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Author: Richard A. Posner
Publisher: Harvard University Press
ISBN: 0674062191
Category : Business & Economics
Languages : en
Pages : 409
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Book Description
Following up on his timely and well-received book, A Failure of Capitalism, Richard Posner steps back to take a longer view of the continuing crisis of democratic capitalism as the American and world economies crawl gradually back from the depths to which they had fallen in the autumn of 2008 and the winter of 2009. By means of a lucid narrative of the crisis and a series of analytical chapters pinpointing critical issues of economic collapse and gradual recovery, Posner helps non-technical readers understand business-cycle and financial economics, and financial and governmental institutions, practices, and transactions, while maintaining a neutrality impossible for persons professionally committed to one theory or another. He calls for fresh thinking about the business cycle that would build on the original ideas of Keynes. Central to these ideas is that of uncertainty as opposed to risk. Risk can be quantified and measured. Uncertainty cannot, and in this lies the inherent instability of a capitalist economy. As we emerge from the financial earthquake, a deficit aftershock rumbles. It is in reference to that potential aftershock, as well as to the government's stumbling efforts at financial regulatory reform, that Posner raises the question of the adequacy of our democratic institutions to the economic challenges heightened by the greatest economic crisis since the Great Depression. The crisis and the government's energetic response to it have enormously increased the national debt at the same time that structural defects in the American political system may make it impossible to pay down the debt by any means other than inflation or devaluation.
Author: Richard A. Posner
Publisher: Harvard University Press
ISBN: 0674062191
Category : Business & Economics
Languages : en
Pages : 409
Get Book Here
Book Description
Following up on his timely and well-received book, A Failure of Capitalism, Richard Posner steps back to take a longer view of the continuing crisis of democratic capitalism as the American and world economies crawl gradually back from the depths to which they had fallen in the autumn of 2008 and the winter of 2009. By means of a lucid narrative of the crisis and a series of analytical chapters pinpointing critical issues of economic collapse and gradual recovery, Posner helps non-technical readers understand business-cycle and financial economics, and financial and governmental institutions, practices, and transactions, while maintaining a neutrality impossible for persons professionally committed to one theory or another. He calls for fresh thinking about the business cycle that would build on the original ideas of Keynes. Central to these ideas is that of uncertainty as opposed to risk. Risk can be quantified and measured. Uncertainty cannot, and in this lies the inherent instability of a capitalist economy. As we emerge from the financial earthquake, a deficit aftershock rumbles. It is in reference to that potential aftershock, as well as to the government's stumbling efforts at financial regulatory reform, that Posner raises the question of the adequacy of our democratic institutions to the economic challenges heightened by the greatest economic crisis since the Great Depression. The crisis and the government's energetic response to it have enormously increased the national debt at the same time that structural defects in the American political system may make it impossible to pay down the debt by any means other than inflation or devaluation.
Author: Richard A. Posner
Publisher: Harvard University Press
ISBN: 9780674055742
Category : Business & Economics
Languages : en
Pages : 412
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Book Description
Following his timely and well-received A Failure of Capitalism, Richard Posner steps back to take a longer view of the continuing crisis of democratic capitalism as the American and world economies crawl gradually back from the depths to which they had fallen in the autumn of 2008 and the winter of 2009. By means of a lucid narrative of the crisis and a series of analytical chapters pinpointing critical issues of economic collapse and gradual recovery, Posner helps non-technical readers understand business-cycle and financial economics, and financial and governmental institutions, practices, and transactions, while maintaining a neutrality impossible for persons professionally committed to one theory or another. He calls for fresh thinking about the business cycle that would build on the original ideas of Keynes. Central to these ideas is that of uncertainty as opposed to risk. Risk can be quantified and measured. Uncertainty cannot, and in this lies the inherent instability of a capitalist economy. As we emerge from the financial earthquake, a deficit aftershock rumbles. It is in reference to that potential aftershock, as well as to the government’s stumbling efforts at financial regulatory reform, that Posner raises the question of the adequacy of our democratic institutions to the economic challenges heightened by the greatest economic crisis since the Great Depression. The crisis and the government’s energetic response to it have enormously increased the national debt at the same time that structural defects in the American political system may make it impossible to pay down the debt by any means other than inflation or devaluation.
Author: Alan Nasser
Publisher: Pluto Press (UK)
ISBN: 9780745337937
Category : Capitalism
Languages : en
Pages : 0
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Book Description
Overripe Economy is a genealogy of a finance-ridden, authoritarian, austerity-plagued American capitalism, from industrialization to the present. This panoramic political-economic history of the country surveys the ruthlessly competitive capitalism of the nineteenth century, the maturation of industrial capitalism in the 1920s, the rise and fall of capitalism's Golden Age and the ensuing decline towards the modern era. Alan Nasser shows why the persistent austerity of financialized neoliberal capitalism is the natural outcome of mature capitalism's evolution, revealing the key structural and political vulnerabilities of capitalism itself and pointing towards the kind of system that can transcend it. At the center of this argument is capitalism's ultimatum: either a "new normal" of persistent austerity, declining democracy and a privatized state, or a new system characterized by an economic democracy that ensures higher wages and a shorter working week for all--back cover.
Author: Anwar Shaikh
Publisher: Oxford University Press
ISBN: 0199390657
Category : Business & Economics
Languages : en
Pages : 1019
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Book Description
Orthodox economics operates within a hypothesized world of perfect competition in which perfect consumers and firms act to bring about supposedly optimal outcomes. The discrepancies between this model and the reality it claims to address are then attributed to particular imperfections in reality itself. Most heterodox economists seize on this fact and insist that the world is characterized by imperfect competition. But this only ties them to the notion of perfect competition, which remains as their point of departure and base of comparison. There is no imperfection without perfection. In Capitalism, Anwar Shaikh takes a different approach. He demonstrates that most of the central propositions of economic analysis can be derived without any reference to standard devices such as hyperrationality, optimization, perfect competition, perfect information, representative agents, or so-called rational expectations. This perspective allows him to look afresh at virtually all the elements of economic analysis: the laws of demand and supply, the determination of wage and profit rates, technological change, relative prices, interest rates, bond and equity prices, exchange rates, terms and balance of trade, growth, unemployment, inflation, and long booms culminating in recurrent general crises. In every case, Shaikh's innovative theory is applied to modern empirical patterns and contrasted with neoclassical, Keynesian, and Post-Keynesian approaches to the same issues. Shaikh's object of analysis is the economics of capitalism, and he explores the subject in this expansive light. This is how the classical economists, as well as Keynes and Kalecki, approached the issue. Anyone interested in capitalism and economics in general can gain a wealth of knowledge from this ground-breaking text.
Author: Albena Azmanova
Publisher: Columbia University Press
ISBN: 0231530609
Category : Philosophy
Languages : en
Pages : 130
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Book Description
The wake of the financial crisis has inspired hopes for dramatic change and stirred visions of capitalism’s terminal collapse. Yet capitalism is not on its deathbed, utopia is not in our future, and revolution is not in the cards. In Capitalism on Edge, Albena Azmanova demonstrates that radical progressive change is still attainable, but it must come from an unexpected direction. Azmanova’s new critique of capitalism focuses on the competitive pursuit of profit rather than on forms of ownership and patterns of wealth distribution. She contends that neoliberal capitalism has mutated into a new form—precarity capitalism—marked by the emergence of a precarious multitude. Widespread economic insecurity ails the 99 percent across differences in income, education, and professional occupation; it is the underlying cause of such diverse hardships as work-related stress and chronic unemployment. In response, Azmanova calls for forging a broad alliance of strange bedfellows whose discontent would challenge not only capitalism’s unfair outcomes but also the drive for profit at its core. To achieve this synthesis, progressive forces need to go beyond the old ideological certitudes of, on the left, fighting inequality and, on the right, increasing competition. Azmanova details reforms that would enable a dramatic transformation of the current system without a revolutionary break. An iconoclastic critique of left orthodoxy, Capitalism on Edge confronts the intellectual and political impasses of our time to discern a new path of emancipation.
Author: Richard D. Wolff
Publisher: Haymarket Books
ISBN: 1608466558
Category : Business & Economics
Languages : en
Pages : 346
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Book Description
“The leading socialist economist in the country” explores the roots of the Great Recession and its immense impact on working people (Cornel West). While most mainstream commentators view the crisis that provoked the Great Recession as having passed, these essays from Richard Wolff paint a far less rosy picture. Drawing attention to the extreme downturn in most of capitalism’s old centers, the unequal growth in its new centers, and the resurgence of a global speculative bubble, Wolff—in his uniquely accessible style—makes the case that the crisis should be grasped not as a passing moment, but as an evolving stage in capitalism’s history. Praise for Richard Wolff and Democracy at Work “Probably America’s most prominent Marxist economist.” —The New York Times Magazine “Richard Wolff’s constructive and innovative ideas suggest new and promising foundations for much more authentic democracy and sustainable and equitable development, ideas that can be implemented directly and carried forward. A very valuable contribution in troubled times.” —Noam Chomsky “Wolff offers a rich and much-needed corrective to the views of mainstream economists and pundits. It would be difficult to come away from this with anything but an acute appreciation of what is needed to get us out of this mess.” —Stanley Aronowitz “Bold, thoughtful, transformative—a powerful and challenging vision that takes us beyond both corporate capitalism and state socialism. Richard Wolff at his best!” —Gar Alperovitz
Author: S.M. Amadae
Publisher: University of Chicago Press
ISBN: 0226016544
Category : History
Languages : en
Pages : 414
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Book Description
Offering a fascinating biography of a foundational theory, Amadae reveals not only how the ideological battles of the Cold War shaped ideas but also how those ideas may today be undermining the very notion of individual liberty they were created to defend.
Author: Sylvia Walby
Publisher: John Wiley & Sons
ISBN: 150950320X
Category : Social Science
Languages : en
Pages : 174
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Book Description
We are living in a time of crisis which has cascaded through society. Financial crisis has led to an economic crisis of recession and unemployment; an ensuing fiscal crisis over government deficits and austerity has led to a political crisis which threatens to become a democratic crisis. Borne unevenly, the effects of the crisis are exacerbating class and gender inequalities. Rival interpretations – a focus on ‘austerity’ and reduction in welfare spending versus a focus on ‘financial crisis’ and democratic regulation of finance – are used to justify radically diverse policies for the distribution of resources and strategies for economic growth, and contested gender relations lie at the heart of these debates. The future consequences of the crisis depend upon whether there is a deepening of democratic institutions, including in the European Union. Sylvia Walby offers an alternative framework within which to theorize crisis, drawing on complexity science and situating this within the wider field of study of risk, disaster and catastrophe. In doing so, she offers a critique and revision of the social science needed to understand the crisis.
Author: Torben Iversen
Publisher: Princeton University Press
ISBN: 0691210217
Category : Business & Economics
Languages : en
Pages : 359
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Book Description
It is a widespread view that democracy and the advanced nation-state are in crisis, weakened by globalization and undermined by global capitalism, in turn explaining rising inequality and mounting populism. This book, written by two of the world's leading political economists, argues this view is wrong: advanced democracies are resilient, and their enduring historical relationship with capitalism has been mutually beneficial. For all the chaos and upheaval over the past century--major wars, economic crises, massive social change, and technological revolutions--Torben Iversen and David Soskice show how democratic states continuously reinvent their economies through massive public investment in research and education, by imposing competitive product markets and cooperation in the workplace, and by securing macroeconomic discipline as the preconditions for innovation and the promotion of the advanced sectors of the economy. Critically, this investment has generated vast numbers of well-paying jobs for the middle classes and their children, focusing the aims of aspirational families, and in turn providing electoral support for parties. Gains at the top have also been shared with the middle (though not the bottom) through a large welfare state. Contrary to the prevailing wisdom on globalization, advanced capitalism is neither footloose nor unconstrained: it thrives under democracy precisely because it cannot subvert it. Populism, inequality, and poverty are indeed great scourges of our time, but these are failures of democracy and must be solved by democracy.
Author: Donatella della Porta
Publisher: Polity
ISBN: 9780745688589
Category : Political Science
Languages : en
Pages : 0
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Book Description
Recent years have seen an enormous increase in protests across the world in which citizens have challenged what they see as a deterioration of democratic institutions and the very civil, political and social rights that form the basis of democratic life. Beginning with Iceland in 2008, and then forcefully in Egypt, Tunisia, Spain, Greece and Portugal, or more recently in Peru, Brazil, Russia, Bulgaria, Turkey and Ukraine, people have taken to the streets against what they perceive as a rampant and dangerous corruption of democracy, with a distinct focus on inequality and suffering. This timely new book addresses the anti-austerity social movements of which these protests form part, mobilizing in the context of a crisis of neoliberalism. Donatella della Porta shows that, in order to understand their main facets in terms of social basis, strategy, and identity and organizational structures, we should look at the specific characteristics of the socioeconomic, cultural and political context in which they developed. The result is an important and insightful contribution to understanding a key issue of our times, which will be of interest to students and scholars of political and economic sociology, political science and social movement studies, as well as political activists.
