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Heterodox Macroeconomics offers a detailed understanding of the foundations of the recent global financial crisis. The chapters, from a selection of leading academics in the field of heterodox macroeconomics, carry out a synthesis of heterodox ideas that place financial instability, macroeconomic crisis, rising global inequality and a grasp of the perverse and pernicious qualities of global and domestic macroeconomic policy making since 1980 into a coherent perspective. It familiarizes the reader with the emerging unified theory of heterodox macroeconomics and its applications.
The book is divided into four key sections: I) Heterodox Macroeconomics and the Keynes-Marx synthesis; II) Accumulation, Crisis and Instability; III) The Macrodynamics of the Neoliberal Regime; and IV) Heterodox Macroeconomic Policy.
The essays include theoretical, international, historical, and country perspectives on financial fragility and macroeconomic instability.
Section I: Heterodox Macroeconomics And The Keynes-Marx Synthesis 1. Introduction: A Second Generation Synthesis Of Heterodox Macroeconomic Principles Jonathan P. Goldstein And Michael G. Hillard 2. The Central Core of Heterodox Macroeconomics Malcolm Sawyer 3. An Introduction To A Unified Heterodox Macroeconomic Theory Jonathan P. Goldstein 4. Methodology And Heterodox Economics Martin H. Wolfson 5. Does Heterodox Macroeconomics Need A Crisis Theory? From Profit-Squeeze To The Global Liquidity Meltdown Gary A. Dymski 6. The Current Crisis In Macroeconomic Theory Bill Gibson Section II: Accumulation, Crisis And Instability 7. Modern Business Behavior: The Theory of The Active Firm Steven M. Fazzari 8. A Keynes-Marx Theory Of Investment Jonathan P. Goldstein 9. Did Financialization Increase Macroeconomic Fragility?: An Analysis of the Us Nonfinancial Corporate Sector Özgür Orhangazi 10. Marx, Minsky, And Crotty On Crises In Capitalism Fred Moseley 11. Labor Demand Under Strategic Competition And The Cyclical Profit Squeeze Michele I. Naples Section III: The Macrodynamics Of The Neoliberal Regime 12. Cyclical Labor Shares Under Keynesian And Neoliberal Regimes Raford Boddy 13. Economic Crisis And Institutional Structures: A Comparison Of Regulated And Neoliberal Capitalism In The U.S.David M. Kotz 14. Historically Contingent, Institutionally Specific: Class Struggles, And American Employer Exceptionalism in the Age of Neoliberal Globalization Michael Hillard And Richard Mcintyre 15. Unequal Exchange Reconsidered In Our Age Of Globalization Makoto Itoh 16. From Capital Controls And Miraculous Growth To Financial Globalization And The Financial Crisis In Korea Kang-Kook Lee Section IV: Heterodox Macroeoconomic Policy 17. Keynes’s Bourgeois Socialism Soohaeng Kim 18. The Heterodox Case for Capital Controls Revisited Gerald Epstein 19. Neo-Liberal Finance and Third World (Mal) Development Ilene Grabel Section V: Conclusion 20. Heterodox Macroeconomics and the Current Global Financial Crisis Jonathan P. Goldstein