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Tag Archives: Economic History

Confronting twin perils of pandemic and austerity – some lessons from 1920 & 2020

Extract from Resolutions of Brussels International Financial Conference 1920 SummaryThe UK is experiencing, as a result of the COVID 19 crisis and response, its most severe economic downturn on record; the largest in the last century was in 1921, when annual GDP fell by 9.7%.  In assessing the likely level of the fall, the Office for...

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100 years ago: the dignity of labour affirmed in the Royal Courts of Justice

“I say that if captains of industry cannot organise their concerns so as to give Labour a living wage, then they should resign from their captaincy of industry” - Ernest Bevin, February 1920One hundred years ago this month, a public inquiry held at the Royal Courts of Justice in London marked a significant change in industrial relations and...

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Rohan Grey — Administering Money: Coinage, Debt Crises, and the Future of Fiscal Policy

Abstract The power to coin money is a fundamental constitutional power and central element of fiscal policymaking, along with spending, taxing, and borrowing. However, it remains neglected in constitutional and administrative law, despite the fact that money creation has been central to the United States’ fiscal capacities and constraints since at least1973, when it abandoned convertibility of the dollar into gold. This neglect is particularly prevalent in the context of debt...

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Equilibrium Theory and Near East Economics — Michael Hudson

Video interview and transcript.Michael Hudson — On Finance, Real Estate And The Powers Of NeoliberalismEquilibrium Theory and Near East EconomicsMichael Hudson | President of The Institute for the Study of Long-Term Economic Trends (ISLET), a Wall Street Financial Analyst, Distinguished Research Professor of Economics at the University of Missouri, Kansas City, and Guest Professor at Peking University

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GDP: origin, uses and abuses

Origins of National Income From the ultra pro-business World Economic Forum to the progressive “thinktank” New Economics Foundation, we find a growing consensus that the standard measure of economic performance, Gross Domestic Product (GDP), needs replacement.  Its failure to adequately measure welfare or well being appears as a common threat in the critique of GDP (treated in detail in the 2009 study from Boston University), a theme repeated in the media.  More broadly, some...

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The End of Super Imperialism?

T Sabri Öncü ([email protected]) is an economist based in İstanbul, Turkey. This article was first published in the Indian journal the Economic and Political Weekly (EPW) on 28 September 2019.Summary: With intensifying concerns regarding the soundness and stability of the international monetary and financial system, calls for reforming it have been on the rise. One recent call was made by the Bank of England Governor Mark Carney, in August 2019, in which he suggested a...

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Balance of Power: The Economic Consequences of the Peace at 100

My review of John Maynard Keynes’s The Economic Consequences of the Peace  Macmillan (2019) appeared in Nature – the International Journal of Science – on 23 September, 2019.“Ann Pettifor finds astonishing contemporary resonance in John Maynard Keynes’s critique of globalization and inequity.”The Economic Consequences of the Peace John Maynard Keynes Macmillan (2019)In December 1919, John Maynard Keynes published a blistering attack on the Treaty of Versailles, signed in...

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On the Economy — Historical U.S. Trade Balance and Industrialization

The U.S. has run a persistent trade deficit over the past few decades, similar to much of the 19th century. The shifts in the U.S. trade balance over time seem to correspond with U.S. industrialization in a global setting, according to a recent Economic Synopses essay.  “We hypothesize that industrialization leads to structural changes that cause a nation’s comparative advantages to change relative to those of other nations,” wrote Assistant Vice President and Economist Yi Wen and Research...

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Apocalypse economics and economic apocalypse — Richard Westra

What cutting edge economic anthropology and economic history shows is that prior to the dawn of the capitalist era it would have been nonsensical to refer to such a thing as an “economy” and no one ever did. The reason for this, quite simply, is that while economic reproduction is an existential facet of all existing human societies it had always been intermeshed with other social practices–culture, religion, ideology, politics, and so on–and indistinguishable from them. Only under...

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