The publishing of a second edition of a macroeconomic textbook 17 years after the first edition is not an event that usually receives great attention – even if the subtitle promises that a ‘foundation for successful economic policies for the twenty-first century’ will be...

Michael Hudson is President of the Institute for the Study of Long-Term Economic Trends (ISLET), a Wall Street Financial Analyst, and Distinguished Research Professor of Economics at the University of Missouri, Kansas City. ISLET engages in research regarding domestic and international finance,...

Wir analysieren die der seit 2007 anhaltenden globalen Finanz- und Wirtschaftskrise zugrunde liegenden langfristigen Ungleichgewichte des finanzdominierten Kapitalismus. Der Schwerpunkt liegt dabei auf den Entwicklungen in den USA und in Deutschland bzw. dem Euroraum. Wir argumentieren, dass...

Fiscal policy in the Euro area is still dominated by austerity measures implemented under the institutional setting of the 'reformed' stability and growth pact, and the even stricter 'fiscal compact'. At the same time, calls for a more expansionary fiscal policy to overcome the economic crisis...

This paper challenges the institutional sclerosis view of the German crisis according to which rigid labour markets and generous welfare state institutions have driven Germany into its position as 'Europe's sick man'. In general, the view is not convincing, because the underlying hypotheses...

The German debt brake is often regarded as a great success story and has therefore served as a role model for the Euro area and it’s Fiscal Compact. In this paper we fundamentally criticise the debt brake. Firstly, we show that it suffers from serious shortcomings and that its success is...