The theory of comparative advantage says that there are gains from trade for the global economy as a whole. In this second brief of a three-part study of the international economy, Research Associate Thomas Palley observes that comparative advantage is driven by technology, which can be...

Finanzialisierung ist ein Prozess, in dessen Verlauf Finanzmärkte, -institutionen und -eliten zunehmend Einfluss auf Wirtschaftspolitik und ökonomische Ergebnisse gewinnen. Finanzialisierung transformiert die Funktionsweise des ökonomischen Systems sowohl auf der Makro- als auch auf der...

In den letzten Jahren drehte sich die geldpolitische Debatte vorrangig um Inflationssteuerung (inflation targeting) und Vermögenspreisblasen. Der vorliegende Text untersucht, wie solchen Blasen direkt begegnet werden kann, was die US-amerikanische Zentralbank, die Fed, bislang immer abgelehnt...

According to Research Associate Thomas I. Palley, global outsourcing represents a new economic challenge that calls for a new set of institutions. In this brief, he expands upon the problems of offshore outsourcing as outlined in Public Policy Brief no. 86 and focuses on the microeconomic...

The short-run macroeconomic effectiveness of fiscal policy depends on the effect of policy on AD and the effect of AD on output. This paper examines how macroeconomic perspectives (Keynesian, Post Keynesian, monetarist, classical, new classical, and new Keynesian) describe the effect of AD on...

Contents: Preface -- 1. Introduction: Neoliberalism as a variety of capitalism -- Part I: The United States -- 'economic contradictions coming home to roost? Does the u.s. Economy face a long-term aggregate demand generation problem?', journal of post keynesian economics, 25 (1), fall, 2002,...

Federal Reserve Chairman William McChesney Martin famously declared that the Federal Reserve "is in the position of the chaperone who has ordered the punch bowl removed just when the party was really warming up." This paper uses the punch bowl metaphor to analyze how the Federal Reserve can...

This paper examines the major competing interpretations of the economic crisis in the US and explains the rebound of neoliberal orthodoxy. It shows how US policymakers acted to stabilize and save the economy, but failed to change the underlying neoliberal economic policy model. That failure...

The term financialization is a term that has become popular to describe developments within the global economy, and particularly within developed industrialized economies, over the past thirty years. The book is divided into four sections, which together give a comprehensive treatment of the...