Finanzialisierung ist ein Prozess, in dessen Verlauf Finanzmärkte, -institutionen und -eliten zunehmend Einfluss auf Wirtschaftspolitik und ökonomische Ergebnisse gewinnen. Finanzialisierung transformiert die Funktionsweise des ökonomischen Systems sowohl auf der Makro- als auch auf der...

We analyse the long-run imbalances of finance-dominated capitalism underlying the present crisis - which began in 2007 - with a focus on developments in the US and Germany. We argue that beyond inefficient regulation of the financial sector, the severeness of the present crisis has been mainly...

The Queen of England famously asked her economic advisers why none of them had seen "it" (the global financial crisis) coming. Obviously, the answer is complex, but it must include reference to the evolution of macroeconomic theory over the postwar period - from the "Age of Keynes" through the...

This paper takes off from Jan Kregel's paper "Shylock and Hamlet, or Are There Bulls and Bears in the Circuit?" (1986), which aimed to remedy shortcomings in most expositions of the "circuit approach". While some "circuitistes" have rejected John Maynard Keynes's liquidity preference theory,...

This paper presents a simple illustrative post-Kaleckian model of distribution and growth that incorporates personal income inequality and interdependent social norms. The model shows in an easily accessible manner how personal and functional income inequality can potentially have contrary...

Most empirical macroeconomic research limited to the period since World War II. This paper analyses the effects of changes in income distribution and in private wealth on consumption and investment covering a period from as early as 1855 until 2010 for the UK, France, Germany and USA, based on...

With US economy data we suggest that there exists a causal relationship between negative shocks in capital productivity and positive shocks in the profit share. We argue that, faced with a capital productivity decrease, the US firm sector politically pushes wages down in order to maximize the...

Financial market crises with the threat of a subsequent debt-deflation depression have occurred with increasing regularity in the United States from 1980 through the present. Almost reflexively, when confronted with such circumstances, US institutions and the policymakers that run them have...

This paper examines the extent to which the evolution of monetary policy frameworks and actual policy decisions in the United States and Japan contributed to the differences in macroeconomic performance of the two countries in the 1980s and 1990s. It considers the extent to which monetary policy...