Recent decades witnessed a trend whereby private markets retreated from financing the real economy, while, simultaneously, the real economy itself became increasingly financialized. This trend resulted in public finance becoming more important for investments in capital development, technical...

The regulatory environment in a country is an important factor that affects firm performance. This study investigates the impact of a particular regulation - license requirements for certain firm activities - on the innovation performance of Indian firms in the 1990s. Using a unique firm-level...

I develop a method to measure and separate the production misallocation caused by failures in factor markets versus financial markets. When I apply the method to rice farming villages in Thailand I find surprisingly little misallocation. Optimal reallocation would increase output in most...

The essay argues that a crisis of collective agency is at the root of the global economic crisis we face today. The secret of prosperous capitalism, the so-called golden age, was the ability of the state to uniformly impose welfare enhancing market restrictions that made it possible to husband...

This paper attempts to clarify how the European economic crisis from 2007 onwards can be understood from the perspective of a Marxian monetary theory of value that emphasizes in-trinsic, structural flaws regarding capitalist reproduction. Chapter two provides an empirical description of the...

An understanding of, and an intervention into, the present capitalist reality requires that we put together the insights of Karl Marx on labor, as well as those of Hyman Minsky on finance. The best way to do this is within a longer-term perspective, looking at the different stages through which...

This paper analyzes detailed differences in patterns of financial development across the major Asian economies, including three of the region's largest economies (China, Japan and South Korea), to understand how these differences might affect possibilities for greater regional financial...

To save Americaindeed, the global economy as a wholethe private/public sector balance has to shift, and the neoliberal economic model on which the country has been based for the past 25 years has to be modified. The role of the state needs to be reemphasized. The abandonment of a mixed economy...

This paper uses the automobile industry and the clothing and textile industry as lenses to examine the impact of the Covid pandemic on globalization. We focus on the case of South Africa, where both sectors have a long history. In the early decades of neoliberal globalization the country's...

This paper analyses the reasons behind India lagging behind East and South East Asian economies in participating in international production networks, on which growth in manufacturing has become increasingly dependent in the contemporary world. Since multinational firms are the main coordinating...