Edited by L. Randall Wray, Senior Scholar and Professor of Economics, Levy Economics Institute, Bard College, US

‘This is an edited, two-volume collection of articles with the focus on questions of the emergence of money, the role of money, monetary policy, and the importance of financial institutions. Overall, the collection provides interesting insights on ideas in various heterodox monetary research programs, particularly the ones following a post-Keynesian agenda, and I can see it as a useful reference for those who want to learn and write about these research programs.’

• Contents: Volume I: Development of Heterodox Approaches to Money and Banking AcknowledgementsIntroduction An Overview of Heterodox Approaches to Money and Financial InstitutionsL. Randall WrayPART I HISTORICAL DEBATES ON THEORIES OF MONEY 1. Charles A.E. Goodhart (1998), ‘The Two Concepts of Money: Implications for the Analysis of Optimal Currency Areas’2. John Maynard Keynes (1979), ‘The Distinction Between a Co-Operative Economy and an Entrepreneur Economy’ PART II HISTORICAL, SOCIOLOGICAL AND ANTHROPOLOGICAL APPROACHES TO MONEY3. Philip Grierson (1977), ‘The Origins of Money’ 4. Geoffrey Ingham (2000), ‘“Babylonian Madness”: On the Historical and Sociological Origins of Money’5. Mark S. Peacock (2006), ‘The Origins of Money in Ancient Greece: The Political Economy of Coinage and Exchange’6. Viviana A. Zelizer (1989), ‘The Social Meaning of Money: “Special Monies”’PART III KEYNESIAN AND INSTITUTIONALIST APPROACHES TO MONEY 7. John Maynard Keynes (1973), ‘A Monetary Theory of Production’8. Dudley Dillard (1980), ‘A Monetary Theory of Production: Keynes and the Institutionalists’ 9. Éric Tymoigne (2003), ‘Keynes and Commons on Money’10. Paul Davidson (1974), ‘A Keynesian View of Friedman’s Theoretical Framework for Monetary Analysis’11. J.A. Kregel (1988), ‘The Multiplier and Liquidity Preference: Two Sides of the Theory of Effective Demand’ PART IV ENDOGENOUS MONEY 12. Basil J. Moore (1979), ‘The Endogenous Money Stock’13. Marc Lavoie (1985), ‘Credit and Money: The Dynamic Circuit, Overdraft Economics, and Post-Keynesian Economics’14. L. Randall Wray (2006), ‘When are Interest Rates Exogenous?’ 15. Scott T. Fullwiler (2006), ‘Setting Interest Rates in the Modern Money Era’PART V MONEY AND THE CIRCUIT 16. Alain Parguez and Mario Seccareccia (2000), ‘The Credit Theory of Money: The Monetary Circuit Approach’17. Giuseppe Fontana (2000), ‘Post Keynesians and Circuitists on Money and Uncertainty: An Attempt at Generality’18. Eladio Febrero (2008), ‘The Monetization of Profits in a Monetary Circuit Framework’19. Wynne Godley (2004), ‘Weaving Cloth from Graziani’s Thread: Endogenous Money in a Simple (but Complete) Keynesian Model’20. Wynne Godley and Marc Lavoie (2007), ‘Fiscal Policy in a Stock-Flow Consistent (SFC) Model’PART VI MARX’S APPROACH TO MONEY21. David Levine (1983), ‘Two Options for the Theory of Money’22. Duncan K. Foley (1983), ‘On Marx’s Theory of Money’23. Riccardo Bellofiore (2004), ‘“As if its Body were by Love Possessed”. Abstract Labour and the Monetary Circuit: A Macro-Social Reading of Marx’s Labour Theory of Value’24. L. Randall Wray (1999), ‘Theories of Value and the Monetary Theory of Production’ PART VII THE MODERN MONEY OR NEOCHARTALIST APPROACH 25. Abba P. Lerner (1947), ‘Money as a Creature of the State’26. Stephanie Bell (2000), ‘Do Taxes and Bonds Finance Government Spending?’27. Stephanie Bell (2001), ‘The Role of the State and the Hierarchy of Money’28. Mathew Forstater (2006), ‘Tax-Driven Money: Additional Evidence from the History of Economic Thought, Economic History and Economic Policy’29. Alain Parguez (2002), ‘A Monetary Theory of Public Finance’30. Jan A. Kregel (2010), ‘Keynes’s Influence on Modern Economics: Some Overlooked Contributions of Keynes’s Theory of Finance and Economic Policy’ Volume II: Alternative Approaches to Money, Financial Institutions and PolicyAcknowledgementsIntroduction An introduction to both volumes by the editor appears in Volume IPART I MONETARIST AND “KEYNESIAN” APPROACHES TO MONEY AND BANKS 1. Milton Friedman (1948), ‘A Monetary and Fiscal Framework for Economic Stability’2. Karl Brunner (1968), ‘The Role of Money and Monetary Policy’3. Milton Friedman (1968), ‘The Role of Monetary Policy’4. James Tobin (1963), ‘Commercial Banks as Creators of “Money”’ 5. David Romer (2000), ‘Keynesian Macroeconomics without the LM Curve’PART II MONEY AND GENERAL EQUILIBRIUM MODELS6. Nobuhiro Kiyotaki and Randall Wright (1989), ‘On Money as a Medium of Exchange’7. Joseph Aschheim and George S. Tavlas (1997), ‘Money’8. Dror Goldberg (2009), ‘The Tax-Foundation Theory of Fiat Money’ 9. Frank H. Hahn (1987), ‘The Foundations of Monetary Theory’ PART III THE NEW MONETARY CONSENSUS 10. Laurence H. Meyer (2001), ‘Does Money Matter?’11. Ben S. Bernanke (2004), ‘Gradualism’12. Giuseppe Fontana (2009), ‘Whither New Consensus Macroeconomics? The Role of Government and Fiscal Policy in Modern Macroeconomics’13. Edwin le Herron and Emmanuel Carre (2006), ‘Credibility Versus Confidence in Monetary Policy’14. Philip Arestis and Malcolm Sawyer (2006), ‘The Nature and Role of Monetary Policy when Money is Endogenous’ PART IV INTEREST RATE THEORY AND POLICY15. John Maynard Keynes (1937), ‘The Theory of the Rate of Interest’16. J.A. Kregel (1988), ‘Irving Fisher, Great-Grandparent of the General Theory: Money, Rate of Return Over Cost and Efficiency of Capital’17. J. Tobin (1958), ‘Liquidity Preference as Behavior Towards Risk’18. L. Randall Wray (1992), ‘Alternative Theories of the Rate of Interest’19. John Smithin (2006), ‘A Real Interest Rate Rule for Monetary Policy?’PART V MONEY, INFLATION AND EXCHANGE RATES20. Frederic S. Mishkin (1999), ‘International Experiences with Different Monetary Policy Regimes’21. R.E. Rowthorn (1977), ‘Conflict, Inflation and Money’22. Paul Davidson (2006), ‘The Declining Dollar, Global Economic Growth, and Macro Stability’23. John T. Harvey (1996), ‘Orthodox Approaches to Exchange Rate Determination: A Survey’24. John T. Harvey (1991), ‘A Post-Keynesian View of Exchange Rate Determination’PART VI MONEY AND FINANCE 25. Andrea Terzi (1986-87), ‘The Independence of Finance from Saving: A Flow-of-Funds Interpretation’ 26. J.A. Kregel (1998), ‘Aspects of a Post Keynesian Theory of Finance’27. J. Patrick Raines and Charles G. Leathers (1996), ‘Veblenian Stock Markets and the Efficient Markets Hypothesis’28. Robert J. Shiller (2005), ‘Behavioral Economics and Institutional Innovation’PART VII FINANCIAL INSTABILITY AND THE GREAT CRASH 29. Hyman P. Minsky (1994), ‘Financial Instability Hypothesis’30. Lance Taylor and Stephen A. O’Connell (1985), ‘A Minsky Crisis’ 31. Domenico Delli Gatti and Mauro Gallegati (1997), ‘At the Root of the Financial Instability Hypothesis: “Induced Investment and Business Cycles”’32. Christopher Brown (2007), ‘Financial Engineering, Consumer Credit, and the Stability of Effective Demand’33. Hyman P. Minsky (1993), ‘Finance and Stability: The Limits of Capitalism’34. L. Randall Wray (2009), ‘The Rise and Fall of Money Manager Capitalism: A Minskian Approach’35. Robert Wade (2009), ‘From Global Imbalances to Global Reorganisations’

Edited by L. Randall Wray, Senior Scholar and Professor of Economics, Levy Economics Institute, Bard College, US

‘This is an edited, two-volume collection of articles with the focus on questions of the emergence of money, the role of money, monetary policy, and the importance of financial institutions. Overall, the collection provides interesting insights on ideas in various heterodox monetary research programs, particularly the ones following a post-Keynesian agenda, and I can see it as a useful reference for those who want to learn and write about these research programs.’

• Contents: Volume I: Development of Heterodox Approaches to Money and Banking AcknowledgementsIntroduction An Overview of Heterodox Approaches to Money and Financial InstitutionsL. Randall WrayPART I HISTORICAL DEBATES ON THEORIES OF MONEY 1. Charles A.E. Goodhart (1998), ‘The Two Concepts of Money: Implications for the Analysis of Optimal Currency Areas’2. John Maynard Keynes (1979), ‘The Distinction Between a Co-Operative Economy and an Entrepreneur Economy’ PART II HISTORICAL, SOCIOLOGICAL AND ANTHROPOLOGICAL APPROACHES TO MONEY3. Philip Grierson (1977), ‘The Origins of Money’ 4. Geoffrey Ingham (2000), ‘“Babylonian Madness”: On the Historical and Sociological Origins of Money’5. Mark S. Peacock (2006), ‘The Origins of Money in Ancient Greece: The Political Economy of Coinage and Exchange’6. Viviana A. Zelizer (1989), ‘The Social Meaning of Money: “Special Monies”’PART III KEYNESIAN AND INSTITUTIONALIST APPROACHES TO MONEY 7. John Maynard Keynes (1973), ‘A Monetary Theory of Production’8. Dudley Dillard (1980), ‘A Monetary Theory of Production: Keynes and the Institutionalists’ 9. Éric Tymoigne (2003), ‘Keynes and Commons on Money’10. Paul Davidson (1974), ‘A Keynesian View of Friedman’s Theoretical Framework for Monetary Analysis’11. J.A. Kregel (1988), ‘The Multiplier and Liquidity Preference: Two Sides of the Theory of Effective Demand’ PART IV ENDOGENOUS MONEY 12. Basil J. Moore (1979), ‘The Endogenous Money Stock’13. Marc Lavoie (1985), ‘Credit and Money: The Dynamic Circuit, Overdraft Economics, and Post-Keynesian Economics’14. L. Randall Wray (2006), ‘When are Interest Rates Exogenous?’ 15. Scott T. Fullwiler (2006), ‘Setting Interest Rates in the Modern Money Era’PART V MONEY AND THE CIRCUIT 16. Alain Parguez and Mario Seccareccia (2000), ‘The Credit Theory of Money: The Monetary Circuit Approach’17. Giuseppe Fontana (2000), ‘Post Keynesians and Circuitists on Money and Uncertainty: An Attempt at Generality’18. Eladio Febrero (2008), ‘The Monetization of Profits in a Monetary Circuit Framework’19. Wynne Godley (2004), ‘Weaving Cloth from Graziani’s Thread: Endogenous Money in a Simple (but Complete) Keynesian Model’20. Wynne Godley and Marc Lavoie (2007), ‘Fiscal Policy in a Stock-Flow Consistent (SFC) Model’PART VI MARX’S APPROACH TO MONEY21. David Levine (1983), ‘Two Options for the Theory of Money’22. Duncan K. Foley (1983), ‘On Marx’s Theory of Money’23. Riccardo Bellofiore (2004), ‘“As if its Body were by Love Possessed”. Abstract Labour and the Monetary Circuit: A Macro-Social Reading of Marx’s Labour Theory of Value’24. L. Randall Wray (1999), ‘Theories of Value and the Monetary Theory of Production’ PART VII THE MODERN MONEY OR NEOCHARTALIST APPROACH 25. Abba P. Lerner (1947), ‘Money as a Creature of the State’26. Stephanie Bell (2000), ‘Do Taxes and Bonds Finance Government Spending?’27. Stephanie Bell (2001), ‘The Role of the State and the Hierarchy of Money’28. Mathew Forstater (2006), ‘Tax-Driven Money: Additional Evidence from the History of Economic Thought, Economic History and Economic Policy’29. Alain Parguez (2002), ‘A Monetary Theory of Public Finance’30. Jan A. Kregel (2010), ‘Keynes’s Influence on Modern Economics: Some Overlooked Contributions of Keynes’s Theory of Finance and Economic Policy’ Volume II: Alternative Approaches to Money, Financial Institutions and PolicyAcknowledgementsIntroduction An introduction to both volumes by the editor appears in Volume IPART I MONETARIST AND “KEYNESIAN” APPROACHES TO MONEY AND BANKS 1. Milton Friedman (1948), ‘A Monetary and Fiscal Framework for Economic Stability’2. Karl Brunner (1968), ‘The Role of Money and Monetary Policy’3. Milton Friedman (1968), ‘The Role of Monetary Policy’4. James Tobin (1963), ‘Commercial Banks as Creators of “Money”’ 5. David Romer (2000), ‘Keynesian Macroeconomics without the LM Curve’PART II MONEY AND GENERAL EQUILIBRIUM MODELS6. Nobuhiro Kiyotaki and Randall Wright (1989), ‘On Money as a Medium of Exchange’7. Joseph Aschheim and George S. Tavlas (1997), ‘Money’8. Dror Goldberg (2009), ‘The Tax-Foundation Theory of Fiat Money’ 9. Frank H. Hahn (1987), ‘The Foundations of Monetary Theory’ PART III THE NEW MONETARY CONSENSUS 10. Laurence H. Meyer (2001), ‘Does Money Matter?’11. Ben S. Bernanke (2004), ‘Gradualism’12. Giuseppe Fontana (2009), ‘Whither New Consensus Macroeconomics? The Role of Government and Fiscal Policy in Modern Macroeconomics’13. Edwin le Herron and Emmanuel Carre (2006), ‘Credibility Versus Confidence in Monetary Policy’14. Philip Arestis and Malcolm Sawyer (2006), ‘The Nature and Role of Monetary Policy when Money is Endogenous’ PART IV INTEREST RATE THEORY AND POLICY15. John Maynard Keynes (1937), ‘The Theory of the Rate of Interest’16. J.A. Kregel (1988), ‘Irving Fisher, Great-Grandparent of the General Theory: Money, Rate of Return Over Cost and Efficiency of Capital’17. J. Tobin (1958), ‘Liquidity Preference as Behavior Towards Risk’18. L. Randall Wray (1992), ‘Alternative Theories of the Rate of Interest’19. John Smithin (2006), ‘A Real Interest Rate Rule for Monetary Policy?’PART V MONEY, INFLATION AND EXCHANGE RATES20. Frederic S. Mishkin (1999), ‘International Experiences with Different Monetary Policy Regimes’21. R.E. Rowthorn (1977), ‘Conflict, Inflation and Money’22. Paul Davidson (2006), ‘The Declining Dollar, Global Economic Growth, and Macro Stability’23. John T. Harvey (1996), ‘Orthodox Approaches to Exchange Rate Determination: A Survey’24. John T. Harvey (1991), ‘A Post-Keynesian View of Exchange Rate Determination’PART VI MONEY AND FINANCE 25. Andrea Terzi (1986-87), ‘The Independence of Finance from Saving: A Flow-of-Funds Interpretation’ 26. J.A. Kregel (1998), ‘Aspects of a Post Keynesian Theory of Finance’27. J. Patrick Raines and Charles G. Leathers (1996), ‘Veblenian Stock Markets and the Efficient Markets Hypothesis’28. Robert J. Shiller (2005), ‘Behavioral Economics and Institutional Innovation’PART VII FINANCIAL INSTABILITY AND THE GREAT CRASH 29. Hyman P. Minsky (1994), ‘Financial Instability Hypothesis’30. Lance Taylor and Stephen A. O’Connell (1985), ‘A Minsky Crisis’ 31. Domenico Delli Gatti and Mauro Gallegati (1997), ‘At the Root of the Financial Instability Hypothesis: “Induced Investment and Business Cycles”’32. Christopher Brown (2007), ‘Financial Engineering, Consumer Credit, and the Stability of Effective Demand’33. Hyman P. Minsky (1993), ‘Finance and Stability: The Limits of Capitalism’34. L. Randall Wray (2009), ‘The Rise and Fall of Money Manager Capitalism: A Minskian Approach’35. Robert Wade (2009), ‘From Global Imbalances to Global Reorganisations’

Edited by L. Randall Wray, Senior Scholar and Professor of Economics, Levy Economics Institute, Bard College, US

‘This is an edited, two-volume collection of articles with the focus on questions of the emergence of money, the role of money, monetary policy, and the importance of financial institutions. Overall, the collection provides interesting insights on ideas in various heterodox monetary research programs, particularly the ones following a post-Keynesian agenda, and I can see it as a useful reference for those who want to learn and write about these research programs.’

• Contents: Volume I: Development of Heterodox Approaches to Money and Banking AcknowledgementsIntroduction An Overview of Heterodox Approaches to Money and Financial InstitutionsL. Randall WrayPART I HISTORICAL DEBATES ON THEORIES OF MONEY 1. Charles A.E. Goodhart (1998), ‘The Two Concepts of Money: Implications for the Analysis of Optimal Currency Areas’2. John Maynard Keynes (1979), ‘The Distinction Between a Co-Operative Economy and an Entrepreneur Economy’ PART II HISTORICAL, SOCIOLOGICAL AND ANTHROPOLOGICAL APPROACHES TO MONEY3. Philip Grierson (1977), ‘The Origins of Money’ 4. Geoffrey Ingham (2000), ‘“Babylonian Madness”: On the Historical and Sociological Origins of Money’5. Mark S. Peacock (2006), ‘The Origins of Money in Ancient Greece: The Political Economy of Coinage and Exchange’6. Viviana A. Zelizer (1989), ‘The Social Meaning of Money: “Special Monies”’PART III KEYNESIAN AND INSTITUTIONALIST APPROACHES TO MONEY 7. John Maynard Keynes (1973), ‘A Monetary Theory of Production’8. Dudley Dillard (1980), ‘A Monetary Theory of Production: Keynes and the Institutionalists’ 9. Éric Tymoigne (2003), ‘Keynes and Commons on Money’10. Paul Davidson (1974), ‘A Keynesian View of Friedman’s Theoretical Framework for Monetary Analysis’11. J.A. Kregel (1988), ‘The Multiplier and Liquidity Preference: Two Sides of the Theory of Effective Demand’ PART IV ENDOGENOUS MONEY 12. Basil J. Moore (1979), ‘The Endogenous Money Stock’13. Marc Lavoie (1985), ‘Credit and Money: The Dynamic Circuit, Overdraft Economics, and Post-Keynesian Economics’14. L. Randall Wray (2006), ‘When are Interest Rates Exogenous?’ 15. Scott T. Fullwiler (2006), ‘Setting Interest Rates in the Modern Money Era’PART V MONEY AND THE CIRCUIT 16. Alain Parguez and Mario Seccareccia (2000), ‘The Credit Theory of Money: The Monetary Circuit Approach’17. Giuseppe Fontana (2000), ‘Post Keynesians and Circuitists on Money and Uncertainty: An Attempt at Generality’18. Eladio Febrero (2008), ‘The Monetization of Profits in a Monetary Circuit Framework’19. Wynne Godley (2004), ‘Weaving Cloth from Graziani’s Thread: Endogenous Money in a Simple (but Complete) Keynesian Model’20. Wynne Godley and Marc Lavoie (2007), ‘Fiscal Policy in a Stock-Flow Consistent (SFC) Model’PART VI MARX’S APPROACH TO MONEY21. David Levine (1983), ‘Two Options for the Theory of Money’22. Duncan K. Foley (1983), ‘On Marx’s Theory of Money’23. Riccardo Bellofiore (2004), ‘“As if its Body were by Love Possessed”. Abstract Labour and the Monetary Circuit: A Macro-Social Reading of Marx’s Labour Theory of Value’24. L. Randall Wray (1999), ‘Theories of Value and the Monetary Theory of Production’ PART VII THE MODERN MONEY OR NEOCHARTALIST APPROACH 25. Abba P. Lerner (1947), ‘Money as a Creature of the State’26. Stephanie Bell (2000), ‘Do Taxes and Bonds Finance Government Spending?’27. Stephanie Bell (2001), ‘The Role of the State and the Hierarchy of Money’28. Mathew Forstater (2006), ‘Tax-Driven Money: Additional Evidence from the History of Economic Thought, Economic History and Economic Policy’29. Alain Parguez (2002), ‘A Monetary Theory of Public Finance’30. Jan A. Kregel (2010), ‘Keynes’s Influence on Modern Economics: Some Overlooked Contributions of Keynes’s Theory of Finance and Economic Policy’ Volume II: Alternative Approaches to Money, Financial Institutions and PolicyAcknowledgementsIntroduction An introduction to both volumes by the editor appears in Volume IPART I MONETARIST AND “KEYNESIAN” APPROACHES TO MONEY AND BANKS 1. Milton Friedman (1948), ‘A Monetary and Fiscal Framework for Economic Stability’2. Karl Brunner (1968), ‘The Role of Money and Monetary Policy’3. Milton Friedman (1968), ‘The Role of Monetary Policy’4. James Tobin (1963), ‘Commercial Banks as Creators of “Money”’ 5. David Romer (2000), ‘Keynesian Macroeconomics without the LM Curve’PART II MONEY AND GENERAL EQUILIBRIUM MODELS6. Nobuhiro Kiyotaki and Randall Wright (1989), ‘On Money as a Medium of Exchange’7. Joseph Aschheim and George S. Tavlas (1997), ‘Money’8. Dror Goldberg (2009), ‘The Tax-Foundation Theory of Fiat Money’ 9. Frank H. Hahn (1987), ‘The Foundations of Monetary Theory’ PART III THE NEW MONETARY CONSENSUS 10. Laurence H. Meyer (2001), ‘Does Money Matter?’11. Ben S. Bernanke (2004), ‘Gradualism’12. Giuseppe Fontana (2009), ‘Whither New Consensus Macroeconomics? The Role of Government and Fiscal Policy in Modern Macroeconomics’13. Edwin le Herron and Emmanuel Carre (2006), ‘Credibility Versus Confidence in Monetary Policy’14. Philip Arestis and Malcolm Sawyer (2006), ‘The Nature and Role of Monetary Policy when Money is Endogenous’ PART IV INTEREST RATE THEORY AND POLICY15. John Maynard Keynes (1937), ‘The Theory of the Rate of Interest’16. J.A. Kregel (1988), ‘Irving Fisher, Great-Grandparent of the General Theory: Money, Rate of Return Over Cost and Efficiency of Capital’17. J. Tobin (1958), ‘Liquidity Preference as Behavior Towards Risk’18. L. Randall Wray (1992), ‘Alternative Theories of the Rate of Interest’19. John Smithin (2006), ‘A Real Interest Rate Rule for Monetary Policy?’PART V MONEY, INFLATION AND EXCHANGE RATES20. Frederic S. Mishkin (1999), ‘International Experiences with Different Monetary Policy Regimes’21. R.E. Rowthorn (1977), ‘Conflict, Inflation and Money’22. Paul Davidson (2006), ‘The Declining Dollar, Global Economic Growth, and Macro Stability’23. John T. Harvey (1996), ‘Orthodox Approaches to Exchange Rate Determination: A Survey’24. John T. Harvey (1991), ‘A Post-Keynesian View of Exchange Rate Determination’PART VI MONEY AND FINANCE 25. Andrea Terzi (1986-87), ‘The Independence of Finance from Saving: A Flow-of-Funds Interpretation’ 26. J.A. Kregel (1998), ‘Aspects of a Post Keynesian Theory of Finance’27. J. Patrick Raines and Charles G. Leathers (1996), ‘Veblenian Stock Markets and the Efficient Markets Hypothesis’28. Robert J. Shiller (2005), ‘Behavioral Economics and Institutional Innovation’PART VII FINANCIAL INSTABILITY AND THE GREAT CRASH 29. Hyman P. Minsky (1994), ‘Financial Instability Hypothesis’30. Lance Taylor and Stephen A. O’Connell (1985), ‘A Minsky Crisis’ 31. Domenico Delli Gatti and Mauro Gallegati (1997), ‘At the Root of the Financial Instability Hypothesis: “Induced Investment and Business Cycles”’32. Christopher Brown (2007), ‘Financial Engineering, Consumer Credit, and the Stability of Effective Demand’33. Hyman P. Minsky (1993), ‘Finance and Stability: The Limits of Capitalism’34. L. Randall Wray (2009), ‘The Rise and Fall of Money Manager Capitalism: A Minskian Approach’35. Robert Wade (2009), ‘From Global Imbalances to Global Reorganisations’