In this paper we discuss some essential features of the balance of payments position of the country which issues the key currency in different international monetary standards. The analysis is made from a Sraffian standpoint, where the monetary rate of interest of the central country is seen as...

Ricardo and Marx saw technological change as a possible cause of long-period unemployment. Neoclassical and Schumpeterian economists regard technological unem ployment as a transitory phenomenon. This paper argues that the capital critique (i) demolishes the neoclassical claim that market...

This article analyses the ways in which the recent structural evolution of the Brazilian industrial sector has been profoundly influenced by rapid sequential changes in the microeconomic and macroeconomic policy environment. As Brazil moved towards greater openness and macroeconomic stability in...

This book deals with the economic consequences of monetary integration, which has long been dominated by the Optimal Currency Area (OCA) paradigm. In this model, money is perceived as having developed from a private sector cost minimization process to facilitate transactions. Not surprisingly,...