According to Mark Thornton, we could be very close to another major economic crisis. Ten years have passed from the so-called Great Recession and Thornton’s prediction confirms my view according to which business fluctuations are pervasive, and the crisis that …
The financialization of the US economy leading up to the 2008 economic crisis altered the structure and behavior of household saving and consumption. Shocks from the crisis to consumer confidence and credit markets rerouted the declining household saving rate and …
The 2007-08 crisis happened in spite of the theoretical knowledge and understanding of events that could potentially lead to such a crisis. Financialization, the trend arguably behind the crisis, has been prevalent in the advanced economies since the 1970s. Many …
This paper focuses on how financialization contributes to the ‘New Normal’ in advanced countries — namely, the current macroeconomic context characterized by slow growth and low inflation — which has been generated by deep structural change since the 1980s. The …
International financial markets are characterized by Financial Mercantilism, FM. There are many similarities between the operation of the seventeen century merchants and today financial intermediaries. Resorting to notions derived from history of economic ideas and in particular from Smith and …
Pension funds have been playing and will play an outstanding role in the global saving and investment process. However, in spite of the pension funds’ power to centralize huge amount of “savings from workers”, workers do not seem to have …
This paper examines the determinants of livelihood diversification of farm households in rural nonfarm enterprises (NFEs) and its effects on their farm income and consumption expenditure in different agroecological zones in rural India using panel probit analysis (random effect) and …
The global economic crisis is long-lasting and seems without prospects. The ‘green economy’ proposes an alternative basket of products with respect to the standard one that is actually available for consumption in the 21st century industrial economies. Is it the …
The term crisis had never been so used, both in the common language and in the media, until the crisis of 2009 has not exploded, affecting most of the world economies. The objective of this paper is to verify whether …
This (short) paper takes as its starting point the (short) seminal article by Edward C. Prescott entitled ‘Some Observations on the Great Depression’.2 Prescott finds for the United States in the 1930s (from 1929 to 1939) that there is a …
The monetary theory of production and the modern money theory represent the two main heterodox approaches to the endogenous money view. In both cases, it is emphasised that the banking sector can create money ex-nihilo, i.e. without a previous collection …
This paper aims at discussing the links existing between the increasing income inequality on the global scale and the processes of financialization, with particular reference to the increase of public debt. It will be argued that i) the increase of …
The main aim of this work is to make a step in identifying the theories more adequate to understand the economic imbalances of our time, and more conducive to realise the objectives of a “circular economy”. These objectives can be …
The paper focuses on the recent resurfacing of the question of secular stagnation. Prompted as it appears from the severity and continuing effects of the financial crisis and the 2008-2009 recession the paper argues that this is a good example …
As a journalist in the 1850s, Marx studied and wrote on recessions associated with financial crises, focusing on the panics of 1847 and 1857. In later work, Marx pursed the topic. First, in the three volumes of Capital and part …
A widespread decline in the rate of capacity utilization in the US manufacturing industry during the last decades is documented, which parallels a worsening trend of gross capital formation. Several exploratory exercises are conducted to investigate whether utilization rates were …
The European Monetary Union and by that the Euro has failed because of not fulfilled expectations related to economic growth and prosperity for the participating countries. The glittering promises were expressed when the idea of a common European currency was …
National economies of different countries faced a set of new challenges due to global crisis. Such a significant financial problem in history like the one in 2008 occurred only in the case of Great Depression in1930. Back then President Franklin …
Fiscal policy in the EU crisis management has been given an overly restrictive role. Even the fact that the ECB has, at its own discretion, launched a QE policy – to notice after the fiscal tightening – has not had …
The financial crisis of 2008 and its aftermath in the form of the Great Recession have precipitated the need for redesigning economic governance. The severity of the economic governance fault lines that were created by the Great Recession are comparable …
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Edoardo Pizzoli
Carmelo Ferlito
Jacob Jennings
Carmelo Ferlito
mariaalejandramadi
Carmelo Ferlito
Maria Madi