Hardback
Monetary Economies of Production
Banking and Financial Circuits and the Role of the State
9781781003947 Edward Elgar Publishing
The central focus of this book is the relationship between money, the sphere of production, and the State.
It explores how best to adapt the fundamental ideas of the circulationist perspective to achieve a better understanding of the financialisation of the production processes within contemporary capitalist economies. Importantly, the expert contributors illustrate that the true challenge ahead is to address how these new emerging forms can be eventually tamed, a challenge that the recent financial crisis has forcefully proven essential.
It explores how best to adapt the fundamental ideas of the circulationist perspective to achieve a better understanding of the financialisation of the production processes within contemporary capitalist economies. Importantly, the expert contributors illustrate that the true challenge ahead is to address how these new emerging forms can be eventually tamed, a challenge that the recent financial crisis has forcefully proven essential.
More Information
Contributors
Contents
More Information
The central focus of this book is the relationship between money, the sphere of production, and the State.
It explores how best to adapt the fundamental ideas of the circulationist perspective to achieve a better understanding of the financialisation of the production processes within contemporary capitalist economies. Importantly, the expert contributors illustrate that the true challenge ahead is to address how these new emerging forms can be eventually tamed, a challenge that the recent financial crisis has forcefully proven essential.
This book will prove an illuminating read for scholars and researchers in the heterodox economics domain.
It explores how best to adapt the fundamental ideas of the circulationist perspective to achieve a better understanding of the financialisation of the production processes within contemporary capitalist economies. Importantly, the expert contributors illustrate that the true challenge ahead is to address how these new emerging forms can be eventually tamed, a challenge that the recent financial crisis has forcefully proven essential.
This book will prove an illuminating read for scholars and researchers in the heterodox economics domain.
Contributors
Contributors: R. Bellofiore, H. Bougrine, V. Chick, M. Cingolani, E. Correa, S. Dow, T. Ferguson, M. Forstater, A. Girón, C. Gnos, R. Johnson, M. Lavoie, W.C. Marshall, E. Nell, L.-P. Rochon, M. Seccareccia, J. Smithin, B. Vallageas, G. Vidal, L.R. Wray
Contents
Contents:
Preface
Warren Mosler
Selected Publications of Alain Parguez
1. Alain Parguez’s Contribution to Political Economy
Louis-Philippe Rochon and Mario Seccareccia
PART I: MONEY AND THEORY OF THE MONETARY CIRCUIT
2. The State, the Central Bank and the Monetary Circuit
Marc Lavoie
3. A Historical Perspective on the Theory of the Monetary Circuit: From Schumpeter to Parguez
Claude Gnos
4. Time of Production, Time of Circulation and Turnover Time: Exploring the Guts of Marx’s Circuits of Capital
Mathew Forstater
5. Credit Creation, the Monetary Circuit and the Formal Validity of Money
John Smithin
6. Is There Room for Bulls, Bears and States in the Circuit?
L. Randall Wray
PART II: MONEY, BANKS AND FINANCIAL CRISIS
7. When Wolves Cry ‘Wolf’: Systemic Financial Crises and the Myth of the Danaid Jar
Thomas Ferguson and Robert Johnson
8. Financial Institutions and the State: A Re-examination
Victoria Chick and Sheila Dow
9. Basel III and the Strengthening of Capital Requirement: The Obstinacy in Mistake or Why ‘it’ Will Happen Again
Bernard Vallageas
10. Rethinking Banking Institutions in Contemporary Economies: Are There Alternatives to the Status Quo?
Hassan Bougrine and Mario Seccareccia
11. Financial Flows and Mexico’s Disintegrated Spaces of Production
Gregorio Vidal and Wesley C. Marshall
PART III: MONEY, PUBLIC FINANCES AND ROLE OF THE STATE
12. Public Expenditure and Deficits: The Emerging Countries’ Financial Circuits and Crises
Eugenia Correa and Alicia Girón
13. The End of the Innocence: The True Nature of the Euro Crisis, and the Alternative Based on Minsky’s Socialization of the Economy and Parguez’s Good Deficits
Riccardo Bellofiore
14. The Monetary Conditions for Growth: Parguez’s Debt Stability Condition
Massimo Cingolani
15. A Contribution to the Macroeconomics of Public Goods and Externalities
Edward Nell
Index
Preface
Warren Mosler
Selected Publications of Alain Parguez
1. Alain Parguez’s Contribution to Political Economy
Louis-Philippe Rochon and Mario Seccareccia
PART I: MONEY AND THEORY OF THE MONETARY CIRCUIT
2. The State, the Central Bank and the Monetary Circuit
Marc Lavoie
3. A Historical Perspective on the Theory of the Monetary Circuit: From Schumpeter to Parguez
Claude Gnos
4. Time of Production, Time of Circulation and Turnover Time: Exploring the Guts of Marx’s Circuits of Capital
Mathew Forstater
5. Credit Creation, the Monetary Circuit and the Formal Validity of Money
John Smithin
6. Is There Room for Bulls, Bears and States in the Circuit?
L. Randall Wray
PART II: MONEY, BANKS AND FINANCIAL CRISIS
7. When Wolves Cry ‘Wolf’: Systemic Financial Crises and the Myth of the Danaid Jar
Thomas Ferguson and Robert Johnson
8. Financial Institutions and the State: A Re-examination
Victoria Chick and Sheila Dow
9. Basel III and the Strengthening of Capital Requirement: The Obstinacy in Mistake or Why ‘it’ Will Happen Again
Bernard Vallageas
10. Rethinking Banking Institutions in Contemporary Economies: Are There Alternatives to the Status Quo?
Hassan Bougrine and Mario Seccareccia
11. Financial Flows and Mexico’s Disintegrated Spaces of Production
Gregorio Vidal and Wesley C. Marshall
PART III: MONEY, PUBLIC FINANCES AND ROLE OF THE STATE
12. Public Expenditure and Deficits: The Emerging Countries’ Financial Circuits and Crises
Eugenia Correa and Alicia Girón
13. The End of the Innocence: The True Nature of the Euro Crisis, and the Alternative Based on Minsky’s Socialization of the Economy and Parguez’s Good Deficits
Riccardo Bellofiore
14. The Monetary Conditions for Growth: Parguez’s Debt Stability Condition
Massimo Cingolani
15. A Contribution to the Macroeconomics of Public Goods and Externalities
Edward Nell
Index