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Recently, the issue of inequality has regained attention in the economic and political debate. This is due to both an increase in income inequality, in particular amongst rich countries, and an increasing interest in this issue by researchers and politicians. In the last three decades, income inequality amid rich countries increased. This period also witnessed the growth of "financial capitalism," characterised by the strong dependency of economies on the financial sector, by the globalization and intensification of international trade and capital mobility, and by the "flexibilization" of...

Recently, the issue of inequality has regained attention in the economic and political debate. This is due to both an increase in income inequality, in particular among rich countries, and an increasing interest in this issue by researchers and politicians. In the last three decades, income inequality among rich countries increased. This period also witnessed the growth of "financial capitalism", characterised by the strong dependency of economies on the financial sector, by the globalisation and intensification of international trade and capital mobility, and by the "flexibilisation" of...

This book explores the foundations of the current economic crisis. Offering a heterodox approach to interpretation it examines the policies implemented before and during the crisis, and the main institutions that shaped the model of advanced economies, particularly in the last two decades.

The first part of the book provides a theoretical analysis of the crisis. The roots of the great recession are divided into fundamentals with origins in financial liberalisation, financial innovation and income distribution, and complementary or contributory factors such as the...

In the years following the financial crash, two issues have become central to the debate in economics: inequality and the uneven nature of (sustainable) development. People want to know why inequality has been increasing so much in the last three decades, why most advanced economies are stagnating or are experiencing moderate economic growth, and why, even where economic growth is occurring, the quality of that growth is questioned. And in advanced economies in particular, the most pressing items on the policy agenda of governments and international organizations are economic development,...

The financial crash of 2007-2008 and the subsequent global economic crisis have raised questions about the viability of capitalism and the desirability of alternative types of economic system. In this context, Keynesian and Marxist ideas in particular have become more popular. These two approaches, along with some other heterodox perspectives, agree on the need for institutional analysis and for better institutions and governance in order to promote economic development.

This volume poses fundamental institutional, evolutionary and ontological questions relating to the emergence of a...

The consequences of the global economic crisis which started in the United States in 2007-08 are still being felt in most of the advanced economies, and the mainstream tools of recovery are not having the required results. It seems that many of the after-effects of the crisis, including the instability of the financial markets, increasing public debts and limited economic growth, require new solutions from both economic policy and theory. Lower aggregate demand during the crisis increased the pressure on firms to be more competitive and at the same time, the crisis in the banking system...

This book seeks to explain the global financial crisis and its wider economic, political, and social repercussions, arguing that the 2007-9 meltdown was in fact a systemic crisis of the capitalist system.

The volume makes these points through the exploration of several key questions:

• What kind of institutional political economy is appropriate to explain crisis periods and failures of crisis-management?
• Are different varieties of capitalism more or less crisis-prone, and can the global financial crisis can be attributed to one variety more...

The financial crash of 2007-2008 and the subsequent global economic crisis have raised questions about the viability of capitalism and the desirability of alternative types of economic system. In this context, Keynesian and Marxist ideas in particular have become more popular. These two approaches, along with some other heterodox perspectives, agree on the need for institutional analysis and for better institutions and governance in order to promote economic development.

This volume poses fundamental institutional, evolutionary and ontological questions relating to the emergence of...

The consequences of the global economic crisis which started in the United States in 2007-08 are still being felt in most of the advanced economies, and the mainstream tools of recovery are not having the required results. It seems that many of the after-effects of the crisis, including the instability of the financial markets, increasing public debts and limited economic growth, require new solutions from both economic policy and theory. Lower aggregate demand during the crisis increased the pressure on firms to be more competitive and at the same time, the crisis in the banking system...