Marx und Keynes sowie die Varianten der monetären Werttheorie und des Monetärkeynesianismus lassen sich nur sinnvoll in ein Verhältnis setzen, wenn die differierenden Argumentationsebenen berücksichtigt werden. Während Marx von sozialen Formen ausgeht, welche Geld erst begründen, geht...

"Whether loving or hating it, many visualize capitalism as an unstoppable juggernaut. For those of us who would defeat it, we must identify its weaknesses. Fortunately, Marx and Engels' writings on "crisis" reveal them. They show how its endless imposition of exploitative and alienating work...

"Constantly bandied about, 'crisis' has tended to be a much-overused word. Understanding the economy and its future challenges requires a detailed and precise analysis of what an economic crisis is. This book sets out to do just that. It first provides a deep historical context of what economic...

Die im Westen lange vorherrschende Überzeugung, dass der Kapitalismus das effizienteste Wirtschaftssystem und zugleich ein natürlicher Verbündeter der Demokratie ist, ist seit der Weltfinanzkrise von 2008 zweifelhaft geworden. Die Symptome einer säkularen Stagnation und die Verschärfung der...

"Originally published in Japan in 1953 by Iwanami Shoten, Uno Kōzō's Theory of Crisis presents an unparalleled and systematic demonstration of the necessity of crisis under the capitalist mode of production. Based on a radical re-interpretation of Marx's Capital, Uno's theory of crisis...

Was Solidarität zu leisten vermag, hat die Naturkatastrophe an Ahr und Rur gezeigt. Doch funktioniert sie auch im Großen - zwischen globalisierten Warenströmen und lokalen Gesetzgebungen und ohne dass ihr der herablassende Beigeschmack des Karitativen anhaftet? Dieses Buch lotet die...

This is the first English version of Karl Kautsky’s essay “Theories of Crises,” originally published in 1902 in Die neue Zeit , the theoretical organ of the Social Democratic Party of Germany. Kautsky’s essay was a review of Michael von Tugan-Baranowsky, Studien zur Theorie und...

Cover -- Half Title -- Series Page -- Title Page -- Copyright Page -- Table of Contents -- List of figures -- List of tables -- List of contributors -- Foreword -- Introduction: escaping from the economics cave -- 1. A Janus-faced crisis -- 2. Plato against the economists -- 3. Shadow economic...

Why is the equity premium so high, and why are stocks so volatile? Why are stock returns in excess of government bill rates predictable? This paper proposes an answer to these questions based on a time-varying probability of a consumption disaster. In the model, aggregate consumption follows a...

Autocrats experiencing a windfall in unearned income may find it optimal to donate to other countries some of the windfall in order to make the state a less attractive prize to potential insurgents. We put forward a model that makes that prediction, as well as the additional predictions that the...

This paper presents a new economic theory to explain the evolution of a financial crisis and why a major crisis may take a long time to recover. It suggests that asymmetric psychological reactions of market players to gains and losses are the principal cause of a crisis and responsible for...

The class and social structure of developing nations has undergone profound transformation in recent decades as each nation has incorporated into an increasingly integrated global production and financial system. National elites have experienced a new fractionation. Emergent...

Bank failures during banking crises, in theory, can result either from unwarranted depositor withdrawals during events characterized by contagion or panic, or as the result of fundamental bank insolvency. Various views of contagion are described and compared to historical evidence from banking...

This paper is a primer on the great depressions methodology developed by Cole and Ohanian (1999, 2007) and Kehoe and Prescott (2002, 2007). We use growth accounting and simple dynamic general equilibrium models to study the depression that occurred in Finland in the early 1990s. We find that the...

We review the competing explanations of the 2007-2008 global crisis, recall how governments around the world had to depart from established policy stances, and reflect on the legacy of the crisis both in terms of future challenges and changes in policy doctrine. The G-20 has addressed important...

Der Beitrag reflektiert theoretisch die gegenwärtige Finanz- und Wirtschaftskrise, wobei die Ausführungen im Zusammenhang mit bestehenden Krisentheorien stehen. Meine These ist, dass die Krisentheorien der "Unregierbarkeit" und des "Spätkapitalismus" darin falsch lagen, den Ausgangspunkt von...

This paper adopts the point of view that a crisis will face a person, organisation, region or country at some point in their life span or history. The question is how to prepare for the crises and recover from them afterwards? Some of us recover better than others and in a shorter time. The...