The Great Depression led to a need to rethink the principles of central banking, as much as it had led to the rethinking of economics in general, with the Keynesian Revolution at the forefront of the theoretical changes. This paper suggests that the role of the monetary authority as a fiscal...

German policy during the Eurozone crisis supposedly follows an ordoliberal tradition. In this paper, we discuss to what extent this contention holds and to what extent Germany pragmatically responded to different crisis phenomena. A proper analysis of ordoliberal thinking reveals that the...

German policy during the Eurozone crisis supposedly follows an ordoliberal tradition. In this paper, we discuss to what extent this contention holds and to what extent Germany pragmatically responded to different crisis phenomena. A proper analysis of ordoliberal thinking reveals that the...

This paper provides a quick review of the causes of the Global Financial Crisis that began in 2007. There were many contributing factors, but among the most important were rising inequality and stagnant incomes for most American workers, growing private sector debt in the United States and many...

This paper honors Don Lavoie's work on the relationship between theory and history in Austrian economics by using the current recession as an example of many of the ideas found in his paper on the “Interpretive Dimension of Economics.” More specifically, I start from the premise that all...

This article examines the contribution of Clément Juglar to the theory of periodic crises in the context of the evolution of the doctrine towards the middle of the nineteenth century. Juglar's original contribution (1862) and its evolution to the final form of his doctrine are described in...

Britain's suspension of gold convertibility in September 1931 was one of the most surprising and significant events in the history of the global financial system. Whereas London had traditionally been the center of the international gold standard, in the 1930s Britain led the world into the era...

Although Gerolamo Boccardo did not contribute an original theory of crises in his own Dizionario della economia politica (1857) - he relied, in fact, on the one formulated a few years earlier by Charles Coquelin - he introduced some interesting innovations. In particular, he examined the...

There are striking similarities between the 'Krach' of 1929 and the current euro area debt crisis concerning the adjustment mechanisms involved overcoming international trade imbalances caused then by the German Transfer Problem and war reparations in general and now by intra-euro-area trade...

This paper provides a quick review of the causes of the Global Financial Crisis that began in 2007. There were many contributing factors, but among the most important were rising inequality and stagnant incomes for most American workers, growing private sector debt in the United States and many...