Edited by Louis-Philippe Rochon, Full Professor, Laurentian University, Canada, Editor-in-Chief, Review of Political Economy, Editor-in-Chief, Challenge, Founding Editor Emeritus, Review of Keynesian Economics and Director, Monetary Policy Institute and Mario Seccareccia, Professor Emeritus, University of Ottawa, Canada and Editor, International Journal of Political Economy

• Contents:PrefaceWarren MoslerSelected Publications of Alain Parguez1. Alain Parguez’s Contribution to Political EconomyLouis-Philippe Rochon and Mario SeccarecciaPART I: MONEY AND THEORY OF THE MONETARY CIRCUIT2. The State, the Central Bank and the Monetary CircuitMarc Lavoie3. A Historical Perspective on the Theory of the Monetary Circuit: From Schumpeter to ParguezClaude Gnos4. Time of Production, Time of Circulation and Turnover Time: Exploring the Guts of Marx’s Circuits of CapitalMathew Forstater5. Credit Creation, the Monetary Circuit and the Formal Validity of MoneyJohn Smithin6. Is There Room for Bulls, Bears and States in the Circuit?L. Randall Wray PART II: MONEY, BANKS AND FINANCIAL CRISIS7. When Wolves Cry ‘Wolf’: Systemic Financial Crises and the Myth of the Danaid JarThomas Ferguson and Robert Johnson8. Financial Institutions and the State: A Re-examinationVictoria Chick and Sheila Dow9. Basel III and the Strengthening of Capital Requirement: The Obstinacy in Mistake or Why ‘it’ Will Happen AgainBernard Vallageas10. Rethinking Banking Institutions in Contemporary Economies: Are There Alternatives to the Status Quo?Hassan Bougrine and Mario Seccareccia11. Financial Flows and Mexico’s Disintegrated Spaces of ProductionGregorio Vidal and Wesley C. MarshallPART III: MONEY, PUBLIC FINANCES AND ROLE OF THE STATE12. Public Expenditure and Deficits: The Emerging Countries’ Financial Circuits and Crises Eugenia Correa and Alicia Girón13. The End of the Innocence: The True Nature of the Euro Crisis, and the Alternative Based on Minsky’s Socialization of the Economy and Parguez’s Good DeficitsRiccardo Bellofiore14. The Monetary Conditions for Growth: Parguez’s Debt Stability ConditionMassimo Cingolani15. A Contribution to the Macroeconomics of Public Goods and Externalities Edward NellIndex

Edited by Louis-Philippe Rochon, Full Professor, Laurentian University, Canada, Editor-in-Chief, Review of Political Economy, Editor-in-Chief, Challenge, Founding Editor Emeritus, Review of Keynesian Economics and Director, Monetary Policy Institute and Mario Seccareccia, Professor Emeritus, University of Ottawa, Canada and Editor, International Journal of Political Economy

• Contents:PrefaceWarren MoslerSelected Publications of Alain Parguez1. Alain Parguez’s Contribution to Political EconomyLouis-Philippe Rochon and Mario SeccarecciaPART I: MONEY AND THEORY OF THE MONETARY CIRCUIT2. The State, the Central Bank and the Monetary CircuitMarc Lavoie3. A Historical Perspective on the Theory of the Monetary Circuit: From Schumpeter to ParguezClaude Gnos4. Time of Production, Time of Circulation and Turnover Time: Exploring the Guts of Marx’s Circuits of CapitalMathew Forstater5. Credit Creation, the Monetary Circuit and the Formal Validity of MoneyJohn Smithin6. Is There Room for Bulls, Bears and States in the Circuit?L. Randall Wray PART II: MONEY, BANKS AND FINANCIAL CRISIS7. When Wolves Cry ‘Wolf’: Systemic Financial Crises and the Myth of the Danaid JarThomas Ferguson and Robert Johnson8. Financial Institutions and the State: A Re-examinationVictoria Chick and Sheila Dow9. Basel III and the Strengthening of Capital Requirement: The Obstinacy in Mistake or Why ‘it’ Will Happen AgainBernard Vallageas10. Rethinking Banking Institutions in Contemporary Economies: Are There Alternatives to the Status Quo?Hassan Bougrine and Mario Seccareccia11. Financial Flows and Mexico’s Disintegrated Spaces of ProductionGregorio Vidal and Wesley C. MarshallPART III: MONEY, PUBLIC FINANCES AND ROLE OF THE STATE12. Public Expenditure and Deficits: The Emerging Countries’ Financial Circuits and Crises Eugenia Correa and Alicia Girón13. The End of the Innocence: The True Nature of the Euro Crisis, and the Alternative Based on Minsky’s Socialization of the Economy and Parguez’s Good DeficitsRiccardo Bellofiore14. The Monetary Conditions for Growth: Parguez’s Debt Stability ConditionMassimo Cingolani15. A Contribution to the Macroeconomics of Public Goods and Externalities Edward NellIndex

Edited by Louis-Philippe Rochon, Full Professor, Laurentian University, Canada, Editor-in-Chief, Review of Political Economy, Editor-in-Chief, Challenge, Founding Editor Emeritus, Review of Keynesian Economics and Director, Monetary Policy Institute and Mario Seccareccia, Professor Emeritus, University of Ottawa, Canada and Editor, International Journal of Political Economy

• Contents:PrefaceWarren MoslerSelected Publications of Alain Parguez1. Alain Parguez’s Contribution to Political EconomyLouis-Philippe Rochon and Mario SeccarecciaPART I: MONEY AND THEORY OF THE MONETARY CIRCUIT2. The State, the Central Bank and the Monetary CircuitMarc Lavoie3. A Historical Perspective on the Theory of the Monetary Circuit: From Schumpeter to ParguezClaude Gnos4. Time of Production, Time of Circulation and Turnover Time: Exploring the Guts of Marx’s Circuits of CapitalMathew Forstater5. Credit Creation, the Monetary Circuit and the Formal Validity of MoneyJohn Smithin6. Is There Room for Bulls, Bears and States in the Circuit?L. Randall Wray PART II: MONEY, BANKS AND FINANCIAL CRISIS7. When Wolves Cry ‘Wolf’: Systemic Financial Crises and the Myth of the Danaid JarThomas Ferguson and Robert Johnson8. Financial Institutions and the State: A Re-examinationVictoria Chick and Sheila Dow9. Basel III and the Strengthening of Capital Requirement: The Obstinacy in Mistake or Why ‘it’ Will Happen AgainBernard Vallageas10. Rethinking Banking Institutions in Contemporary Economies: Are There Alternatives to the Status Quo?Hassan Bougrine and Mario Seccareccia11. Financial Flows and Mexico’s Disintegrated Spaces of ProductionGregorio Vidal and Wesley C. MarshallPART III: MONEY, PUBLIC FINANCES AND ROLE OF THE STATE12. Public Expenditure and Deficits: The Emerging Countries’ Financial Circuits and Crises Eugenia Correa and Alicia Girón13. The End of the Innocence: The True Nature of the Euro Crisis, and the Alternative Based on Minsky’s Socialization of the Economy and Parguez’s Good DeficitsRiccardo Bellofiore14. The Monetary Conditions for Growth: Parguez’s Debt Stability ConditionMassimo Cingolani15. A Contribution to the Macroeconomics of Public Goods and Externalities Edward NellIndex