Conflict, Demand and Economic Development : Essays in Honour of Amit Bhaduri

Title Page 1 Copyright Page 2 Contents 3 List of figures 5 List of tables 7 List of contributors 8 Foreword 12 1 Introduction 15 Part I Post-Keynesian macroeconomics: growth and distribution 37 2 Power, income inequality and economic growth 39 3 Harrodian instability in Kaleckian models and Steindlian solutions: an elementary discussion 58 4 Conflict as closure: a Kaleckian model of growth and distribution under financialization 84 5 Aggregate demand policy in mature and dual economies 102 6 Competition, technological change and demand-led growth 117 7 The economics and politics of social democracy: a reconsideration 133 8 What is the impact of an exogenous shock to the wage share? VAR results for the US economy, 1973–2018 156 Part II Classical political economy: conflict and exploitation 183 10 Rosa Luxemburg, Mikhail Tugan-Baranovsky and the current state of economic crisis 205 11 Some reflections on ‘primitive accumulation’ 216 12 A model of the Marxist rent theory 237 Part III Duality and underdevelopment 257 13 Rural poor or peasant-proletarians: agrarian change and labour markets in Eastern United Provinces in the colonial period 259 15 India’s growth story: a model of ‘riskless capitalism’? 300 16 Supporting domestic development through coordinating the promotion of domestic value chains 336 Index 349 Post,Keynesian,macroeconomics;,effective,demand;,growth,and,distribution;,classical,political,economy;,dual,economies;,financialisation;,wage-led,and,profit-led;,economic,crisis;,power;,conflict This book presents a comprehensive overview of three key areas: heterodox macroeconomics, development economics and classical political economy. It offers an alternative macroeconomic framework to analyse policies with an emphasis on issues of equity and justice. With contributions by leading economists from across the world, it examines the growth and distribution of income; trade and finance in developing countries; classical political economy and Marxist theory; dualism in the US economy; economic crisis; and agrarian economy in poor countries. It explores themes such as the effect of an exogenous shock to wage share; Harrodian instability and Steindlian solutions; economics and politics of social democracy; the role of power in the macroeconomy; economic development through the promotion of domestic value chains; and reflections on primitive accumulation. Going beyond the neo-classical tradition, the volume opens up a new vista of economics by discussing unexplored questions. It provides a refreshing treatment of time-tested ideas as well as discussions of recent developments and current research. A major intervention in heterodox macroeconomics and a tribute to macroeconomist Amit Bhaduri, this book will be useful to scholars and researchers of economics, political economy, development studies, sociology, political science, public administration, economic theory, economic history, economic geography and critical studies, as well as professionals, economists and policymakers. This book presents a comprehensive overview of three key areas: heterodox macroeconomics, development economics and classical political economy. It offers an alternative macroeconomic framework to analyze policies with an emphasis on issues of equity and justice.