The criterion of "credibility" is invoked today as a means of privileging neoliberal economic policies and independent monetary institutions, namely, autonomous central banks. The paper argues that the credibility criterion presents a formidable obstacle to dissent and to open debate over the...

This paper introduces a Marx-Keynes-Kalecki model of the political economy of comparative central banking which suggests that monetary policy is determined by four key factors: capital-labor relations; industry-finance relations; the degree of central bank independence; and the position of the...

In response to the financial crisis of 2007-20I0, governments in the United States, Europe, and elsewhere have invested billions of dollars in financial institutions to prevent them from going bankrupt and from further disrupting the global economy. Despite these massive public bail-outs, a...