Thomas Palley: Economics for Democratic and Open Societies

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 […]

Most of the time I write dense blogs & research papers. I sent the e-mail below to someone close to me. Afterward, I realized it tacitly says a lot about the state of our society (liberals included). Sometimes, mixing things and writing about them in a different way can be revealing. Sent: Saturday, December 17, […]

Because of the seriousness of the world situation, I have decided to get back in the business of doing interviews (which I do not enjoy doing). Here is a link to my interview (13/12/2022) on RT CrossTalk discussing “New Globalization?” In that connection, here is a link to a paper (written in 2018) titled “The […]

This Fall (October/November 2022) marks the tenth anniversary of the founding of the Review of Keynesian Economics (ROKE). The founding co-editors were Louis-Philippe Rochon, Matias Vernengo, and I. At the beginning of 2018 Louis-Philippe Rochon stepped down to become sole editor of the Review of Political Economy and he was replaced by Esteban Pérez Caldentey. […]

Neoliberalism is a political economic philosophy that consists of two claims, one economic and the other political. The economic claim is free market laissez-faire economies are the best way to organize economic activity as they generate efficient outcomes that maximize well-being. The political claim is free market economic arrangements promote individual liberty. This paper argues […]

Ponencia presentada por Thomas Palley en el primer plenario de las XVIII Jornadas de Economía Crítica (Cuenca, España, 8 de septiembre de 2022), y cuyo título completo fue: The false promise and bitter fruit of Neoliberalism: the destruction of shared prosperity and the rise of proto-fascist politics. Más información: http://www.asociacioneconomiacritica.org/

Imagine Moscow was nuked yesterday, and this morning The New York Times ran a frontpage headline “Moscow nuked: Russia proves its hostility to Europe again”. Sounds pretty crazy? Yet, in a manner of speaking, that is what happened last week. On Tuesday September 27th three major leaks caused by undersea explosions were discovered in the […]

Mikhail Gorbachev died on August 30, 2022. Since then, praises have flowed from Western leaders. Those praises obscure how the West betrayed Gorbachev after he fell from power, and how that betrayal seeded the Ukraine conflict. The story is complicated because Gorbachev’s fall was triggered by Communist Party hardliners, so the troubles which befell Russia […]

This paper explores dollar hegemony, emphasizing it is a fundamentally political economic phenomenon. Dollar hegemony rests on the economic, military, and international political power of the US and is manifested through market forces. The paper argues there have been two eras of dollar hegemony which were marked by different models. Dollar hegemony 1.0 corresponded to […]

It is now almost six months since the beginning of Russia’s invasion of Ukraine, and with each passing month the Biden administration has ratcheted up US participation in the conflict. That ratchet process has the US flirting ever closer with nuclear Armageddon, a momentous development that has gone almost uncommented and uncontested. It is as […]