"Globalization" can be understood as a grand experiment to test the laissez-faire doctrine of neoclassical economics, which claims that a capitalist economy will become more efficient and stable as markets spread deeper and wider around the world. The "once a century" global economic crisis of...

The present article is an attempt to reconstruct a macro-dynamic theory of the monetary economy on the basis of the theory of monopolistically competitive firms formulated as a micro-foundation for the decentralized price mechanism. It shows how the micro-founded theorization of the very...