This paper examines the genesis of liberalisation in India, it argues that once we locate its origin we can understand its direction and underlying political economy with much greater clarity. In particular the paper seeks to answer three questions. Why was reform launched in 1991 when the real...

This note considers the relationship between credit allocation and the aggregate, class distribution of income in the Circuit of Capital. Production and consumption credit inject means of purchase in different locations in the monetary circuits of capitalist reproduction. On the basis of...

This paper considers the current status of some Middle Eastern markets (Arab countries excluding the Gulf countries). These markets have matured significantly over the last six years, and this helped the concurrent strong economic and investment growth. Evidence gathered here indicates the...

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 presents an analysis of factors shaping technology-upgrading efforts in the Mozambican manufacturing sector. It uses firm-level data to examine these issues for the metalworking and light chemicals sectors, using Logit regression analysis to identify factors associated with...

Common sense and economic theory indicate one can have too much even of good things. This paper investigates two fundamental relationships: that export growth may stimulate or reduce growth of non-export sectors; and that foreign direct investment may ‘crowd-in’ or ‘crowd...

Major issues of regional economic integration in Africa could be grouped into two interrelated broad areas: issues of implementation and the limitation of insight form both the theoretical and empirical literature regarding the specific approaches that are appropriate for the continent....

The paper puts forward two principles of national income dynamics in a pure credit economy. The first is the commonly known principle of Keynesian/Kaleckian economics according to which total output and employment in a capitalist economy is determined by the level of business investment. In turn...

This paper is a lengthier and revised version of the Closing Plenary given to the World Congress of the Association of Social Economics, and Cairncross Lecture, University of Glasgow, June, 2012. Mainstream economics is seen as unfit for purpose because of deficiencies that have long been...

An innovative and simple experiment with cross-section data ordering is carried out to exploit a basic and common feature between many economic variables–nonlinear scale dependence. The experiment is tried on hedonic price regression models using two data sets, one for automobiles and the...