This paper explores and contrasts the revised Bretton Woods hypothesis (BW II) with the structural Keynesian hypothesis. Whereas the former sees the growing global imbalances of the 3 decades prior to the financial crisis of 2008 as beneficial, the latter sees them as problematic and destructive...

Prior to the 2008 financial crisis there was much debate about global trade imbalances. Prima facie, the imbalances seem a significant problem. However, acknowledging that would question mainstream economics’ celebratory stance toward globalization. That tension prompted an array of...

This paper explores the concept of financialization using a «stages of development» approach. The paper develops a stylized history of financialization and tracks its evolution through different stages since the end of World War II. The paper tracks this history using a simple Kaleckian...

This paper explores the concept of financialization using a «stages of development» approach. The paper develops a stylized history of financialization and tracks its evolution through different stages since the end of World War II. The paper tracks this history using a simple Kaleckian...

This paper presents a theory of individual behavior in which the drive to accumulate wealth is a critical motive behind economic action. The suggested theory is fully consistent with the neoclassical approach to choice, subject only to displacing the traditional hedonistic interpretation. When...

This paper uses an evolutionary model to analyse the replication of points of view within the economics profession. The model is capable of two very different interpretations regarding the production of knowledge claims. One is labelled the "social practice" approach, while the other is labelled...

This paper seeks to expand the theory of aggregate demand so as to take account of the monetary nature of exchange. The economy is represented in terms of twin circuits of income generation and financial asset transacting. Money is not extinguished when spent, but instead partakes in these twin...

Power and conflict are issues that loom large in the work of David Gordon. They are also issues that are largely absent in conventional macroeconomics. This paper shows how these concepts can be introduced within alternative macroeconomic traditions, and it shows how their significance depends...