Reference list for “Role of Currency and Finance”



THE HEN-IRE-FPH PROJECT FOR DEVELOPING HETERODOX

ECONOMICS THROUGH DEBATE AND DIALOGOUE ON THE ECONOMY

The Heterodox Economics Newsletter, The International Initiative for Rethinking the Economy (IRE), and the Charles Leopold Mayer Foundation for the Progress of Humankind (FPH) (fph.ch) have undertaken a joint project to promote the development of heterodox economics. It involves publishing in the Newsletter reviews, analytical summaries, or commentary of articles, books, book chapters, theses, dissertations, government reports, etc. that relate to the following themes: diversity of economic approaches, regulation of goods and services, currency and finance, and trade regimes. These themes relate to heterodox economics and to the open and pluralistic intellectual debates in economics. It is hoped that the reviews will contribute to strengthening the community of heterodox economists, and to the development of heterodox economic theory through the dissemination of ideas/arguments. The final aim of this project is to help heterodox economists come up with new proposals, both theoretical and applied.

LIST OF POSSIBLE READINGS FOR REVIEW

(1 August 2008)

Diversity of Economic Approaches

This theme speaks directly to the range of economic approaches that fall under the rubric of heterodox economics. But it also includes, for example, Islamic and Ghandian economics and others that I am unaware of. The reviews falling under the theme may deal with the nature of the various approaches and their commonalities and differences. They also may deal with the issues of theoretical and intellectual pluralism.

Review Material

Peter, F. (2001) “Rhetoric vs. realism in economic methodology: a critical assessment of recent contributions,” Cambridge Journal of Economics, 25(5): 571-89.

Bigo, V. (2008) “Explaining Modern Economics (as a microcosm of society),” Cambridge Journal of Economics, 32(4): 527-54.

Stanford, J. (2008) Economics for Everyone: a short guide to the economics of capitalism, Canadian Centre for Policy Alternatives.

Lavoie, M (2006) Introduction to Post-Keynesian Economics, New York: Plagrave.

Dunn, S. P. (2001) “Bounded Rationality is not Fundamental Uncertainty: a Post Keynesian perspective,” Journal of Post Keynesian Economics 23(4): 567-88.

McKenna and Zannoni, D. C. (2000-01) “ Post Keynesian Economics and Nihilism,” Journal of Post Keynesian Economics, 23(2): 331-48.

Katzner, D. W. (2001) “The Significance, Success, and Failure of Microeconomic Theory,” Journal of Post Keynesian Economics 24(1): 41-59.

Bertola, L. (2002) “The Philosophy of Investment: a Post Keynesian perspective,’ Journal of Post Keynesian Economics 25(1): 105-22.

Shapiro, N. and Sawyer, M. (2003) “Post Keynesian Price Theory,” Journal of Post Keynesian Economics 25(3): 355-66.

Dequech, D. (2003) “Keynes’s General Theory: valid only for modern capitalism?” Journal of Post Keynesian Economics 25(3): 471-92.

Lang, D. and Setterfield, M. (2006-7) “History versus Equilibrium? On the possibility and realist basis of a general critique of traditional equilibrium analysis,” Journal of Post Keynesian Economics, 29(2): 191-210.

Dequech, D. (2007-8) “Neoclassical, mainstream, Orthodox, and Heterodox Economics,” Journal of Post Keynesian Economics, 30(2): 279-302.

Moore, B. (2006) Shaking the Invisible Hand, New York: Palgrave.

Cohn, S. M. (2007) Reintroducing Macroeconomics: a critical approach, Armonk: M. E. Sharpe.

Danby, C. (2007) “Political Economy and the Closet: heteronormativity in feminist economics,” Feminist Economics, 13(2): 29-54.

Special Issue on John Kenneth Galbraith, (2005) Journal of Post Keynesian Economics, 28(1).

Howard, M. C. and King, J. E. (2001) “Where Marx was Right: towards a more secure foundation for heterodox economics,” Cambridge Journal of Economics, 25(6): 785-809.

Philp, B. and Young, D. (2002) “Preferences, Reductionism and the Microfoundations of Analytical Marxism,” Cambridge Journal of Economics, 26(3): 313-31.

Chang, H.-J. (2002) “Breaking the Mould: an Institutionalist political economy alternative to the neo-liberal theory of the market and the state,” Cambridge Journal of Economics, 26(5): 539-560.

Nelson, J. A. (2003) “Confronting the Science/Value Split: notes on feminist economics, institutionalism, pragmatism and process thought,” Cambridge Journal of Economics, 27(1): 49-64.

Nooteboom, B. (2004) “Governance and Competence: how can they be combined?” Cambridge Journal of Economics, 28(4): 505-26.

Lewis, P. (2004) Transforming Economics: perspectives on the critical realist project, London: Routledge.

Prayukvong, W. (2005) “A Buddhist Economic Approach to the Development of Community Enterprises: a case study from southern Thailand,” Cambridge Journal of Economics, 29(6): 1171-1185.

Lawson, T. (2006) “The Nature of Heterodox Economics,” Cambridge Journal of Economics, 30(4): 483-506.

Himmelweit, S. (2007) “The Prospects for Caring: economic theory and policy analysis,” Cambridge Journal of Economics, 31(4): 581-600.

Hanusch, H. and Pyka, A. (2007) “Principles of Neo-Schumpeterian Economics,” Cambridge Journal of Economics, 31(2): 275-90.

Levine, D. P. (2001) “Political Economy and the Idea of Development,” Review of Political Economy, 13(4): 523-37.

Aspromourgos, T. (2004) “Sraffian Research Programmes and Unorthodox Economics,” Review of Political Economy, 16(2): 179-206.

Lewis, P. A. (2005) “Structure, Agency and Causality in Post-revival Austrian Economics: tensions and resolutions,” Review of Political Economy, 17(2): 291-316.

Garnett, R. F. (2006) “Paradigms and Pluralism in Heterodox Economics,” Review of Political Economy, 18(4): 521-47.

Van Staveren, I. (2007) “Beyond Utilitarianism and Deontology: ethics in economics,” Review of Political Economy, 19(1): 21-36.

Matthaei, J. (2001) “Healing Ourselves, Healing our Economy: paid work, unpaid wor, and the next stage of feminist economic transformation,” Review of Radical Political Economics, 33(4): 461-94.

Hahnel, R. (2005) “Economics Justice,” Review of Radical Political Economics, 37(2): 131-54.

McDermott, J. F. M. (2007) “Future Time in Microeconomics: an alternative approach to its study,” Review of Radical Political Economics, 39(4): 503-522.

McDonough, T. (2008) “Social Structures of Accumulation Theory: the state of the art,” Review of Radical Political Economics, 40(2): 153-74.

Lavoie, M. (2006) “”Do Heterodox Theories Have Anything in Common? A Post-Keynesian point of view,” Intervention: Journal of Economics, 3(1): 87-112.

O’Hara, P. A. (2007) “”Heterodox Political Economy Specialization and Interconnection – Concepts of Contradiction, Heterogeneous Agents, Uneven Development,” Intervention: Journal of Economics, 4(1): 99-120.

Davis, J. B. (2006) “The Turn in Economics: neoclassical dominance to mainstream pluralism?” Journal of Institutional Economics, 2(1): 1-20.

Harvey, J. T. and Garnett, R. F. (2007) Future Directions for Heterodox Economics, Ann Arbor: The University of Michigan Press.

Boisvert, V. and Caron, A. (2002) “The Convention on Biological Diversity: an Institutionalist perspective of the debates,” Journal of Economic Issues, 36(1): 151-66.

Beckert, J. (2003) “Economic Sociology and Embeddedness,” Journal of Economic Issues, 37(3): 769-788.

Rodrigues, J. (2004) “Endogenous Preferences and Embeddedness,” Journal of Economic Issues 38(1): 189-200.

Villena, M. G. and Villena, M. J. (2004) “Evolutionary Game Theory and Thorstein Veblen’s Evolutionary Economics,” Journal of Economics Issues, 38(3): 585-610.

Altman, M. (2005) “Behavioral Economics, Power, Rational Inefficiences, Fuzzy Sets, and Public Policy,” Journal of Economic Issues, 39(3): 683-706.

Ferrari-Filho, F. et. al. (2005) “The Concept of Uncertainty in Post Keynesian Theory and in Institutional Economics,” Journal of Economic Issues, 39(3): 579-94.

Steiger, O. (2006) “Property Economics versus New Institutional Economics,” Journal of Economic Issues 40(1): 182-208.

Poster, J. (2006) “Why is Economics not a Compex Systems Science?” Journal of Economic Issues, 40(4): 1069-1092.

O’Hara, P. A. (2007) “Principles of Institutional-Evolutionary Political Economy – Converging Themes from the Schools of Heterodoxy,” Journal of Economic Issues, 41(1): 1-42.

Mavroudeas, S. D. (2006) “A History of Contemporary Political Economy and Postmodernism,” Review of Radical Political Economics, 38(4): 499-518.

Ankarloo, D. (2002) “New Institutional Economics and Economic History,” Capital and Class, 78: 9-38.

Evans, T. (2004) “Marxian and Post-Keynesian Theories of Finance and the Business Cycle,” Capital and Class, 83: 47-100.

Rethinking Trade Regimes

Globalization is at the root of all these questions, since it is simultaneously a growth factor and source of social differentiation within societies, a means for economies of scale and an ever-greater wedge driven between producers and consumers, with everything that the latter implies in terms of distinct relations and transportation costs. But are the “relocation” of trade and a return to protectionism the answer? This seems unlikely. Is there not then any new way of depicting the problem? Since no society-wide issue can be dealt with on one level only, can we not begin to consider the economy in the same terms we use to describe how governance is exercised at different levels, from local to global? How then can we consider the rules of the game of production and trade in a way that helps us avoid the current dichotomy between the autarchy of closed borders and unbounded insertion in an undifferentiated world market? Is this the right path to take? How should it be conceived? How should it be structured? To what final ends?

Review Material

Financial sector reforms and choices for developing countries; An agenda for financial system reform; Reignited Debate on Regulation of Hedge Funds; Private equity: Pecuniary logic and enterprise restructuring;Basel 2 at a Time of Financial Peril

by Andrew Cornford

Skarstein, R. (2007) “Free Trade: A Dead End for Underdeveloped Economies,” Review of Political Economy 19(3): 347-67.

Lucarelli, B. (2004) ‘European Monetary Union: a neo-liberal Trojan horse?’ Contributions to Political Economy, 23: 81-91.

‘Special Issue on Globalisation and Governance,’ Contributions to Political Economy, (2005) vol. 24.

Weller, C. E. and Hersh, A. (2004) “The Long and Short of It: global liberalization and the incomes of the poor,” Journal of Post Keynesian Economics, 26(3): 471-504.

Special Issue on the Washington Consensus, (2004-5) Journal of Post Keynesian Economics, 27(2).

Perraton, J. (2001) “The Global Economy—myths and realities,” Cambridge Journal of Economics, 25(5): 669-684.

Lysandrou, P. (2005) “Globalisation as Commodification,” Cambridge Journal of Economics, 29(5): 769-98.

Baiman, R. (2006) “Unequal Exchange Without a Labor Theory of Prices: on the need for a global Marshall Plan and a solidarity trading regime,” Review of Radical Political Economics, 38(1): 71-89.

Thomas, N. H. (2007) “ Global Capitalism, the Anti-Globalisation Movement and the Third World,” Capital and Class, 92:45-80.

Rethinking the Regulation of Goods and Services

Today, the market represents the privileged mode of regulating production and trade. Indeed, recent years have witnessed a vast increase in the spheres in which markets operate, reaching domains as diverse as public services and healthcare etc. However, it is doubtful that the same modes of production, distribution and consumption can or should be applied to things as different as biodiversity, natural resources, industrial goods, human services, culture, knowledge, health and transport. The very real efficiencies of markets for certain goods are not, to say the least, always realized for others. Therefore, what should we do? Should we limit ourselves solely to making up for inefficiencies with mechanisms like taxation and rationing applied to certain goods and services? Instead, do we not need mechanisms of production, distribution and consumption that are tailored to the specific nature of each good? And can we imagine new modes of regulation that work in tandem with these specific natures?

Review Material

Atkinson, G., Nichols, M., and Oleson, T. (2000) “The Menace of Competition and Gambling Deregulation.” Journal of Economic Issues 34.3:621-634.

England, Paula and Nancy Folbre. (2003). Contracting for care. In Feminist Economics Today: Beyond Economic Man, ed. M.A. Ferber and J.A. Nelson. University of Chicago Press.

 

Frank Ackerman and Lisa Heinzerling, Priceless: On Knowing the Price of Everything and the Value of Nothing (The New Press, 2004).

 

Hutton, Alan. (2005) “Economics, Competitive Markets, Switching & the Consumer Interest in Utilities and Public Services.”

Gajewski, Gregory, Ihara, Miho, and Tornieri, Francesco. “Socially Inclusive and Gender-Responsive Transport Projects - A Case Study of the Timor-Leste Road Sector Improvement Project" Asian Development Bank. November 2007.

[pic]Gajewski, Gregory, Moldovan, Sonia, and Claire Yezer. “How War, a Tribal Social Structure, and Donor Efforts Shape Institutional Change in Afghanistan: A Case Study of the Roads Sector” Presented at the 2007 Conference European Association for Evolutionary Political Economy. Porto, Portugal November 1-3, 2007.

[pic]Moldovan, Sonia. “Private Sector Participation and Challenges in Afghanistan’s Transport Sector” Symposium EAEPA in collaboration with PRESOM/EU on Privatization and Regulations of Core Transactions in Physical Infrastructure, June 2007.

[pic]Gajewski, Gregory, Bathiche, Tanya, and Wilczewski, Kim. A New Infrastructure-Led Regional Development Approach to Promote More Equitable Globalization in Asia, March 2007.



Stein, Howard Beyond the World Bank Agenda: An Institutional Approach to Development. Chapter 5. (University of Chicago Press, 2008).

Evans, J., Orszag, M. and Piggott, J. (eds) (2008), Pension Fund Goverance: a global perspective on financial regulation, Cheltenham: Elgar.

Kirkpatrick, C. and Parker, D. (eds) (2007) Regulatory Impact Assessment: towards better regulation?, Cheltenham: Elgar.

Crew, M. A. and Kleindorfer, P. R. (eds) (2008) Competition and Regulation in the Postal and Delivery Sector, Cheltenham: Elgar.

Hodge, G., Bowman, D., and Ludlow, K. (eds) (2007) New Global Frontiers in Regulation: the age of nanotechnology, Cheltenham: Elgar.

Aldred, R. (2008) “NHS LIFT and the New Shape of Neoliberal Welfare,” Capital and Class, 95: 31-58.

Rethinking the Role of Currency and Finance

Currency is the essential means of trade, simultaneously an accounting measure, a means of exchange, a benchmark of value and a vehicle for investment. The US dollar remains today the reference-point currency for the international monetary system. This situation is the source of two contradictions. Firstly, the world economy is regulated in an unstable fashion by a currency tied to national interests, lending new relevance to the idea Keynes supported as of 1944 of a "single international currency." Secondly, a single benchmark of value is used to measure the consumption of goods and services, but without respect to the labor and natural resources used in their production. As research into better ways of associating these different levels of exchange has progressed, new kinds of currencies have appeared, including for instance "parallel," "social," and "complementary" currencies, which are attempting to resolve this contradiction. Is it not time to confront this issue head-on, and to rethink the idea of currency in such a way that it becomes a tool adapted to actual economic modes of production and trade?

Review Material

Arestis, P. and Sawyer, M.C. (eds) (2006) A Handbook of Alternative Monetary Economics, Northampton: Edward Elgar.

Bank of International Settlements (2007) 77th Annual Report, Geneva: Bank of International Settlements.

Bell, S.A. (2001) “The role of the state and the hierarchy of money,” Cambridge Journal of Economics, 25 (2): 149-163.

Bell-Kelton, S.A. (2006) “Behind closed doors: The political economy of central banking in the United States,” International Journal of Political Economy, 35 (1): 5-23.

Bellofiore, R. and Ferri, P. (eds) (2001) Financial Fragility and Investment in the Capitalist Economy, 33-52, Cheltenham: Edward Elgar.

Brossard, O. (2001) D’un Krach à l’Autre: Instabilité et Régulation des Economies Monétaires, Paris: Editions Grasset & Fasquelle/Le Monde de l’Education.

Cohen, C.J. (2001) “Electronic money: new day or false dawn?” Review of International Political Economy 8 (2): 197–225

Crow, J. (2002) Making Money: An Insider’s Perspective on Finance, Politics and Canada’s Central Bank, Etobicoke: John Wiley & Sons Canada.

Dalziel, P. (2001) Money, Credit, and Price Stability, London: Routledge.

Davidson, P. (2002) Financial Markets, Money, and the Real World, Northampton: Edward Elgar.

Ertuk, K.A. (2006a) “Asset price bubble, liquidity preference and the business cycle,” Metroeconomica, 57 (2): 239-256.

Forstater, M. 2006. “Tax-Driven Money: Additional Evidence from the History of Thought, Economic History, and Economic Policy.” In Setterfield, M. (ed.) Complexity, Endogenous Money And Macroeconomic Theory. Cheltenham: Edward Elgar.

Fullwiler, S.T. (2006) “Setting interest rates in the modern money era,” Journal of Post Keynesian Economics, 28 (3): 495-525.

Godley, W. and Lavoie, M. (2007) Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and Wealth, New York: Palgrave Macmillan.

Graziani, A. (2003) The Monetary Theory of Production, Cambridge: Cambridge University Press.

Hudson, M. (2000) “Reconstructing the Origins of Interest-Bearing Debt and the Logic of Clean Slates,” in M. Hudson and C. Wunsch (eds.) Debt and Economic Renewal in the Ancient Near East, Bethesda, MD: CDL Press.

________. (2004) “The Development of Money-of-Account in Sumer’s Temples,” in M. Hudson and C. Wunsch (eds.) Creating Economic Order, Bethesda, MD: CDL Press.

Ingham, G. (2004) The Nature of Money, Cambridge: Polity Press.

Kregel, J.A. (2006) “Can the Basel revised framework succeed where Basel I failed?,” remarks prepared for the International Seminar Global Finance and Strategies of Developing Countries organized by the Institute of Economics University of Campinas, March 13-14, 2006.

—— (2008) “Minsky’s cushions of safety: Systemic risk and the crisis in the U.S. subprime mortgage market,” Levy Economics Institute, Public Policy Brief No. 93/2008.

Lavoie, M. and Seccareccia, M. (eds) (2004) Central Banking in the Modern World: Alternative Perspectives, Northampton: Edward Elgar.

Markham, J.W. (2002) A Financial History of the United States, Armonk: M.E. Sharpe.

Mayer, M.(2001) The Fed: The Inside Story of How the World’s Most Powerful Financial Institution Drives the Market, New York: Free Press.

Meyer, L.H. (2004) A Term at the Fed: An Insider’s View, New York: Harper-Collins.

Organisation for Economic Co-Operation and Development (2002) The Future of Money, Paris: Organisation for Economic Co-Operation and Development

Palley, T.I. (2000) “Stabilizing finance: The case for asset-based reserve requirements,” report in the Financial Markets and Society series issued by the Financial Markets Center, august 2000, Philomont, VA.

—— (2004) “Asset-based reserve requirements: Reasserting domestic monetary control in an era of financial innovation and instability,” Review of Political Economy, 16 (1): 43-58.

Raines, J.P. and Leathers, C.G. (2000) Economists and the Stock Market: Speculative Theories of Stock Market Fluctuations, Northampton: Edward Elgar.

Rochon, L.-P. and Rossi, S. (eds) (2003) Modern Theories of Money, Northampton: Edward Elgar.

Schinasi, G.J. (2006) Safeguarding Financial Stability: Theory and Practice, Washington, DC: International Monetary Fund.

Shiller, R.J. (2000) Irrational Exuberance, Princeton: Princeton University Press.

Toporowski, J. (2000) The End of Finance: The Theory of Capital Market Inflation, Financial Derivatives and Pension Fund Capitalism, London: Routledge.

Tymoigne, E. (2007a) “A hard-nosed look at worsening U.S. household finance,” Challenge, 50 (4): 88-111.

—— (2007b) “An inquiry into the nature of money: An alternative to the functional approach,” mimeograph.

—— (2009) Central Banking, Asset Prices, and Financial Fragility, London: Routledge.

Wärneryd, K.-E. (2001) Stock-Market Psychology: How People Value and Trade Stocks, Northampton: Edward Elgar.

Whalen, C.J. (2008) “Understanding the credit crunch as a Minsky moment,” Challenge, 51 (1): 91-109.

Wray, L.R. (ed.) (2004) Credit and State Theories of Money: The Contributions of A. Mitchell Innes, Northampton: Edward Elgar.

—— (2006b) “Can Basel II enhance financial stability? A pessimistic view,” Levy Economics Institute, Public Policy Brief No. 84/2006.

—— (2008) “Lessons from the subprime meltdown,” Challenge, 51 (2): 40-68.

Preparata, G. G. (2006) “Perishable Money in a Threefold Commonwealth: Rudolf Steiner and the social economics of an anarchist utopia,” Review of Radical Political Economics, 38(4): 619-648.

GUIDELINES FOR REVIEWS

The reviews are to be an analytical summary or commentary of an article, book, book chapter, thesis, dissertation, government report, etc. that has been published since 2000. The review needs not be exhaustive presentation; it could focus on a specific theme or aspect developed by the author. In all cases, the review should: (1) give a clear idea of what the material reviewed is about; (2) explain its relevance to heterodox economics; (3) and provide an assessment of its strengths/weaknesses.

Word Count: Reviewers should aim at 500 words as a minimum, but reviews of up to 2,000 words will be acceptable.

The review must include the title and subtitle of the work reviewed, name, affiliation, and short bio of the author, and give any reference quoted in the review.

The reviews are not peer-reviewed but are expected to meet acceptable academic standards.

As an international forum for heterodox economics, the Newsletter welcomes reviews of material published in other languages, and will also welcome reviews written in any language (but will need an English summary).

Send all reviews to Fred Lee at leefs@umkc.edu.

PUBLICATION OF REVIEWS

All reviews will be published in the Heterodox Economics Newsletter. They will also be put on the Institute for Research and Debate on Governance web site:

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REVIEWING AND COMPENSATION

In order to do a review, you need to select one or more of the material listed above and e-mail Fred Lee (leefs@umkc.edu) saying that you would like to review. Assuming that the material has not already been claimed, you will be given the OK to review it. If you want to review material which is not listed above, send an e-mail to Fred Lee asking whether it would be possible to review it.

Generally compensation for the reviews is their publication in the Newsletter. However, if an individual does a batch of 3-4 reviews can receive an honorarium of $300.00 and fir a batch of 5 or more reviews can receive an honorarium of $500.00.

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