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The author Thomas Palley
Thomas Palley
Dr. Thomas Palley is an economist living in Washington DC. He holds a B.A. degree from Oxford University, and a M.A. degree in International Relations and Ph.D. in Economics, both from Yale University.

Thomas Palley: Economics for Democratic and Open Societies

Europe’s foreign policy has been hacked and the consequences are dire

Europe’s foreign policy has been hacked and captured by US Neocon interests. That capture poses a dire threat to both European democracy and global security. The threat to global security is because Europe is now captive in the US Neocon war on China and Russia. The threat to democracy comes from European voters gradually intuiting […]

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Israel’s genocide, US assistance, and consequences thereof

South Africa has now presented its charge of Israeli genocide in the International Court of Justice (ICJ), and Israel has presented its rebuttal. Regardless of the ultimate judgment, a page has been turned. Israel’s actions in Gaza, assisted by the US, have changed the geopolitical landscape. The consequences stand to be dire and lasting. The […]

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The corruption of US foreign policy & weaponization of antisemitism

Below are three brilliant articles and one interview that help understand geopolitics at the beginning of 2024. In my view, they should be read by anyone interested in the geopolitical situation & should be required reading for students of international relations and international political economy: US Foreign Policy is a Scam Built on Corruption, Jeffrey […]

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The theory of monetary disorder: debt finance, existing assets, and the consequences of prolonged monetized budget deficits and ultra-easy monetary policy

This paper introduces the notion of monetary disorder. The underlying theory rests on a twin circuits view of the macro economy. The idea of monetary disorder has relevance for understanding the experience and consequences of the recent decade-long period of monetized large budget deficits and ultra-easy monetary policy. Current policy rests on Keynesian logic whereby […]

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The menace of the myth of General Pinochet’s Chilean economic miracle

September 11, 2023, marks the fiftieth anniversary of General Pinochet’s military coup against Chilean President Salvador Allende. While it is now widely recognized that Pinochet authorized large-scale human rights abuses, there is an accompanying narrative that he also unleashed an economic miracle via embrace of Milton Friedman’s “Chicago Boys” vision of a market economy. The […]

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Broadening the application of hysteresis in economics: institutions, policy lock-in, psychology, identity, and ideas

This paper argues for broadening the application of hysteresis to institutions, policy lock-in, psychology, identity, and economic ideas. Hysteresis is an element of historical processes, and the real world is historical. That explains why hysteresis is pervasive and important. Hysteresis should be a fundamental building block of political economy. Expanding its application in economics is […]

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The forgotten case against Milton Friedman: an interview about inflation and the Phillips curve

Milton Friedman revolutionized macroeconomics with his 1967 presidential speech to the American Economics Association (AEA), which presented a theory of the so-called natural rate of unemployment for the first time. That speech, which played a major role in discrediting the brand of Keynesianism that prevailed in postwar liberal economic policy thinking, remains one of the […]

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Keynes’ denial of conflict: why The General Theory is a misleading guide to capitalism and stagnation

Keynes’ General Theory was a massive step forward relative to classical economics, but it was also a step backward in its denial of the conflictual nature of capitalism. There is need to understand Keynes’ technical contributions regarding the workings of monetary economies, but also need to understand the flaws within his thinking and the consequences […]

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