Abstract During the 1980s and 1990s, many developing countries (DCs) have been engaged in far-reaching reforms of their financial systems, liberalising them and making them more market-oriented. This liberalisation, involving inter alia ‘financial de-repression’ has been inspired partly by...

A main purpose of my contribution is to provide a constructive critique of the present organisation of European economies under liberalisation and globalisation. Contrary to the exaggerated claims in leading economic circles about the virtues of this economic regime, its actual record has been...

Abstract In a famous passage in chapter 12 of the General Theory, Keynes observed: "As the organisation of investment markets improves, the risk of the predominance of speculation does, however, increase. In one of the greatest investment markets in the world, namely, New York, the influence of...

Abstract The last decade has witnessed a very fast growth of foreign direct investment (FDI) - this both reflects and extends the globalization of production. Although the greater part of FDI is still carried out by multinationals of one advanced country investing in another, a significant and...