This paper adds to the explanation of financial crises by employing the concepts of liquidity lock, portfolio shifting, and the wealth effect in the context of the 2007-9 financial crisis and of internationalized money manager capitalism. The paper reviews four major crisis theories and follows...

Capitalism evolves through stages that differ in institutional structure and policy regime. Finance is crucial to understanding an economic system but other institutional factors are important too. This paper compares finance capitalism with money manager capitalism on the basis of a number of...

Here is a broadly argued article about how to revive the U.S. economy, beginning with what is now an old idea. Is there a tendency for the economy to stagnate? This idea, a version of which was espoused by Keynes, was essentially discarded by mainstream economists in the United States, but the...

This paper considers the issue of state budgetary effects on bank reserves and revisits the issue of central bank interaction with the Treasury. The neoclassical or orthodox economics perspective on Treasury-Federal Reserve relations dominates public policy. Heterodox economics has produced some...

Last year, we published an article about the implications of the growing institutional ownership of stocks. In this piece, the author takes the argument a step further. He claims that widespread institutional ownership may promote economic stagnation.

Marxian business cycle research places great importance on the turn in profit rates and profitability in driving capitalist cycles. My work emphasizes that wage growth and wage stability bring a stabilizing force to capitalism. Goldstein points out that wage growth begins to exceed revenue...

Given the important connections among profitability, investment, and economic activity, a profitability indicator can be used to assess where the economy is in the business cycle. Rising profitability suggests that the economy is on a secular growth path, while a peak or fall in profitability...