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Free Internet Book: "Restoring Shared Prosperity," 211pp
Profit-worship, race to the bottom, short-term fixation, financialization and commodification are symptoms of implosion where problems are called motivational and psychological, not structural and exogenous, not endogenous. Pluralist economics insists competition and cooperation coexist, profit-making is distinguished from profit-maximization, speculation is not confused with investment, the public sector is expanded, tax havens are closed ($1 trillion), taxes on the super-rich and corporations are restored, community centers and generalized security encouraged
Restoring Shared Prosperity: A Policy Agenda from Leading Keynesian Economists.Editors: Thomas I. Palley and Gustav A. Horn.
The economic recovery in the US since the Great Recession has remained sub-par and beset by persistent fear it might weaken again. Even if that is avoided, the most likely outcome is continued weak growth, accompanied by high unemployment and historically high levels of income inequality. In Europe, the recovery from the Great Recession has been even worse, with the euro zone beset by an unresolved euro crisis that has already contributed to a double-dip recession in the region.
This book offers an alternative agenda for shared prosperity to that on offer from mainstream economists. The thinking is rooted in the Keynesian analytic tradition, which has been substantially vindicated by events. However, pure Keynesian macroeconomic analysis is supplemented by a focus on the institutions and policy interventions needed for an economy to generate productive full employment with contained income inequality. Such a perspective can be termed “structural Keynesianism”. These are critical times and the public deserves an open debate that does not arbitrarily or ideologically lock out alternative perspectives and policy ideas. The book contains a collection of essays that offer a credible policy program for shared prosperity, rooted in a clear narrative that cuts through the economic confusions that currently bedevil debate.
Contributions by Richard L Trumka, Thomas I Palley, Gustav A Horn, Andreas Botsch, Josh Bivens, Achim Truger, Jared Bernstein, Robert Pollin, Dean Baker, Gerald Epstein, Damon Silvers, Jennifer Taub, Silke Tober, Jan Priewe, John Schmidt, Heidi Shierholz, William E Spriggs, Eckhard Hein, Heiner Flassbeck, Gerhard Bosch, Michael DauderstädtThe book is available for $7.52 at AMAZON.COMA free PDF is available HERE.
Financialization: The Economics of Finance Capital Domination
by Thomas Palley, Palgrave Macmillan, May 2013
This book explores the process of financialization whereby economies are increasingly dominated by finance capital. This process is characterized by rising income inequality, wage stagnation, increased indebtedness, a rising financial sector share of profits, and tendencies to generate asset price bubbles. The financial crisis of 2008 and the subsequent recession and stagnation represent the latest phase.
The book provides a comprehensive treatment of these developments, beginning with a presentation of the empirical evidence. That is followed by economic theory chapters dealing with the macroeconomics of financialization; business cycle effects; microeconomic developments; tendencies toward Minsky-style economic instability; and economic growth effects. The final section of the book focuses on the political economy of financialization and policies to stabilize financial markets. -