Buterin and virtual reality pioneer Jaron Lanier as well as a new afterword by Eric Posner and Glen Weyl, this provocative book reveals bold new ways to organize markets for the good of everyone. It shows how the emancipatory force of genuinely open, free, and competitive markets can reawaken the dormant nineteenth-century spirit of liberal reform and lead to greater equality, prosperity, and cooperation.Only by radically expanding the scope of markets can we reduce inequality, restore robust economic growth, and resolve political conflicts. But to do that, we must replace our most sacred institutions with truly free and open competition—Radical Markets shows how.

In his illuminating new book, Douglas McWilliams argues that inequality is largely driven not by a conspiracy of the rich, as Thomas Piketty suggests, but by technology and globalization tat have led to the paradox of rising inequality even as worldwide poverty drops. But what are the implications of this seeming contradiction, and what ultimately drives the global distribution of wealth? What can societies do to reshape capitalism for the 21st century? Drawing on the latest research, McWilliams investigates how wealth is concentrated and why it persistently remains in the hands of very few. In accessible and thought-provoking prose, McWilliams poses a comprehensive theory on why capitalism has not met its match in the form of increasingly disparate income distribution, but warns of the coming wave of technological development—the fourth industrial revolution—that threatens to create a scarcity of unskilled jobs that will lead to even greater inequality and explains what governments can do to prepare for this.From the inquisitive layperson to the professional economist or policymaker, The Inequality Paradox is essential reading for understanding the global economy in its present state. McWilliams is a fresh, authoritative voice entering the global discussion, making this book indispensable in preparing for the imminent economic challenges of our changing world.

‘Socialism'is a word that is now habitually taken to refer to a particular social system that prevailed in different parts of the globe during the twentieth century. This system was defined primarily by single-party rule with public (mainly state) ownership of the means of production along with a centrally planned economy. Its material base was generalised commodity production. The spokespersons of this system claim that this socialism was derived from Marx. Paresh Chattopadhyay's Socialism and Commodity Production argues the falsity of this claim. On the basis of a comprehensive study of Marx's own texts, as well as a detailed engagement with a wide variety of theorists of socialist economics, it shows that Marx's socialism constituted an ‘Association'of free individuals in which private ownership, the commodity, wage labour and the state have no place.

Das Buch fasst im ersten Teil das ökonomische System von Friedrich List in lebendiger, allgemein verständlicher, aktueller und anschaulicher Weise zusammen und belegt seine Bedeutung als Vordenker der Sozialen Marktwirtschaft umfassend. Im weiteren Verlauf werden dann die Schwierigkeiten und Hindernisse thematisiert, die Friedrich List bei der Umsetzung seiner visionären Ideen vor allem durch das Metternich`sche Spitzelsystem in den Weg gelegt wurden und anhand von zahlreichen neu entdeckten Quellen eindrucksvoll dargestellt. Das vorliegende Werk ergänzt Eugen Wendlers bereits erschienene Tetralogie'Friedrich List (1789-1846) - ein Ökonom mit Weitblick und sozialer Verantwortung (Biografie),'Friedrich List im Zeitalter der Globalisierung'(Ergänzungsband),'Politik der Zukunft'(Ergänzungsband) und „Friedrich List: Politisches Mosaik“ (Ergänzungsband) hervorragend und ist nicht nur äußerst aktuell, sondern auch spannend wie ein Kriminalroman.

Revolutionary ideas on how to use markets to bring about fairness and prosperity for allMany blame today's economic inequality, stagnation, and political instability on the free market. The solution is to rein in the market, right? Radical Markets turns this thinking—and pretty much all conventional thinking about markets, both for and against—on its head. The book reveals bold new ways to organize markets for the good of everyone. It shows how the emancipatory force of genuinely open, free, and competitive markets can reawaken the dormant nineteenth-century spirit of liberal reform and lead to greater equality, prosperity, and cooperation.Eric Posner and Glen Weyl demonstrate why private property is inherently monopolistic, and how we would all be better off if private ownership were converted into a public auction for public benefit. They show how the principle of one person, one vote inhibits democracy, suggesting instead an ingenious way for voters to effectively influence the issues that matter most to them. They argue that every citizen of a host country should benefit from immigration—not just migrants and their capitalist employers. They propose leveraging antitrust laws to liberate markets from the grip of institutional investors and creating a data labor movement to force digital monopolies to compensate people for their electronic data.Only by radically expanding the scope of markets can we reduce inequality, restore robust economic growth, and resolve political conflicts. But to do that, we must replace our most sacred institutions with truly free and open competition—Radical Markets shows how.

After communism collapsed in the former Soviet Union, capitalism seemed to many observers like the only game in town, and questioning it became taboo for academic economists. But the financial crisis, chronic unemployment, and the inexorable rise of inequality have resurrected the question of whether there is a feasible and desirable alternative to capitalism. Against this backdrop of growing disenchantment, Giacomo Corneo presents a refreshingly antidogmatic review of economic systems, taking as his launching point a fictional argument between a daughter indignant about economic injustice and her father, a professor of economics.Is Capitalism Obsolete? begins when the daughter's angry complaints prompt her father to reply that capitalism cannot responsibly be abolished without an alternative in mind. He invites her on a tour of tried and proposed economic systems in which production and consumption obey noncapitalistic rules. These range from Plato's Republic to diverse modern models, including anarchic communism, central planning, and a stakeholder society. Some of these alternatives have considerable strengths. But daunting problems arise when the basic institutions of capitalism—markets and private property—are suppressed. Ultimately, the father argues, all serious counterproposals to capitalism fail to pass the test of economic feasibility. Then the story takes an unexpected turn. Father and daughter jointly come up with a proposal to gradually transform the current economic system so as to share prosperity and foster democratic participation.An exceptional combination of creativity and rigor, Is Capitalism Obsolete? is a sorely needed work about one of the core questions of our times.

Where has capitalism gone wrong? Why are advanced capitalist economies so sick and why do conventional policy solutions, such as reduced taxes and increased money supply, produce only wider income disparity and inequality? We now live in a new world in which we enjoy the highest living standard in history, acquiring ever more goods and services as necessary luxuries. Yet current policies only serve to expand public debt and exacerbate socio-economic inequality. In Too much stuff, Yamamura upends conventional capitalist wisdom to provide a new approach. He suggests the only way for capitalism and democracy to thrive is to increase investment to meet societal needs such as improving social safety nets, infrastructure, and better education and health care for all, but this means raising taxes. Both solutions-orientated and accessibly written, this book argues that this will help reduce the growing wealth gap which threatens global democracy. With fascinating examples from the US, Japan and Germany, as well as convincing evidence from across the Western world, this bold book challenges the economic orthodoxy and offers practical steps forward that we can all support.

As the economic crash of 2007-8 and its sequels developed, neoliberal economists often said that economic theory can never cope with such eruptions, and left-minded economists and political economists struggled to find answers. This book documents discussions as they developed; an introduction and an afterword tell the story of the crisis, and offer syntheses and angles on some of the debated issues. What were the chief imbalances in the world economy? Is US hegemony breaking down? Were falling profit rates at the root of the crash, and if so why were they falling? How does'financialisation'reshape capitalism? Why did neoliberalism prove so resilient? How might the repercussions lead to it being subverted from the right or from the left?Contributors are Robert Brenner, Dick Bryan, Trevor Evans, Barry Finger, Daniela Gabor, Andrew Gamble, Michel Husson, Andrew Kliman, Costas Lapavitsas, Simon Mohun, Fred Moseley, Leo Panitch, Hugo Radice, and Alfredo Saad-Filho.

Stuart Chase in the Herald Tribune called this book about capitalism'the most realistic political treatise of the lot'and adds that'one must be tough and pitiless honesty and pitiless humanity.'Some people may disagree with the fi rst assertion, but the second cannot be denied, for in this brilliant analysis of our social and economic structure Thurman Arnold pulls no punches.By'the folklore of capitalism'the author means those ideas about our social and political system that are not generally regarded as folklore but popularly and usually erroneously accepted as fundamental principles of law and economics. Th rough his searching scrutiny of this'folklore'about capitalism, Th urman Arnold presents a broad scale analysis of the ways in which America thinks and acts.Arnold is concerned with the manner in which our system actually works rather than with the moral principles that are claimed for it. With this purpose as a basis for his analysis, he exposes the virtues and absurdities, the basic facts and inconsistent gospels of American capitalism. He accomplishes all this with an irony and a sharp lucidity that are rare indeed in the treating of such serious topics.

An introduction to Thomas Piketty's monumental workUS Nobel Prize–winner Paul Krugman described Thomas Piketty's Capital in the Twenty-First Century as “perhaps the most important book of the last decade.” It has sparked major international debates, dominated bestseller lists and generated a level of enthusiasm—as well as intense criticism—in a way no other economic or sociological work has in a long time. Piketty has been described as a new Karl Marx and placed in the same league as the economist John Maynard Keynes.The “rock star economist's” underlying thesis is that inequality under capitalism has reached dramatic levels in the last few decades and continues to grow—and that this is not by chance. A small elite is making itself richer and richer and acquiring everincreasing levels of power.Given the sensational reception of Piketty's not-so-easily digested 800-page study, the question as to where the hype around the book comes from deserves to be asked. What does it get right? And what should we make of it—both of the book itself and of the criticism it has received? This introduction lays out the argument of Piketty's monumental work in a compact and understandable format, while also investigating the controversies Piketty has stirred up. In addition, the two authors demonstrate the limits, contradictions and errors of the so-called Piketty revolution.

US Nobel Prize winner Paul Krugman described Thomas Piketty's Capital in the Twenty-First Century as'perhaps the most important book of the last decade'. It has sparked major international debates, dominated bestseller lists and generated a level of enthusiasm-as well as intense criticism-in a way no other recent economic or sociological work has. Piketty has been described as a new Karl Marx and placed in the same league as the economist John Maynard Keynes. The'rock star economist's'(Financial Times) underlying thesis: inequality under capitalism has reached dramatic proportions in the last few decades and continues to grow-and not by coincidence. Thus, a small elite becomes simultaneously richer and richer and more and more powerful.Given the sensational reception of the not-so-easily digested 800-page study that spans back to the eighteenth century, the question as to where the hype around Piketty's book comes from deserves to be asked. What is correct in it? What are the criticisms of it? And what should we make of it-both of the book itself and of the criticism it has received? This book lays out the argument of Piketty's monumental work in a compact and understandable format, while also investigating the controversies that this book has caused. In addition, the two authors demonstrate the limits, contradictions and errors of the so-called'Piketty revolution'.

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.In this lucid and compelling book, economist C�dric Durand offers a concise and critical introduction to the world of finance, unveiling the truth behind the credit crunch. Fictitious Capital moves beyond moralizing tales about greedy bankers, short-sighted experts and compromised regulators to look at the big picture. Using comparative data covering the last four decades, Durand examines the relationship between trends such as the rise in private and public debt and the proliferation of financial products; norms such as our habitual assumptions about the production of value and financial stability; and the relationship of all this to political power.Fictitious Capital offers a stark warning about the direction that the international economy is taking. Durand argues that the accelerated expansion of financial operations is a sign of the declining power of the economies of the Global North. The City, Wall Street and other centres of the power of money, he suggests, may already be caked with the frosts of winter.

The ideas of ‘predistribution'and the property-owning democracy have recently emerged as the central features of the progressive social liberal response to the problems of poverty, unemployment, economic insecurity, burgeoning socio-economic inequality, and economic instability, none of which the more familiar institutions of welfare state capitalism seem able effectively to solve. These social liberal proposals for institutional reform have, however, been rejected by ‘neo-classical'liberals who have attempted to modernize and revitalize the traditional classical liberal case for a set of ‘market democratic'laissez-faire institutions. This book makes a fresh attempt to demarcate an area of common ground between the positions occupied by classical and social liberals by identifying a set of institutional arrangements to which both can agree, while at the same time recognizing that there will be many important issues about which liberal (and non-liberal) political and social thinkers will continue strongly to disagree. Drawing on ideas and arguments identifiable within a particular branch of the left-libertarian tradition, the book develops market democratic interpretations of the ideas of predistribution and the property-owning democracy, and presents a powerful case for an institutional reform which constitutes a genuinely progressive alternative to more familiar social democratic institutions. By identifying progressive predistributive institutions as essential conditions both for the effective protection of'market freedom'and for the maximization of the substantive opportunities of the least advantaged members of society, the book shows how these institutions may be justified on grounds which both classical and social liberals may reasonably be expected to endorse.

Global capitalism is affected by the malaises of stagnation, financial fragility, increased income inequality, growing wealth concentration at the top, and a vanishing fair social contract. This book focuses on the incidence of these phenomena in the US, UK, Greece, Spain, Chile, South Africa, Australia, China, and other countries. The book looks at the effects of IMF-ECB led austerity policies in Europe. The book examines concrete country and global conditions combining theory, country studies, historical evidence, and international comparative analysis. The book also proposes new policy priorities to restore stability, reduce inequality, and consolidate democracy in 21st century capitalism.

As financial markets expand and continue to refashion the world in their own image, the wealth of capitalist societies no longer presents itself as it did to Karl Marx in the nineteenth century, as a “monstrous collection of commodities.” Instead, it appears as an equally monstrous collection of financial securities, and the critique of political economy must proceed accordingly. But what would it mean to write Capital in the twenty-first century?Are we really to believe that risk, rather than labor, is now regarded as the true fount of economic value? Likewise, can it truly be the case that the credit relation — at least in the global North — has replaced the wage relation as the key site of exploitation and political struggle? And finally, if precarity is indeed the name of today's proletarian condition, what possible future does it actually portend, what analysis does it require?Through a series of creative substitutions, Ascher's Portfolio Society extends Marx's critical project in bold and unexpected ways. In this work, Ascher demystifies crucial dimensions of contemporary finance and considers the predicaments of societies whose own future is now shaped by volatile financial markets.In the end, we may find that much has changed and much has not; relations of domination still endure, and mystifications do abound; but the devil is in the details, and that is where Ascher would have us dwell. At once a critique of modern finance and of the societies under its spell, Portfolio Society succeeds in revealing the potential limits of Capital, while reveling still in its limitless potential.