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U.S. financial deregulation is often popularly presented as a fundamental attack on financial regulation that began with neoliberalism's Big Bang in 1980. This paper argues this position is wrong in two ways. First, it is a process that stretches back decades before 1980. Textbook mentions of 1970s precursor 'financial innovations' fall far short of presenting the breadth and duration of the pre-1980 attack on the system of regulation. Second, it has not been an across-the-board attack on financial regulation in the name of market efficiency as required by its ideology and claimed by its advocates, but rather a focused attack on only one of the five pillars of the system of regulation. This paper develops both of these assertions through a presentation of the five central pillars of the pre-1980 system of financial regulation, and the four major attacks on the three different aspects of the restrictions on financial competition. Keywords. financial competition, financial deregulation, financial regulation, neoliberalism JEL Classification Codes: N22, G21, G28, Financial deregulation in the United States, as a particularly important aspect of economic deregulation there in general, sharply accelerated following the election of Ronald Reagan in 1980 and the associated [...]

The 'new solution' to the transformation problem in Marx's labor theory of value rests on treating two aspects differently than in the traditional formulation: net value is used instead of gross value to avoid double counting, and the division of new value into variable capital and surplus value is determined at the point of production by the wages paid to the workers, instead of by the bundle of goods they subsequently select with their consumption decision. Campbell [Review of Radical Political Economics 29 (3) (1997) 59] developed a simple but formal presentation of the first of these issues. This paper addresses as the other crucial issue in the new solution approach, the issue of determining variable capital and surplus value. The role of the money wage in the process is highlighted. Comparison to the treatment of these issues in the traditional formulation is included for the purpose of better understanding the nature of the new solution. JEL classification: E11; D46 Keywords: Surplus value; New solution

The Weisskopfian approach has dominated empirical studies of the US rate of profit for the last thirty-five years. Forty-five years earlier, Michal Kalecki developed a different frame suitable for empirical profit rate studies, which had the potential to give different, but complementary, insight into the profit rate analysis based on the Weisskopfian approach. This paper first presents a development of the Kaleckian frame. It then applies this frame to the US economy and presents some preliminary empirical results. [ABSTRACT FROM AUTHOR]

The current economic crisis in the US has generated the greatest popular discontent with the system and from that possible potential for radical change since World War II. This article looks at the Marxist tradition for generating revolutionary demands, including the essential issue of avoiding sterile revolutionary demands, and what distinguishes revolutionary demands from the socially more common progressive reformist demands. It then considers this issue specifically in the particular context of the US today of a working class that has been almost entirely demobilized for three decades, and largely politically disarmed since World War II. It specifically considers an important progressive set of economic demands that was issued early in the crisis, and compares these with a few recently issued demands that come out of an analysis of the crisis by revolutionaries who are seeking to begin to mobilize the working class to the project of transcending capitalism. The article ends with some preliminary proposals for extending these latter demands, in the approach of Marx, Engels and Lenin, more broadly to the current crisis. [ABSTRACT FROM AUTHOR]

Assesses the feasibility of a Democratic Planned Socialism. List of socialism advocates; Goal of socialism in 'human development'; Proposal for rules and procedures for democratic coordination, control and planning of the economy.

In their volume The American Political Economy, Jacob S. Hacker et al. seek to renew the study of American political economy (APE) through a direct engagement with other areas of political science, including and especially comparative political economy (CPE). In the introduction of their volume, they lay out the foundations of APE as both a field of research and an approach to American politics that seeks to contribute to the study of the United States as well as to the broader discipline of political science. In this review essay, I will discuss the APE as an intellectual project to stress its key assumptions and its potential contribution to the study of politics and public policy, in the United States and beyond. Then, I will discuss two key issues that, while not explicitly central to APE as developed in The American Political Economy, could help enrich this novel approach. These two issues are policy feedback, a concept already prominent in the institutionalist tradition APE draws on, and the role of ideas in politics, which in recent decades has gained more currency in the study of politics, public policy and CPE. [ABSTRACT FROM AUTHOR]

Gives a presentation on the transformation of the `new solution,' an economic theory. Response from critics to the `new solution'; Details on Karl Marx's approach to a solution.

The article introduces papers published within the issue which were presented at the 6th Annual Forum of the World Association for Political Economy (WAPE) in Amherst, Massachusetts in May 2011, including one on state-owned enterprises (SOE) in China, another on the implications of the need to prevent major climate change for the developmental strategies of China and India and a paper on the influence of neoliberalism on the reform of emergency services in Great Britain.

Recent political economy scholarship has interpreted the recent resurgence of capital controls across the Global South as attempts by some developing countries to preserve their policy space to pursue heterodox economic policies. This article critically engages with this literature and argues for the need to study capital controls in light of the social constitution and the class character of the capitalist state, money, and private capital flows. This argument is substantiated through a class analysis of the deployment of capital controls in Brazil from 1945 to 2014, which emphasizes the crucial role that capital controls have historically played in the reproduction of capitalist social relations and particular forms of class rule in Brazil. JEL Classification: F30, F32, F38, F54 [ABSTRACT FROM AUTHOR]

Aims: This study was conducted to compare the barbed vs. traditional suture technique in capsular closure of total knee arthroplasty in terms of closure time, cost, needle prick injury, post-operative complication, blood loss and post-operative function.Patients and Methods: Eighty patients in a barbed suture group and 90 in a traditional group were enrolled in this prospective randomized study.Results: Barbed suture was associated with 4.1 minutes (P < 0.001) faster closure. It was found to be cheaper in terms of direct material cost [30.4%]. Needle prick injury was found in 6.7% (P = 0.020) of cases in the traditional group. Blood loss, post-operative complication and post-operative function were comparable in both groups.Conclusion: Barbed suture use in capsular closure of knee arthroplasty is an efficient and cost effective method, and recommended for use in the future. [ABSTRACT FROM AUTHOR]

Since the 1970s, corporate governance in the United States has become increasingly beholden to Wall Street. This trend is so prominent that the resulting formation is increasingly known as money manager capitalism. This article explores some of the reasons behind this change, and its implications for the American economy. [ABSTRACT FROM AUTHOR]

The relationship between class and intergenerational solidarities in the public and private spheres calls for further conceptual and theoretical development. This article discusses the findings from the first wave of a qualitative longitudinal study entitled Changing Generations, conducted in Ireland in 2011-2012, comprising 100 in-depth interviews with men and women across the age and socioeconomic spectrums. Constructivist grounded theory analysis of the data gives rise to the following postulates: (1) intergenerational solidarity at the family level is strongly contoured by socioeconomic status (SES); (2) intergenerational solidarity evolves as family generations observe each others' practices and adjust their expectations accordingly; (3) intergenerational solidarity within families is also shaped by the public sphere (the welfare state) that generates varying expectations and levels of solidarity regarding State supports for different age groups, again largely dependent on SES; (4) the liberal welfare state context, especially at a time of economic crisis, enhances the significance of intergenerational solidarity within families. We conclude by calling for research that is attuned to age/generation, gender and class, and how these operate across the family and societal levels. [ABSTRACT FROM AUTHOR]

This article provides a post-Keynesian analysis of economic growth and discusses the effects of austerity measures on demand in countries where growth is wage-led. It finds that growth is predominantly wage-led in both the United States and the Eurozone, although it is profit-led in some European Union countries. Profit-led growth may flourish under austerity measures, whereas wage-led growth requires economic stimuli (and reforms) to address an economic downturn. The dominant policies of addressing the great financial crisis currently are austerity measures to deleverage balance sheets, incidental interventions to save banks, and market reforms. However, these policies ignore the effects of the functional distribution of income on growth and are not likely to turn the tide in economies where growth is wage-led. Distribution of income cannot be left to market-mechanisms alone. A decent society requires a government policy of income distribution. Keywords: financial crisis, globalization, government policy JEL Classification Codes: E12, F33, G01, G28, Since the collapse of the American housing market in 2007, the western world has been caught in a dangerous interaction between the housing, banking, and government balance-sheet crisis (Koo 2012). [...]