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The increasing dominance of finance starting in the late 1970s/early 1980s in the US and the UK, and somewhat later in other countries, was associated with two fundamental and structural processes generating the contradictions of this phase of development and finally the financial and economic...
Persistent link: https://www.econbiz.de/10011431645
Government intervention during the banking holiday of March 1933 resolved the uncertainty usually created by bank suspensions. Including banking holiday suspensions in growth regressions therefore biases downwards the estimates of the real effects of bank suspensions. In this paper, I propose a...
Persistent link: https://www.econbiz.de/10012865724
This paper analyses several severe financial crises observed in the history of capitalism which led to a longer period of stagnation or low growth. Comparative case studies of the Great Depression, the Latin American debt crisis of the 1980s and the Japanese crisis of the 1990s and 2000s are...
Persistent link: https://www.econbiz.de/10010242870
We outline and simulate a stylised post-Keynesian two country stock-flow consistent model to demonstrate the interconnection of three of the main features/outcomes of finance-dominated capitalism, namely worsening income distribution for the bottom 90% households, the rise of international...
Persistent link: https://www.econbiz.de/10012696153
Making use of a post-Keynesian/Kaleckian two-country stock-flow consistent (SFC) simulation model, we shed light on different regimes in modern finance-dominated capitalism, their interaction at the global scale, and then on the changes in regimes after the 2007-09 crises. Most importantly, we...
Persistent link: https://www.econbiz.de/10014550808
In several publications, starting more than a decade ago, Peter Flaschel and co-authors have outlined the features of a 'social capitalism' as a normative alternative to the liberal and financialised capitalism of the Anglo-Saxon type, but also to the undemocratic Chinese-type of state...
Persistent link: https://www.econbiz.de/10013393481
When measuring income inequality over long periods of time, accounting for population and productivity growth is … that the U-shaped inequality trend over the past century holds up, but with important qualifications. Using measures that …-term income inequality trends. …
Persistent link: https://www.econbiz.de/10011939792
This paper discusses dimensions of inequality in sub-Saharan Africa and their causes. It starts with a review of the … empirical evidence about inequality during the colonial period as well as the post-independence era. Then it discusses the … forces that determine inequality change, focusing on factor accumulation and structural change. Next it considers the …
Persistent link: https://www.econbiz.de/10010249771
modest increase in overall inequality of market incomes as measured by the Gini coefficient. However, we also document a … income inequality was stronger in East Germany than in West Germany. In both regions, the income concentration process …
Persistent link: https://www.econbiz.de/10011630585
profit-driven- and increase wealth inequality. However, the effect on long-run growth is negative, because of the reduced … restore balanced growth in the long run; and the increase in wealth inequality is permanent. The ultimate effect on long …
Persistent link: https://www.econbiz.de/10012659139