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This book examines the process by which Keynesianism, with its sympathetic view of the role of government in the economy and society, lost influence among economists and policy makers and was replaced by more negative views about government intervention and more positive views about the role of the market as a social organizer.
This book shows how the realistic foundations and stylized facts of Post-Keynesian economics give rise to macroeconomic implications that are different from those of received wisdom with regards to employment, output growth, inflation and monetary theory, and offers an alternative to neoclassical economics and its free-market economic policies.
This book chronicles the rise and especially the demise of diverse revolutionary heterodox traditions in Cambridge theoretical and applied economics, investigating both the impact of internal pressures within the faculty as also the power of external ideological and political forces unleashed by the global dominance of neoliberalism. Using fresh archival materials, personal interviews and recollections, this meticulously researched narrative constructs the untold story of the eclipse of these heterodox and post-Keynesian intellectual traditions rooted and nurtured in Cambridge since the 1920s, and the rise to power of orthodox, mainstream economics. Also expunged in this neoclassical counter-revolution were the structural and radical policy-oriented macro-economic modelling teams of the iconic Department of Applied Economics, along with the atrophy of sociology, development and economic history from teaching and research in the self-purifying faculty. This book will be of particular interest to researchers in the history of economic thought, sociology of knowledge, political economy, especially those engaged in heterodox and post-Keynesian economics, and to everyone wishing to make economics fit for purpose again for negotiating the multiple economic, social and environmental crises rampant at national and global levels.
This book is the seventh volume in this series which explores the life of Nobel Price-winning economist F.A. Hayek (1899-1992). The volume uses archival material, juxtaposed with Hayek’s published work to challenge the existing perceptions of his life and thought. It examines the methods by which Hayek interacted with – and schemed against – the knowledge communities that he encountered during his very long life. Chapters explore the ‘rules of engagement’ that Hayek employed when interacting with fifth leading knowledge communities, including the Nobel Prize selection committee who were led to believe his claim about having predicted the Great Depression. It also explores his interactions with William Beveridge, the founder of the modern British Welfare State, A. C. Pigou, the founder of the market school, J. M. Keynes, Sir Arthur Lewis, and Abba Lerner.
This study explores the rise and nature of modernist approaches to economics, sociology, international relations, administration, language, history and anthropology.
The Great Depression of the 1930s with its dramatic unemployment rates was one of the most striking economic events of the past century. It shook economists' beliefs in the existence of self-adjusting forces and prompted Keynes to write his masterwork, The General Theory of Employment, Interest and Money. Involuntary unemployment was the central co
It is now widely agreed that mainstream macroeconomics is irrelevant and that there is need for a more useful and realistic economic analysis that can provide a better understanding of the ongoing global financial and economic crisis. Lance Taylor’s book exposes the unrealistic assumptions of the rational expectations and real business cycle approaches and of mainstream finance theory. It argues that in separating monetary and financial behavior from real behavior, they do not address the ways that consumption, accumulation, and the government play in the workings of the economy. Taylor argues that the ideas of J. M. Keynes and others provide a more useful framework both for understanding the crisis and for dealing with it effectively. Keynes’s basic points were fundamental uncertainty and the absence of Say’s Law. He set up machinery to analyze the macro economy under such circumstances, including the principle of effective demand, liquidity preference, different rules for determining commodity and asset prices, distinct behavioral patterns of different collective actors, and the importance of thinking in terms of complete macro accounting schemes. Economists working in this tradition also worked out growth and cycle models. Employing these ideas throughout Maynard’s Revenge, Taylor provides an analytical narrative about the causes of the crisis, and suggestions for dealing with it.
This sweeping reference work covers every aspect of the Cold War, from its ignition in the ashes of World War II, through the Berlin Wall and the Cuban Missile Crisis, to the collapse of the Soviet Union in 1991. The Cold War superpower face-off between the Soviet Union and the United States dominated international affairs in the second half of the 20th century and still reverberates around the world today. This comprehensive and insightful multivolume set provides authoritative entries on all aspects of this world-changing event, including wars, new military technologies, diplomatic initiatives, espionage activities, important individuals and organizations, economic developments, societal and cultural events, and more. This expansive coverage provides readers with the necessary context to understand the many facets of this complex conflict. The work begins with a preface and introduction and then offers illuminating introductory essays on the origins and course of the Cold War, which are followed by some 1,500 entries on key individuals, wars, battles, weapons systems, diplomacy, politics, economics, and art and culture. Each entry has cross-references and a list of books for further reading. The text includes more than 100 key primary source documents, a detailed chronology, a glossary, and a selective bibliography. Numerous illustrations and maps are inset throughout to provide additional context to the material.
The Tragedy of Social Democracy is about the rise, fall and future of social democracy as a politico-ideological force, a force that was believed would democratically transform capitalism into socialism. Instead of democratizing capitalism, social democracy was itself liberalized by capitalism. Why has social democracy gravitated into the magnetic field of neoliberalism? Who can be blamed for such a tragedy? Can social democracy reverse its political and ideological eclipse? Numerous books and articles have been written on social democracy, and its political viability has continued to be the subject of debate among left-wing intellectuals. In The Tragedy of Social Democracy, Srivan Karimi sheds light on the innate structural vulnerability of social democracy to progressive degeneration. Karimi theorizes the transformation of social democracy and establishes a structural linkage between its rise, ascendancy and subsequent decline since the theoretical raid of neoliberalism on Keynesianism in the 1980s and highlights certain public policy measures that are indispensable to the social democratic renewal that is being debated among socialists and social democrats.
This visionary Research Handbook presents the state of the art in research on policy design. By conceiving policy design both as a theoretical and a methodological framework, it provides scholars and practitioners with guidance on understanding policy problems and devising accurate solutions.