Contributions to Economic Theory, Policy, Development and Finance: Essays in Honor of Jan A. Kregel (Levy Institute Advanced Research in Economic Policy)

Founded in 1986, the Levy Economics Institute of Bard College is an autonomous nonprofit public policy research organization. It is nonpartisan, open to the examination of diverse points of view and dedicated to public service. The Levy Institute believes in the potential for economic study to improve the human condition. Its purpose is to generate viable, effective public policy responses to important economic problems. It is concerned with issues that profoundly affect the quality of life in the USA, in other highly industrialized nations and in countries with developing economies. The Levy Institute's present research programs include such issues as financial instability, economic growth and employment, international trade, problems associated with the distribution of income and wealth, the measurement of economic well-being, and gender equality, globalization and poverty. The opinions expressed in this volume are those of the authors and do not necessarily represent those of the Levy Institute, its Board of Governors or the Trustees of Bard College. This study combines lessons drawn from events and experiences of developing countries and examines them in relation to Jan Kregel's ideas on economics and development. The contributors provide in-depth analysis on: financial stability and crises, monetary systems, banking, global governance, employment, inflation and political economy. Jan A. Kregel is a prominent Post-Keynesian economist. This study combines lessons drawn from events and experiences of developing countries and examines them in relation to his ideas on economics and development. This collection brings together distinguished scholars who have been influenced by Kregel's prodigious contributions to the fields of economic theory and policy. The chapters cover and extend many topics analyzed in Kregel's published work, including monetary economic theory and policy, aspects of the Cambridge (UK and US) controversies, Sraffa's critique on neoclassical value and distribution theory, Post- Keynesianism, employment policy, obstacles in financing development, trade and development theories, causes and lessons from the financial crises in East Asia, Latin America and Europe, Minskyan-Kregel theories of financial instability and global governance. Combining rigorous scholarly assessment of the issues, the contributors seek to offer solutions to the debates on economic theory and the problem of continuing high unemployment, to identify the factors that determine economic expansion, and to analyze the impact of financial crises on systemic stability, markets, institutions, and international regulations on domestic and global economic performance. The scope and comprehensive analyses found in this volume will be of interest to economists and scholars of economics, finance and development Front Matter....Pages i-xvi Jan Kregel’s Economics....Pages 1-15 Front Matter....Pages 17-17 The Reconstruction of Political Economy: Alternative, Parallel Paths to Rediscovering the Distinctively Classical Surplus Approach....Pages 19-39 Post-Keynesian, Post-Sraffian Economics: An Outline....Pages 40-64 Money in The General Theory: The Contributions of Jan Kregel....Pages 65-87 A Financial Analysis of Monetary Systems....Pages 88-113 Front Matter....Pages 115-115 Full Employment, Inflation and Income Distribution: Evaluating the Impact of Alternative Fiscal Policies....Pages 117-144 Can Employment Schemes Work? The Case of the Rural Employment Guarantee in India....Pages 145-171 Front Matter....Pages 173-173 Development Theory: Convergence, Catch-Up or Leapfrogging? A Schumpeter-Minsky-Kregel Approach....Pages 175-195 The Access to Demand....Pages 196-206 Development Finance in the Era of Financial Liberalization....Pages 207-225 From Miracle to Stagnation: The Last Two Stages of Mexico’s Economic Development....Pages 226-244 The New Millennium Argentine Saga: From Crisis to Success and from Success to Failure....Pages 245-270 Front Matter....Pages 271-271 Global Governance for Financial Stability....Pages 273-295 What Did We Learn from the 1997–98 East Asian Crises?....Pages 296-318 Financial Crises and Countermovements: Comparing the Times and Attitudes of Marriner Eccles (1930s) and Mario Draghi (2010s)....Pages 319-344 Front Matter....Pages 345-345 Can Basel III Work When Basel II Didn’t?....Pages 347-367 Back Matter....Pages 369-383