Based on the classical notion that resolution of the distributional conflict preceded accumulation and production, the paper addresses the changing patterns of surplus creation and extraction under Turkish structural adjustment of the 1980s. Four overlapping mechanisms of surplus extraction that...

This paper introduces a Marx-Keynes-Kalecki model of the political economy of comparative central banking which suggests that monetary policy is determined by four key factors: capital-labor relations; industry-finance relations; the degree of central bank independence; and the position of the...

In response to the financial crisis of 2007-20I0, governments in the United States, Europe, and elsewhere have invested billions of dollars in financial institutions to prevent them from going bankrupt and from further disrupting the global economy. Despite these massive public bail-outs, a...