1. See Perry Anderson, ‘Why the System Will Win’, Le Monde diplomatique, March 2017.
2. Ray Dalio et al., Populism: The Phenomenon, Bridgewater, 22 March 2017.
3. ‘Rose Thou Art Sick’, The Economist, 2 April 2016.
4. Paolo Gerbaudo, ‘Post-Neoliberalism and the Politics of Sovereignty’, openDemocracy, 4 November 2016.
5. Marc Saxer, ‘In Search of a Progressive Patriotism’, Medium, 15 April 2017.
6. Adaner Usmani, ‘The Left in Europe: From Social Democracy to the Crisis in the Euro Zone: An Interview with Leo Panitch’, New Politics, Vol. 14, No. 54 (Winter 2013).
7. Stuart Hall, ‘The Great Moving Right Show’, Marxism Today, January 1979, p. 18.
8. Colin Hay, ‘Globalisation, Welfare Retrenchment and the “Logic of No Alternative”: Why Second-Best Won’t Do’, Journal of Social Policy, Vol. 7, No. 4 (1998), p. 529.
9. John Ardagh, France in the New Century, London: Penguin, 2000, pp.687-8.
10. Stephen Gill, ‘The Geopolitics of Global Organic Crisis’, Analyze Greece!, 5 June 2016.
11. Nancy Fraser, ‘The End of Progressive Neoliberalism’, Dissent, 2 January 2017.
12. Jonathan Haidt, ‘When and Why Nationalism Beats Globalism’, The American Interest, Vol. 12, No. 1 (July 2016).
13. Wolfgang Streeck, ‘The Return of the Repressed’, New Left Review, Vol. 104 (March–April 2017).
14. Yanis Varoufakis and Lorenzo Marsili, ‘Varoufakis: “A un anno dall’Oxi, non rifugiamoci nei nazionalismi. Un’Europa democratica è possibile”’, la Repubblica, 8 July 2016.
15. J. W. Mason, ‘A Cautious Case for Economic Nationalism’, Dissent, Spring 2017.
16. Fraser, ‘The End of Progressive Neoliberalism’.
17. Wolfgang Streeck et al., ‘Where Are We Now? Responses to the Referendum’, London Review of Books, Vol. 38, No. 14 (July 2016).
1. Adam Przeworski and Michael Wallerstein, ‘Democratic Capitalism at the Crossroads’, in Thomas Ferguson and Joel Rogers (eds), Political Economy: Readings in the Politics and Economics of American Public Policy, New York: M. E. Sharpe, 1984, p. 339.
2. Nouriel Roubini and Stephen Mihm, Crisis Economics: A Crash Course in the Future of Finance, London: Penguin, 2011, p. 24.
3. John Maynard Keynes, The General Theory of Employment, Interest, and Money, New York: Classic House, 2008, chapter 24.
4. Quoted in Roubini and Mihm, Crisis Economics, p. 158.
5. Ibid.
6. Roubini and Mihm, Crisis Economics, p. 159.
7. Niall Ferguson and Nouriel Roubini, ‘The Perils of Ignoring History: This Time, Europe Really Is On the Brink’, Spiegel Online, 12 June 2012.
8. Quoted in Harriet Torry and Margit Feher, ‘Nowotny Links Austerity With Rise of Nazism’, Wall Street Journal, 19 June 2012.
9. Steven Bryan, ‘The Historical Appeal of Austerity’, Columbia University Press blog, 1 October 2010.
10. Chris Harman, ‘The State and Capitalism Today’, International Socialism, Vol. 2, No. 51 (Summer 1991), pp. 3–57.
11. Ibid.
12. Pierre Larrouturou, Svegliatevi!, Milan: Piemme, 2012, p. 15 (authors’ translation, emphasis added).
13. Roubini and Mihm, Crisis Economics, p. 161.
14. Joan Robinson, ‘The Second Crisis of Economic Theory’, American Economic Review, Vol. 62, No. 2 (1972), pp. 1–10.
15. The term is attributed to Joan Robinson.
16. Simon Clarke, Keynesianism, Monetarism and the Crisis of the State, Aldershot: Edward Elgar, 1988, p. 275.
17. David Harvey, A Brief History of Neoliberalism, Oxford: Oxford University Press, 2005, p. 10.
18. Michel Aglietta, A Theory of Capitalist Regulation: The US Experience, London and New York: Verso, 1979, p. 20.
19. Clarke, Keynesianism, Monetarism and the Crisis of the State, pp. 9–10.
20. Bob Jessop, ‘Fordism and Post-Fordism: A critical Reformulation’, in A. J. Scott and M. J. Storper (eds), Pathways to Regionalism and Industrial Development, London: Routledge, 1992, pp. 43–65.
21. Mariana Mazzucato, The Entrepreneurial State, London: Anthem, 2013.
22. Stuart Hall et al., Policing the Crisis: Mugging, the State, and Law and Order, London and Basingstoke: Macmillan, 1978, p. 214.
23. Ibid.
24. Ibid., p. 236.
25. Richard Westra, ‘From Imperialism to Varieties of Capitalism’, in Richard Westra et al. (eds), The Future of Capitalism After the Financial Crisis, Milton Park: Routledge, 2015.
26. Przeworski and Wallerstein, ‘Democratic Capitalism at the Crossroads’, p.336.
27. Ibid., p. 338.
28. Quoted in Przeworski and Wallerstein, ‘Democratic Capitalism at the Crossroads’, p. 338.
29. Al Campbell, ‘The Birth of Neoliberalism in the United States’, in Alfredo Saad Filho and Deborah Johnston (eds), Neoliberalism: A Critical Reader, London: Pluto, 2005, p. 189 (emphasis added). Quoted in Chris Harman, ‘Theorising Neoliberalism’, International Socialism, No. 117 (Winter 2008).
30. Clarke, Keynesianism, Monetarism and the Crisis of the State, p. 276.
31. Campbell, ‘The Birth of Neoliberalism in the United States’, p. 188. Quoted in Harman, ‘Theorising Neoliberalism’.
32. Harman, ‘Theorising Neoliberalism’.
33. Ibid.
34. Robinson, ‘The Second Crisis of Economic Theory’.
35. Ibid.
36. Keynes, The General Theory, chapter 24.
37. John Maynard Keynes, broadcast lecture, 14 March 1932.
38. Ibid. (emphasis added).
39. John Maynard Keynes, ‘Economic Possibilities For Our Grandchildren’, in John Maynard Keynes, Essays in Persuasion, New York: W. W. Norton, 1963, pp. 358–3.
40. Robinson, ‘The Second Crisis of Economic Theory’.
41. Lars P. Syll, ‘Why IS-LM Doesn’t Capture Keynes’ Approach to the Economy’, author’s blog, 25 November 2016.
42. Ibid.
43. David C. Colander et al. (eds), The Coming of Keynesianism to America, Aldershot: Edward Elgar, 1996.
44. Paul Davidson, ‘Post World War II Politics and Keynes’s Aborted Revolutionary Economic Theory’, Economia e Sociedade, Vol. 35 (2008).
45. Robinson, ‘The Second Crisis of Economic Theory’.
46. Paul A. Baran and Paul M. Sweezy, Monopoly Capital, New York and London: Monthly Review, 1966.
47. See Riccardo Bellofiore, ‘The Socialization of Investment: From Keynes to Minsky and Beyond’, Working Paper No. 822, Levy Economics Institute, 2014.
48. Business Week, 12 February 1949.
49. Keynes himself, in a 1945 article published in the New Republic, had conceded that it might be ‘politically impossible for a capitalistic democracy to organise expenditure on the scale necessary to make the grand experiments which would prove my case – except in war conditions’.
50. Robinson, ‘The Second Crisis of Economic Theory’.
51. The term is used by Peter Gowan in ‘The American Campaign for Global Sovereignty’, Socialist Register, Vol. 39 (2003).
52. Bellofiore, ‘The Socialization of Investment’.
53. Karl Marx, A Contribution to the Critique of Hegel’s Philosophy of Right, first published in Deutsch-Französische Jahrbücher, 7 and 10 February 1844.
54. David Riesman, The Lonely Crowd: A Study of the Changing American Character, New Haven, CT: Yale University Press, 1950.
55. Clarke, Keynesianism, Monetarism and the Crisis of the State, pp. 271–2.
56. Adaner Usmani, ‘The Left in Europe: From Social Democracy to the Crisis in the Euro Zone: An Interview with Leo Panitch’, New Politics, Vol. 14, No. 54 (Winter 2013).
57. Anthony Crosland, The Future of Socialism, London: Jonathan Cape, 1956.
1. Milton Friedman, ‘The Role of Monetary Policy’, The American Economic Review, Vol. 58, No. 1 (March 1968).
2. Quoted in Paul Krugman, ‘Who Was Milton Friedman?’, The New York Review of Books, 15 February 2007.
3. Michael Kumhof and Zoltán Jakab, ‘Banks Are Not Intermediaries of Loanable Funds – and Why This Matters’, Working Paper No. 529, Bank of England, 2015, p. iii.
4. Ibid., p. 5.
5. John Maynard Keynes, Treatise on Money, New York: Harcourt, Brace & Company, 1976.
6. Milton Friedman and Anna Jacobson Schwartz, A Monetary History of the United States, 1867–1960, Princeton, NJ: Princeton University Press, 1963.
7. Friedman, ‘The Role of Monetary Policy’.
8. Krugman, ‘Who Was Milton Friedman?’
9. Friedman, ‘The Role of Monetary Policy’.
10. The Banker, Vol. 118, No. 514 (December 1968).
11. The Report of the Committee on the Working of the Monetary System, 1959, p. 132.
12. Aled Davies, ‘The Evolution of British Monetarism, 1968–1979’, Discussion Papers in Economic and Social History No. 104, University of Oxford, 2012.
13. Harold James, International Monetary Cooperation Since Bretton Woods, Washington, DC: International Monetary Fund, 1996, p. 191.
14. Simon Clarke, Keynesianism, Monetarism and the Crisis of the State, Aldershot: Edward Elgar, 1988, p. 329.
15. Leo Panitch and Sam Gindin, ‘Global Capitalism and American Empire’, Socialist Register, Vol. 40 (2009).
16. See Guido Giacomo Preparata and Domenico D’Amico with Evelyn Ysais, ‘The Political Economy of Hyper-Modernity’, in Giacomo Preparata and Domenico D’Amico (eds), New Directions in Catholic Social and Political Research, New York: Palgrave Macmillan, 2016.
17. Quoted in ‘Galbraith Urges Wage-Price Curb’, The New York Times, 20 July 1970.
18. John Cornwall, The Conditions for Economic Recovery, Armonk, NY: M. E. Sharpe, 1983, pp. 200–1.
19. Franco Modigliani and Tommaso Padoa-Schioppa, ‘La politica economica in una economia con salari indicizzati al 100 o più’, Moneta e Credito, Vol. 30, No. 117 (1977); ‘The Management of an Open Economy with “100% Plus” Wage Indexation’, Essays in International Finance, No. 130 (December 1978).
20. Luigi L. Pasinetti, ‘How Much of John Maynard Keynes Can We Find in Franco Modigliani?’, BNL Quarterly Review, Vol. 58, Nos. 233–4 (June– September 2005), pp. 21–39.
21. James O’Connor, The Fiscal Crisis of the State, Piscataway, NJ: Transaction, 1973.
22. Ibid., p. 1.
23. Eric Hobsbawm, Age of Extremes, London: Abacus, 1995, p. 411.
24. Raymond Vernon, Sovereignty at Bay: The Multinational Spread of US Enterprises, New York: Basic, 1971.
25. Raymond Vernon, ‘Economic Sovereignty at Bay’, Foreign Affairs, October 1968.
26. Ibid.
27. Ibid.
28. Ibid.
29. Alan Blinder, ‘The Fall and Rise of Keynesian Economics’, The Economic Record, Vol. 64, No. 187 (1988), pp. 278–94.
30. Philip Mirowski and Dieter Plehwe (eds), The Road from Mont Pèlerin, Cambridge, MA and London: Harvard University Press, 2009, p. 8.
31. Clarke, Keynesianism, Monetarism and the Crisis of the State, pp. 1 and 329.
32. Gérard Duménil and Dominique Lévy, ‘The Neoliberal (Counter-) Revolution’, in Alfredo Saad Filho and Deborah Johnston (eds), Neoliberalism: A Critical Reader, London: Pluto, 2005, p. 12.
33. Blinder, ‘The Fall and Rise of Keynesian Economics’, p. 278.
34. Interview by Adam Curtis for the 1992 documentary Pandora’s Box (emphasis added).
35. David Harvey, A Brief History of Neoliberalism, Oxford: Oxford University Press, 2005, p. 15.
36. Andrew Glyn, Capitalism Unleashed, Oxford: Oxford University Press, 2006, p. 18.
37. Michał Kalecki, ‘Political Aspects of Full Employment’, Political Quarterly, 1943.
38. Ibid.
39. Michel J. Crozier et al., The Crisis of Democracy, New York: NYU Press, 1975.
40. Ibid., p. 8.
41. Ibid., pp. 113–14 and 40.
42. Naomi Klein, The Shock Doctrine, New York: Metropolitan, 2007, p. 141.
43. Glyn, Capitalism Unleashed, p. 7.
44. Ibid., p. 5.
45. Richard B. Freeman (ed.), Working Under Different Rules, New York: Russell Sage, p. 15.
46. Karl Marx, Value, Price and Profit, New York: International Co. Inc., 1865.
47. Ibid.
48. Robert Rowthorn, Capitalism, Conflict and Inflation, London: Lawrence and Wishart, 1980, p. 133.
49. Ibid., p. 134.
50. David Harvey, The Condition of Postmodernity, Oxford: Basil Blackwell, 1989, p. 142.
51. Clarke, Keynesianism, Monetarism and the Crisis of the State, pp. 304–5.
1. Robert Rowthorn, Capitalism, Conflict and Inflation, London: Lawrence and Wishart, 1980, p. 68.
2. Asad Haider, ‘Law and Order: Make Marxism Great Again’, Viewpoint Magazine, 28 July 2016.
3. Simon Clarke, Keynesianism, Monetarism and the Crisis of the State, Aldershot: Edward Elgar, 1988, p. 305.
4. Ibid., p. 311.
5. Stuart Hall et al., Policing the Crisis: Mugging, the State, and Law and Order, London and Basingstoke: Macmillan, 1978, p. 260.
6. Hugo Radice (ed.), Global Capitalism: Selected Essays, Milton Park and New York: Routledge, 2015.
7. David Harvey, A Brief History of Neoliberalism, Oxford: Oxford University Press, 2005, pp. 14–15.
8. Clarke, Keynesianism, Monetarism and the Crisis of the State, p. 304.
9. Davies, The Evolution of British Monetarism, p. 12.
10. ‘On Labour’s Programme 1973’, Guardian, 3 October 1973.
11. John Medhurst, That Option No Longer Exists: Britain 1974–76, London: John Hunt, 2014.
12. Ibid., p. 103.
13. Martin Holmes, The Labour Government, 1974–79, Houndmills and London: Macmillan, 1985, p. 41.
14. Ibid., p. 40.
15. Medhurst, That Option No Longer Exists, p. 116.
16. Glyn, Capitalism Unleashed, p. 8.
17. Stuart Hall, ‘The Great Moving Right Show’, Marxism Today, January 1979, p. 17.
18. Ibid., p. 18.
19. Jim Tomlinson, ‘Crowding Out’, History & Policy, 5 December 2010.
20. British Cabinet, ‘Conclusions of a Meeting of the Cabinet’, 10 June 1976, p.6.
21. International Monetary Fund, Annual Report 114, 1974, p. 112.
22. Peter Riddell, The Thatcher Government, Oxford: Martin Robertson, 1983, p. 59.
23. United States Senate, ‘US Foreign Economic Policy: The United Kingdom, France, and West Germany’, Washington, DC: US Government Printing Office, p. 4.
24. British Cabinet, ‘Conclusions of a Meeting of Cabinet’, 6 July 1976.
25. United States Senate, ‘US Foreign Economic Policy’, p. 1.
26. Clarke, Keynesianism, Monetarism and the Crisis of the State, p. 314.
27. Steve Ludlum, ‘The Gnomes of Washington: Four Myths of the 1976 IMF Crisis’, Political Studies, Vol. 40, No. 4 (1992), p. 724.
28. Ibid.
29. United States Senate, ‘US Foreign Economic Policy’.
30. James Heartfield, ‘European Union: A Process Without a Subject’, in Christopher J. Bickerton et al. (eds), Politics Without Sovereignty, London: UCL Press, 2007, pp. 140–1.
31. Colin Hay, ‘Globalisation, Welfare Retrenchment and the “Logic of No Alternative”: Why Second-Best Won’t Do’, Journal of Social Policy, Vol. 7, No. 4 (1998), p. 528.
32. Ibid., p. 529.
33. Ibid.
34. Ibid.
35. United States Senate, ‘US Foreign Economic Policy’.
36. Duménil and Lévy, ‘The Neoliberal (Counter-)Revolution’.
37. Preparata and D’Amico, ‘The Political Economy of Hyper-Modernity’, p.14.
38. Ibid., p. 16.
39. William Greider, Secrets of the Temple, New York: Simon & Schuster, 1989, p. 506.
40. Kees van der Pijl, ‘Rebellion in Athens’, June 2015.
41. Panitch and Gindin, ‘Global Capitalism and American Empire’, p. 22.
42. James M. Boughton, The IMF and the Force of History, Washington, DC: International Monetary Fund, 2006, p. 30.
43. John Williamson, ‘What Washington Means by Policy Reform’, in John Williamson (ed.), Latin American Readjustment: How Much has Happened, Washington, DC: Peterson Institute for International Economics, 1990.
44. See, for example, Joseph E. Stiglitz, Globalization and its Discontents, New York: W. W. Norton, 2002; and Jagdish Bhagwati, ‘The Capital Myth’, Foreign Affairs, Vol. 77, No. 3 (1998), pp. 7–12.
45. Francis Fukuyama, ‘The End of History?’, The National Interest, No. 16 (1989), pp. 3–18.
46. Panitch and Gindin, ‘Global Capitalism and American Empire’, p. 20 (emphasis added).
1. The prevailing wisdom of the time on the relationship between capital and the common market was spelled out by the European Court of Justice in 1981, when it ruled on the case of an Italian arrested for attempting to take 24,000 German marks in cash out of the country (Italian law prohibited the unauthorised exportation of foreign currency worth more than 500,000 lire). The European Court of Justice ruled that the Treaty of Rome contained no ‘general principle’ favouring capital freedom, and that the Italian regulations were consistent with EEC laws: ‘At present, it cannot be denied that complete freedom of movement of capital may undermine the economic policy of one of the member states or create an imbalance in its balance of payments, thereby impairing the proper functioning of the common market.’ The Court thus found that, at least in 1981, the success of the common market depended in part on restricting capital mobility.
2. Rawi E. Abdelal, Capital Rules: The Construction of Global Finance, Cambridge, MA: Harvard University Press, 2007, p. 58.
3. Business Week, 23 March 1981.
4. Quoted in Jonah Birch, ‘The Many Lives of François Mitterrand’, Jacobin, 19 August 2015.
5. Birch, ‘The Many Lives of François Mitterrand’.
6. Abdelal, Capital Rules, p. 61.
7. Ibid., p. 60.
8. Ibid.
9. Will Hutton, The World We’re In, London: Little Brown, 2002, p. 296, quoted in James Heartfield, ‘European Union: A Process Without a Subject’, in Christopher J. Bickerton et al. (eds), Politics Without Sovereignty, London: UCL Press, 2007, pp. 140–1.
10. Abdelal, Capital Rules, p. 59.
11. John Ardagh, France in the New Century, London: Penguin, 2000, pp.687–8, quoted in Heartfield, ‘European Union: A Process Without a Subject’.
12. Christian De Boissieu and Jean Pisani-Ferry, The Political Economy of French Economic Policy in the Perspective of EMU, Document de travail n. 95-09, Centre d’Etudes Prospectives et d’Informations Internationales, October 1995, p. 23.
13. Ibid.
14. Quoted in Charles Grant, Delors: Inside the House that Jacques Built, London: Nicholas Brealey.
15. Abdelal, Capital Rules, p. 64.
16. Nicolas Jabko, ‘In the Name of the Market: How the European Commission Paved the Way for Monetary Union’, Journal of European Public Policy, Vol. 6, No. 3 (1999), p. 476, quoted in Abdelal, Capital Rules.
17. Horst Ungerer et al., The European Monetary System: Developments and Perspectives, Washington, DC: International Monetary Fund, 1990, p. 10.
18. Quoted in Abdelal, Capital Rules.
19. Ibid.
20. Jacques Melitz, ‘Financial Deregulation in France’, European Economic Review, Vol. 34, Nos. 2–3 (1990), pp. 394–5, quoted in Abdelal, Capital Rules.
21. Jabko, ‘In the Name of the Market’, p. 475.
22. Abdelal, Capital Rules, p. 77.
23. Elena Rodica Danescu, The Werner Report and the Delors Report, Centre Virtuel de la Connaissance sur l’Europe, 2013, p. 4.
24. David Howarth and Peter Loedel, The European Central Bank: The New European Leviathan? Houndmills: Palgrave Macmillan, 2003, p. 36.
25. Amy Verdun, ‘The Role of the Delors Committee in the Creation of EMU: An Epistemic Community?’, Journal of European Public Policy, Vol. 6, No. 2 (1999), p. 308.
26. Peter M. Haas, ‘Introduction: Epistemic Communities and International Policy Coordination’, International Organization, Vol. 46, No. 1 (Winter 1992), p. 3.
27. European Commission, Pierre Werner – Testimonies at the Threshold of the 21st Century, 1999.
28. European Commission, Report to the Council and the Commission on the Realization by Stages of Economic and Monetary Union in the Community (also known as the Werner Report), 1970, p. 10.
29. Ibid., p. 12.
30. European Commission, Report of the Study Group on the Role of Public Finance in European Integration (also known as the MacDougall Report), 1977.
31. European Commission, Report on Economic and Monetary Union in the European Community (also known as the Delors Report), 1989, p. 13.
32. Ibid., pp. 20–1.
33. Quoted in Richard McAllister, European Union: An Historical and Political Survey, New York: Taylor & Francis, 2009, p. 58.
34. Abdelal, Capital Rules, p. 85.
35. Ibid., p. 84.
36. Valerio Lintner, ‘The European Community: 1958 to the 1990s’, in Max Schulze (ed.), Western Europe: Economic and Social Change Since 1945, London: Longman, 1999, p. 153, quoted in Heartfield, ‘European Union: A Process Without a Subject’ (emphasis added).
1. Ronald Reagan’s first inaugural address, January 1981.
2. See Kean Birch, ‘Have We Ever Been Neoliberal?’, working paper, May 2011.
3. Ibid.
4. Ibid.
5. Ibid.
6. Miguel A. Centeno and Joseph N. Cohen, ‘The Arc of Neoliberalism’, Annual Review of Sociology, Vol. 38 (August 2012), pp. 317–40.
7. Susan Strange, Casino Capitalism, Oxford: Basil Blackwell, 1986, chapter 2.
8. James A. Baker III, remarks before a conference at the Institute for International Economics, 14 September 1987.
9. Noam Chomsky, ‘How Free is the Free Market?’, Resurgence, No. 173 (1995).
10. Friedrich Hayek, The Road to Serfdom, London: Routledge, 1944, p. 39.
11. Milton Friedman, Capitalism and Freedom, Chicago: University of Chicago, 1962, p. 27.
12. Joao Rodrigues, ‘The Political and Moral Economies of Neoliberalism’, Cambridge Journal of Economics, Vol. 37 (2013), p. 1008.
13. Mario Pianta, Nove su dieci: Perché stiamo (quasi) tutti peggio di dieci anni fa, Bari: Laterza, 2012, p. 60 (author’s translation).
14. Giovanni Arrighi, The Long Twentieth Century, London and New York: Verso, 1994, p. 10.
15. Karl Marx, Manifesto of the Communist Party, 1848.
16. See Colin Hay, ‘Marxism and the State’, in Andrew Gamble et al. (eds), Marxism and Social Science, Urbana and Chicago: University of Illinois, 1975, pp. 152–74.
17. Leo Panitch and Sam Gindin, ‘Global Capitalism and American Empire’, Socialist Register, Vol. 40 (2009), p. 7.
18. Karl Polanyi, The Great Transformation, New York: Farrar & Reinhart, 1944.
19. Ibid., pp. 139–41.
20. See Chris Harman, ‘The State and Capitalism Today’, International Socialism, Vol. 2, No. 51 (Summer 1991), pp. 3–57.
21. Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations, 1776, book 4, chapter 9.
22. Fernand Braudel, Afterthoughts on Material Civilization and Capitalism, Baltimore, MD: Johns Hopkins University Press, 1977, pp. 64–5, quoted in Arrighi, The Long Twentieth Century.
23. Arrighi, The Long Twentieth Century, p. 10.
24. Fernand Braudel, The Perspective of the World, New York: Harper & Row, 1984, p. 92.
25. Hay, ‘Marxism and the State’.
26. Elmar Altvater, ‘Notes on Some Problems of State Interventionism’, Kapitalistate, No. 1 (1973), pp. 97–108.
27. Hay, ‘Marxism and the State’; see also Bob Jessop, The State, Cambridge and Malden, MA: Polity, 2016, chapter 4.
28. Arrighi, The Long Twentieth Century, p. 20.
29. Ibid.
30. Naomi Klein, The Shock Doctrine, New York: Metropolitan, 2007, pp. 59, 7.
31. Quoted in George Monbiot, ‘Neoliberalism: The Ideology at the Root of All Our Problems’, Guardian, 15 April 2016.
32. Oxfam, Be Outraged: There Are Alternatives, May 2012, pp. 13–15.
33. Ibid.
34. IMF Independent Evaluation Office (IEO), Fiscal Adjustment in IMF-Supported Programs, 2003.
35. Klein, The Shock Doctrine, p. 15 (emphasis added).
36. Stefania Vitali et al., The Network of Global Corporate Control, ETH Zurich, September 2011.
37. Panitch and Gindin, ‘Global Capitalism and American Empire’, p. 29.
38. Thomas L. Friedman, ‘A Manifesto for the Fast World’, The New York Times Magazine, 28 March 1999.
39. Project for a New American Century, Rebuilding America’s Defenses, Washington, DC: PNAC, 2000.
40. Michael Hardt and Antonio Negri, Empire, Cambridge, MA: Harvard University Press, 2000, pp. 137–8.
41. David Harvey, A Brief History of Neoliberalism, Oxford: Oxford University Press, 2005.
42. Stephen Gill, ‘The Geopolitics of Global Organic Crisis’, Analyze Greece!, 5 June 2016.
43. ‘Five Minutes with Noam Chomsky’, London School of Economics’ EUROPP blog, 3 December 2012.
44. Hugo Radice, ‘Reshaping Fiscal Policies in Europe: Enforcing Austerity, Attacking Democracy’, Social Europe Journal, 11 February 2013.
45. Mario Seccareccia, ‘The ECB and the Betrayal of the Bagehot Rule’, Economia e Politica, 12 August 2015.
46. Lukas Oberndorfer, ‘A New Economic Governance through Secondary Legislation? Analysis and Constitutional Assessment: From New Constitutionalism, via Authoritarian Constitutionalism to Progressive Constitutionalism’, in Niklas Bruun et al. (eds), The Economic and Financial Crisis and Collective Labour Law in Europe, Oxford and Portland, OR: Hart, 2014, pp. 25–47.
47. John Maynard Keynes, The General Theory of Employment, Interest, and Money, New York: Classic House, 2008, p. 26.
48. Seán Healy, ‘Is Austerity Working?’ Irish Examiner, 7 August 2013.
49. ETUI, Benchmarking Working Europe 2013, Brussels: ETUI, 2013.
50. Aaron Pacitti, ‘Austerity and the Consolidation of Elite Power’, Huffington Post, 23 December 2012.
51. ‘Five Minutes with Noam Chomsky’.
52. Paul Krugman, ‘The 1 Percent’s Solution’, New York Times, 25 April 2013.
53. For 2010 data see Credit Suisse, Global Wealth Report, October 2010, p. 17; for 2012 data see Credit Suisse, Global Wealth Report 2012, October 2012, p. 20; for 2013 data see Credit Suisse, Global Wealth Report 2013, October 2013, p. 23.
54. ILO, World of Work Report 2013: Repairing the Economic and Social Fabric, 2013, pp. 79–84.
55. Ibid., pp. 79–80.
56. Pedersen & Partners, ‘Top Executive Compensation in Top 100-Companies Averages 1.3 Million Euros’, 2012.
57. Ibid.
58. See Richard Peet, ‘Contradictions of Finance Capitalism’, Monthly Review, Vol. 63, No. 7 (December 2011).
59. John Ardagh, France in the New Century, London: Penguin, 2000, pp. 687–8, quoted in James Heartfield, ‘European Union: A Process Without a Subject’, in Christopher J. Bickerton et al. (eds), Politics Without Sovereignty, London: UCL Press, 2007, pp. 140–1.
60. Susan Strange, The Retreat of the State, Cambridge: Cambridge University Press, 1996.
61. Ibid., p. 4.
62. Göran Therborn, ‘Globalizations: Dimensions, Historical Waves, Regional Effects, Normative Governance’, International Sociology, Vol. 15, No. 2 (2000), p. 153.
63. https://en.wikipedia.org/wiki/Globalization.
64. Therborn, ‘Globalizations’, p. 155.
65. Marx, Manifesto of the Communist Party, 1848 (emphasis added).
66. Chris Brown, Foreword to Bickerton et al. (eds), Politics Without Sovereignty. As Brown notes, the problems of national sovereignty in political science have played an essential role since the late sixteenth century and the publication of Jean Bodin’s Six Books of the Commonwealth.
67. John Quiggin, ‘Globalization and Economic Sovereignty’, Journal of Political Philosophy, Vol. 91, No. 1 (2000), pp. 58–60.
68. Arrighi, The Long Twentieth Century, p. 28.
69. Sam Gindin, ‘Unmaking Global Capitalism’, Jacobin, 1 June 2014.
70. David Harvey, The Condition of Postmodernity, Oxford: Basil Blackwell, 1989.
71. Dani Rodrik, ‘The Inescapable Trilemma of the World Economy’, author’s blog, 27 June 2000. A full academic argument is presented in Dani Rodrik, ‘How Far Will International Economic Integration Go?’, Journal of Economic Perspectives, Vol. 14, No. 1 (2000), pp. 177–86.
72. Ibid.
73. Ibid.
74. Ibid.
75. Arrighi, The Long Twentieth Century, p. 82.
76. Ibid., p. 75.
77. Peter F. Drucker, ‘The Global Economy and the Nation-State’, Foreign Affairs, Vol. 76, No. 5 (1997), pp. 167–8.
78. Ibid.
79. Strange, The Retreat of the State, p. 4.
80. Intan Suwandi and John Bellamy Foster, ‘Multinational Corporations and the Globalization of Monopoly Capital’, Monthly Review, Vol. 68, No. 3 (July–August 2016).
81. Charles P. Kindleberger, American Business Abroad, New Haven, CT: Yale University Press, 1969, p. 27.
82. Ibid., p. 207.
83. Richard Vernon, Sovereignty at Bay, New York: Basic Books, 1971.
84. These include Stephen Hymer, Samir Amin, Richard Barnet and Ronald Müller.
85. Paul A. Baran and Paul M. Sweezy, ‘Notes on the Theory of Imperialism’, Monthly Review, Vol. 17, No. 10 (March 1966), pp. 15–31.
86. Ibid., p. 18.
87. James O’Connor, The Corporations and the State, New York: Harper and Row, 1974, pp. 195–6.
88. https://en.wikipedia.org/wiki/Transnationality_Index.
89. Peter Dicken, Global Shift, London: Sage, 2003, pp. 221–4.
90. Harman, ‘The State and Capitalism Today’.
91. Strange, The Retreat of the State, pp. 44–5 (emphasis added).
92. Robert B. Reich, Saving Capitalism, New York: Alfred A. Knopf, 2015, Introduction.
93. Gindin, ‘Unmaking Global Capitalism’.
94. Harvey, A Brief History of Neoliberalism, pp. 3–4.
95. Herman E. Daly, ‘The Perils of Free Trade’, Scientific American, November 1993.
96. See John Bellamy Foster et al., ‘The Global Reserve Army of Labor and the New Imperialism’, Monthly Review, Vol. 63, No. 6 (November 2011).
97. Ibid.
98. Ibid.
99. Louis Uchitelle, ‘Is Manufacturing Falling Off the Radar?’, New York Times, 11 September 2011.
100. Sources: Federal Reserve Economic Data and World Wealth and Income Database.
101. Kate Bronfenbrenner, Uneasy Terrain, Ithaca, NY: ILR Collection, 2000.
102. Ibid.
103. OECD, Growing Unequal? Income Distribution and Poverty in OECD Countries, Paris: OECD, 2008, p. 128.
104. Luciano Gallino, Finanzcapitalismo, Turin: Einaudi, 2011, p. 163.
105. OECD, Employment Outlook 2012, Paris: OECD, 2012, p. 110.
106. ILO, Global Wage Report 2016/2017, Geneva: ILO, 2016.
107. OECD, An Overview of Growing Income Inequalities in OECD Countries: Main Findings, Paris: OECD, 2011, p. 38.
108. Ibid., p. 22.
109. OECD, Growing Unequal?, p. 32.
110. Oxfam, ‘Wealth: Having It All and Wanting More’, 2015.
111. Only after the 1997 East Asian crisis did the IMF require developing countries to switch to large trade surpluses. See Dean Baker, Rigged, Washington, DC: Center for Economic and Policy Research, 2016.
112. Ha-Joon Chang, Bad Samaritans, New York: Bloomsbury, 2008, p. 14.
113. See Ha-Joon Chang, The Myth of Free Trade and the Secret History of Capitalism, London: Bloomsbury, 2007.
114. Baker, Rigged, p. 7.
115. John Smith, Imperialism in the Twenty-First Century, New York: Monthly Review, 2016.
116. Ibid., p. 10.
117. Ibid, p. 22.
118. UNCTAD, World Investment Report, 2013, p. 122.
119. Chomsky, ‘How Free is the Free Market?’
120. Joan Robinson, ‘What Are the Questions?’, Journal of Economic Literature, Vol. 15, No. 4 (December 1977), pp. 1318–39.
121. Baker, Rigged, p. 9.
122. Gallino, L’impresa irresponsabile, Turin: Einaudi, 2005, p. 35, quoted in Christian Marazzi, The Violence of Financial Capitalism, Cambridge, MA: Semiotext(e), 2011.
123. Harry Magdoff and Paul M. Sweezy, Stagnation and the Financial Explosion, New York: Monthly Review, 1987, p. 13.
124. Riccardo Bellofiore et al., ‘A Credit-Money and Structural Perspective on the European Crisis: Why Exiting the Euro is the Answer to the Wrong Question’, Review of Keynesian Economics, Vol. 3, No. 4 (2015), p. 6.
125. Marazzi, The Violence of Financial Capitalism, p. 34.
126. Nouriel Roubini, ‘Economic Insecurity and Inequality Breed Political Instability’, in Janet Byrne (ed.), The Occupy Handbook, New York: Back Bay, 2012, pp. 156–7.
127. Özlem Onaran, ‘From Wage Suppression to Sovereign Debt Crisis in Western Europe: Who Pays for the Costs of the Crisis?’, 3 December 2010.
128. Riccardo Bellofiore et al., ‘A Credit-Money and Structural Perspective on the European Crisis’, pp. 476–7.
129. Ibid., p. 475.
130. See Emmanuel N. Roussakis, Commercial Banking in an Era of Deregulation, Westport, CT and London: Praeger, 1997, p. 407.
131. Riccardo Bellofiore, ‘The Socialization of Investment: From Keynes to Minsky and Beyond’, Working Paper No. 822, Levy Economics Institute, 2014.
132. Ibid.
133. John Bellamy Foster, ‘The Age of Monopoly-Finance Capital’, Monthly Review, Vol. 61, No. 9 (February 2010).
134. J. G. Palma, ‘The Revenge of the Market on the Rentiers: Why Neo-Liberal Reports on the End of History Turned Out to be Premature’, Cambridge Journal of Economics, Vol. 33, No. 3 (2009), p. 2.
135. Gallino, Finanzcapitalismo, p. 167.
136. Economist, ‘Reforming Derivatives’, 2013.
137. BIS, Triennial Central Bank Survey: Report on Global Foreign Exchange Market Activity in 2010, December 2010, p. 7.
138. Hyman P, Minsky, Stabilizing an Unstable Economy, New Haven, CT: Yale University Press, 1986.
139. François Chesnais, La finance mondialisée, Paris: La Découverte, 2004.
140. François Chesnais, La mondialisation du capital, Paris: Syros, 1997, p.74, quoted in Chris Harman, ‘Theorising Neoliberalism’, International Socialism, No. 117 (Winter 2008) (Harman’s translation).
141. Ibid., p. 304, quoted in Harman, ‘Theorising Neoliberalism’ (Harman’s translation).
142. Michael Hudson, ‘The Paradox of Financialized Industrialization’, author’s blog, 16 October 2015.
143. Gerald Epstein, ‘International Capital Mobility and the Scope for National Economic Management’, in Robert Boyer and Daniel Drache (eds), States Against Markets, New York: Routledge, 1996, p. 157.
144. See Franco Bassanini and Edoardo Reviglio, National States Sovereignty, Democracy and Global Financial Markets: The European Issues, Rome: Astrid, December 2013.
145. Ibid.
146. Rudolf Hilferding, Das Finanzkapital, Berlin: Dietz, 1955.
147. Giovanni Arrighi, ‘Globalization, State Sovereignty, and the “Endless” Accumulation of Capital’, revised version of a paper presented at the Conference on ‘States and Sovereignty in the World Economy’, University of California, Irvine, 21–3 February 1997.
148. Epstein, ‘International Capital Mobility’, p. 212.
149. Braudel, The Perspective of the World.
150. Arrighi, ‘Globalization’, p. 8.
151. Marazzi, The Violence of Financial Capitalism, pp. 27–8.
152. Giovanni Arrighi, Adam Smith in Beijing: Lineages of the 21st Century, London: Verso, 2007, p. 140.
153. Arrighi, The Long Twentieth Century, p. 308.
154. Michael C. Webb, The Political Economy of Policy Coordination, Ithaca, NY and London: Cornell University Press, 1995, p. 95.
155. Ibid., p. 96.
156. Ibid., p. 97.
157. Epstein, ‘International Capital Mobility’, p. 157.
158. Ibid., p. 212.
159. Jessop, The State, p. 193.
160. Ibid., p. 198.
161. Leonard E. Grinin, ‘State Sovereignty in the Age of Globalization: Will it Survive?’, Journal of Globalization Studies, Vol. 3, No. 1 (2012), pp. 3–38.
162. Hugo Radice (ed.), Global Capitalism: Selected Essays, Milton Park and New York: Routledge, 2015.
163. Simon Clarke, Keynesianism, Monetarism and the Crisis of the State, Aldershot: Edward Elgar, 1988, p. 305.
164. Ibid., p. 311.
165. Gordon Brown, Red Paper on Scotland, Edinburgh: EUSPB, 1975, p. 7.
166. Michel J. Crozier et al., The Crisis of Democracy, New York: NYU Press, 1975, pp. 113–14 and 40.
167. Thomas L. Friedman, The Lexus and the Olive Tree, New York: Farrar, Straus and Giroux, 1999, pp. 103–4.
168. Colin Crouch, Post-Democracy, Cambridge: Polity, 2004.
169. Stephen Gill, ‘Theoretical Foundations of a Neo-Gramscian Analysis of European Integration’, in Hans-Jürgen Bieling and Jochen Steinhilber (eds), Dimensions of a Critical Theory of European Integration, Marburg: FEG am Institut für Politikwissenschaft des Fachbereichs Gesellschafts-wissenschaften und Philosophie der Phillips-Universität Marburg, 2000, pp.15–33 and 30.
170. Stephen Gill, ‘New Constitutionalism, Democratisation and Global Political Economy’, Pacifica Review: Peace, Security & Global Change, Vol.10, No. 1 (1998), pp. 23–38.
171. Heartfield, ‘European Union: A Process Without a Subject’, p. 138.
172. Ibid.
173. Andrew Moravcsik, The Choice for Europe, Ithaca, NY: Cornell University Press, pp. 264, 288, 338 and 386.
174. Heartfield, ‘European Union: A Process Without a Subject’, p. 141.
175. Quoted in Paul Ginsborg, Italy and Its Discontents, London: Allen Lane, 2001, p. 243.
176. Heartfield, ‘European Union: A Process Without a Subject’, p. 138; speech before the National Assembly, 12 October 1977.
177. Nigel Lawson, The View from No. 11, London: Corgi, 1993, p. 1024, quoted in Heartfield, ‘European Union: A Process Without a Subject’.
178. Ibid., p. 111.
179. Bernhard Kempen, ‘Art. 125, N. 1’, in Rudolf Streinz, EUV/AEUV: Vertrag über die Europäische Union und Vertrag über die Arbeitsweise der Europäischen Union, Munich: CH Beck, 2012 (translation by Lukas Oberndorfer).
180. Heartfield, ‘European Union: A Process Without a Subject’, p. 144.
181. Oberndorfer, ‘A New Economic Governance through Secondary Legislation?’.
182. Ulrich Häde, ‘Art. 4 EGV, N. 8’, in Christian Calliess and Matthias Ruffert (eds), EUV/EGV – Kommentar, Munich: CH Beck, 2007 (translation by Lukas Oberndorfer).
183. Friedrich Hayek, ‘The Economic Conditions of Interstate Federalism’, 1948.
184. Karl Marx, ‘The Constitution of the French Republic Adopted November 4, 1848’, 1851.
185. Stephen Gill, ‘European Governance and the New Constitutionalism’, New Political Economy, Vol. 10, No. 1 (1998), p. 13.
186. Oberndorfer, ‘A New Economic Governance through Secondary Legislation?’, p. 38.
187. Wolfram Elsner, ‘Financial Capitalism: At Odds with Democracy’, RealWorld Economics Review, Vol. 62 (2012), p. 158.
188. Oberndorfer, ‘A New Economic Governance through Secondary Legislation?’, p. 53.
189. Edgar Grande, ‘Das Paradox der Schwäche: Forschungspolitik und die Einflusslogik europäischer Politikverflechtung’, in Markus Jachtenfuchs and Beate Kohler-Koch (eds), Europäische Integration, Wiesbaden: Springer, 1997, quoted in Alberto Bagnai, ‘Europe’s Paradoxes’, Phenomenology and Mind, No. 8 (2015), p. 114.
190. Kevin Featherstone, ‘The Political Dynamics of the Vincolo Esterno: The Emergence of EMU and the Challenge to the European Social Model’, 2001, quoted in Bagnai, ‘Europe’s Paradoxes’.
191. Ellen Meisksins-Wood, Democracy Against Capitalism: Renewing Historical Materialism, Cambridge: Cambridge University Press, 1995, pp. 1–2.
192. Nancy Fraser, ‘The End of Progressive Neoliberalism’, Dissent, 2 January 2017.
193. Ibid.
194. Ibid.
1. Paul Krugman, ‘What Secular Stagnation Isn’t’, New York Times, 24 October 2014.
2. Philip Stephens, ‘The Trumpian Threat to the Global Order’, Financial Times, 22 September 2016.
3. Álvaro García Linera, ‘La globalización ha muerto’, La Razón, 27 December 2016 (authors’ translation).
4. James Meadway, ‘What If We’ve Reached Peak Globalisation?’, Guardian, 28 September 2015.
5. Ibid.
6. Bjørn Lomborg, ‘The Free-Trade Miracle’, Project Syndicate, 21 October 2016.
7. Ibid.
8. Vassilis K. Fouskas and Bulent Gokay, ‘Class, Trump, Brexit, and the Decline of the West’, openDemocracy, 13 November 2016.
9. Alexander Naumov, ‘Bitesize: Global growth: The *old* normal?’, Bank Underground, 1 December 2016.
10. See, for example, Paul Arbair, ‘#Brexit, the Populist Surge and the Crisis of Complexity’, author’s blog, 5 July 2016.
11. Fouskas and Gokay, ‘Class, Trump, Brexit’.
12. Mark Blyth, ‘Global Trumpism’, Foreign Affairs, 15 November 2016.
13. Antonio Gramsci, Selections from the Prison Notebooks, New York: International Publishers, 1971, pp. 275–6.
14. Paolo Gerbaudo, ‘Post-Neoliberalism and the Politics of Sovereignty’, open-Democracy, 4 November 2016.
15. Ibid.
16. Yanis Varoufakis and Lorenzo Marsili, ‘Varoufakis: “A un anno dall’Oxi, non rifugiamoci nei nazionalismi. Un’Europa democratica è possibile”’, la Repubblica, 8 July 2016.
1. Jim Stanford, ‘The Laws of Free Trade Are Not Immutable After All’, Real-World Economics Review Blog, 9 January 2017.
2. Quoted in Wolfgang Münchau, ‘Central Bank Independence is Losing its Lustre’, Financial Times, 19 February 2017.
3. Quoted in George Parker and Chris Giles, ‘PM Criticises “Bad Side-Effects” of Monetary Policy’, Financial Times, 5 October 2016.
4. Wolfgang Münchau, ‘Shadow Hangs Over Control of Central Banking’, Irish Times, 20 April 2017.
5. Paul Krugman, ‘The Big Fail’, New York Times, 6 January 2013.
6. See Thomas Fazi, ‘How Can Europe Change?’ ISIGrowth Working Paper 33/2016, 2016.
7. Jonathan D. Ostry et al., ‘Neoliberalism: Oversold?’, Finance & Development, Vol. 53, No. 2 (2016), pp. 38–41.
8. Stanford, ‘The Laws of Free Trade Are Not Immutable After All’.
9. Ibid.
10. Nancy Fraser, ‘The End of Progressive Neoliberalism’, Dissent, 2 January 2017.
11. See Fazi, ‘How Can Europe Change?’
12. Richard Tuck, ‘The Left Case for Brexit’, Dissent, 6 June 2016.
13. Elias Ioakimoglou and George Souvlis, ‘Greece Was the Prologue’, Jacobin, 27 August 2016.
14. Wolfgang Münchau, ‘The Wacky Economics of Germany’s Parallel Universe’, Financial Times, 16 November 2014.
15. Jürgen Habermas et al., ‘Juncker is the Democratic Choice to Head the EU Commission’, Guardian, 7 June 2016.
16. Lorenzo Del Savio and Matteo Mameli, ‘Against the European Parliament’, openDemocracy, 8 January 2015.
17. Ibid.
18. William Mitchell, Eurozone Dystopia, Aldershot: Edward Elgar, 2015.
1. Robert Lucas Jr, ‘Macroeconomic Priorities’, American Economic Review, Vol. 93, No. 1 (March 2003), p. 1.
2. Ben S. Bernanke, ‘The Great Moderation’, speech at the meetings of the Eastern Economic Association, Washington, DC, 20 February 2004.
3. Olivier Blanchard, ‘The State of Macro’, Annual Review of Economics, Vol. 1, No. 1 (2008), p. 2.
4. Paul Romer, ‘The Trouble With Macroeconomics’, Commons Memorial Lecture of the Omicron Delta Epsilon Society, New York University, 5 January 2016.
5. IMF Independent Evaluation Office (IEO), IMF Performance in the Run-Up to the Financial and Economic Crisis, Washington, DC: IMF, 2011.
6. Ibid., p. 17.
7. Ibid., p. 18.
8. William Buiter, ‘The Unfortunate Uselessness of Most “State of the Art” Academic Monetary Economics’, VoxEU.org, 6 March 2009.
9. Paul Krugman, ‘How Did Economists Get It So Wrong?’, New York Times, 2 September 2009.
10. Joe Earle et al., The Econocracy, Manchester: Manchester University Press, 2016, p. 9.
11. Mark Blyth, The History of a Dangerous Idea, New York: Oxford University Press, 2013, p. 100.
12. Ann Pettifor, ‘Brexit: Economists Dangerously Irrelevant’, Prime, 24 June 2016.
13. John Maynard Keynes, The General Theory of Employment, Interest, and Money, New York: Classic House, 2008, p. 26.
14. Barack Obama, speech at the Jobs and Economic Growth Forum, 3 December 2009.
15. Deutsche Bank, Helicopters 101: Your Guide to Monetary Financing, 15 April 2016.
16. Quoted in the Telegraph, ‘David Cameron: Tax Cuts Would Make Economic Situation Worse’, 16 June 2011.
17. Stephanie Bell, ‘Do Taxes and Bonds Finance Government Spending?’, Journal of Economic Issues, Vol. 34, No. 3 (September 2000), p. 617.
18. William Mitchell and Warren Mosler, ‘The Imperative of Fiscal Policy for Full Employment’, Australian Journal of Labour Economics, Vol. 5, No. 2 (2002), p. 255.
19. Olivier Blanchard, Macroeconomics, New York: Prentice Hall, 1997, p. 429.
20. Adair Turner, The Case for Monetary Finance: An Essentially Political Issue, paper presented at the 16th Jacques Polak Annual Research Conference hosted by the International Monetary Fund, Washington, DC, 5–6 November 2015, 2015, p. 2.
21. Abba P. Lerner, ‘Functional Finance and Federal Debt’, Social Research, Vol. 10, No. 1 (February 1943).
22. See Adair Turner, ‘Debt, Money and Mephistopheles: How Do We Get Out of This Mess?’, speech given at the Cass Business School, 6 February 2013, p. 28.
23. Milton Friedman, The Optimum Quantity of Money, London: Macmillan, 1969, p. 4.
24. Ben S. Bernanke, ‘Deflation: Making Sure “It” Doesn’t Happen Here’, speech to the National Economists Club, Washington, DC, 21 November 2002.
25. Ben S. Bernanke, ‘What Tools Does the Fed Have Left? Part 3: Helicopter Money’, Brookings, 11 April 2016.
26. Myung Soo Cha, ‘Did Korekiyo Takahashi Rescue Japan from the Great Depression?’, Discussion Paper Series A No. 395, Institute of Economic Research, Hitotsubashi University and Department of Economics, Yeungnam University, August 2000.
27. Ellen Brown, Web of Debt, London: Third Millennium, 2008.
28. Josh Ryan-Collins et al., ‘Strategic Quantitative Easing’, New Economics Foundation, 2013. For other examples see Frank van Lerven, ‘A Guide to Public Money Creation’, Positive Money, 2016.
29. Richard Koo, The Escape From Balance Sheet Recession and the QE Trap, Singapore: Wiley, 2014.
30. Lerner, ‘Functional Finance and Federal Debt’.
31. L. Randall Wray, Understanding Modern Money: The Key to Full Employment and Price Stability, Cheltenham: Edward Elgar, 1998, p. 81.
32. Wynne Godley and Alex Izurieta, ‘The US Economy: Weaknesses of the “Strong” Recovery’, Banca Nazionale del Lavoro Quarterly Review, Vol. 57 (June 2004), pp. 131–9.
33. Steve Suranovic, ‘International Finance: Theory and Policy, v. 1.0.1’, Flat World, 2017.
34. Ibid.
35. Ibid.
36. Ibid.
37. Ibid. (emphasis added).
38. Atish Ghosh and Uma Ramakrishnan, ‘Current Account Deficits: Is There a Problem?’, Finance & Development, 28 March 2012.
39. Suranovic, ‘International Finance’.
40. Marcel Fratzscher, Die Deutschland Illusion, Munich: Carl Hanser, 2014.
41. ‘Germany’s Ailing Infrastructure’, Spiegel, 18 September 2014.
42. Ibid.
43. Philippe Legrain, ‘Germany’s Economic Mirage’, Project Syndicate, 23 September 2014.
44. We are aware that many countries don’t employ fully floating exchange rates. However, as noted, this is a voluntary constraint.
45. Ghosh and Ramakrishnan, ‘Current Account Deficits’.
46. Anthony Kryger, ‘Australia’s Foreign Debt: A Quick Guide’, Parliament of Australia, 28 October 2014.
47. Ibid.
48. Fernando Eguren-Martin, ‘Friedman Was Right: Flexible Exchange Rates Do Help External Rebalancing’, Bank Underground, 15 April 2016.
49. Jeannine Bailliu et al., ‘Has Exchange Rate Pass-Through Really Declined? Some Recent Insights from the Literature’, Bank of Canada Review, Autumn 2010, p. 4.
50. Kristin Forbes, ‘Much Ado About Something Important: How Do Exchange Rate Movements Affect Inflation?’, speech given at the 47th Money, Macro and Finance Research Group Annual Conference, Cardiff, 11 September.
51. Eguren-Martin, ‘Friedman Was Right’.
52. Carmen M. Reinhart and Kenneth S. Rogoff, This Time Is Different: Eight Centuries of Financial Folly, Princeton, NJ: Princeton University Press, 2009, p. 205.
53. Jonathan D. Ostry et al., ‘Capital Inflows: The Role of Controls’, IMF Staff Position Note SPN/10/04, 19 February 2010.
54. Ibid., p. 6.
55. Ibid., p. 5.
56. Jonathan D. Ostry et al., ‘Neoliberalism: Oversold?’, Finance & Development, Vol. 53, No. 2 (2016), p. 39.
57. M. Ayhan Kose and Eswar Prasad, ‘Capital Accounts: Liberalize or Not?’, Finance & Development, 28 March 2012.
58. Ostry et al., ‘Capital Inflows’.
59. Giovanni Andrea Cornia et al., Adjustment with a Human Face: Protecting the Vulnerable and Promoting Growth, Volume 1, Oxford: Clarendon, 1987.
60. Adam Lerrick and Allan H. Meltzer, ‘Grants: A Better Way to Deliver Aid’, Quarterly International Economics Report, January 2002.
61. Paul Krugman, ‘Increasing Returns, Monopolistic Competition, and International Trade’,Journal of International Economics, Vol. 9, No. 4 (1979), pp.469–79.
62. Dani Rodrik, The Global Governance of Trade as if Development Really Mattered, report submitted to the UNDP, July 2001.
63. Ibid.
64. Ha-Joon Chang, Bad Samaritans, New York: Bloomsbury, 2008.
65. Ibid.
1. Andrew Berg et al., ‘Robots, Growth, and Inequality’, Finance & Development, Vol. 53, No. 3 (2016), p. 10.
2. David H. Autor, ‘Polanyi’s Paradox and the Shape of Employment Growth’, in Federal Reserve Bank of St. Louis, Re-Evaluating Labor Market Dynamics, 2015, pp. 135–6.
3. Michael Polanyi, The Tacit Dimension, New York: Doubleday, 1966, p. 4.
4. Ibid.
5. David Autor, ‘Why Are There Still So Many Jobs? The History and Future of Workplace Automation’, Journal of Economic Perspectives, Vol. 29, No. 3 (2015), p. 11.
6. Ibid., p. 22.
7. Ibid., p. 27.
8. Erik Brynjolfsson and Andrew McAfee, ‘Jobs, Productivity and the Great Decoupling’, New York Times, 11 December 2012.
9. Juliet Rhys-Williams, Taxation and Incentive, New York: Oxford University Press, 1953.
10. Milton Friedman, Capitalism and Freedom, Chicago: University of Chicago Press, 1962.
11. Ibid., p. 193.
12. William Mitchell and Martin Watts, ‘The Right to Income versus the Right to Work’, CofFEE Working Paper 03-08, University of Newcastle, 2003, p.3.
13. Ibid.
14. Ibid.
15. Philippe Van Parijs, ‘Why Surfers Should be Fed: The Liberal Case for an Unconditional Basic Income’, Philosophy and Public Affairs, Vol. 20 (1991), pp. 101–31.
16. There are some exceptions. For example, the recently rejected Swiss proposal spoke of a basic income that would have allowed ‘a humane existence and participation in public life for the whole population’.
17. Karl Widerquist and Michael A. Lewis, ‘An Efficiency Argument for the Guaranteed Income’, Working Paper No. 212, The Jerome Levy Economics Institute, 1997.
18. Robert J. Van der Veen, ‘Real Freedom versus Reciprocity: Competing Views on the Justice of Unconditional Basic Income’, Political Studies, Vol. 61, No. 1 (1998), pp. 140–63.
19. Mitchell and Watts, ‘The Right to Income’, p. 11.
20. Arjun Kharpal, ‘Tech CEOs Back Call for Basic Income as AI Job Losses Threaten Industry Backlash’, CNBC, 21 February 2017.
21. Ibid.
22. Paul Gregg and Richard Layard, ‘A Job Guarantee’, London School of Economics, 16 March 2009, p. 2.
23. CofFEE, ‘Creating Effective Local Labour Markets: A New Framework for Regional Employment Policy’, November 2008.
24. Anat Shenker-Osorio, Don’t Buy It: The Trouble with Talking Nonsense About the Economy, New York: Public Affairs, 1987.
25. Meeting of the Federal Open Market Committee, 1–2 November 2011, p.39.
26. Margaret Thatcher, interview in Women’s Own, 1987.
27. Shenker-Osorio, Don’t Buy It.
28. David L. Blustein, ‘The Role of Work in Psychological Health and Well-Being: A Conceptual, Historical, and Public Policy Perspective’, American Psychologist, Vol. 63 (2008), pp. 230.
29. Ibid.
30. Ibid.
31. Ibid., p. 232.
32. Ibid., p. 330.
33. Robert J. Van der Veen and Philippe Van Parijs, ‘A Capitalist Road to Communism’, Theory and Society, Vol. 15, No. 5 (1987), p. 642.
34. Ibid., pp. 644–5.
35. Louis Blanc, Plus de Girondins, Paris: Charles Joubert, 1851, p. 92.
36. Ibid. (authors’ translation).
37. Karl Marx, Critique of the Gotha Program, Moscow: Progress Publishers, 1875.
38. Amartya Sen, Development as Freedom, New York: Random House, 1999.
39. Lester Thurow, Dangerous Currents, Sydney: Allen and Unwin, 1983, p.216.
40. Peter Kriesler and Joseph Halevi, ‘Political Aspects of Buffer Stock Employment’, Working Paper 2001/02, Centre for Applied Economic Research, 2001, pp. 11–12.
41. Stuart Hall, ‘The Great Moving Right Show’, Marxism Today, January 1979, p. 18.
1. Paul Cohen, ‘Lessons from the Nationalization Nation: State-Owned Enterprises in France’, Dissent, Winter 2010.
2. Ibid.
3. Ibid.
4. Ibid.
5. Ibid.
6. Mario Pianta et al., ‘Industrial Policy in Europe, Report for the Rosa Luxemburg Foundation’, April 2016, p. 12.
7. Cohen, ‘Lessons from the Nationalization Nation’.
8. Ibid.
9. Ibid.
10. TNI, ‘The Privatising Industry in Europe’, 2016.
11. Dinyar Godrej, ‘Myth 5: The Private Sector Is More Efficient than the Public Sector’, New Internationalist, No. 488, 2015.
12. IMF, Public-Private Partnerships, Washington, DC: IMF, 2004.
13. New Economics Foundation, ‘A New Ecological Macroeconomic Model’, 2015.
14. Cohen, ‘Lessons from the Nationalization Nation’.
15. Ibid.
16. Ibid.
17. Ibid.
18. John Maynard Keynes, ‘National Self-Sufficiency’, The Yale Review, Vol. 22, No. 4 (June 1933), pp. 755–69.
19. Trond Andersen, ‘A Modern Revival of Import Substitution is the Needed Solution’, Real-World Economics Review Blog, 15 March 2016.
20. Ibid.
21. Mary Amiti and David Weinstein, ‘Do Bank Shocks Affect Aggregate Investment?’, Liberty Street Economics, 8 July 2013; see also Mary Amiti and David Weinstein ‘How Much Do Bank Shocks Affect Investment? Evidence from Matched Bank-Firm Loan Data’, Federal Reserve Bank of New York Staff Report No. 604, 2013.
22. Speech by Adair Turner at the South African Reserve Bank, 2 November 2012.
23. Eric Toussaint et al., ‘What is to be Done with the Banks? Radical Proposals for Radical Changes’, CADTM, 13 April 2016.
24. Ibid.
25. Frédéric Lordon, ‘L’effarante passivité de la “re-régulation financière”’, in Les Économistes Atterrés, Changer d’économie, Paris: Les liens qui libèrent, 2011, p. 242 (authors’ translation).
26. Nuno Teles, ‘Socialize the Banks’, Jacobin, 27 April 2016.
27. Toussaint et al., ‘What is to be Done with the Banks?’
28. Stephen Schulmeister, A General Financial Transaction Tax: A Short Cut of the Pros, the Cons and a Proposal, WIFO Working Paper No. 344, 2009.
29. Ibid., p.5.
30. Ibid.
1. Perry Anderson, ‘Why the System Will Win’, Le Monde diplomatique, March 2017.
2. Becky Bond and Zack Exley, Rules for Revolutionaries: How Big Organizing Can Change Everything, White River Junction, VT: Chelsea Green, 2016.
3. Wolfgang Streeck, ‘The Return of the Repressed’, New Left Review, Vol. 104 (March–April 2017).
4. Michael Ignatieff, ‘Sovereignty and the Crisis of Democratic Politics’, Demos Quarterly, 17 January 2014.
5. Wolfgang Streeck et al., ‘Where Are We Now? Responses to the Referendum’, London Review of Books, Vol. 38, No. 14 (14 July 2016).