Review of Political Economy

1997 - 2026

Current editor(s): Sylvio Kappes, Maria Cristina Barbieri Goes and Louis-Philippe Rochon

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Volume 38, issue 1, 2026

A Lost Joan Robinson Paper pp. 1-26

Louis-Philippe Rochon and Joan Robinson

Introduction to the Symposium in Honour of Geoff Harcourt pp. 27-29

Amitava Dutt and Claudio Sardoni

Geoff Harcourt and the Central Role of Values in Economics pp. 30-44

Sheila Dow

Post-Keynesian Economics: Theory and Ethics pp. 45-66

Amitava Krishna Dutt

Interpreting Joan Robinson Following in Geoff Harcourt’s Footsteps pp. 67-80

Maria Cristina Marcuzzo

Keynesian Equilibria as Centers of Gravitation? pp. 81-96

Claudio Sardoni

Bread and Steel: Harcourt on the Economic Surplus, Employment and Distribution in Two-Sector Economies pp. 97-117

Mauro Boianovsky

Revisiting ‘Pricing and the Investment Decision’ pp. 118-134

Harry Bloch and Peter Kriesler

Reflections on Aspects of Macroeconomic Policies in the Spirit of Geoff Harcourt pp. 135-149

Philip Arestis and Malcolm Sawyer

The Ethics and Politics of Care: Reshaping Economic Thinking and Practice pp. 150-166

Wendy Harcourt

Ricardo was Right: Unless One Can Enforce ‘Productive’ Behaviour from Rentiers, Sustainable Growth is not an Option — While Emerging Asia Succeeded, the West and Latin America Failed, Caught in Their ‘Neo-Liberal Trap’. A Tribute to Geoff Harcourt pp. 167-208

José Gabriel Palma

An Analysis of the Patterns of Economic Growth in the US pp. 209-244

Maria Cristina Barbieri Góes

Public Investment as a Source of Capacity-Creating Autonomous Demand: Implications for Growth and Stability pp. 245-259

Ettore Gallo

Aggregate Demand and Demand Leakages in a Post-Keynesian Investment Function: A Dynamic Panel Data Analysis for Developed and Developing Countries pp. 260-285

Tiago Couto Porto

Deficit Aversion as a Path to Higher Debt: Sovereign Debt Dynamics in a Stock-Flow Consistent Model with Public Capital pp. 286-316

Ekaterina Jürgens

A Short Period Sraffa-Keynes Model for the Evaluation of Monetary Policy pp. 317-346

Peter Docherty

An Integration of Sraffa's Price Equations inside Marx's Capitalist Monetary Circulation pp. 347-369

Stefano Perri and Gianmarco Oro

Monetary Policy Challenges in Latin America pp. 370-377

João Marcos Hausmann Tavares

Max Weber and the Path from Political Economy to Economic Sociology pp. 377-379

Wedi Mustamulari, Itang Navira Hatuwe and Reski Utama

Volume 37, issue 5, 2025

Honouring and Moving Forward: Reviving Monnaie et Production pp. 1737-1739

Louis-Philippe Rochon and Sergio Rossi

The Perverse Evolution of Money: Shadow Banking, Wealth Accumulation and the Real Economy pp. 1740-1756

Hassan Bougrine

Boom and Bust: Dynamics of Systemic Financial Instability in Financialized Emerging Economies pp. 1757-1788

Julio César Chamorro-Futinico

Keynes’ Theory of a Monetary Economy of Production, a Timeless Analysis of Capitalism? pp. 1789-1795

Claude Gnos

Keynes, Graziani, and Non-Bank Financial Intermediaries: A Stock-Flow Consistent Analysis pp. 1796-1817

Rosa Canelli, Giuseppe Fontana, Riccardo Realfonzo and Marco Veronese Passarella

Digital Money: Fragmentation of the Monetary Regime pp. 1818-1839

Bruno De Conti and Robert Guttmann

Repurchase Agreements and the Paradox of Risk pp. 1840-1861

Sylvio Antonio Kappes

Financialization and Shadow Banking in a Monetary Theory of Production pp. 1862-1876

Sergio Rossi

Some Unexplored Financial Issues in the Monetary Circuit since the Financial Crisis pp. 1877-1896

Louis-Philippe Rochon and Domenica Tropeano

What Dynamics for the Monetary Circuit? Historical Time, Path Dependence, and Bayes’ Theorem pp. 1897-1936

Massimo Cingolani

Non-Bank Financial Institutions in the Extended Banking System: A Functional Taxonomy pp. 1937-1961

Iván Weigandi

Bernard Schmitt and the Dijon–Fribourg School of Monetary Circuit Analysis pp. 1962-1977

Alvaro Cencini and Sergio Rossi

Understanding Moral Sentiments from a Darwinian Perspective: Vivian Charles Walsh's ‘Darwinism and Dichotomies’ pp. 1979-1996

Valentina Erasmo and Steven Pressman

Darwinisms and Dichotomies pp. 1997-2001

Vivian C. Walsh

Overcoming Recession and Financial Instability in a Global Financialised Economy? The Contribution of the ‘Crank Heretic’ Robert Eisler pp. 2002-2020

Anne Löscher and Ferdindand Wenzlaff

‘If it Ain’t Broke, Don’t Fix it’: A Critical Realist Approach to Industrial Policy pp. 2021-2043

João Paiva-Silva and Nuno Martins

The Longer, the Weaker? Considering the Role of Long-Term Unemployment in an ‘Original’ Phillips Curve pp. 2044-2077

Davide Romaniello

Too-Big-to-Fail Banking in Europe: An Enduring Challenge pp. 2078-2101

Stefanos Ioannou, Panagiotis Iliopoulos and Dariusz Wójcik

Revisiting MMT, Sovereign Currencies and the Eurozone: A Reply to Marc Lavoie pp. 2102-2116

Dirk H. Ehnts and L. Randall Wray

Economic Growth and Technological Progress in Developing Economies: Okun and Kaldor-Verdoorn Effects in China and India (1991–2019) pp. 2117-2131

Suranjana Nabar-Bhaduri and Matías Vernengo

Capitalism in the UK: A Perspective from Marxist Political Economy pp. 2132-2134

Syaifullah Syaifullah, Novi Sekar Sari and Hasniati Hasniati

Central Banking, Monetary Policy and Gender pp. 2135-2136

Jeff Powell

Volume 37, issue 4, 2025

The History of Post-Keynesian Economics: Celebrating 50 Years pp. 1217-1222

Louis-Philippe Rochon

Post-Keynesianism in Canada: From an Extraordinary Beginning to an Uncertain Future? pp. 1223-1257

Marc Lavoie and Mario Seccareccia

Post-Keynesian Economics in Germany Since the 1970s — Mapping the Landscape pp. 1258-1297

Eckhard Hein

Post-Keynesian Economic Thought in Mexico: Discussions on Economic Growth pp. 1298-1315

Noemi Levy

Australian Post Keynesianism pp. 1316-1330

Alexander Millmow and John King

Between Academia and Economic Policy: The Rise and Decline of Post-Keynesian Economics in Austria pp. 1331-1357

Engelbert Stockhammer, Quirin Dammerer and Andreas Maschke

From Periphery to Core? Mapping a History of Post-Keynesian Economics in Brazil pp. 1358-1381

Danielle Guizzo, Felipe Almeida, Maríndia Brites and Luís Gustavo de Paula

Post-Keynesian Economics in China: A Historical Review and Contemporary Assessment pp. 1382-1403

Hui Yuan and Geyang Xie

Polish Post-Keynesianism: A Brief History pp. 1404-1421

Jan Toporowski and Gracjan Robert Bachurewicz

More Than a Method: History and Outward Institutionalization of Post-Keynesian Economics in Spain pp. 1422-1445

Esteban Cruz Hidalgo, José Pérez-Montiel and Eduardo Garzón Espinosa

Post-Keynesianism in France: From a Long Period of Constrained Growth to Hybridization? pp. 1446-1465

Sebastien Charles and Jonathan Marie

Power, Knowledge and Technology in a Finite World pp. 1467-1478

Valeria Cirillo, Cédric Durand, Dario Guarascio, Joel Rabinovich and Cecilia Rikap

From Commons to Commodities: Seed Regimes Consolidation and Implications to Sustainability Transitions pp. 1479-1509

Almendra Cremaschi and Anabel Marín

The Gene Editing Business: Rent Extraction in the Biotech Industry pp. 1510-1545

Erica Borg and Amedeo Policante

Unravelling the Role of Data in Industrial Value Chains pp. 1546-1570

Lea Schneidemesser and Florian Butollo

New Sites of Accumulation? Why Intangible Assets Matter for Energy Transitions pp. 1571-1598

Silvia Weko

Monopoly Power upon the World of Work: A Workplace Analysis in the Logistics Segment Under Automation pp. 1599-1631

Valeria Cirillo, Francesco S. Massimo, Matteo Rinaldini, Jacopo Staccioli and Maria Enrica Virgillito

Blurring Boundaries: An Analysis of the Digital Platforms-Military Nexus pp. 1632-1663

Andrea Coveri, Claudio Cozza and Dario Guarascio

Shadow Money in the History of Monetary Thought pp. 1664-1680

Steffen Murau and Tobias Pforr

Are Long Waves 50 Years? Reexamining Economic and Financial Long Wave Periodicities in Kondratieff and Schumpeter pp. 1681-1715

Jason Hecht

Inflation, European Union Regulation and the Structure of Energy Commodities Markets pp. 1716-1732

Domenica Tropeano

Principles of Behavioral Economics: Bringing Together Old, New and Evolutionary Approaches pp. 1733-1736

Stavros Drakopoulos

Volume 37, issue 3, 2025

Monetary Policy and Income Distribution: The Pasinetti Index pp. 715-718

Sylvio Kappes and Louis-Philippe Rochon

Where do the Pasinetti Rule and the Pasinetti Index Come from? pp. 719-733

Marc Lavoie and Mario Seccareccia

Distributional Regimes in the US — The Pasinetti Index and the Monetary Policy Effects on Income Distribution pp. 734-755

Pedro Hugo Clavijo Cortes, Sylvio Antonio Kappes and Louis-Philippe Rochon

Monetary Policy and the Pasinetti Index: A Stock Flow Model for Latin American Economies pp. 756-786

Lorenzo Nalin, Leonardo Rojas Rodriguez, Esteban Perez Caldentey and Giuliano Yajima

Revisiting the Pasinetti Index: Understanding Its Cyclical and Long-Term Features and Its Important Implications for Macroeconomic Policy pp. 787-810

Guillermo Matamoros and Mario Seccareccia

The Distributive Impact of Unconventional Monetary Policies: Old and New pp. 811-834

Lucio Gobbi, Carlo D’Ippoliti and Jacopo Temperini

The Pasinetti Index and the Rise of Inequality in the Age of Unconventional Monetary Policy in Japan pp. 835-866

Yuki Tada and Kazuhiro Kurose

Monetary Policy and Income Distribution: Some Reflections on the Pasinetti Rule pp. 867-886

Enrico Sergio Levrero and Antonino Lofaro

Public Banks and Public Purpose: From Pandemic Responses to Future Climate Prospects pp. 887-895

Diana V. Barrowclough and Thomas Marois

The Role of Public Development Banks During the Pandemic: Impact Evaluation of BICE's Innovative Credit Response pp. 896-914

Alejandro M. Danon, Rafael Tessone and Guido Zack

The Double Function of Turkey’s Public Banks and Reinterpretation of Mandates during the Covid-19 Pandemic pp. 915-936

Ali Rıza Güngen

From State Developmentalism to Financial Populism: The ‘Bank of Welfare' and Mexico’s Moral Economy pp. 937-964

Nadine Reis and Germán Vargas Magaña

Mandate Matters: Evolving Views and Counter-cyclical Surprises from the World’s Newest, Southern-led, Multilateral Development Banks* pp. 965-989

Diana Barrowclough

National and Multilateral Development Banks during the COVID-19 Pandemic: The Role of the IADB and CDC-BII during the Second Phase pp. 990-1010

Marco Carreras and Stephany Griffith-Jones

Public Development Banks as Essential Infrastructure: Covid, the KfW, and Public Purpose pp. 1011-1035

Thomas Marois

The Italian Development Bank: A Dynamic View of CDP’s Public Mission pp. 1036-1059

Anita Quas and Daniela Vandone

Public Banking, Overlapping Emergencies, and the Eurozone Periphery: The Portuguese Case pp. 1060-1086

Victoria Stadheim

The Fourth International Workshop on Demand-Led Growth: Extensions from Conflict Inflation pp. 1087-1089

Ricardo Summa and Salewa Olawoye

Tax Incidence and Distribution in a Sraffian Conflict Inflation Framework pp. 1090-1111

Franklin Serrano, Gabriel Aidar and Gustavo Bhering

Distributive Conflict, High Inflation, and Stabilization Programs in a Small Open Economy Framework: The Case of Argentina in the 1980s pp. 1112-1137

Ramiro E. Alvarez

Unraveling Growth Models in Peripheral Economies: Kalecki’s Political Business Cycle and Brazil’s ‘Pink Tide’ Experience pp. 1138-1163

Pedro Romero Marques

Understanding the Intellectual Traditions of Claudia Goldin’s Nobel Winning Work on Gender and its Context in Feminist Economics pp. 1164-1185

Sarah F. Small, Milena Dehn and Laura Beltran-Figueroa

ECB policies Since the Financial Crisis: A Monetary Circuit and a Post-Keynesian Perspective pp. 1186-1200

Domenica Tropeano

Did the ECB React Defensively During the Great Financial Crisis? A Reply to Tropeano pp. 1201-1209

Eladio Febrero, Jorge Uxó and Óscar Dejuán

Are LTROs Monetary Policy Operations or Is the Central Bank Behaving as a Market Maker of Last Resort? A Reply to Febrero, Uxó and Dejuán pp. 1210-1215

Domenica Tropeano

Volume 37, issue 2, 2025

Introduction to the Special Issue on the 20th STOREP Conference: Rethinking Economic Policies: The Role of the State in the Post-Covid-19 pp. 331-333

Angela Ambrosino, Enrico Bellino, Mario Cedrini, Matteo Deleidi and Santiago J. Gahn

To Intervene or Not to Intervene: This Is Smith’s Problem pp. 334-343

Maria Pia Paganelli

The Revival of Industrial Policies in the EU? pp. 344-368

Maria Cristina Barbieri Góes and Gianfranco Viesti

Innovation and Demand as Drivers of Labour Productivity: An Integrated Analysis for OECD Countries pp. 369-391

Giovanna Ciaffi

Examining the Writings of Satoshi Nakamoto: A Monetary Analysis of the Bitcoin Protocol pp. 392-411

Christophe Depoortère

Circular vs One-Way Production Processes: Two Different Views on Production and Income Distribution pp. 412-430

Enrico Bellino and Gabriel Brondino

The Efficient Triangle: Export Persistence, Human Capital, and Productivity pp. 431-455

Eleonora Bartoloni, Maurizio Baussola, Andrea Marino and Davide Romaniello

Measuring Patriarchy in Italy pp. 456-473

Erica Aloè, Marcella Corsi and Giulia Zacchia

The Dependence of Growth on the Profitability of Capital in the Kaleckian Literature: A Critical Evaluation pp. 474-499

Attilio Trezzini and Luigi Salvati

Does the Technological Transformation of Firms Go Along With More Employee Control Over Working Time? Empirical Findings From an EU-Wide Combined Dataset pp. 500-522

Nathalie Greenan and Silvia Napolitano

Anti-Inflation Policies in the Evolution of Federico Caffè’s Economic Thought pp. 523-542

Riccardo Baioni

Consumption as a Social Phenomenon in the Modern Theory of Intertemporal Choice pp. 543-563

Daria Pignalosa

Is CBDC undermining the Process of Money Creation? pp. 564-592

Samuele Bibi and Rosa Canelli

Does the Dollar Global Financial System Simply Intermediate Savings? pp. 593-612

Domenica Tropeano

Moving Forward When There Are No Dollars: A Guide to Public Investment in Face of the Balance-of-Payments Constraint pp. 613-636

Basil Oberholzer

The Nexus of Public Debt and Private Finance: Forging the International Monetary Order pp. 637-656

Ramaa Vasudevan

Economic Growth Driven by the Mexican Fourth Transformation Policy pp. 657-680

José María González Lara, Laura Policardo and Edgar Sánchez Carrera

Who are the Gatekeepers of Economics? Geographic Diversity, Gender Composition, and Interlocking Editorship of Journal Boards pp. 681-708

Alberto Baccini and Cristina Re

State building and social policies in developing countries: the political economy of development pp. 709-713

Md. Zobayer Hossain

Statecraft and the Political Economy of Capitalism pp. 713-714

Georgi Asatryan

Volume 37, issue 1, 2025

The Conceptual Resilience of the Atomistic Individual in Mainstream Economic Rationality pp. 1-20

Stavros Drakopoulos

Beyond Job Guarantee: The Employer of Last Resort Program as a Tool to Promote the Energy Transition pp. 21-52

Giuliano Toshiro Yajima

A Post-Keynesian Framework for Exchange Rate Equilibrium: Simulations for the Brazilian Economy pp. 53-71

Lúcio Otávio Seixas Barbosa and Douglas Alencar

The Brazilian Economic Regimes and the Possibility of a Regime Switch pp. 72-91

Lilian Rolim and Carolina Baltar

World Profit Rates, 1960–2019 pp. 92-107

Deepankar Basu, Julio Huato, Jesus Lara Jauregui and Evan Wasner

Financial Instability and Income Inequality: Why the Minsky–Piketty Connection Matters for Macroeconomics pp. 108-141

Filippo Gusella and Anna Maria Variato

What You See Is …. Not All There Is: Global Income Inequality From a Quasi-Marxist Perspective pp. 142-164

Rishabh Kumar

Merchants of Debt at the Extreme Overnight: Re-Considering Monetary Theories via Rollover-Induced Interbank Frictions pp. 165-182

Jessica Reale

Uneven Effects, an Evolutionary Model of Poverty Traps After Trade Liberalization pp. 183-201

Leopoldo Gómez-Ramírez and María Padilla-Romo

Deciphering the Chinese Economic Miracle: The Resolution of an Age-Old Economists’ Debate — and its Central Role in Rapid Economic Development pp. 202-226

Kun Duan, Plamen Ivanov and Richard Werner

A Historical Review of the Role of Education: From Human Capital to Human Capabilities pp. 227-244

Silvia Leoni

Economics Imperialism and Economic Imperialism: Two Sides of the Same Coin pp. 245-263

Angela Ambrosino, Mario Cedrini and John Davis

Globalization of Production and Absolute Advantage in a Classical Approach pp. 264-282

Pedro S. Machado

A Note on Capital in a Functional Analysis of the Traditional Banking Industry pp. 283-296

Riccardo Zolea

Augusto Graziani on Italian Economic Development (1950–1970) pp. 297-321

Giorgio Colacchio, Guglielmo Forges Davanzati and Andrea Pacella

Macroeconomics after Kalecki and Keynes: Post-Keynesian Foundations pp. 322-325

Marc Lavoie

The Political Economy of Central Banking in Emerging Economies pp. 325-329

Fatih Kırşanlı