This paper explores and contrasts the revised Bretton Woods hypothesis (BW II) with the structural Keynesian hypothesis. Whereas the former sees the growing global imbalances of the 3 decades prior to the financial crisis of 2008 as beneficial, the latter sees them as problematic and destructive...

Prior to the 2008 financial crisis there was much debate about global trade imbalances. Prima facie, the imbalances seem a significant problem. However, acknowledging that would question mainstream economics’ celebratory stance toward globalization. That tension prompted an array of...

It is widely believed that the current economic slowdown will be mild and temporary in nature, the result of a momentary wobble in the stock market. This paper argues that the slowdown stands to be more deep- seated, owing to contradictions in the existing process of aggregate demand generation....

This paper presents an alternative macroeconomic framework for understanding labor markets and unemployment. The approach breaks with the standard model which maintains that unemployment is the result of high and rigid wages, and instead focuses on the structural characteristics of labor...

This paper explores the economic case for international labour standards. Granting workers rights of free association and collective bargaining confers both static and dynamic economic efficiencies. Static efficiencies refer to one-time gains from improvements in economic practice. Dynamic...

This paper shows how the Cambridge theory of distribution is affected by the nature of financial intermediation. When credit markets are akin to loanable funds markets in which lenders transfer resources to borrowers, the Cambridge theory holds and steady-state income distribution is independent...