Search results

We construct an embankment on a historical flow. The intention is to design a durable structure for any country seeking to pull itself out of the current recession.

Thomas Piketty’s classic is subjected to a close and novel scrutiny. The history is downplayed and the nascent macroeconomics fleshed out and extended.

A distinction must be made between rentier and productive interests and credit directed to the latter. Both private and public investments are essential. Socially designed projects must be originated and supported through State Development Banks.

Individual components have long been in existence. Green technology, social funding and the like are increasing in importance. However, they have not been embraced in a simple overarching model.

We offer a rationale for the government bond. Finance is introduced rigorously into the macroeconomic framework. The basis, though, is employment.

The purpose of this paper is to make a case for an international clearing house.

The systems postulate is used: the whole is greater than the sum of the parts. Specifically, the 2007 Godley‐Lavoie model is exploited.

Domestic banking arrangements are institutionally fragile; they import stability from their central banks. In like manner, relations between central banks must be conducted under a common metric, a world money.

The paper shows that a technical argument for a multilateral clearing house will not be found. The author teases “implicit dynamics” (Stephen Turnovsky) out of national income identities.

The purpose of this paper is to appraise the transition from bank‐based systems to universal banking.

The Wynne Godley and Francis Cripps macroeconomic framework is used to structure the argument.

It is shown that the activity of oligopolistic firms leads, through their build‐up of inventories, to an unstable system. However, the industrial structure of an economy might be embedded in a network of inter‐bank linkages. The coupling of real and credit activities delivers a weak stability.

The paper is an attempt to marry a structural cycle model with the institutional transformations. The cyclical model could be made more complex and the institutional analysis richer, thereby generating a thicker set of connections between the two.

The conclusion is that firewalls should be reconstructed between the traditional functions of banks as a conduit in the production of goods and services, and other financial entities involved in financial innovations.

Schools of political economy that theorise the transformation of the regime of accumulation of yesteryear are synthesised into financialisation and potential instability.