The theory of capital market inflation argues that the values of long-term securities markets are determined by a disequilibrium inflow of funds into those markets. The resulting over-capitalization of companies leads to increased fragility of banking and undermines monetary policy and stable...

These notes present a new approach to corporate finance, one in which financing is not determined by prospective income streams but by financing opportunities, liquidity considerations, and prospective capital gains. This approach substantially modifies the traditional view of high interest...

In Michal Kalecki's work, aggregate profits are shown to be the sum of gross investment, the government budget deficit, the export surplus, and the difference between capitalist consumption and worker savings. In his 1979 paper, Weintraub suggested that the consumption coefficient, the ratio of...

The emergence of the New Consensus in monetary policy has been followed by a renewal of interest in central banks' operating procedures, and specifically in the role of open market operations. There is a general view that overnight interest rates are most effectively controlled by standing or...

This paper reviews the recently published Ph.D. thesis of Hyman P. Minsky, summarizing its main contributions to methodology and microeconomics. These were aspects of economics with which Minsky is not usually associated, but which lie at the foundation of his later work. They include critical...

Kalecki’s analysis of military Keynesianism highlights the difficulties of managing aggregate demand in one country, without coordination with trading partners. Military Keynesianism is effective as a means of reflation because, unlike civilian public works, it induces similar expenditure by...

"This book offers both a vision of a future Britain and a roadmap to getting there. It is now clear that the Covid-19 pandemic hit the UK harder than other countries in Europe not least because of the government's ill-timed and ill-conceived response, but also because of the chronic failure of...

In this 37th issue of the Research in Political Economy series, Jan Toporowski and leading experts offer a unique and insightful overview of Polish Marxism after Luxemburg, serving as an introduction to some key themes and the ideas of several Polish political economists. Polish Marxism after...

The possibility, first raised by Rudolf Hilferding, of stabilizing a capitalist economy through the operations of a ‘general cartel’, leaving only social and political ‘contradictions’ to disturb the functioning of the system, gave rise to a discussion among Marxists not only on whether...