William Lazonick, professor at University of Massachusetts Lowell, explains how rationalization, marketization, and globalization characterize the U.S. economy during the past 50 years, and how the behavior of companies and fate of American workers have changed during this process.
By James Crotty. From Edward Elgar: The essays comprising this collection analyze the deep flaws in the methodological foundation of mainstream economic theory, and explain how these flaws make mainstream economics more ideology than sound social science. James Crotty develops alternative theories built on realistic assumptions that can explain most of the disastrous economic and … More New Book: Capitalism, Macroeconomics & Reality – Understanding Globalization, Financialization, Competition & Crisis
From AK Press: Harry Cleaver’s pioneering Reading Capital Politically showed not only how capitalism seeks to structure every aspect of our lives through and around work but also how we endlessly fight back in ways that reshape capitalism itself. Rupturing the Dialectic skillfully brings this project up to date, interpreting capitalism’s most recent crises and … More New Book by Harry Cleaver: Rupturing the Dialectic – The Struggle against Work, Money, and Financialization
From Brill: The collected papers of Costas Lapavitsas are a pathway to Marxist monetary theory, a field that continues to attract strong interest. The papers range far and wide, including markets and money, finance and the enterprise, power and money, the financialisation of capitalism, finance and profit, even money as art. Despite its breadth, the … More New Book by Costas Lapavitsas: Marxist Monetary Theory
By Dirk Bezemer and Michael Hudson Why have economies polarized so sharply since the 1980s, and especially since the 2008 crisis? How did we get so indebted without real wage and living standards rising, while cities, states, and entire nations are falling into default? Only when we answer these questions can we formulate policies to extract … More Dirk Bezemer & Michael Hudson: Finance Is Not the Economy
By Engelbert Stockhammer, Alexander Guschanski, & Karsten Köhler, The past four decades were characterised by drastic changes in the distribution of income between wages and profits. This can be observed through a decline in the wage share. In a sample of 14 OECD countries, the share of total national income going to wages fell, on … More Evidence that financialisation increases income inequality
The Bonus-Driven “Rainmaker” Financial Firm: How These Firms Enrich Top Employees, Erode Shareholder Value and Create Systemic Financial Instability, Economic Crises and Rising Inequality By James Crotty From the abstract: We recently experienced a global financial crisis so severe that only massive rescue operations by governments around the world prevented a total financial market meltdown … More New Working Paper by James Crotty: The Bonus-Driven “Rainmaker” Financial Firm