Capitalism, Macroeconomics and Reality

Understanding Globalization, Financialization, Competition and Crisis

James Crotty, Emeritus Professor of Economics and Sheridan Scholar, Political Economy Research Institute, University of Massachusetts, Amherst, US

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 financial developments of the past four decades. His work contributes to the collective creation of a solid theoretical foundation on which to build an understanding of the ‘laws of motion’ of capitalism in the post WWII era.

‘Crotty’s book provides solid theoretical foundations to understanding key economic topics such as growth, distribution, and instability from a heterodox perspective. The reader will have a new opportunity to rethink macroeconomic policies not only based
on short-term operational targets but mainly as long-term systemic needs. For these reasons, this book is a valuable academic source for understanding the functioning of complex, path-dependent, crisis-prone capitalist economies.’
– Juan Matías De Lucchi, Review of Keynesian Economics

‘This is a marvellous collection of essays of Jim Crotty. They are a joy to read, and provide contributions a plenty for analysing and understanding the evolution of capitalism through globalization and financialization, and developing theories alternative to the mainstream based on realistic assumptions.’
– Malcolm Sawyer, University of Leeds, UK

‘No one has written with greater clarity and insight about economic theory and capitalist dynamics in the past three decades than James Crotty. This collection, assembling his best papers in one place, is a must-have for established and aspirational political economists alike. There is wisdom on every page.’
– Gary Dymski, Leeds University Business School, UK

‘At a time when mainstream economics is being questioned across the world for its lack of relevance and inability to explain observed reality, James Crotty’s work comes as a welcome reminder of how economics can be both relevant and insightful. This body of work spanning more than four decades is still fresh and topical, and essential reading for anyone who wants to understand contemporary capitalism.’
– Jayati Ghosh, Jawaharlal Nehru University, New Delhi, India

2019 448 pp Paperback 978 1 83910 080 2 £35.00 £28.00 $55.00 $44.00
2017 448 pp Hardback 978 1 78471 901 2 £115.00 £103.50 $170.00 $153.00

Elgaronline 978 1 78471 902 9

Edward Elgar Publishing Ltd. is registered in the UK at: The Lypiatts, 15 Lansdown Road,
Cheltenham, Glos GL50 2JA. Registered number: 2041703

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