George Monbiot is the author of the online publication “Neoliberalism - the ideology at the root of all our problems”. He is a British author well-known for his political and environmental activism. ...In addition, he founded The Land is Ours, a movement in the United Kingdom that advocates for the right to access the countryside and its resources. The online journal discusses neoliberalism’s anonymous characteristics, such as how it attempts to reshape human life and establish a world governed by competition. In addition, it also discusses the birth of neoliberalism and how it entered the mainstream. Furthermore, it broadcasts the guileful validation of neoliberal theorists in policymaking. The author explains how neoliberalism reduced the size and influence of the state and how it defined freedom in a discordant way. The author also discusses the diametrically opposed philosophies of Keynesianism and Neoliberalism. He posited that it is not enough to oppose a broken system; a coherent alternative system tailored to the demands of the 21st century has to be proposed. However, the author’s suggestion to have an economic Apollo program - a new system tailored to the demands of the 21st century - is not an easy occupation.
The book is a considerably extended and fully revamped edition of the highly successful and frequently cited Foundations of Post-Keynesian Economic Analysis, published in 1992. It provides an ...exhaustive account of post-Keynesian economics and of the developments that have occurred in post-Keynesian theory and in the world economy over the last twenty years. Topics covered include open-economy issues, the methodological foundations of heterodox economics, consumer theory, firms and pricing, money and credit, effective demand and employment, inflation theory, and growth theories.
Este artículo hace un análisis teorético e histórico de la inflación en las economías monetarias de producción desde la Segunda Guerra mundial. Muestra que las interpretaciones “keynesianas” del ...trade off de la curva de Phillips y las monetaristas de las “expectativas inflacionarias” y la tasa natural de desempleo no establecieron la relación causal apropiada entre crédito y desempleo, y entre costos e inflación. Fue Hyman Minsky, un economista estadounidense, quien siguiendo las ideas de Keynes y el enfoque de la moneda endógena bancaria– mostró que el aumento (o la reducción) del crédito es lo que explica la reducción (el aumento) del desempleo. El resurgimiento de la inflación en la actualidad se puede explicar con un enfoque kaleckiano en el que la reducción de la productividad es causa eficiente de una inflación que puede llegar a ser persistente.
Political economy of money Ristić, Kristijan; Živković, Aleksandar; Jemović, Mirjana
Oditor,
2023, Volume:
9, Issue:
1
Journal Article
Peer reviewed
Open access
The former polarization of financial theorists regarding the importance of money is characteristic more than a decade confrontation monetarist and Keynesians, theirs long - term debate and opposition ...thesis " money it's not important " and " just is Money important ", The last two decades of the twentieth century are characteristic of the official common house thesis that " money it is important " The justification for the need for a theoretical analysis in this work and today is found in the fact that contemporary macroeconomic theory recognizes the end of radical anti-Keynesianism and at the same time the end of the intellectual monopoly of the dominant neoliberal doctrine that logically relies on and/or emerges from it, namely monetarism and all later theoretical derivatives. On the other hand, the goal of this work is not to reach the possibility of formulating new theoretical propositions, but rather to review the conflicting positions of representatives of different doctrines in financial theory to see current problems and controversies, and possibly still unresolved dilemmas, both in financial theory and in the management of monetary policy. and fiscal policies. in the world and here too.
The toolkit adapts a first-order perturbation approach and applies it in a piecewise fashion to solve dynamic models with occasionally binding constraints. Our examples include a real business cycle ...model with a constraint on the level of investment and a New Keynesian model subject to the zero lower bound on nominal interest rates. Compared with a high-quality numerical solution, the piecewise linear perturbation method can adequately capture key properties of the models we consider. A key advantage of the piecewise linear perturbation method is its applicability to models with a large number of state variables.
•A piecewise linear algorithm solves models with occasionally binding constraints.•The piecewise linear solution captures key aspects of the full nonlinear solution.•A library of routines accompanies our paper.
There have now been two successive policy regimes since the Second World War that have temporarily succeeded in reconciling the uncertainties and instabilities of a capitalist economy with ...democracy's need for stability for people's lives and capitalism's own need for confident mass consumers. The first of these was the system of public demand management generally known as Keynesianism. The second was not, as has often been thought, a neo-liberal turn to pure markets, but a system of markets alongside extensive housing and other debt among low- and medium-income people linked to unregulated derivatives markets. It was a form of privatised Keynesianism. This combination reconciled capitalism's problem, but in a way that eventually proved unsustainable. After its collapse there is debate over what will succeed it. Most likely is an attempt to re-create it on a basis of corporate social responsibility.
Abstract
The study of policy mobility has revealed the rich geographical life of policy, demonstrating the very real ways in which policy enacted in one place often references policy enacted ...elsewhere, and how in doing so, it changes and evolves as it is constantly adopted and adapted. One of its contributions has been the elaboration of neoliberalism as an interconnected process of neoliberalisation producing its variegated geography. But the policy settlement that neoliberalism replaced in the capitalist world, Keynesianism, is still approached in comparative or institutional terms rather than as a process. Applying a policy mobility lens to the study of Keynesianism is an opportunity to correct this. But this historical case is also an opportunity to consider policy mobility anew. Drawing on the relational urbanism that also contributed to policy mobility studies, this paper builds on topological approaches to argue for analysing mobile policy as a consequence and cause of the reworking of relations between and within policy territories. Using the Keynesian policy shift that occurred in New Zealand between 1930 and 1970 as a case study, it shows how relations were transformed but ongoing, and these transformations are both driven by and a consequence of mobile policies; that Keynesianism as an international phenomenon was a reworking of relations necessarily both between and within territories; and that Keynesianism produced a space of technical expertise and authority that continues to shape policy today.
Short Abstract
The policy mobility literature has contributed to a more dynamic conception of the geography of policy and in particular of broader policy settlements like neoliberalism, but it has rarely engaged with previous policy settlements like Keynesianism. This paper examines economic policy in New Zealand over four decades from 1930 to 1970 to show how Keynesianism in that country was produced through numerous apparent policy movements. It concludes that Keynesianism, and other policy settlements, are best conceived as a product of the reworking of the relational context of policy‐making both between and within territories.
This article examines the theories and practices of neoliberalism across 13 aspects of (‘things you need to know about’) neoliberalism. They include the argument that neoliberalism is not reducible ...to a cogent ideology or a change in economic or social policies, nor is it primarily about a shift in the relationship between the state and the market or between workers and capital in general, or finance in particular. Instead, neoliberalism is a stage in the development of capitalism underpinned by financialization. Neoliberalism by its nature is highly diversified in its features, impact and outcomes, reflecting specific combinations of scholarship, ideology, policy and practice. In turn, these are attached to distinctive material cultures giving rise to the (variegated) neoliberalization of everyday life and, at a further remove, to specific modalities of economic growth, volatility and crisis. Finally, this paper argues that there are alternatives, both within and beyond neoliberalism itself.
Escaping the Great Recession Bianchi, Francesco; Melosi, Leonardo
The American economic review,
04/2017, Volume:
107, Issue:
4
Journal Article
Peer reviewed
Open access
We show that policy uncertainty about how the rising public debt will be stabilized accounts for the lack of deflation in the US economy at the zero lower bound. We first estimate a Markov-switching ...VAR to highlight that a zero-lower-bound regime captures most of the comovements during the Great Recession: a deep recession, no deflation, and large fiscal imbalances. We then show that a microfounded model that features policy uncertainty accounts for these stylized facts. Finally, we highlight that policy uncertainty arises at the zero lower bound because of a trade-off between mitigating the recession and preserving long-run macroeconomic stability.
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