The paper revisits the sequence of events leading to the 1992-93 crisis of the European Monetary System’s Exchange Rate Mechanism in the context of International Political Economy. The paper reconsiders the crisis, emphasising the workings of monetary unions and contemporary financial markets....

Rudolf Hilferding is a leading Marxist scholar. But Hilferding's approach to derivatives has been left untouched. The paper aims at contributing to the literature. Hilferding realized that the development of the stock exchange was parallel to the development of standardized derivative exchanges....

In the early twentieth century, a range of writers produced visions of a socialist economy whose distinguishing characteristic was an allocation of resources using a ‘technical’ perspective. In the 1930s, Oskar Lange took up the challenge of Ludwig von Mises’ claim of the...

While John Stuart Mill was not unwilling to identify with the philosophical approach of utilitarianism, he nonetheless distanced himself from utilitarianism as conceived by Bentham. He rejected all the assumptions that led the latter to advocate a felicific calculus. He thus constructed his...

The recent theoretical works of the authors mentioned in the title of the paper provide thorough insights into the workings of contemporary capitalism. Derivatives are the key issue involved here. They comprehend financialization as a development within, rather than a distortion of, capitalist...

The present study puts forward a plan for solving the sovereign debt crisis in the euro area (EA) in line with the interests of the working classes and the social majority. Our main strategy is for the European Central Bank (ECB) to acquire a significant part of the outstanding sovereign debt...

This paper compares Joseph Schumpeter and Emil Lederer with respect to their visions concerning the notions of economic growth, technology and business cycles. Their theoretical investigations in a number of thematic areas seem to converge to similar views. More precisely, both Schumpeter and...

Purpose – Joseph Alois Schumpeter's ideas are in the discussion agenda of various economists working in different theoretical traditions. However, several aspects of his work remain unexplored. In particular, the origin of his ideas in the context of the then prevalent economic theories of the...

Two surveys of Polish small firms were carried out in Gdansk and Lublin in 1999. Four studies of these surveys, 2 descriptive and 2 statistical are summarised and analysed. This reveals the structure of the small firm sector, its expectations with respect to EU accession and its short term...