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 Startseite » Politik  » Staatsausgaben, Steuerpolitik & Staatsverschuldung 

Stabilising an unequal economy?

Public debt, financial regulation and income distribution

"Schriftenreihe des Forschungsnetzwerk Makroökonomie und Makropolitik (FMM)"  · Band 14

432 Seiten ·  29,80 EUR (inklusive MwSt. und Versand)
ISBN 978-3-89518-878-7 (October 2011) )


The macroeconomic stabilisation policies which were put in place in most countries hit by the financial and economic crisis of 2008-09 have been successful in preventing a great depression. Economic policy has witnessed a certain "return of Keynesianism", but it is a strange sort of Keynesianism. Hyman Minsky's famous question of how to "stabilise an unstable economy" in the light of "financial fragility" is still the burning question of our time. Minsky's answer to the question was "big government". Keynes's vision was one of not merely stabilising the economy, but also one of creating a more equal society. However, this is not what Keynesian, anti-cyclical policies are aiming at today.

With the crisis the 'efficient market' consensus in academia and politics has begun to crack. There has been, at least so it appeared for a few months, a new consensus in economic policy that financial markets need to be tightly regulated and that under some conditions discretionary stabilisation policies can be necessary in the face of negative aggregate demand shocks. But if there is to be veritable "return of Keynesianism", it will require more thorough revisions and in particular a rethinking of the role of inequality, which, as many argue, contributed importantly to the global crisis.

In light of these remaining global problems, unequal national economic outlooks, and the return of the austerity policies, the initial success of the stabilisation policies put in place since 2008-09 may turn out to be insufficient. This raises the following questions: Are the present policies merely stabilising an unsustainable accumulation regime based on income polarisation and the dominance of financial markets? What are the economic and political implications of rising public debt? How can financial regulation contribute to stability as well as equity? These questions are addressed, among others, in this book.

Torsten Niechoj, Özlem Onaran, Engelbert Stockhammer, Achim Truger & Till van Treeck

I. Structural causes of and solutions to the crisis

Eckhard Hein
Financialisation, re-distribution, and the financial and economic crisis - a Kaleckian perspective

Philip Arestis & Elias Karakitsos
An analysis of the causes of the 'Great Recession' and some policy implications

Riccardo Bellofiore & Joseph Halevi
The panorama of the crisis in Europe

II. How to deal with the rise in public debt after the crisis?

Claudio Sardoni
An alternative approach to the problem of the public debt

Randall Wray & Yeva Nersisyan
Is the US on an unsustainable path? Lessons from the past as detailed by Reinhart and Rogoff

Malcolm Sawyer
Progressive approaches to budget deficits

Franz Nauschnigg
Growth-friendly fiscal consolidation

Catherine Mathieu & Henri Sterdyniak
EU public finances in the crisis

Andrew Watt
Strengthening the automatic stabilisers in Europe: Why, what and how

III. Financial markets and regulation

Robert Guttmann
Re-regulating finance

Robin Pope & Reinhard Selten
Central bank swaps and joint exchange rate interventions rescued global finance in 1982-85, again in 2006? 09. Historical, laboratory and theoretical evidence for a single currency

IV. Wages and inequality

Helene Schuberth
Financial crisis and gender inequality

Petra Dünhaupt
Financialisation, corporate governance and income distribution in the U.S. and Germany: Introducing an adjusted wage share indicator

Matthias Schnetzer & Wilfried Altzinger
From rags to riches? Intergenerational transmission of income in the European Union

Rory O'Farrell
Wages in the crisis - update

V. Long-run alternatives to an unstable and unequal economy

Stephen Marglin
Keynes in the long run: Growth with unlimited supplies of labour

Peter A. Victor
Ecological economics and economic growth

the editors
Prof. Dr. Achim Truger
Achim Truger ist Professor für Sozioökonomie mit Schwerpunkt Staatstätigkeit und Staatsfinanzen an der Universität Duisburg-Essen und Mitglied des Sachverständigenrates zur Begutachtung der gesamtwirtschaftlichen Entwicklung. [weitere Titel]
Prof. Dr. Torsten Niechoj
Torsten Niechoj ist Professor für Volkswirtschaftslehre und Politikwissenschaft an der Hochschule Rhein-Waal, Standort Kamp-Lintfort. Er ist Fellow des Forum for Macroeconomics and Macroeconomic Policies (FMM) sowie leitender Herausgeber der englischsprachigen Fachzeitschrift European Journal of Economics and Economic Policies: Intervention (EJEEP). [weitere Titel]
Engelbert Stockhammer
Engelbert Stockhammer King's College London [weitere Titel]
Özlem Onaran
Özlem Onaran Assistant Professor at the Vienna University of Economics and Business Administration, Institute of Labour Economies, Austria. [weitere Titel]
Prof. Dr. Till van Treeck
Till van Treeck ist Professor für Sozialökonomie an der Universität Duisburg- Essen. Er ist Mitglied der Koordinierungsgruppe des Forschungsnetzwerks Makroökonomie und Makropolitik (FMM) und der Redaktion des European Journal of Economics and Economic Policies (EJEEP). Seine Forschungsinteressen sind Einkommensverteilung, makroökonomische Theorie und Wirtschaftspolitik [weitere Titel]
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