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Theorising non-bank financial intermediation (2024)
Journal Article
Michell, J. (2024). Theorising non-bank financial intermediation. Review of Keynesian Economics, 12(2), 181-196. https://doi.org/10.4337/roke.2024.02.04

The expansion of non-bank financial intermediation (NBFI) presents a challenge for monetary theories which emphasise the macroeconomic significance of commercial bank lending. The heterodox literature which has emerged since the 2008 crisis falls rou... Read More about Theorising non-bank financial intermediation.

On the economics of cross-border reparation payments: The case for a bank of international reparations (2024)
Journal Article
Sissoko, C. (in press). On the economics of cross-border reparation payments: The case for a bank of international reparations. Development and Change,

This essay considers the challenge of ensuring that international reparation payments are effective in benefiting the recipient countries of the reparations. In order to ensure that these financial flows provide long-term benefit to the recipient eco... Read More about On the economics of cross-border reparation payments: The case for a bank of international reparations.

Karl Polanyi’'s and K. William Kapp’'s arguments on social costs: Is there a common “revolutionary” raison d’'être? (2024)
Journal Article
Berger, S. (2024). Karl Polanyi’'s and K. William Kapp’'s arguments on social costs: Is there a common “revolutionary” raison d’'être?. Ecological Economics, 219, Article 108131. https://doi.org/10.1016/j.ecolecon.2024.108131

This article examines Karl Polanyi's and K. William Kapp's social cost proposals to test their suitability for a “revolutionary” Social Ecological Economics that radically breaks with neoclassical and neoliberal paradigms. Whilst some coherence is re... Read More about Karl Polanyi’'s and K. William Kapp’'s arguments on social costs: Is there a common “revolutionary” raison d’'être?.

Individualism, universalism and climate change (2024)
Journal Article
Hinks, T., & Douarin, E. (in press). Individualism, universalism and climate change. Journal of Institutional Economics, 20, Article e17

Is “individualism” pure selfishness?. The climate change literature often assumes so. However, individualism can be seen as capturing values aligned with self-determination and self-achievement but also universalism. Indeed, cultural psychology recog... Read More about Individualism, universalism and climate change.

Profit aus Glaubenmachen - Gewinn aus Dichtung: Wirtschaft als Wahrheitskampf (2023)
Book Chapter
Berger, S. (2023). Profit aus Glaubenmachen - Gewinn aus Dichtung: Wirtschaft als Wahrheitskampf. In I. D. Gennaro, G. N. Schaefer, & S. E. Schuster (Eds.), Geld und Gewinn. Zur Erweiterung monetär-ökonomischer Logiken (11-40). Verlag Karl Alber

Die Wirtschaftswissenschaft der Moderne befasst sich maßgeblich mit der Frage, was der Markt ist bzw. wie vom Markt zu denken ist. Aus eigener Erfahrung teilen wir hier die Einsicht des Wirtschaftsphilosophen Philip Mirowski (2013), dass die in der H... Read More about Profit aus Glaubenmachen - Gewinn aus Dichtung: Wirtschaft als Wahrheitskampf.

CORE Econ: A neoclassical synthesis for the twenty-first century? (2023)
Journal Article
Michell, J. (2023). CORE Econ: A neoclassical synthesis for the twenty-first century?. Advances in Economics Education, 2(2), 145–162

This paper provides a critical review of CORE Econ’s The Economy and associated materials. It argues that there is a need for reworked economics textbooks and that CORE Econ’s approach to this project – to replace mathematical abstractions with relev... Read More about CORE Econ: A neoclassical synthesis for the twenty-first century?.

Rentiers and distributive conflict in Brazil (2000–2019) (2023)
Journal Article
Marques, P. R., & Rugitsky, F. (2024). Rentiers and distributive conflict in Brazil (2000–2019). Cambridge Journal of Economics, 48(2), 275-302. https://doi.org/10.1093/cje/bead053

The paper examines the determinants of rentier income in contemporary financialised capitalist economies by analysing the case of Brazil. It argues that different drivers of rentier income may have comparable potential to channel a substantial share... Read More about Rentiers and distributive conflict in Brazil (2000–2019).

What is heterodox economics? Insights from interviews with leading thinkers (2023)
Journal Article
Mearman, A., Berger, S., & Guizzo, D. (2023). What is heterodox economics? Insights from interviews with leading thinkers. Journal of Economic Issues, 57(4), 1119-1141

This article investigates heterodox economics, drawing on data from interviews we conducted with leading economists, using thematic analysis to identify three core concerns of our respondents: realism, power, and pluralism. Heterodox economists appea... Read More about What is heterodox economics? Insights from interviews with leading thinkers.

Macroeconomic policy at the end of the age of abundance (2023)
Journal Article
Michell, J. (2023). Macroeconomic policy at the end of the age of abundance. European Journal of Economics and Economic Policies: Intervention, 20(2), 369-387. https://doi.org/10.4337/ejeep.2023.0122

Progressive policy proposals influenced by post-Keynesian economics emphasise the use of fiscal policy and income redistribution to maintain aggregate demand at levels which achieve full employment. Given persistent evidence of weak demand, excess ca... Read More about Macroeconomic policy at the end of the age of abundance.

Dollar liquidity, financial vulnerability and monetary sovereignty (2023)
Journal Article
Jump, R. C., & Michell, J. (2023). Dollar liquidity, financial vulnerability and monetary sovereignty. Development and Change, 55(5), 1087-1113. https://doi.org/10.1111/dech.12799

Periods of dollar-led global monetary tightening generate negative effects in many lower- and middle-income countries. The tightening cycle which commenced in early 2022 has exacerbated the financial dislocation experienced by countries including Zam... Read More about Dollar liquidity, financial vulnerability and monetary sovereignty.

Undefined benefit: Fixing the UK pensions system (2023)
Report
Churchill, J., Bonizzi, B., Dutta, S., & Buller, A. (2023). Undefined benefit: Fixing the UK pensions system. https://www.common-wealth.org/: Common Wealth

...most people in the UK have very poor pension cover, and the distribution of pension assets is steeply unequal, with lower average cover for women and other disadvantaged groups. The vast, state-subsidised private pension assets built up by a rich... Read More about Undefined benefit: Fixing the UK pensions system.

The macroeconomics of austerity (2023)
Report
Michell, J., Calvert Jump, R., Meadway, J., & Nasciemento, N. (2023). The macroeconomics of austerity. https://progressiveeconomyforum.com: Progressive Economy Forum

A new study from the thinktank the Progressive Economics Forum (PEF), published today, uses official figures to show that the total economic damage inflicted by austerity is significantly higher than previously thought, needlessly cutting more than h... Read More about The macroeconomics of austerity.

UK pension funds’ patience and liquidity in the age of market-based finance (2023)
Journal Article
Bonizzi, B., Churchill, J., & Kaltenbrunner, A. (2023). UK pension funds’ patience and liquidity in the age of market-based finance. New Political Economy, 28(5), 780-798. https://doi.org/10.1080/13563467.2023.2184469

Pension funds have often failed to meet expectations in terms of providing ‘patient capital’. Explanations for this lapse have ranged over regulatory and ideational factors. We argue that a new ‘impatient’ phenomenon is emerging that requires further... Read More about UK pension funds’ patience and liquidity in the age of market-based finance.

Does the emerging middle class support democracy? A comparative analysis of China, countries with authoritarian political regimes and recent post-socialist democracies (2023)
Journal Article
Ivlevs, A. (2023). Does the emerging middle class support democracy? A comparative analysis of China, countries with authoritarian political regimes and recent post-socialist democracies. Journal of Economic Issues, 57(1), 62-79. https://doi.org/10.1080/00213624.2023.2154537

Does the emerging middle class support democracy? This study provides a comparative analysis of political attitudes, actions, and preferences of the middle class in China, other countries characterized by authoritarian political regimes/tendencies (R... Read More about Does the emerging middle class support democracy? A comparative analysis of China, countries with authoritarian political regimes and recent post-socialist democracies.