Joseph Stiglitz has laid out many of the issues central to the debate on globalization in a compelling story in a recent influential book. Globalization has become a contentious issue because the economic policies advocated for and, at times, almost imposed upon developing countries by...

This paper is a contribution to the analysis of the growth process within industrial market economies. It examines the connection between growth and the composition of demand, in particular the consumption--growth relationship. The focus is not on the trade-off between consumption and growth but...

A basic if neglected step in monetary theory is to show that a given amount of money will enable all transactions to take place in money. But if the money advanced is no more than current costs, how are profits to be realized in money? The answer requires tracing the pattern of circulation,...