Books reviewed: Jonathan P. Goldstein/Michael G. Hillard (eds.) (2009): Heterodox Macroeconomics: Keynes, Marx and Globalization, London Mathew Forstater/L. Randall Wray (eds.) (2008): Keynes for the Twenty-First Century. The Continuing Relevance of The General Theory, Basingstoke L. Randall...

First paragraph: During the recent decades the financial sectors of developed and developing countries as well as global financial relations have changed remarkably. The overall importance of financial factors for real investment and growth of non-financial business has risen, as has the...

First paragraph: The world economy is presently suffering from the most severe economic crisis since the Great Depression in the early 1930s. As by now seems to be obvious, the present financial crisis, massive state intervention in the financial markets in order to prevent a melt-down, and...

First paragraph: The financial and economic crises which started in 2007 have triggered and motivated increasing research on finance and the instability of the financial system but also on the relationship between finance, distribution and growth. This special issue discusses various, but...

Books reviewed: Schettkat, Ronald/Langkau, Jochem (Hg.) (2007): Aufschwung für Deutschland. Plädoyer international renommierter Ökonomen für eine bessere Wirtschaftspolitik, Bonn Roncaglia, Alessandro/Sylos Labini, Paolo (2008): Geschichte des ökonomischen Denkens. Eine kurze Einführung,...

Books reviewed: Davidson, Paul (2007): John Maynard Keynes, London/New York Godley, Wynne / Lavoie, Marc (2007): Monetary Economics. An Integrated Approach to Credit, Money, Income, Production and Wealth, Houndmills et al. McCombie, John / Rodriguez Gonzales, Carlos (eds.)(2007): The European...

First paragraph: The financial market crisis that transformed into a global recession is a challenge for both economic theory and policy. In retrospect, nearly three years after the first signs of the crisis, a few tentative conclusions concerning the appropriateness and effectiveness of the...

First paragraph: The recession of 2009 following the financial market crisis of 2008 was severe, especially in Europe. World GDP decreased by 0.6 per cent, the GDP of the USA by 2.6 per cent, and in the European Monetary Union (EMU) it declined by 4.1 per cent (IMK/OFCE/WIFO 2011). The...

In 2012, public debt is still at the centre of attention and economic policies – globally, but especially in Europe. For most of the mainstream commentators the main source of public debt can be traced back to loose public spending behaviour and a lack of fiscal discipline. However, story and...

Books reviewed: Becker, Joachim/Weissenbacher, Rudy (2007): Dollarization, Euroization and Financial Instability. Central and Eastern European Countries between Stagnation and Financial Crisis?, Marburg Arestis, Philip/Sawyer, Malcolm (eds.) (2006): A Handbook of Alternative Monetary Economics...