In this paper we explore the role of finance in the recent crisis noting that its expansion, in a context of deregulation and globalisation, has boosted financial profits and capital accumulation, but at the cost of a growing systemic instability both in the leading capitalist economy, i.e. the...

We firstly provide a brief description of the crisis episodes, from the 2007-8 "liquidity crisis" to the 2008-9 "global recession". Then, we discuss some possible interpretations of the recent evolution, focussing on diverse aspects of the crisis: from the "elements of novelty" (financial...

We briefly describe the recent evolution of the crisis and, by reviewing some of its explanations based on different theories, we proceed towards our own interpretation. The deregulation wave of the last decades has created new profit opportunities in various contexts – from labour flexibility...

Following the severe financial crises of the 1990s and early 2000s, substantial efforts have been undertaken in Russia and Turkey to diversify and deepen the financial systems. However, despite unquestionable improvements, financial deepening in Russia and Turkey has taken place at a slower pace...

The question we seek to address is: what effect has economic turbulence since 1985 had on three of the institutional foundations of post-war Japanese industrial success? First, we examine the Japanese 'main bank' system whereby a 'main' bank is involved in a special type of long-term...

Social structure of accumulation (SSA) theory suggests that economic growth in capitalist countries is characterized by lengthy periods of relatively vigorous growth, often amounting to several decades, followed by lengthy periods of relatively sluggish growth or stagnation. The periods of...

Following on Keynes's Economic Possibilities for Our Grandchildren, this paper develops conjectures about the world we will leave to our grandchildren. It starts by outlining the 10 most important trends that have defined our economic, social, and political lives over the last 100 years. It then...

The Scottish Government's Budget for 2024-25 takes place at a time of particular uncertainty about the future funding environment. UK government spending plans both for the coming year and for later years seem likely to be topped up, but when and by how much is unclear. The current UK government...

Attempts to maintain prices different from those that would otherwise be determined by supply and demand are virtually guaranteed to result in illegal behaviour, including in the case of laws that determine the salaries of civil servants. In Indonesia, private sector salaries are highly...