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Monetary Economies of Production

Banking and Financial Circuits and the Role of the State Edited by Louis-Philippe Rochon, Full Professor of Economics, Laurentian University, Canada and Co-Editor, Review of Keynesian Economics and Mario Seccareccia, Professor of Economics, University of Ottawa, Canada and Editor, International Journal of Political Economy
The central focus of this book is the relationship between money, the sphere of production, and the State.

It explores how best to adapt the fundamental ideas of the circulationist perspective to achieve a better understanding of the financialisation of the production processes within contemporary capitalist economies. Importantly, the expert contributors illustrate that the true challenge ahead is to address how these new emerging forms can be eventually tamed, a challenge that the recent financial crisis has forcefully proven essential.
Extent: 304 pp
Hardback Price: £85.00 Web: £76.50
Publication Date: 2013
ISBN: 978 1 78100 394 7
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  • Economics and Finance
  • Post-Keynesian Economics
The central focus of this book is the relationship between money, the sphere of production, and the State.

It explores how best to adapt the fundamental ideas of the circulationist perspective to achieve a better understanding of the financialisation of the production processes within contemporary capitalist economies. Importantly, the expert contributors illustrate that the true challenge ahead is to address how these new emerging forms can be eventually tamed, a challenge that the recent financial crisis has forcefully proven essential.

This book will prove an illuminating read for scholars and researchers in the heterodox economics domain.
Contributors: R. Bellofiore, H. Bougrine, V. Chick, M. Cingolani, E. Correa, S. Dow, T. Ferguson, M. Forstater, A. Girón, C. Gnos, R. Johnson, M. Lavoie, W.C. Marshall, E. Nell, L.-P. Rochon, M. Seccareccia, J. Smithin, B. Vallageas, G. Vidal, L.R. Wray
Contents:

Preface
Warren Mosler

Selected Publications of Alain Parguez

1. Alain Parguez’s Contribution to Political Economy
Louis-Philippe Rochon and Mario Seccareccia

PART I: MONEY AND THEORY OF THE MONETARY CIRCUIT
2. The State, the Central Bank and the Monetary Circuit
Marc Lavoie

3. A Historical Perspective on the Theory of the Monetary Circuit: From Schumpeter to Parguez
Claude Gnos

4. Time of Production, Time of Circulation and Turnover Time: Exploring the Guts of Marx’s Circuits of Capital
Mathew Forstater

5. Credit Creation, the Monetary Circuit and the Formal Validity of Money
John Smithin

6. Is There Room for Bulls, Bears and States in the Circuit?
L. Randall Wray

PART II: MONEY, BANKS AND FINANCIAL CRISIS
7. When Wolves Cry ‘Wolf’: Systemic Financial Crises and the Myth of the Danaid Jar
Thomas Ferguson and Robert Johnson

8. Financial Institutions and the State: A Re-examination
Victoria Chick and Sheila Dow

9. Basel III and the Strengthening of Capital Requirement: The Obstinacy in Mistake or Why ‘it’ Will Happen Again
Bernard Vallageas

10. Rethinking Banking Institutions in Contemporary Economies: Are There Alternatives to the Status Quo?
Hassan Bougrine and Mario Seccareccia

11. Financial Flows and Mexico’s Disintegrated Spaces of Production
Gregorio Vidal and Wesley C. Marshall

PART III: MONEY, PUBLIC FINANCES AND ROLE OF THE STATE
12. Public Expenditure and Deficits: The Emerging Countries’ Financial Circuits and Crises
Eugenia Correa and Alicia Girón

13. The End of the Innocence: The True Nature of the Euro Crisis, and the Alternative Based on Minsky’s Socialization of the Economy and Parguez’s Good Deficits
Riccardo Bellofiore

14. The Monetary Conditions for Growth: Parguez’s Debt Stability Condition
Massimo Cingolani

15. A Contribution to the Macroeconomics of Public Goods and Externalities
Edward Nell

Index