This paper explores the relationship between economic growth and the welfare state. We argue that: (i) the institutional constraints set by the international monetary system may be at least as effective determinants of growth differentials between countries as the different dimensions of their...

This paper proposes an interpretation of current global imbalances based upon the nature of the international currency, its main objective being to present a “logical experiment”, illustrating how alternative models of international financial organization may produce opposite results in the...

In this Working Paper, PERI Research Associate Lilia Costabile explores the potential causal links running from our international monetary system to global imbalances, and from these to the crisis. She asks whether the global imbalances contribute to the current crisis, whether these imbalances...

This paper is inspired by the contributions made by Geoff Harcourt concerning the macroeconomics of open economies, international capital movements and speculation (e.g. Harcourt 1994, Dalziel/Harcourt 1997). This conceptual frame- work is developed in a simple model, useful for validating some...

This paper explores the relationship between economic growth and the welfare state. We argue that: (i) the institutional constraints set by the international monetary system may be at least as effective determinants of growth differentials between countries as the different dimensions of their...

This paper proposes an interpretation of current global imbalances based upon the nature of the international currency, its main objective being to present a logical experiment, illustrating how alternative models of international financial organization may produce opposite results in the global...

This paper proposes a ldquo;logical experimentrdquo;, illustrating how alternative international monetary systems may produce opposite results in the global economy. In the current organisation, ldquo;key currenciesrdquo; work as international money. Keynes, by contrast, proposed that this role...

I explore the accounts which alternative philosophical and economic approaches (Conventionalism, Libertarianism, Welfarism, the Capabilities approach) may provide of one non-standard employment relation which, rather than in the labour market, is established via a debt-credit contract (as...