Capitalism, Macroeconomics and Reality

James Crotty

in Books from Edward Elgar Publishing

Abstract: The essays comprising this collection analyze the deep flaws in the methodological foundation of mainstream economic theory, and explain how these flaws make mainstream economics more ideology than sound social science. James Crotty develops alternative theories built on realistic assumptions that can explain most of the disastrous economic and financial developments of the past four decades. His work contributes to the collective creation of a solid theoretical foundation on which to build an understanding of the ‘laws of motion’ of capitalism in the post WWII era.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2017
ISBN: 9781784719012
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Chapters in this book:

Ch 1 The Realism of Assumptions Does Matter: Why Keynes-Minsky Theory Must Replace Efficient Market Theory as the Guide to Financial Regulation Policy , pp 13-38

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Ch 2 Are Keynesian Uncertainty and Macrotheory Compatible? Conventional Decision Making, Institutional Structures and Conditional Stability in Keynesian Macromodels , pp 39-71

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Ch 3 The Centrality of Money, Credit and Financial Intermediation in Marx’s Crisis Theory: An Interpretation of Marx’s Methodology , pp 72-106

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Ch 4 If Financial Market Competition is Intense, Why are Financial Firm Profits so High?: Reflections on the Current “Golden Age†of Finance , pp 109-128

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Ch 5 Structural Causes of the Global Financial Crisis: A Critical Assessmentof the “New Financial Architecture†, pp 129-150

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Ch 6 How Bonus-Driven “Rainmaker†Financial Firms Enrich Top Employees, Destroy Shareholder Value and Create Systemic Financial Instability , pp 151-172

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Ch 7 Is New Keynesian Investment Theory Really “Keynesian†?: Reflections on Fazzari and Variato , pp 175-195

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Ch 8 Owner-Manager Conflict and Financial Theories of Investment Instability: A Critical Assessment of Keynes,Tobin and Minsky , pp 196-216

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Ch 9 Rethinking Marxian Investment Theory: Keynes-Minsky Instability, Competitive Regime Shifts and Coerced Investment , pp 219-243

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Ch 10 Core Industries, Coercive Competition and the Structural Contradictions of Global Neoliberalism , pp 244-271

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Ch 11 The Neoliberal Paradox: The Impact of Destructive Product Market Competition and Modern Financial Markets on Nonfinancial Corporation Performance in the Neoliberal Era , pp 272-304

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Ch 12 Was Keynes a Corporatist?: Keynes’s Radical Views on Industrial Policy and Macro Policy in the 1920s , pp 307-328

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Ch 13 Class Conflict and Macropolicy: The Political Business Cycle , pp 329-356

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Ch 14 The Great Austerity War in the US: What Caused the US Deficit Crisis and Who Should Pay to Fix It? , pp 357-386

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Ch 15 Was IMF-Imposed Economic Regime Change in South Korea Justified: The Political Economy of the IMF , pp 387-412

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