aggregate demand, 151
assets, financial, 192–5, 193, 203; real 193, 203
Auroux Law 1982, 78
austerity, fiscal, 1, 151; anti and use of state violence, 108; consequences of, 162–3; and crash 1929, 18–19; and France 1980s, 76, 81–3, 249; and Germany pre World War II, 19; in law in Europe, 107; -lite 6, 70, 237, 264; Wall Street, 18
Austrian school, 39
authoritarian, constitutionalism, 108, 144; state, 106, 96; statism, 104
automatic stabilisers, and job guarantee, 232; and taxation, 191
automation, 222–4; and full employment, 224; just transition framework, 224; role of state in legislation of, 223
balance of payments, and Bretton Woods, 34–5, 43, 207; constraint, 49, 202–14; constraint in England, 42, 70; constraint in France, 79–80, 82; crisis, 203, 206, 208; fluctuations and trade deficit, 209
banks (banking), bailouts, US and European, 106–7, 109; case for state ownership of, 255–6, 258–9; credit and housing market collapse, 255–6; loans, 188, 255; and macroeconomic policy connection, 253–4; operations, 37–8, 182, 194, 257–8; plan for re-nationalising 252, 254–6, 257–8; privatised profits, 257; profits, 109–10; regulation of re-nationalised, 257–8; reserves, 179–80, 185, 189; role of nationalised banks, 257; socialised losses, 253, 257; speculative, 255–6
Bank of England, 38, 41–2; attempts to control money supply growth, 41–3
banking reforms, 127–8; Basel-Nyborg Agreement 1987, 87; European Second Banking Directive, 128; German, 128; Glass-Steagall Act 1933, 20, 128; Gramm-Leach-Bliley Act (GLBA) or Financial Services Modernization Act 1999, 127
basic income guarantee (BIG), see universal basic income (UBI)
Benn, Tony, 6; and Industry Act 1975, 64–5
Bernanke, Ben, 173; great moderation, 173; on helicopter drop, 186; and increase in fiscal deficits, 186–7; Money-Financed Fiscal Program (MFFP), 186–7
bilateral investment treaties, 137
Bretton Woods, 33–5; and balance of payments, 33–4, 207; collapse of, 35, 43–5, 50, 140, 153; and effect on Europe, 140; and Nixon, 49; and trade deficit, 43; and Vietnam War, 43
Brexit, 1, 151, 154, 156; 2016 British referendum, 172–3; as a backlash against orthodox macroeconomics, 176
buffer stock, of employment, 231–2; of unemployment, 239–40
Buffett, Warren, 1
Callaghan, James, 6, 66–70; and IMF loan 1976, 66–70; Party Conference September 1976, 66
capital controls, 212–13, 220; and EEC directives, 77; effectiveness of and Eurodollar market, 135; and fixed exchange rate systems, 212–13; and floating exchange rate systems 213; and IMF, 73, 212; reduction and removal of in France, 78–9, 81; and SEA, 142; and World Bank, 212
capital mobility, 132; in EMU, 86–7, 91, 135–6
capital strike, 246
capitalism, financial capitalism and Great Depression, 20; French post-war, 76–82, 249; free market, 18, 98; golden age, 17, 153; left focus on, 10, 147–9; money manager, 129; post-modernism attacks on, 147–8; post WW2, 26; role of work under, 57, 226–7, 240–1; state, 19–20, 100, 106; trade unions under, 57–8
Carter, Jimmy, 71
central bank, combined with treasury, 182, 185, 192; and government spending, 40–1, 179–80, 182–7; insolvency, 180–1; operations, 33–4, 37–8, 39, 40–1, 48–9, 74, 79–80, 179–80, 180, 182, 183, 184, 188–9; as part of government sector, 182–4, 192–5
central bank independence, 88, 138–9; Germany and the EMU European motives, 87–8; reducing the scope of active fiscal policy, 162; regulating solvency conditions, 128–9; rejection of, 161; Trump on, 162; US House of Representatives on, 162; May on, 148
Chile, 102–3
China, 123–4, 153–4 and fiscal deficits, 154–5; and trade investment, 154
class compromise, 5, 21, 24–5, 59
class struggle, 10, 22–3, 46, 57, 101, 108–9; Budd view on Thatcher government, 53; and debt build up, 127–8; Harvey view on capitalists regaining of class power, 53; left abandonment of, 145–6; Marx on, 57–8; O’Connor view on the contradictory position of the capitalist state, 48; and role of state, 62, 101; UK late 1960s, 61
collective identity, 266–7
Common Agricultural Policy (CAP), 80
Cornwall, John, 46
corporate mercantilism, 125
corporate welfare, 184
credit controls, removal in France, 81; UK, 42–3, 63
Crisis of Democracy report 1975, 55, 138
crowding out hypothesis, 177–8
currency, depreciation, 206, 209–11, 263; fiat, see fiat currency; floating, 44–5, 50–1, 66, 181–2, 206–7, 211, 219, 263; pegs, 114; pegs France with German mark, 79–80; stability and the EMS, 85
current account balance (CAB), 198
current account deficit (CAD), 198–200, 201–5, 207–8, 211; Australia, 201; and currency depreciation, 209–10; and sudden stop, 211
debt, foreigner held private, 208; foreigner held government, 208; government, see government debt; private, 126, 197
debt-based consumption, 127, 150–1, 153
debt issue, and interest maintenance, 189; purpose, 186–9
deficit, see fiscal deficit
De Gaulle, Charles, nationalisation program, 248
deleveraging, private sector, 151
delocalisation, threat, 83
Delors, Jacques, 80–3, 83–6; Delors Report 1989, 89–90, 142; European Commission President, 80; franc fort policy, 80, 85; views on capital movements, 86
democratic processes, control of, 156; and control of monetary policy, 185; and European Union, 107–8, 166
depoliticisation, 3, 69, 107, 156, 176; and 2014 European Commission president election, 166; of economic policy, 137–9; European Council and European Commission rights, 144–5; politics of, 107, 137–45; use of technocratic rules, 107–8, 156, 176
deregulation, 1, 8, 36, 51; of banking 38–9, 127; financial, 81, 93–4, 97–8, 131, 134, 135–7, 259–60; and volume of financial transactions, 259–60
derivatives market, 260
d’Estaing, Valèry Giscard, 43; Barre Plan, 43, 79
devaluation, of franc 1980s, 80; internal, 107, 210
development aid, 215
Dynamic Stochastic General Equilibrium (DSGE) models, 174
ecological crisis, 154
efficiency, assessing in a progressive way, 237; neoliberal/mainstream concept of 234, 235; progressive concept of, 234–40; of unemployment, 232, 235, 239–40
employment guarantee, see also job guarantee; France in 1850s, 242
Enlightenment, 146
Eurodollar, 134; and government policies, 134; state incentives for, 134
Eurogroup, 4
European Central Bank (ECB), 4; and Greece, 108; and German conditions in Maastricht Treaty, 142
European Commission, 4
European Monetary System (EMS), 79–80, 82, 85, 88, 91, 141; as external to politics, 141
European Monetary Union (EMU), 85–6, 137; dismantling of, 168; and erosion of sovereignty, 164–5; European motives, 87; and EU disintegration, 164; and EU, progressive reform of, 167–8; and exchange rates, 180–1; financial stability on exit, 169; and fiscal deficits, 165; French motives, 85–6; German motives, 87–8; and rollback of democratic and social/economic gains, 164–5; trade on exit, 169; and transfer of wealth, 164–5; and weakening of labour, 164–5
European Stability Mechanism (ESM), 107
European Union (EU), unilateral exit from, 168
Euroscepticism, 156
Eurosclerosis, 77
exchange rate, fixed, 43–5, 48–9, 85–6, 91, 135; fixed and Europe, 61, 67, 79–80, 85–6, 87; fixed and capital controls, 114, 134–5, 213; flexible, 179–80; floating, 49, 50–1, 206–7; floating and capital controls, 213; uncertainty, 115
Exchange Rate Mechanism (ERM), 79; and the 1992–93 crisis, 91
external sector, 198
exports, 198, 199, 202, 205–6, 210, 217, 218
fair trade, 217–18; principles, 218; versus free trade, 217
fiat currency, 44, 179, 189, 226, 263
financial crisis, 198, see also global financial crisis
finance, insurance and real estate (FIRE) sector, 126, 134; global and influence on state policy, 130–1; power of, 131, 132–3
financial market, value of, 129
financialisation, 125–37; 19th century and earlier examples of, 131–3; and banking reforms, 128; and economic stability, 101, 102–3, 126, 127; and industrial capital, 130; Minsky money-manger capitalism, 129; and reliance on the state, 136; Sanders opposition to, 164; and stagnation, 123–4, 125–6
fiscal capacity, 158
Fiscal Compact, see Treaty on Stability, Coordination and Governance in the Economic and Monetary Union
fiscal crisis of the state, 48–51
fiscal deficit(s), and China, 154–5; and the EMU, 165; external, 198; and GFC, 162; and non-government wealth, 192–3; recent IMF view of, 163; in UK 1970s, 41
fiscal rules, 89–90, 188–9, 191
fiscal space, 190; MMT view, 190; neoliberal view, 190
fiscal surplus, 183; consequences of, 192, 197; and effect on non-government savings, 193, 195
fixed price/floating quantity rule, 231
Fordist accumulation, 23
foreign exchange transactions, 129
Foucault, Michel, 146
free-market policies, 36, 177; and design of EMU, 88–9; and instability, 101; merger with state, 103; role of state in, 99
Friedman, Milton, 21, 37; on government sustaining full employment, 39–40; helicopter drop, 186; interest rates, 39; and monetary policy, 37; natural rate of unemployment, 40; price stability, 38–9; on role of the state, 97; unemployment rate, 39; University of Chicago, 37; war on Keynesianism, 21–2
full employment, 6, 7, 263–4; and automation, 224; consequences of, 138; and fiscal stimulus, 201; Keynesian era, 17–35; and price stability, 186, 230; and World War II, 21
Galbraith, John Kenneth, on incomes policies, 46–7; on Keynes, 46
general equilibrium, 28
General Theory, see Keynes, General Theory of Employment, Interest and Money
gilt strike, 67
Glass-Steagall Act of 1933, 20; see also banking reforms
Global Financial Crisis (GFC), 1, 127; bailouts, 106–7; and central bank response, 161, 175; and failure of mainstream economists to predict, 174–5, 176–7; and government deficits, 136, 142, 175; and multinational dependence on state, 119; and redistribution of wealth, 109–10
globalisation, 3, 6, 99, 111; benefits to China, 123; as choice of government, 120, 136–7; crisis of, 154; and dependence on state, 134; drivers of, 145; economic,111–12; and European financial integration, 91; influence of transnationals, 116–17; and Marx, 112; neoliberal,3, 82–3, 113; political resistance to, 151; and pre euro France, 86–7; rejection of corporate, 151; Rodrik impossibility theorem, 114; Sanders opposition to, 164; and separation of labour market, 121; and state obsolescence, 114–16; tax shifting, 50; waves of, 111–12; working conditions under, 124
gold standard, and Bretton Woods, 33–5, 181, 188, 209; Japan abandonment 1930s, 187
government (state), bonds, 182; bond issue under Bretton Woods, 179–80; bond issue and purpose, 181–2; borrowing, 184; control over investment, 238, 246; and corporate interest merger, 103; and currency issue, 183, 227–8, 230, 263; debt, 182–4, 189; debt, Obama view of, 179; and direct job creation, 224, 230–4; limitation of sovereign rights, 136–7; oversight and control of economy, 238; and responsible spending, 197; revenue constraints, 179–80; role in neoliberal ideology, 136; role in rise of neoliberalism, 136; sector, 198; sector and job guarantee, 230–4; spending under Bretton Woods, 179–80; spending post Bretton Woods, 179–80; spending and central bank, 182, 194; spending and inflation, 183–4, 187–8; spending and job guarantee, 231–2; spending by state and local governments, 181–2; surpluses, 183; taxation, 183, 188–91, 196; and voluntary constraints, 188–9; see also government revenue constraints
government deficits, see fiscal deficits
government/household budget analogy, see also household budget analogy,181; Cameron, David, on, 181; differentiation between, 181–2
Great Depression, and austerity, 19; Friedman and Schwartz view of, 38–9; and laissez-faire, 18
great moderation, 173
Greece, debt crisis, 2
Greenspan, Alan, 128
Gross Domestic Product (GDP), as a measure of societal well-being, 236–7
Groupthink, and design of the EMU, 88–9; European motives, 90–1
Hayek, Friedrich, 26; role of the state, 97
hedging, 260
Hicks, John, 28; IS-LM model and general equilibrium, 28
high-frequency trading, 261
home bias, 152
Hoover, Herbert, 18–19
household budget analogy, 9–10, 157, 172–220
imports, 195–6, 198–9, 201–2, 205, 206, 230; controls, 219; of food, 213–14; substitution policies, 209
impossibility theorem/trinity, 114–15
income support, 225–8, 234–5, 236, see also universal basic income and job guarantee
industrial capital, 130, 132–4
inequality, 102–3, 122, 153, 236–7, 238–9; economic, 122–3
inflation, causes, 177–8, 183–4, 187–8; control under job guarantee, 232–3; in Europe, 211; government spending and, 184; targeting, 96, 138–9, 142; and universal basic income, 229
information, control of, 172–3
interest rates, and price stability in EMU, see Exchange Rate Mechanism, 90
intermediate goods and services, 125
International Monetary Fund (IMF), 154; and capital controls, 73; and fiscal deficits, 163–4; on government money creation, 183; Independent Evaluation Office view on groupthink, 174–5; loan 1976 to UK, 66–70; and redistribution of wealth and power, 102–3; stand-by arrangements UK, 42; on the state of the economy pre GFC, 173–4
Investor-State Dispute Settlement (ISDS), 115, 137, 217
Investment Saving – Liquidity Preference (IS-LM) model, 28
Italy, real wage reduction, 47; Renzi, Matteo, 151
job guarantee (JG), 221–47, 263; benefits of, 240–2, 245–6; coercive nature of, 242–4; critique of, 240–7; fiscal and monetary policy in, 231–2; and government spending, 230, 231–3; and inflation control, 232–3; and mass unemployment in capitalist society, 226–7; and minimum wage level, 231; and price stability, 231, 232–3; role of work under, 233–4, 240–2; types of jobs under, 233–4; vs universal basic income (UBI), 225–30
Kalecki, Michal, and maintenance of full employment, 54
Keynes, John Maynard, 17–32; full employment, 18–19; General Theory of Employment, Interest, and Money, 18, 28, 38; on nationalism, 254; on success of neoclassical economics, 178; unconventional monetary policies, 38; underemployment equilibrium, 18
Keynesianism, 17–35, 36–59; anti, by German monetary and political establishments, 166; bastard, 21, 28; Fordist, 21–5, 32; Friedman’s war on, 21–2; neo, 21, 28; privatised (bubble-driven), 126–7; regulation theory, 22–3, 24; structural view on crisis of, 56–9
labour-capital conflict, 5, 31–2, 45–7, 56, 106; winter of discontent, 70
labour market policy, 221–47
labour mobility, 31–2
labour underutilisation, 125–6; and stagnation tendencies, 125–6
Labour’s Programme for Britain, 62–6
laissez-faire, 18; distinction from neoliberalism, 97; policy under Hoover, 18–19
Lerner, Abba, 185–6, 191; functional versus sound finance, 185–6, 191
liquidity trap, 151
Lucas, Robert E., 173–4
MacDougall Report 1977, 89–90
macroeconomics, heterodox, see also Modern Monetary Theory, view of EU/EMU exit, 170
macroeconomics, orthodox (mainstream), 172–220; control of media, 172–3; control of academia, 172–3, 176; control of network, 176; econocracy, 176; failure of, 176; on indefinite government borrowing, 207; resistance to change, 176
macroeconomic stabilisation, 215, 219–20; framework, 232–3
material welfare, 204–5
Marx, Karl, class 10, 57–8, 98–9, 100, 112, 146–7; on ability and need, 242
Marxism, in relation to Fordist-Keynesianism, 24–5; state-market separation as myth, 98–9
McGregor’s theory X person, 243
militarisation, 8–9, 19–20, 30–1, 70–1, 95, 101–5
Minsky, Hyman P., 129
Mitterrand, Françios, 76–8; nationalisation plan 110 Propositions for France, 77–8; ‘tournament de la rigueur’, 7, 76–83
Modern Monetary Theory (MMT), 171, 172–220; and overt monetary financing, 183–4
Modigliani, Franco, controversy, 47
monetary return, 253
Monetarism, 5, 36–59; and British Labour Party, 41–3, 62–70; in Callaghan government, 66–70; and creation of the EMU, 87–92; UK embrace of, 41–3, 70–1; US embrace of, 70–1
Money-Financed Fiscal Program (MFFP), 187–8
money multiplier, 37
money supply, 37–41, 41–2; Bank of England attempt to control, 42; as controlled by private banks, 255–6
mortgage indebtedness, America, 126–7
multinational corporations, 103–4, 116–25; and home state bias, 115, 118–19, 123–4, 152; influence on government policy, 116–17, 119–20; and neoliberalism, 120; and the state, 116–20
national accounts, 198–9
National Enterprise Board (NEB), 63
National Front, 151; view of EMU/EU demise, 164
nationalisation, 248–62; of banking sector, 255–8; see also banking reforms; nationalisation – regulation of banking; case for re-nationalisation, 255–9; in China, 123–4; and economic cycles, 253; and energy sector transition to cleaner sources, 252–3; expansion of states role, 252; France economic growth under, 248–9; imports and, 254–5; in industry with a natural monopoly, 252; plan for re-renationalising banks, 257–8; and planning, 252; problems with state ownership, 253–4; regulation of banking, 257–8; Renault and French auto industry 253; re-nationalisation, 248–62, 263–4; role of banks, 256–7; self sufficiency under, 254–5
natural rate of unemployment, 40, 236; critique of, 238
negative income tax, 225–6; Friedman view of, 225–6
neoclassical synthesis, 28
neo-Keynesians, see Keynesianism – neo
Neoliberalism, 1–6, 8–10, 36–59; authoritarian statism, 104; Chile, Pinochet rule and ‘Chicago School’ revolution, 102–3; crisis of, 151, 154; disciplinary, 139–40; distinction from laissez-faire, 97; as an emerging ideology, 93–5; European, 83–92, 107–9, 143–4; French, 80–3; funding of, 176; and global militarism, 104; and globalisation, 113–14, 120, 136; and government legislation, 107–8, 142–3; government role in, 95, 97–8; IMF and World Bank conditions, 102–3; left acceptance of, 145–9; political costs, 139; popular rejection of, 151; progressive, 10, 148; as a retreat of the state, 95; as state driven project, 95, 97–8, 120, 136–7; transition, 138; view of economy and critique, 234–7; view of EU/EMU exit, 169; view of unemployment, 234–5; and volunteerism, 244
New Deal, 20
Nixon, Richard, 44; Nixon shock, 44
North Atlantic Treaty Organization (NATO), 30, 113–14
O’Connor, James, 48–9; class conflict, 48–9; fiscal crisis of the state, 48–9; macroscopic flaw, 48–9
OPEC oil crisis 1973, 45; impact on Europe and US, 45
open market operations (OMO), 37
output gap, France 1980s, 81–2
overt monetary financing (OMF), 183–4; case studies, 187; and Great Depression, 185–6; and hyperinflation, 187–8; and inflation, 183–4, 187–8; and MMT, 183–4
Parable of 100 dogs and 90 bones, 196–7
paradox of weakness, 145
Paris consensus, 76–92
Pinochet, Augusto, 102–3
Podemos, 3
Polanyi, Karl, on state-market separation, 99; Polanyi’s paradox, 222
policy, fiscal, Bretton Woods, 34; and Delors Report, 90; EMU, 83–4, 88–9; in France 1980s, 80–1; and full employment, 191, 224, 262; Keynes view of expansionary, 38–9; Monetarism, 37; myths, 177–8; use post GFC, 162
policy, monetary, and alternative facts, 177–8; bond sales and, 179–80, 181–3, 184, 189–90, 192–3; deflationary, 239; and democratic control of, 185
post-modernism, 145–9
post-neoliberal order, 150–60, 155
post-structuralism, 146
post-truth, 172–9; great moderation, 173
poverty, in advanced nations, 122–3; and fiscal austerity, 162–3; and job guarantee, 239, 261; and IMF structural adjustment programmes, 102–3; progressive framework to eliminate, 214, 216; and UBI, 225–6, 227–8, 230; war on, 34
Powell Memorandum or Manifesto, 53–4
price stability, 38–9; in EMU, 84, 90, 142; in France, 80–1: and inflation, 139; and full employment, 186, 190, 232–3; and UBI, 230
price-wage spiral, 46
private domestic sector, 192–202
privatisation, 1–2, 8, 36, 93–4, 97–8, 102, 130; effects of, 249–50; and energy prices in OECD, 249–50; in France, 81, 249; and government responses to crises, 251; and increased inequality, 250; by other countries state-owned companies, 250; and risk shifting, 250–1, 257; as state choice, 249
productivity growth, 26–7
progressive development model, 215–16; and corporate farming, 215–16
Project for the New American Century (PNAC), 105
110 Propositions for France, 77
protectionist policies, 151–2
pump-priming, 30; in contrast to job guarantee, 231–2; military, 30; welfare, 30
quantity theory of money, 37
quantitative easing, 37, 129, 150, 161
Radcliffe Report, 41
rate of return, 253
Reagan, Ronald, 70–1, 95; anti-inflation and pro-rich policies 95–6; government spending, 95; protection of US manufacturing, 96–7
recession, balance sheet, 188; causes, 197–8
regime of accumulation, 22–6
Renzi, Matteo, 151
Ricardian equivalence hypothesis, 178
Robin Hood Tax, see Tobin Tax
Robinson, Joan, 26–7; crisis of Keynesianism and content of employment, 26–7
Rodrik, Dani, 114–15; impossibility theorem, 114–15
Roosevelt, Franklin, D., 100 days, 20–1; Glass-Steagall Act of 1933, 20–1; New Deal, 20–1; Securities Act of 1933, 20–1
Samuelson, Paul; on stagflation, 40; on unemployment, 29
Sanders, Bernie, 3, 151, 265; opposition to financialisation, 164; opposition to neoliberal globalisation, 164; progressive vision of sovereignty, 164
saving ratio, in France 1980s, 81–2
sectoral balances, 192–202; Japan 1992–2000, 200–1; US 1992–2000, 200–1
secular stagnation, 150
Securities Act of 1933, 20–1
Sen, Amartya, and substantive freedom, 243
Single European Act 1986 (SEA), 86, 142; resistance to, 86–7
Smith, Adam, on role of government, 100
Smithsonian Agreement, 44
social return, 253
sound finance, 31
sovereignty; currency, 169, 182; and the EU/EMU, 164, 167–70; fiscal, 169–70, 170; and macroeconomic stability in poor nations, 219–20; monetary sovereignty, 179–91, 263–4; national, 156–8, 164, 265–6; progressive view of, 157–8, 161–71; Sanders view on, 164
speculation, 260
stability, economic, debt structure and, 126; of financial system, 259
stagflation, 40, 45–8, 125; global, 43–4
state, see government
state capitalism, 19–20
state-market separation myth, 98–101
structural adjustment programmes (SAPs), 102, 107, 214–15; and balance of payments problems in poor nations, 214–15; and increased poverty, 102–3, 214–15
structural reforms, 107
substantive freedom, 243
sudden stop, 211
super state bureaucracies, 138–9
supply-side economics, 51
supra-nationality, 7, 83–4, 164, 166; entities and use of lobbying, 103–4, 119–20, 130–1, 138, 167; corporations, 103–4, 111, 116–25
SYRIZA, 3, 108; and ECB, paralysing of banking system 2015, 108, 167–8
tacit knowledge, 222
taxation, and automatic stabilisers, 191; and encouragement of discouragement of industry or products, 190; and non-government spending power, 190; and price stability, 191; purpose of, 183, 188–9; and real resource space, 190; and wealth transference, 188–90
technocracy, 165
technological adaptability, 31–2
there is no alternative (TINA), 6
Thatcher, Margaret, 6, 42, 53, 55–6, 70–1, 95, 235; Centre for Policy Studies, 55; government spending, 95
Tobin Tax, 260–1; problems with, 261
Le tournant de la riguer, 70–83
trade deals, 120–1, 137; Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS), 120; Free Trade Area of the Americas (FTAA), 121; General Agreement on Trade and Tariffs (GATT), 216; General Agreement on Trade in Services (GATS), 121; North America Free Trade Agreement (NAFTA), 121; Regional, 137; Sanders on TPP, 164; Transatlantic Trade and Investment Partnership (TTIP), 115, 152; Trans-Pacific Partnership (TPP), 115, 137, 151–2; Trump and US auto industry, 163–4
trade deficit, 202–14; and balance of payments fluctuations, 209; Bretton Woods, 43–4 and job loss, 204–5; and material welfare, 204–5; and national welfare, 204–5, 207–8; as unsustainable, 206–7; US and Europe, 43–4
trade liberalisation, 36, 51, 73–4, 94, 119, 152–3, 216
trade policy, progressive, 217
trade surplus, 204; Germany and, 205–6; and material welfare, 204–5
trade unions, as construct of capitalism, 56; progressive, 218; Rowthorn on, 58; UK, 61–2, 70
transnational corporations, 103–4, 105, 110, 116–25; concentration of, 103–4; influence on governments, 110, 116–20, 130–1; role in global productive process, 116–17
Treaty on the Functioning of the European Union (TFEU), 142
Treaty of Maastricht, 90, 142–3
Treaty on Stability, Coordination and Governance in the Economic and Monetary Union (Fiscal Compact), 107
Triffin, Robert, 33; paradox/dilemma, 33–4
troika, 107
Trump, Donald, 1, 3–4, 151–7, 161–4; 2016 presidential election, 172
United Kingdom miners’ strike 1970s, 62
United States hegemony crisis, 154
universal basic income (UBI)/basic income guarantee BIG, 225–30; and exchange rate implications, 229–30; in fiscally neutral environment, 227–8; in functional finance paradigm, 229–30; and imports, 229–30; and inflation, 229; and IT automation, 228–9; and poverty and income insecurity, 226–7; and Van Parijs, Philippe, 227; versus job guarantee, 225–30
unemployment, and automation/robots, 222–4; buffer stocks, 239–40; costs of, 239–40; and efficiency, 235, 237, 238–40; in Europe, 140–1; in France 1980s, 76–8, 80, 81–2, 84, 85; and global reserve army of labour, 121–2; and inflation trade-off, 39–40; involuntary, 195–6; long term, 239–40; mass, 195, 226–7; natural rate of, 40, 236, 238; neoliberal view of, 39–40, 234–5; parable of 100 dogs and 90 bones, 196–7; as political choice, 103, 122, 238, 245–6; technological, 221–2; and trade deficits, 204; voluntary, 173–4; wage cutting and, 195–6; youth, 243
Vernon, Raymond, 49–50; multilateral trade and exchange rate agreements, 50; world trade, 50
Volcker, Paul, 70–5; and globalisation, 72–3; Volcker shock, 71–3; Volcker shock effects through Europe, 72–5, 79–81
wage, compression in Germany (Hartz reforms), 204–6; cutting and unemployment, 195–6; deflation, 1, 127; falling growth in EU, 107–9; growth in real, 17, 25–7; inflation, 229, 231–2; -price spiral, 40; share, 150–1; stagnation, 150–1
Washington consensus, 71, 73, 94
wealth redistribution, 95–6, 103–4, 108–10, 122–3, 133, 176, 189–90, 264, 265–6 see also inequality; and the EU/EMU, 108–10, 164–5; and role of austerity in, 102–3, 108–9; under Reagan, 95–6
welfare state, 1–2, 17, 78; and gilt strike, 67; post GFC, 106–7, 110; Rhys-Williams, Juliet and British income support, 225–6
Werner Report 1970, 89; French rejection of, 90
Westphalian system, 113; view of sovereignty, 113
Wilson, Harold, 60–5; decision to devalue, 61; defeat of Heath, 62; National Plan, 60–1, 63–5
Winter of discontent, 70
work, gainful, 245–6; meaningful, 244–5; productive, 245–6; psychological benefits, 240–1; role under capitalism, 241; role under job guarantee, 233–4; valuable, 244–5; views of, 234–5, 242–3