During the early years of transition output fell dramatically in almost all transitioneconomies. However, the Uzbek experience was an exception to this rule. Outputfell only slightly, soon to be followed by small but positive and persistent economicgrowth. This extraordinary performance, known...

It has been argued by some that the distinction between orthodox economics and heterodox economics does not fit the growing variety in economic theory, unified by a common methodological approach. On the other hand, it remains a central characteristic of heterodox economics that it does not...

Concerns have been raised in the media about a ‘one-size-fits-all’ monetary policy for the UK. If there are diverse economic conditions in different regions, then a unitary monetary policy cannot suit all. The purpose of this paper is to explore this issue further by breaking it down into...

The purpose of this thesis is to argue that the core of a monetary economy is a network of triangular contracts between banks, firms, workers and capital goods suppliers. Not only does this network give rise to the creation and valuation of money but it is the organising feature of modern...

This thesis studies the Chinese banks’ credit risk assessment using the Post Keynesian approach. We argue that bank loans are the major financial sources in emerging economies and it is uncertainty, an unquantifiable risk, rather than asymmetric information about quantifiable risk, as held by...

Modern economics has, at its foundation, scholarly contributions from many prominent Scottish thinkers. This revealing work examines the roots of this great tradition, places in perspective a selection of authors, and assesses their contribution over three centuries in the light of a distinctive...