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Working Paper No. 825Why Does Brazil’s Banking Sector Need Public Banks?
The 2007–8 global financial crisis has shown the failure of private finance to efficiently allocate capital to finance real capital development. The resilience and stability of Brazil’s financial system has received attention, since it navigated relatively smoothly through the Great Recession and the collapse of the shadow banking system. This raises the question of whether it […] -
Working Paper No. 824
Building the Entrepreneurial State
Today, countries around the world are seeking “smart” innovation-led growth, and hoping that this growth is also more “inclusive” and “sustainable” than in the past. This paper argues that such a feat requires rethinking the role of government and public policy in the economy—not only funding the “rate” of innovation, but also envisioning its “direction.” […] -
Working Paper No. 824
Η οικοδόμηση του επιχειρηματικού κράτους
Σήμερα, οι χώρες σε όλο τον κόσμο αναζητούν «έξυπνη» ανάπτυξη, καθοδηγούμενη από την καινοτομία, και ευελπιστούν ότι αυτή η ανάπτυξη θα είναι επίσης πιο «περιεκτική» και «βιώσιμη» από ό, τι στο παρελθόν. Η παρούσα εργασία υποστηρίζει ότι ένα τέτοιο κατόρθωμα απαιτεί επανεξέταση του ρόλου του κράτους και της δημόσιας πολιτικής στην οικονομία, που θα χρηματοδοτεί […] -
Strategic AnalysisIs Greece Heading For a Recovery?
With the anti-austerity Syriza party continuing to lead in polls ahead of Greece’s election on January 25, what is the outlook for restoring growth and increasing employment following six years of deep recession? Despite some timid signs of recovery, notably in the tourism sector, recent short-term indicators still show a decline for 2014. Our […] -
Strategic Analysis
Οδεύει η Ελλάδα προς την ανάπτυξη;
Με τον Σύριζα να βρίσκεται σταθερά μπροστά σε όλες τις δημοσκοπήσεις, λίγο πριν την κρίσιμη εκλογική αναμέτρηση της 25ης Ιανουαρίου, ποιες είναι οι προοπτικές για επαναφορά της Ελλάδας στο δρόμο της ανάπτυξης και για αύξηση της απασχόληση μετά από 6 χρόνια βαθιάς ύφεσης; Παρά ορισμένα δειλά σημεία ανάκαμψης το 2014, κυρίως στον τομέα του τουρισμού, […] -
Despite Growth, Experts Skeptical US Recovering from Recession
Anadolu Agency, December 24, 2014. All Rights Reserved. The U.S. economy on Tuesday posted its fastest expansion in more than a decade, but experts warn that there may be a dark cloud to this silver lining. Official figures show that the gross domestic product—the broadest measure of economic output and growth—grew at its fastest rate since 2003, surging 5 percent […] -
Blog
Deflation in the Air
A New York Times article over the weekend delves into the history and rationale of the 2 percent inflation target, beloved of central bankers everywhere and a fairly recent innovation. Of course, the US Federal Reserve has a dual mandate, which includes both inflation and employment goals. The Fed said last week that it was [...] -
Blog
Boom Bust Boom: Minsky at the Movies
I highly recommend a movie to be released next year (that is, the year that begins next week). Terry Jones, of Monty Python fame, is one of the key developers of the film. It is on the Global Financial Crisis, but also provides a quick history of bubbles and crashes. It is highly entertaining and [...] -
Working Paper No. 823
The State and National Systems of Innovation
This paper starts with a review of the literature about National Systems of Innovation (NSI), by linking the origin of the concept to the evolutionary theory of the firm and innovation. The first point reviews the flaws of the NSI concept by looking at the pioneering works of Chris Freeman, Bent-Åke Lundvall, and Richard Nelson. […] -
Blog
Contributions to Economic Theory, Policy, Development and Finance: Essays in Honor of Jan Kregel
“This collection brings together distinguished scholars who have been influenced by Jan Kregel‘s prodigious contributions to the fields of economic theory and policy. The chapters cover and extend many topics analyzed in Kregel’s published work, including monetary economic theory and policy; aspects of the Cambridge (UK and US) controversies; Sraffa’s critique on neoclassical value and [...] -
Working Paper No. 822
The Socialization of Investment, from Keynes to Minsky and Beyond
An understanding of, and an intervention into, the present capitalist reality requires that we put together the insights of Karl Marx on labor, as well as those of Hyman Minsky on finance. The best way to do this is within a longer-term perspective, looking at the different stages through which capitalism evolves. In other words, […] -
Working Paper No. 822
Η κοινωνικοποίηση της επένδυσης από τον Keynes στον Minsky και ακόμα πιο πέρα
Ένας συνδυασμός των ιδεών του Καρλ Μαρξ για την εργασία και του Hyman Minsky για το χρηματοοικονομικό σύστημα είναι απαραίτητη προϋπόθεση για την κατανόηση της σημερινής καπιταλιστικής πραγματικότητας και για παρεμβάσεις στην οικονομική πολιτική. Ο καλύτερος τρόπος για να επιτευχθεί αυτό είναι μέσα από μια ιστορική ανάλυση, που εξετάζει τα διάφορα στάδια της εξέλιξης του […]