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...

The severe impacts of the global financial crisis had effects on all world. However, in Sudan scientists and researchers were greatly shocked because of the governmental camouflaging on their real effects on the economy. Minister of National Economy and Finance denied the effects on the Sudanese...

In a Kaleckian distribution and growth model with workers' debt we examine the short- and long-run effects of three stylized facts of 'finance-dominated capitalism': a fall in animal spirits of the firm sector with respect to real investment in capital stock, re-distribution of income at the...

In a Kaleckian distribution and growth model with workers' debt we examine the short and long run effects of three stylized facts of “finance-dominated capitalism”: a fall in animal spirits of the firm sector with respect to real investment in capital stock, re-distribution of income at the...

This paper will discuss how the Financial Crisis of 2008 has thrown neoliberalism into a deep legitimation crisis. Over the past four decades the neoliberal ethic of Ronald Reagan and Margaret Thatcher has permeated American life both public and private. The principles of the laissez faire...

In this paper the authors present an agent-based model of a credit network economy. The artificial economy includes different economic agents that interact using simple behavioral rules through various markets, i.e., the consumption goods market, the labor market, the credit market and the...

This paper investigates the housing and mortgage markets by means of an agent-based macroeconomic model of a credit network economy. A set of computational experiments have been carried out in order to explore the effects of different households’ creditworthiness conditions required by banks...

The paradox of monetary profits has been a recurrent theme in macroeconomics since the problem was first formulated by Marx. Capitalists as a whole can at most get from workers, what they already paid out in wages. Marx did not solve this problem, and neither did Keynes, who had to face the...

The paradox of monetary profits has been a recurrent theme in macroeconomics since the problem was first formulated by Marx. Capitalists as a whole can at most get from workers, what they already paid out in wages. Marx did not solve this problem, and neither did Keynes, who had to face the...