Goldstein Jonathan P. - Heterodox macroeconomics: Keynes, Marx and globalization

The global financial crisis of 2008 is rooted in the contradictory macroeconomic dynamics of the current variant of globalization. The gradual evolution of such a crisis inevitably pushes macroeconomic theory, particularly critical/heterodox theory, in new directions. A subset of these theoretical developments has resulted in a much improved integrated heterodox approach based on the original contributions of Keynes, Marx and early institutionalists. An integrated theory that is more coherent, logically consistent, realistic, flexible and capable of explaining modern macrodynamics in historical time has emerged.

Heterodox Macroeconomics offers a detailed understanding of the foundations of the recent global financial crisis. The chapters, from a selection of leading academics in the field of heterodox macroeconomics, carry out a synthesis of heterodox ideas that place financial instability, macroeconomic crisis, rising global inequality and a grasp of the perverse and pernicious qualities of global and domestic macroeconomic policy making since 1980 into a coherent perspective. It familiarizes the reader with the emerging unified theory of heterodox macroeconomics and its applications.

The book is divided into four key parts:

• heterodox macroeconomics and the KeynesMarx synthesis;
• accumulation, crisis and instability;
• the macrodynamics of the neoliberal regime; and
• heterodox macroeconomic policy.

The chapters include theoretical, international, historical and country perspectives on financial fragility and macroeconomic instability.

This book will be of interest to students and researchers in macroeconomics, heterodox economics, political economy, Marxian economics, post Keynesian economics, crisis theory, globalization and financialization.

Jonathan P. Goldstein is Professor of Economics at Bowdoin College, Brunswick, Maine. His fields of specialization include political economy, macroeconomics and applied econometrics. Michael G. Hillard is Professor of Economics at the University of Southern Maine, Portland, Maine. He has written widely on labor relations, labor history and the political economy of labor.

Heterodox Macroeconomics

Keynes, Marx and globalization

Edited by Jonathan P. Goldstein and Michael G. Hillard

First published 2009
by Routledge
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Simultaneously published in the USA and Canada
by Routledge
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This edition published in the Taylor & Francis e-Library, 2009.

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2009 selection and editorial matter; Jonathan P. Goldstein and Michael G. Hillard; individual chapters, the contributors

All rights reserved. No part of this book may be reprinted or reproduced or utilized in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers.

British Library Cataloguing in Publication Data
A catalogue record for this book is available from the British Library

Library of Congress Cataloging in Publication Data
Heterodox macroeconomics: Keynes, Marx and globalization/edited by Jonathan P. Goldstein and Michael G. Hillard.
p. cm.
Includes bibliographical references and index.
1. Macroeconomics. I. Goldstein, Jonathan P. II. Hillard, Michael G.
HB172.5.H48 2009
339dc22 2008050954

ISBN 0-203-87670-9 Master e-book ISBN

ISBN10: 0-415-77808-5 (hbk)
ISBN10: 0-203-87670-9 (ebk)

ISBN13: 978-0-415-77808-4 (hbk)
ISBN13: 978-0-203-87670-1 (ebk)