Nonfiction 14

Crisis and Sustainability: The Delusion of Free Markets by Alessandro Vercelli

By Alessandro Vercelli

This ebook deals a unique interpretation of the nice Recession and the consequent Euro situation because of the evolution of capitalism because the Seventies. Chapters argue that the neoliberal improvement trajectory pursued in contemporary many years is unsustainable, and posit that neither sound macroeconomics nor empirical facts help the unqualified religion in loose markets that encouraged it. The publication starts by way of offering a extensive severe point of view on key techniques resembling freedom, unfastened marketplace, loose exchange, globalisation and financialisation, ahead of occurring to examine the lengthy and deep fresh obstacle because of the neoliberal coverage approach followed because the early Eighties. the choice narrative defined within the e-book offers insights into the coverage process required to accomplish a sustainable improvement trajectory.

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1968. The Role of Monetary Policy. The American Economic Review 58(1): 1–17.  Krueger. 1993. Environmental Impacts of a North American Free Trade Agreement. S. Free Trade Agreement, ed.  Garber. Cambridge, Mass: MIT Press. IPCC. 2014. Fifth Assessment Report—Climate Change 2014: Mitigation of Climate Change. Geneva Switzerland: Intergovernmental Panel on Climate Change. Keynes, John Maynard. 1921. A Treatise on Probability. London: Macmillan. ———. 1936 [1973]. The General Theory of Employment, Interest and Money.

An alternative interpretation could legitimately lead to the opposite conclusion: generally speaking, the real markets, being so different from a perfectly competitive market, realise neither the optimal allocation of resources nor the maximisation of agents’ well-being. In principle, only collective action could correct the distortions of real markets and push the economy towards the optimal position. As for observed market failures, two interpretive stances are possible: either they confirm the intrinsic shortcomings of unfettered real markets, or they suggest that the structural reforms advocated by the neoliberal paradigm have not been implemented with the necessary energy and consistency.

36. 37. Introduction: Approach and Basic Concepts 23 Modigliani (1944). Lipsey (1960). Samuelson and Solow (1960). See in particular Friedman (1968). As a rule of thumb, Friedman suggested a rate of growth of money supply of 2 %, roughly corresponding to the labour productivity growth trend. Some critics likened the allegedly ad hoc introduction of these additional factors to the introduction of epicycles by Ptolemaic astronomers to defend the geocentric theory. The new approach, soon called New Classical Economics, was summarised and motivated by Lucas himself in the collection of his first essays published in the 1970s (Lucas 1981).

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