201 research outputs found
Introduction: the Theoretical Legacy of Augusto Graziani
Augusto Graziani (1933â2014) was one of the most eminent Italian economists of the twentieth century. He is internationally known as the founding father of the Theory of Monetary Circuit. His contributions to economic theory went beyond the circuit, especially in the early part of his career. They included both other theoretical areas (for example, a critical review of Walrasâs general equilibrium model) and the analysis of the âuneven developmentâ of the Italian economy. Even his approach to âcircuitismâ was quite original and cannot be reduced to a special branch of post-Keynesianism. This introduction to the special section of ROKE on Graziani highlights some key points of his heretical thinking, and gives a quick summary of the papers that follow
House price Keynesianism and the contradictions of the modern investor subject
This article conceptualises the marked downturn in UK house prices in the 2007-2009 period in relation to longer-term processes of national economic restructuring centred on a new model of homeownership. The structure of UK house prices has been impacted markedly by the Labour Governmentâs efforts to ingrain a particular notion of financial literacy amid the move towards an increasingly asset-based system of welfare. New model welfare recipients and new model homeowners have thereby been co-constituted in a manner consistent with a new UK growth regime of âhouse price Keynesianismâ. However, the investor subjects who drive such growth are necessarily rendered uncertain as compared with the idealised image of Government policy because of their reliance on the credit-creating decisions of private financial institutions. The recent steep decline in UK house prices is explained here as an epiphenomenon of the disruptive effect on the idealised image caused by the dependence of investor subjects on pricing dynamics not of their making
Neoliberal growth models, monetary union and the Euro Crisis : a post-Keynesian perspective
The paper offers an account of the Euro crisis based on post-Keynesian monetary theory and its typology of demand regimes. Neoliberalism has transformed social and financial relations in Europe but it has not given rise to a sustained profit-led growth process. Instead, growth has relied either on financial bubbles and rising household debt (âdebt-driven growthâ) or on net exports (âexport-driven growthâ). In Europe the financial crisis has been amplified by an economic policy architecture (the Stability and Growth Pact) that aimed at restricting the role of fiscal policy and monetary policy. This neoliberal economic policy regime in conjunction with the separation of monetary and fiscal spheres has turned the financial crisis of 2007 into a sovereign debt crisis in southern Europe
Patterning and process parameter effects in 3D suspension near-field electrospinning of nanoarrays
The extracellular matrix (ECM) contains nanofibrous proteins and proteoglycans. Nanofabrication methods have received growing interest in recent years as a means of recapitulating these elements within the ECM. Near-field electrospinning (NFES) is a versatile fibre deposition method, capable of layer-by-layer nano-fabrication. The maximum layer height is generally limited in layer-by-layer NFES as a consequence of electrostatic effects of the polymer at the surface, due to residual charge and polymer dielectric properties. This restricts the total volume achievable by layer-by-layer techniques. Surpassing this restriction presents a complex challenge, leading to research innovations aimed at increasing patterning precision, and achieving a translation from 2D to 3D additive nanofabrication. Here we investigated a means of achieving this translation through the use of 3D electrode substrates. This was addressed by in-house developed technology in which selective laser melt manufactured standing pillar electrodes were combined with a direct suspension near-field electrospinning (SNFES) technique, which implements an automated platform to manoeuvre the pillar electrodes around the emitter in order to suspend fibres in the free space between the electrode support structures. In this study SNFES was used in multiple operation modes, investigating the effects of varying process parameters, as well as pattern variations on the suspended nanoarrays. Image analysis of the nanoarrays allowed for the assessment of fibre directionality, isotropy, and diameter; identifying optimal settings to generate fibres for tissue engineering applications
Financialization and the monetary circuit : a macro-accounting approach
This paper aims to cross-breed the standard monetary circuit accounting model with elements from the Post-Keynesian literature. The goals are: (i) to analyse the implications of credit-based household consumption fed by capital asset inflation for the soundness of a pure credit-money economy of production; and (ii) to provide a more sophisticated description of the working of modern financial systems than the one grounded in the usual 'bank-based vs. market based' distinction
Minsky and the Subprime Mortgage Crisis: The Financial Instability Hypothesis in the Era of Financialization
Open Education and the emancipation of academic labour
I have previously argued that open education is a liberal project with a focus on the freedom of things rather than the freedom of people (Winn, Joss. 2012. âOpen Education: From the Freedom of Things to the Freedom of People.â In Towards Teaching in Public: Reshaping the Modern University, edited by Michael Neary, Howard Stevenson, and Les Bell, 133â 147. London:
Continuum). Furthermore, I have argued that despite an implicit critique of private property with its emphasis on âthe commonsâ, the literature on open education offers no corresponding critique of academic labour (Neary, Mike, and Joss Winn. 2012. âOpen Education: Common(s), Commonism and the New Common Wealth.â Ephemera: Theory & Politics in Organization 12 (4):
406â422). In this paper, I develop my critical position that an emancipatory form of education must work towards the emancipation of teachers and students from labour, the dynamic, social, creative source of value in capitalism. In making this argument, I first establish the fundamental characteristics of academic labour. I then offer a âform-analyticâ critique of open access, followed by a corresponding critique of its legal form. Finally, I critically discuss the potential of âopen cooperativesâ as a transitional organisational form for the production of knowledge through which social relations become âtransparent in their simplicityâ (Marx, Karl. 1976. Capital, Vol. 1. London: Penguin Classics, 172)
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The Political Economy of Failure: The Euro as an International Currency
How do international currencies get established and consolidated? What domestic and international political foundations support an international currency? And what kinds of macro-economic flows enable an international currency? In this essay we consider these perennial questions of modern IPE scholarship in reverse order to ask whether the euro could ever have become, or seek to become, a true international currency rivalling the US dollar, used not only for passive foreign exchange reserves but also as a major commercial currency outside the EU. We argue that the EU lacks the will, the ideas and the capacity to promote the euro into the status of an international currency. In this article, we concentrate on this final issue of capacity, as the will and ideas issues have already been well explored. Capacity is an issue coeval with, if not prior to, the first two issues. The EU's current institutional arrangements and its economic geography create macro-economic consequences that diminish the euro's capacity to operate as a top currency. These conflicts go beyond the well-recognized issue that the euro-zone is not an optimum currency area. Examining the euro's debilities sheds light not only on the euro's (in)capacity to rival the dollar as an international currency, but also on the future of both the euro and the dollar in the aftermath of the euro-zone crisis
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