The Financial Crisis of 2008, and the Great Recession in its wake, have shaken up macroeconomics. The paradigm of the "New" Neoclassical Synthesis, which seemed to provide a robust framework of analysis for short-run macro not long ago, fails to capture key elements of the recent crisis. This...

The current crisis is like an earthquake for the theoretical foundations of economic policies, which have guided governments and central banks for the last few decades. The efficient market hypothesis and its application to labor markets –“natural rate theory”- dominated interpretations of...

Chapter 1. Introduction -- Chapter 2. Society -- Chapter 3. Value Theory -- Chapter 4. Exchange, Money, Society -- Chapter 5. Money -- Chapter 6. Money and "Socialism" -- Chapter 7. Summary: Or, What's New Here?.

This paper revisits Keynes's writings from Indian Currency and Finance (1913) to The General Theory (1936) with a focus on financial instability. The analysis reveals Keynes's astute concerns about the stability/fragility of the banking system, especially under deflationary conditions. Keynes's...

Market and state -- A monetary economy -- Mainstream theory -- Heterodox traditions -- Marx's political economy -- Marx and money -- The financial state -- The golden age of steam -- German monetary policy -- UK monetary policy -- Capitalist development -- Concluding thoughts