The term 'financialisation' is a recognition that finance has come to play a key role on the modern capitalist economy. But users of the term do not agree on its meaning and recognition of the growing scale of finance has not brought about an increased understanding of financial processes. The...

This paper revisits some of the issues originally put forward by the author as the theory of capital market inflation, in the book The End of Finance (Toporowski 2000). The paper makes much clearer the key assumptions and relationships between the operations of the capital market dominated by...

The monetary theory of Kalecki and Minsky is usually placed within the Post-Keynesian tradition, deriving from the monetary analysis of John Maynard Keynes. The paper argues that Kalecki and Minsky shared a common inheritance in Swedish and German monetary theory, rather than the Marshallian...

The paper addresses the issue of how debt deflation may arise in a capitalist economy with a sophisticated credit system. It argues that the standard argument of debt deflationists, that debt-financed investment causes a build-up of unsustainable investment, fails to recognise that debt is back...

Lange engaged with Keynes in the matter of Keynes's macroeconomics, and over econometrics. Lange's interpretation of the Keynesian macroeconomic model laid the foundation for the neo-classical synthesis. But it was limited in its monetary economics. Lange also intervened in the Keynes-Tinbergen...

This paper examines the recent proposal to eliminate the limited liability of company owners, in the context of the overall composition of the financial liabilities of firms. The traditional neo-classical view of the firm holds that the relative price of different financing only affects the way...

In this paper we show that Weintraub:s consumption coefficient (the ratio of total consumption to wages) can elucidate trends in the sectoral and functional distributions of income We also show that, in a Kaleckian model, it simplifies and add precision to Kaleckian macroeconomics. Using a...