Documents Sawyer, Malcolm 9 results

"This paper outlines an approach to ecological macroeconomics based on post-Keynesian and Kaleckian ideas. It views growth as demand-driven through investment, and focuses on the conflicts between that demand-driven growth rate, the growth of the effective labour force and the ‘nature constrained' rate of growth. The paper argues that there will not be ‘market forces' which will address those conflicts, and specifically to bring growth to an environmentally sustainable growth rate. The policy agenda which is suggested is wide ranging and it calls for appropriate fiscal policy and budget deficits."

"Der Euroraum ist gegenwärtig mit schwerwiegenden makroökonomischen Problemen konfrontiert. Auf Basis einer Analyse der grundlegenden Strukturen, die in den Konvergenzkriterien und der Europäischen Wirtschafts- und Währungsunion sowie im Stabilitäts- und Wachstumspakt enthalten sind, entwickeln die Autoren eine Kritik am unzureichenden und nicht zweckdienlichen Charakter der europäischen wirtschaftspolitischen Regelungen. So hindert die "Unabhängigkeit" der EZB sie daran, sich der Stabilität des Finanzsystems zu widmen und für mehr Wachstum und Beschäftigung mit anderen makroökonomischen Institutionen zu kooperieren. Der Stabilitäts- und Wachstumspakt verhindert Haushaltsdefizite, die für adäquate finanzpolitische Maßnahmen nötig wären. Schließlich gibt es keinen Mechanismus zur Verringerung der Leistungsbilanzungleichgewichte. Die Autoren formulieren Vorschläge, wie das System effektiver gestaltet werden könnte, zweifeln jedoch an deren Umsetzung angesichts der hohen Reformhürden bei EU-Verträgen. Ohne tief greifende Veränderungen aber bleibt für den Euroraum die Wahl zwischen einer trostlosen wirtschaftlichen Zukunft und dem Zerfall."

"The paper opens with a consideration of the historical developments on the nature and features of money and endogenous money, and the post-Keynesian revival of ideas of endogenous money. Particular attention is drawn to the work of Basil Moore in relation to endogenous money, including the location of that analysis with commercial banks (some of whose liabilities are transferable and widely accepted as a means of payment) and the post-Keynesian-inspired revival of endogenous money. There is a brief outline of the aspects of financialization since the late 1970s which have relevance for the analysis of banks and money. Some thoughts are offered on the impact which those changes of the financial system have for the analysis of banks and of money."

"The period of past four decades has been characterized as one of neo-liberalism, financialization, globalization, privatization and de-regulation. Inequality has risen in industrialised countries, labour's share in national income has been in decline and economic growth slowed. The evidence of the damage to the environment from human economic activity, and the dramatic consequences of failure to address climate change have become more apparent and urgent. The global financial crises shocked the complacency of the neo-liberal era, though a decade later it may be doubted how much has changed. The central purpose of this volume is to investigate a range of economic and social policies, which move in the direction of constructing a post-neoliberal world. These range over alternative forms of ownership (public, co-operative), policies to address and reverse economic and social inequalities, responses to the forces of globalization, re-constituting the financial system and its roles, and the nature of employment."