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Finance, Development and Structural Change

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Finance, Development and Structural Change

Post-Keynesian Perspectives

9781852786564 Edward Elgar Publishing
Edited by Philip Arestis, University Director of Research, Cambridge Centre for Economic and Public Policy, Department of Land Economy, University of Cambridge and Fellow, Wolfson College, UK and Victoria Chick, Professor of Economics, University College London, UK
Publication Date: March 1995 ISBN: 978 1 85278 656 4 Extent: 336 pp
This important book applies a post-Keynesian perspective to the financial problems of economic development, restructuring in Eastern Europe, and the creation of a single market in the European Union.

Distinguished authors have prepared important new papers which take existing institutions into account, reaffirm the causal priority of investment over saving and the distinction between finance and funding, focus on the macroeconomic repercussions of the finance of growth and structural change, and reassert Keynes’s concern for symmetry in balance of payments adjustment.

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This important book applies a post-Keynesian perspective to the financial problems of economic development, restructuring in Eastern Europe, and the creation of a single market in the European Union.

Distinguished authors have prepared important new papers which take existing institutions into account, reaffirm the causal priority of investment over saving and the distinction between finance and funding, focus on the macroeconomic repercussions of the finance of growth and structural change, and reassert Keynes’s concern for symmetry in balance of payments adjustment.

The essays on development provide a full critique of financial liberalization and explore alternatives, concentrating on the underdevelopment of funding opportunities rather than the lack of finance. The suitability of the AngloSaxon model of finance and funding for Eastern Europe is also questioned. The final section discusses structural imbalances in Western Europe and the strain they put on the creation of the Single Market.

Written by leading specialists in their respective fields of research, these innovative new papers illustrate the vitality of the post-Keynesian tradition and will be required reading for all economists wishing to understand the role of finance in shaping development and change.
Critical Acclaim
‘Since the contributions address some of the key issues of finance, development and structural change, the book deserves to be read not only by academics, but also by policymakers.’
– Mojmir Mrak, Development and International Cooperation

‘I highly recommend this volume. In addition to providing an excellent account of existing knowledge, it is highly suggestive of a wide range of possible future research projects. The style is such that the papers would be accessible to advanced undergraduates, but economists with varying degrees of involvement in the area would benefit in different ways from the rich array of material on offer.’
– Sheila C. Dow, Review of Political Economy
Contributors
Contributors: P.Arestis, K. Bain, A.K. Dutt, E.V.K. Fitzgerald, J. Grahl, J. Halevi, J. Jesperson, J.A. Kregel, J.G. Palma, A. Singh, R. Studart, R. Tamborini, F. Targetti, G. Thompson, A. Tylecote
Contents
Contents: Introduction Part I: Money and Credit in Less Developed Countries Part II: Money and Structural Change in Europe: East and West Index

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