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E-raamat: Heterodox Macroeconomics: Keynes, Marx and globalization

Edited by (Bowdoin College, USA), Edited by (University of Southern Maine, USA)
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Heterodox Macroeconomics offers a detailed understanding of the foundations of the recent global financial crisis. The chapters, from a selection of leading academics in the field of heterodox macroeconomics, carry out a synthesis of heterodox ideas that place financial instability, macroeconomic crisis, rising global inequality and a grasp of the perverse and pernicious qualities of global and domestic macroeconomic policy making since 1980 into a coherent perspective. It familiarizes the reader with the emerging unified theory of heterodox macroeconomics and its applications.

The book is divided into four key sections: I) Heterodox Macroeconomics and the Keynes-Marx synthesis; II) Accumulation, Crisis and Instability; III) The Macrodynamics of the Neoliberal Regime; and IV) Heterodox Macroeconomic Policy. The essays include theoretical, international, historical, and country perspectives on financial fragility and macroeconomic instability.

List of illustrations
xii
Notes on contributors xiv
Preface xviii
Acknowledgments xx
PART I Heterodox macroeconomics and the Keynes-Marx synthesis
1(98)
Introduction: a second-generation synthesis of heterodox macroeconomic principles
3(21)
Jonathan P. Goldstein
Michael G. Hillard
The central core of heterodox macroeconomics
24(12)
Malcolm Sawyer
An introduction to a unified heterodox macroeconomic theory
36(18)
Jonathan P. Goldstein
Methodology and heterodox economics
54(12)
Martin H. Wolfson
Does heterodox economics need a unified crisis theory? From profit-squeeze to the global liquidity meltdown
66(19)
Gary A. Dymski
The current crisis in macroeconomic theory
85(14)
Bill Gibson
PART II Accumulation, crisis and instability
99(64)
Modern business behavior: the theory of the active firm
101(11)
Steven M. Fazzari
A Keynes-Marx theory of investment
112(15)
Jonathan P. Goldstein
Did financialization increase macroeconomic fragility? An analysis of the US nonfinancial corporate sector
127(13)
Ozgur Orhangazi
Marx, Minsky and Crotty on crises in capitalism
140(11)
Fred Moseley
Labor demand under strategic competition and the cyclical profit squeeze
151(12)
Michele I. Naples
PART III The macrodynamics of the neoliberal regime
163(62)
Cyclical labor shares under Keynesian and neoliberal regimes
165(11)
Raford Boddy
Economic crisis and institutional structures: a comparison of regulated and neoliberal capitalism in the USA
176(13)
David M. Kotz
Historically contingent, institutionally specific: class struggles and American employer exceptionalism in the age of neoliberal globalization
189(11)
Michael G. Hillard
Richard McIntyre
Unequal exchange reconsidered in our age of globalization
200(11)
Makoto Itoh
From capital controls and miraculous growth to financial globalization and the financial crisis in Korea
211(14)
Kang-Kook Lee
PART IV Heterodox macroeoconomic policy
225(36)
Keynes' bourgeois socialism
227(11)
Soo Haeng Kim
The case of capital controls revisited
238(12)
Gerald Epstein
Neo-liberal finance and third world (mal)development
250(11)
Ilene Grabel
PART V Conclusion
261(7)
Heterodox macroeconomics and the current global financial crisis
263(5)
Jonathan P. Goldstein
Index 268
Jonathan P. Goldstein is a professor of Economics at Bowdoin College. Michael Hillard is a professor of Economics at University of Southern Maine.