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Full Description
The book examines how the outgrowth of the financial industry has contributed to the recent tendencies towards inequality and stagnation. It proposes a monetary interpretation of these events using a Classical-Keynesian theoretical approach derived from the work of Keynes and Sraffa. The approach moves from the distributive conflicts among economic and social groups, presuming that they influence the legislation shaping the organisation of the markets and the policy of the authorities. It argues that the degrees of liquidity of assets, which reflect the individual perceptions of their future prices, ultimately depend on the organisation of the markets and policy decisions.
The development of his work persuaded Keynes that it was necessary to revolutionise the scientific foundations of economic discipline to effectively interpret events and recommend policies. He consequently introduced in 1932 a monetary theory of production. Following these lines, Sraffa proposed in Production of Commodities to take the rate of interest as an independent variable in the theory of distribution.
Using the Classical-Keynesian approach, the book shows how the changes in legislation and policies since the abandonment of the Bretton Woods agreements have caused the outgrowth of finance and how these alterations have raised financial instability. It identifies various competitive mechanisms through which financial events can affect income distribution and growth, describing how they have triggered the recent tendencies towards inequality and stagnation.
This book is essential reading for researchers studying the interactions among financial markets, distribution, and growth.
Contents
Introduction Part I: Preliminary elements 1. Money and institutions: a historical perspective 2. The effects of the dominance of finance on the economy and on policy Part II: Basic concepts and analyses 3. Say's Law and the Principle of Effective Demand 4. Theories of income distribution in an economy producing one-commodity 5. Theories of distribution in an economy producing more than one commodity 6. Rationality and uncertainty Part III: Keynes and Sraffa on money, distribution, and production 7. The evolution of Keynes' work on the role of money in the economic process 8. Keynes' and Sraffa's monetary writings and the Cambridge Tradition Part IV: A monetary interpretation of the recent rise of inequality and of stagnation 9. The evolution of financial regulation in USA 10. Rising systemic risk and financial crises 11. US monetary policy and the decline in the interest rates (1990-2007) 12. The dominance of finance in emerging economies 13. Financial industry, inequality, and stagnation: a multi-sectorial economy Conclusions
