Reforming capitalism for the common good : essays in institutional and post-Keynesian economics

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Reforming capitalism for the common good : essays in institutional and post-Keynesian economics

Charles J. Whalen

E. Elgar, c2022

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Includes bibliographical references and index

Description and Table of Contents

Description

This book of selected essays presents constructive analyses of vital economic problems confronting the United States since the 1970s, giving special attention to challenges facing working families. The analyses, produced by Charles Whalen over three decades, address the causes and consequences of macroeconomic instability, job offshoring, community economic dislocation, financialization, and income inequality. They also explore the various dimensions of worker insecurity and underscore the dynamics of an ever-changing economy. The result is a compelling case for reforming capitalism by addressing workers' interests as an integral part of the common good, and for reconstructing economics in the direction of post-Keynesian institutionalism. Whalen's reformist approach builds not only on the institutional economics of John R. Commons, but also on the post-Keynesianism of Hyman Minsky, who stressed that society should be democratic and humane. To that end, the book gives attention to policy-making processes as well as policy details. Scholars and students of economics and labor studies will appreciate the incisive analyses and real-world focus. Historians and economic sociologists will be interested in the book's attention to the evolution of US capitalism; and policy analysts and concerned citizens will welcome its emphasis on economic reform and optimistic vision for our economic future.

Table of Contents

Contents: Foreword Glen Atkinson PART I INTRODUCTION 1. Reforming capitalism: economics at the crossroads of institutionalism and post-Keynesianism PART II RECONSTRUCTING ECONOMICS 2. Economics must change: workforce insecurity and the need for a new political economy 3. The institutional approach to political economy 4. Post-Keynesian economics: a pluralistic alternative to conventional economics PART III EXPLORING THE CONTEMPORARY RELEVANCE OF JOHN R. COMMONS 5. Economic insecurity and the problem-solving approach of John R. Commons 6. Saving capitalism by making it good: the monetary economics of John R. Commons 7. Social security: a view from beyond the beltway 8. Sending jobs offshore from the United States: what are the consequences? 9. Social unionism in western New York: the case of the Economic Development Group 10. Full employment with liberty: John R. Commons's perspective and its continuing relevance 11. Human resources: the key to institutional economics after the Great Recession 12. John R. Commons and government as employer of last resort: three paths to a progressive right to work 13. The "middle way" of John R. Commons: pursuing reasonable value in the age of unreason PART IV STANDING ON THE SHOULDERS OF HYMAN MINSKY 14. Stabilizing the unstable economy: Minsky and Simons on business cycle theory and policy 15. Budget amendment offers toxin, not tonic 16. Destabilizing an unstable economy: the erosion of automatic stabilizers Co-authored by Jeffrey Wenger 17. Money manager capitalism and the end of shared prosperity 18. Integrating Schumpeter and Keynes: Hyman Minsky's theory of capitalist development 19. Money manager capitalism: still here, but not quite as expected 20. A Minsky perspective on the global recession of 2009 21. Economic policy for the real world 22. Minsky goes to Buffalo-and takes on the economics establishment PART V INTEGRATING INSTITUTIONAL AND POST-KEYNESIAN ECONOMICS 23. Post-Keynesian institutionalism: past, present, and future 24. The post-Keynesian institutionalism of Wallace Peterson 25. Financialization and income inequality: a post-Keynesian institutionalist analysis Co-authored by David A. Zalewski 26. Post-Keynesian institutionalism and the failure of neoliberalism Index

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