Thomas Palley – författare

Over the past twenty years there has emerged a compelling new discourse on varieties of capitalism. That discourse has an appealing common sense which challenges the view there is no alternative to free market capitalism. The initial view had a microeconomic focus that made firms the fulcrum of analysis. It distinguished between liberal market and coordinated market economies. Subsequently, there has emerged a second-generation literature which adopts a macroeconomic perspective that emphasizes differences in drivers of growth. This book provides a collection of essays that engage those second-generation concerns and questions.The new view emphasizes income distribution, which leads to a focus on institutional structures that are shaped by policy and power. A related feature is an emphasis on politics, which is the process by which policies are made. Furthermore, it asks whether economies should be understood as the product of national choices versus global capitalist system forces. That connects with the long-standing center-periphery distinction in development economics.Economists, researchers, and students will find this volume an enlightening look at an important subject.

Over the past twenty years there has emerged a compelling new discourse on varieties of capitalism. That discourse has an appealing common sense which challenges the view there is no alternative to free market capitalism. The initial view had a microeconomic focus that made firms the fulcrum of analysis. It distinguished between liberal market and coordinated market economies. Subsequently, there has emerged a second-generation literature which adopts a macroeconomic perspective that emphasizes differences in drivers of growth. This book provides a collection of essays that engage those second-generation concerns and questions.

The new view emphasizes income distribution, which leads to a focus on institutional structures that are shaped by policy and power. A related feature is an emphasis on politics, which is the process by which policies are made. Furthermore, it asks whether economies should be understood as the product of national choices versus global capitalist system forces. That connects with the long-standing center-periphery distinction in development economics.

Economists, researchers, and students will find this volume an enlightening look at an important subject.

Dollar hegemony is a defining structural feature of the modern international financial order, and it confers significant economic and political privileges on the US. This book explores the political economic foundations of and prospects for dollar hegemony.The dollar’s hegemony rests on the economic, military, and international political power of the US. There have been two eras of dollar hegemony which were characterized by different models. Dollar hegemony 1.0 corresponded to the Bretton Woods era (1946-1971). Dollar hegemony 2.0 corresponds to the Neoliberal era (1980-Today). The deep foundation of both models is US power, but the two models have different economic operating systems. The articles in this book explore this and consider two further questions: what is the future of dollar hegemony? And: is there a better way of organizing the world monetary order? There has been considerable speculation of a drift to currency multipolarity but, so far, there is little evidence of that. The Chinese renminbi might join or displace the dollar as the world’s hegemonic currency, but that will require China making significant changes to its financial markets and monetary policy. Dollar hegemony imposes significant costs on developing and emerging market economies, but the international political economy of systemic reform is fraught, making reform unlikely.Economists, researchers, policymakers, and students will find this volume an enlightening look at an important subject.

Dollar hegemony is a defining structural feature of the modern international financial order, and it confers significant economic and political privileges on the US. This book explores the political economic foundations of and prospects for dollar hegemony.

The dollar’s hegemony rests on the economic, military, and international political power of the US. There have been two eras of dollar hegemony which were characterized by different models. Dollar hegemony 1.0 corresponded to the Bretton Woods era (1946-1971). Dollar hegemony 2.0 corresponds to the Neoliberal era (1980-Today). The deep foundation of both models is US power, but the two models have different economic operating systems. The articles in this book explore this and consider two further questions: what is the future of dollar hegemony? And: is there a better way of organizing the world monetary order? There has been considerable speculation of a drift to currency multipolarity but, so far, there is little evidence of that. The Chinese renminbi might join or displace the dollar as the world’s hegemonic currency, but that will require China making significant changes to its financial markets and monetary policy. Dollar hegemony imposes significant costs on developing and emerging market economies, but the international political economy of systemic reform is fraught, making reform unlikely.

Economists, researchers, policymakers, and students will find this volume an enlightening look at an important subject.

This volume contains a collection of articles by leading thinkers in economics, political economy and history. They explore the enduring challenges of avoiding war and ensuring peace. In addition to the clash of national political and economic interests, the economic system and character of the domestic economy can also foster conflict, as exemplified by the military-industrial complex. The international economic system can have the same effect by producing unemployment and financial imbalances. The latter view was emphasized by Keynes. The book provides vital insight into the abrupt and dangerous shift to conflict between the US, Russia and China. This re-release of the special issue of the Review of Keynesian Economics presents vital new thinking on one of the most important topics of our time. It is essential reading for scholars interested in the political economy of war and peace.

This volume contains a collection of articles by leading thinkers in economics, political economy and history. They explore the enduring challenges of avoiding war and ensuring peace. In addition to the clash of national political and economic interests, the economic system and character of the domestic economy can also foster conflict, as exemplified by the military-industrial complex. The international economic system can have the same effect by producing unemployment and financial imbalances. The latter view was emphasized by Keynes. The book provides vital insight into the abrupt and dangerous shift to conflict between the US, Russia and China. This re-release of the special issue of the Review of Keynesian Economics presents vital new thinking on one of the most important topics of our time. It is essential reading for scholars interested in the political economy of war and peace.

2019 marked the 40th anniversary of the publication of Anthony P. Thirlwall's classic paper that laid out what became known as Thirlwall''s law. This article introduced and provided empirical evidence in favor of the proposition that the long-run rate of growth of an economy compatible with balance-of-payments equilibrium can be approximated by the simple rule of the ratio of the growth of exports to the income elasticity of demand for imports.Thirlwall's law provides a theoretical underpinning for several of the arguments traditionally espoused by the heterodox followers of Keynes. In addition, Thirlwall's law can also be viewed as a guide to policy-making. It has spurred a rich research agenda at both the theoretical and empirical levels. Theoretically the core model has been extended to include the different components of the current account of the balance of payments. Empirically, it has withstood the test of time and has been corroborated, with perhaps a few exceptions, for a variety of developed and developing countries under different historical contexts and different periods of time.This re-release of the special issue of the Review of Keynesian Economics brings together experts and researchers to present the latest developments and debates on Thirlwall's law. Students, economists and policy makers will find this volume enlightening.