Rethinking capitalism : economics and policy for sustainable and inclusive growth

Intro -- Table of Contents -- Title -- Copyright -- Dedication -- Acknowledgements -- Notes on Contributors -- 1. Rethinking Capitalism: An Introduction -- Capitalism and its discontents -- Rethinking economic policy -- Beyond market failure: towards a new approach -- Notes -- 2. The Failure of Austerity: Rethinking Fiscal Policy -- Introduction -- 'Deficits saved the world' -- The fiscal retreat and the monetary plunge -- A balanced budget or a balanced economy? -- Notes -- 3. Understanding Money and Macroeconomic Policy -- Introduction -- The orthodox view: exogenous money -- Endogenous money and modern money theory -- Money and monetary policy -- Quantitative easing -- Implications for the euro zone: the re-integration of money and fiscal policy -- Conclusion -- Notes -- 4. The Costs of Short-termism -- Introduction -- The literature on short-termism -- Empirical evidence of short-termism -- Policy implications -- Notes -- 5. Innovative Enterprise and the Theory of the Firm -- Introduction: what makes capitalism productive? -- The neoclassical theory of the unproductive firm -- The Marxian theory of the productive firm -- The theory of innovative enterprise -- The integration of theory and history -- Notes -- 6. Innovation, the State and Patient Capital -- Introduction -- Headed in the wrong direction -- Orthodox economic theory and the 'market failure' approach -- The state as a key actor in the innovation system -- Public rewards for public risk-taking -- Patient capital: the role of state on how to better align risks and rewards investment banks -- Conclusion -- Notes -- 7. Investment-led Growth: A Solution to the European Crisis -- Introduction -- Underinvestment and economic stagnation in Europe -- The current EU policy framework -- A proposal for investment-led European recovery -- Projected impacts of the proposals -- Conclusion.