This book discloses the economic foundations of European fiscal and monetary policies by introducing readers to an array of alternative approaches in economics. It presents various heterodox theories put forward by classical economists, Marx, Sraffa and Keynes, as a coherent challenge to neo-classical theory. The book underscores and critically assesses the analytical inconsistencies of European economic policy and the conservative nature of the current European governance. In this light, it examines the political obstacles to proposals to reform the European monetary union, as well as those originating in the neo-mercantilist German model. Given its scope and format, the book offers a valuable asset for researchers and members of the general public alike.
Author(s): Sergio Cesaratto
Publisher: Springer
Year: 2020
Language: English
Pages: 277
City: Cham
Acknowledgements
Contents
About the Author
Abbreviations
1: Economics: A Political and Mathematical Discipline
1.1 Economics and Politics
1.2 Through the Lens of the Theories
Further Reading
References
2: The Surplus Approach
2.1 The Classical Surplus Approach
2.2 In the Beginning Was the Surplus
2.3 From the Neolithic to Schäuble4
2.4 The Global Minotaur and the European Minotaur
2.5 Adam Smith, Judicious Laissez-Faireism
2.6 Smith the Equaliser
2.7 The Price of the Class Struggle
2.8 Ricardo and His Vices
2.9 Ricardo the Land Surveyor
2.10 Ricardo the Labour Supporter
2.11 Ricardo the Criminal
2.12 Ricardo the Anti-Keynesian
2.13 Marx the Ricardian
2.14 Marx the Cost Accountant
2.15 Sraffa the Simultaneous
2.16 The Orphans of Labour Value
2.17 Marx in Crisis
2.18 The Proletariat Has No Nation...
Appendix
Marx the Transformer
Further Reading
References
3: Marginal Economics
3.1 The Journey of the Critical Economic Theory
3.2 Neo-classical, in Fact Anti-classical
3.3 Useless Curves, in Fact Marginal
3.4 Lots of Dangerous Curves
3.5 To Each His Own
3.6 The Best of All Worlds Is Possible
3.7 The Marginal Role of Money
3.8 Friedman’s Tale
3.9 Tug-of-War
3.10 The Two Challenges to Marginalism
3.10.1 The Unfinished Keynesian Revolution
3.10.2 The Return to Classical Theory and the Capital Controversy
3.11 Where Are We Headed?
Further Reading
References
4: The Incomplete Revolution
4.1 Keynes: Two for the Price of One
4.2 Keynes the Copernican
4.3 Explain It Again, Gardner
4.4 The Hen or the Egg
4.5 Keynes Multiplied
4.6 Six of One, Half a Dozen of the Other
4.7 Implications for Economic Policy
4.8 Keynes in the Long Run
4.9 Keynes in the Trap
4.10 Keynes Assimilated
Appendix
Of Bread and Fishes
Further Reading
References
5: Money and the External Constraint
5.1 That Obscure Object of Desire
5.2 In the Beginning There Was a Bank
5.3 Keynes the Endogenous
5.4 Let Us Open Our Minds and Draw a Balance
5.5 The External Constraint
5.6 Socialists Are Autarkists
5.7 Adding Up the Bill
5.8 Opera Buffa
5.9 Original, That Sin!
5.10 Can Countries with Monetary Sovereignty Avoid the External Constraint?
Further Reading
References
6: Dying of Europe?
6.1 From Miracle to Decline
6.2 Italy, Argentinian Style
6.3 The “Historical Compromise”
6.4 1977 Blues
6.5 The New Regime
6.6 The Trap
6.7 Short- and Long-term Troubles of an Authoritarian Currency
6.8 The Frenkel Cycle at the Tour of Spain
6.9 Super Mario
6.10 Monetary Mercantilism
6.11 Can Europe Change?
6.12 Franciscan Italy
Further Reading
References
7: Count Draghila
7.1 An Unconventional Central Bank
7.2 Corridor Rates
7.3 Unconventional Weapons: 2008–2009
7.4 Monetary Hypocrisy, Muddles and Tricks: 2010–2011
7.5 Acronymia: 2012–2013
7.6 The Arcane Target2
7.7 The Meaning of Austerity
7.8 Dragon of Last Resort
7.9 Hysterical Deflation: 2014
7.10 Quantitative Fantasies
7.11 QE and Target2, or Buba Buys Italian Government Bonds
7.12 Ch€rnobyl
Appendix 1
Draghi’s Concertina18
Appendix 2
The Strange Case of Target2
Further Reading
References
Epilogue
References
Index
