In the current economic crisis, left and progressive political economics has enjoyed renewed attention and credibility, both inside and outside of academia. In this paper, Merlin Chowkwanyun surveys recent contributions to this literature by Robert Brenner, David Harvey, and Robert Pollin,...

In a seminal paper on Marxian business cycle theory, Richard Goodwin (1967) presented a model which assumed that a higher wage share leads to lower investment and thus a general economic slowdown. In contrast, Michal Kalecki (1971) argued that a higher wage share would have an expansionary...

In this Working Paper, also an entry for the International Encyclopedia of Public Policy, John King begins with a brief discussion of the meaning of ‘socialism’ and ‘social democracy,’ from their nineteenth-century origins down to the present day. He then discusses socialist economic...

In this chapter from the forthcoming book, The Political Economy of Financial Crises, edited by Gerald Epstein and Martin H. Wolfson, (Oxford University Press, 2012) Engelbert Stockhammer discusses ‘financialization’, i.e. changes in the role of the financial sector. This will highlight (1)...

The paper provides an overview of the concept of wage-led growth, both as an analytical concept and as an economic policy strategy. At the core of our analysis is the distinction between wage-led and profit-led demand regimes. The Kaleckian tradition in macroeconomics asserts that a higher wage...

Indonesia, Malaysia, South Korea, and Thailand continue to perform unsatisfactorily today, ten years after 1997 Asian Crisis. As of 2007, these crisis-affected economies have not fully recouped their losses from the lost opportunities from the Crisis. Unless economic performances return to past...

An examination of the available data between 1990 and 2005 reveals that the balance of payments of the Philippines does not record large amounts of international transactions. Unrecorded international transactions for this period amount to US $192 billion (in 1995 U.S. dollars). The results...

While there is an agreement that the Fordist accumulation regime has come to an end in the course of the 1970s, there is no agreement on how to characterize the post-Fordist regime (or if a such is already in place). The paper seeks put together various arguments related to financialization (in...

Financialization is a process whereby financial markets, financial institutions and financial elites gain greater influence over economic policy and economic outcomes. Financialization transforms the functioning of economic system at both the macro and micro levels. Its principal impacts are to...

This working paper carries out a conceptualization of the so-called group of “financialization” approaches for the crisis phenomena. It succinctly defines the meaning of the theories of crisis in relation to the limits of the reproduction of the capitalist system. The crisis can be...