Index

 

Allegretto, A.S. 78, 81

Alexander, J.B. 113, 127

Andrews, A. 12, 14, 15, 24

Andrianova, S. 130, 133, 134, 141

Arie, S. 123, 127

Atwater, T. 116, 127

Augar, P. 20, 25

bail out 16, 69, 77, 126, 135, 152

Baker, D. 34, 38, 42

Bank for International Settlements 161

Baran, P. 102, 108

Basu, D. 106, 108

Beams, N. 11, 25

Bellamy-Foster, J. 42, 48, 62, 90, 99, 101, 106, 108

Bello, W. 150, 156, 167

Benyon, H. 140, 141

Bezemer, D. J. 5, 7, 10, 25, 48, 50, 51, 54, 55, 62

Bigelow, G. 52, 53, 60, 62

Blaug, M. 14, 25

Blodget, H. 78, 81, 144, 167

Braverman, H. 157, 167

Brecher, J. 167

Brenner, R. 48, 62, 90, 99, 101, 102-03, 106, 107,108

Bronfenbrenner, K. 151, 162, 167

Brown, E. 73, 74, 82, 130-32, 135-36, 141

Campbell, D. 61, 62

Chossudovsky, M. 44, 62

class/social classes/class struggle i, 2, 7, 16, 21, 28, 32, 33, 34, 35, 36, 37, 38, 39, 41, 55, 56, 60, 63, 67, 68, 76, 97, 98, 144-46, 147, 148, 149, 152, 153-57, 162, 165

circular flow 4, 5, 10, 45-6, 47-8, 50, 51, 90, 99

classical economics 53-7

Cohen R.B. 155, 167

Cooke, S. 153

Cumbers A. 139, 141

Danaher, K. 164, 167

Daly, H.E. 164, 167

debt cancellation/relief 6, 110, 111, 113, 114, 116, 118, 120; in Argentina 122-25; in Babylon 112-13; in Bronze-Age Mesopotamia 110-13; in Iceland 120-22; Jesus on 110, 115, 118; Jubilee and other Biblical passages on 114-20; in Pharaonic Egypt 113-14; Rationale for 111, 114, 119, 120; in Sumer 111-12

debt deflation 22-3, 100, 103, 104, 105, 107

Dennis, B. 120-22, 127

derivatives 17, 19, 23, 24, 70, 77; rationale for 65-6

distribution 8, 9, 49, 53, 78, 88, 97, 143, 158, 159

Dumenil, G. 101, 105, 108

Epstein G. 67, 82

Federal Reserve Bank 16, 19, 47, 67, 72, 77, 131, 138; and financial bubbles 16-8, 77; history of the 72-3; independence/dependence of the 72-3, 137; and inequality 77-9, 138; ownership of the 72, 131

fictitious capital 2, 5, 6, 13, 51, 66, 76, 77, 84, 85, 87, 88, 90, 107, 120

financialization i, 3, 27, 28, 48, 70, 86, 100, 101-02, 104

financial innovation(s) 2, 17, 19, 50, 64-5, 69, 85

financial institutions 18, 23, 47, 69, 71, 77, 123, 126

financial sector: growth (parasitic) 5, 48-50, 67-70, 132; impact on inequality 6, 68, 76-8, 80; impact on politicians/policy-making 70-2, 74-6, 79-80

Finger, B. 67, 71, 92, 143, 158, 167

Fisher, I. 21-3, 25

Flanders, L. 163, 167

Fraser, D. 166, 167

Fraser, S. 49, 62

fraud 13, 24, 26, 44; fraudulent asset price inflation 20; fraudulent compensation of financial speculators 138; fraudulent debt/money creation 1, 5, 121; fraudulent mortgages 137

Freeland, C. 154, 167

Friedman, T. 147, 167

Galbraith, J. 12, 47, 62

general equilibrium 3, 4, 8, 10, 44, 45, 51, 99

George, S. 157, 167

Giles, C. 9, 10, 25

Goldman Sacks 19, 20, 23, 24, 25, 160

Gorz, A. 166, 167

Gowan, P. 16, 20, 25, 36, 86, 100, 129

Graeber, D. 9, 25

Great Depression 2, 7, 21-2, 27, 28, 34-5, 65-6, 73, 104-05, 144

Great Recession 11, 23, 34, 99, 100, 101-07, 144, 146

Greenspan, A. 12, 13-5, 17, 25, 77

Gray, B. 24, 25

Griffin, B. 23, 25

Hadas, E. 147, 168

Harding, R. 5, 7, 48

Heilbroner, R. 47, 62

Hilferding, R. 90-3, 108

Hossein-zadeh, I. 153, 168

Hudson, M. 48, 52, 54, 62, 74, 75, 77, 82, 111, 112-14, 117-20, 137

Hunt, K.E. 55, 56, 57, 58, 59, 62, 94, 97

Hyman, R. 139, 141

income inequality 49, 78-9, 97, 144

International Monetary Fund 11, 25, 154, 165

Jevons, W.S. 56, 58, 59, 62

Johnson, D. 146, 150, 168

Juravich, T. 149, 168

Kalecki, M. 102, 108

Kalur, J.S. 32, 42

Kaufman, F. 19, 25

Keen, S. 10, 25, 61

Kennedy, M. 132, 141

Keynes, J.M. 21, 22, 25, 34, 46, 50, 96; on Great Depression 21-2; and the New Deal 34; and “liquidity trap” 96

Keynesian economics 1, 4, 8, 22, 27-9, 31, 33-5, 38-39, 40, 42, 44, 46, 50, 63-4, 96; demise of 28-30, 31-3; and the diagnosis of the financial crisis 27-8; and the theory of “liquidity trap” 46, 50, 96-7; growth and/or employment in 4, 36-42; solution/response to financial crisis 27, 36-42; myths and illusions of 4, 27, 33-6

Kindleberger, C.P. 64, 82

Klein, N. 79, 82, 148

Kliman, A. 101, 104-05, 107, 108

Konczal, M. 159, 168

Kotz, D.M. 28, 58, 103-04, 107, 108

Krugman, P. 34, 35-6, 39, 42, 80

labor theory of value 54-5, 56, 57, 59, 87

Lapavistas, C. 88, 108

Bottom of Form

Lenin, V. I. 93-9

Liberto, J. 74, 82

Lietaer, B. 131, 132

MacShane, D. 166, 168

Magdoff, F. 101, 108

mainstream economics see neoclassical economics

Martens, P. 33, 43

Marx, K. 84-90

Marxian views of financial crisis: Marx’s view of 84-90; see also Marx, K; Hilferding’s view of 90-93, 108; see also Hilferding, R; Lenin’s view of 93-9; see also Lenin, V.I.; contemporary Marxist views of 99-107

Mettenheim, K.V. 134-35, 141

Mishel, L. 80, 82

Mohun, S. 109

Moody, K. 157, 159, 168

Nasser A. 31, 32, 40, 43

Nelson, R. 15, 24

neoclassical economics 4-5, 8, 14, 27, 44-5, 47, 50-1, 53, 56, 57, 84, 89, 90, 99; and money supply/credit 45-51; ideological foundations of 53-60; and mathematics/science 59-60; and real world developments 51-3; science or religion 3, 12-15, 44, 60

neoliberal economics: explanation of the financial crisis 1-2, 3-4, 8, 9-11, 28, 31, 35, 44, 46, 70, 71, 79, 85, 96, 123, 148, 164; faith-based nature of 11-15; and financial bubbles 15-20; response to the financial crisis 8-11; as a never dating prescription 20-4; see also neoclassical economics

Occupy Movement 152, 153, 167, 168; response to the crisis 152-53

Obama, B. 33, 35, 39, 40, 145, 146, 147

Okun, A. 32, 43

Palley, T. 31, 43

Phillips, K. 50, 62

public banking 128, 131, 134, 135, 138, 140; advantages over private banks 129-35; and the case of the Bank of North Dakota 130-31; in Brazil 134-35; in China 134-35; definition of 128; and democratic control/management 138-40; in France 131-32; in Germany 136; in India 134-35; as a public utility model 135-38; Rationale for 128-29;  in Russia 134-135; in Sweden 136; U.S. experience with 71-2, 135-36

Quantitative Easing 19, 24, 77; and financial bubbles 24, 77; and inequality 77-8

Reeves, J. 70, 82

Reich, R. 39-40, 43

Riehle, D. 156, 168

Rippert, U. 144, 145, 168

Roberts, P.C. 74, 82

Ross, M. 23, 26

Schor, J. 158, 168

Schultze C. 32, 43

Shaikh, A. 27, 29, 43, 100, 106, 109

Shuman, M. 168

Shutt, H. 43

Silber, W.L. 42

Sims, B. 168

Snyder, M. 24, 26

speculation 2, 5, 16, 18, 19, 23, 47, 51, 69, 88, 89, 90, 102, 134

St. Clair, J. 159-60, 168

Steindl, J. 109

Stiglitz, J. 43

supply side 21, 28, 33, 36, 39, 79, 138, 140

surplus value 2, 57, 58, 71, 84-5, 87-8

Sweezy, P. 108

Taibbi, M. 20, 26

Thompson, D. 166, 169

Toporowski, J. 10, 26, 29-30, 64, 65-6, 69-70

Toussaint, E. 110, 111, 113, 126, 127

trade unions 144, 148, 150, 151, 154, 157; response to the crisis 144-48; international 148-52

Tremblay, R. 77, 83

Trotsky, L. 166, 169

Tugal, C. 153, 169

value added 87, 88

Vickery, W. 52, 62

Washington’s Blog 24, 26

Waterman, P. 169

wealth inequality 41, 78, 80, 132, 144

Weeks, J. 63, 68, 83, 85

Weisbrot, M. 123, 125, 127

Weitzman, M. 169

White J. 169

Wray, R. 43

Yates, M. 149, 157, 169

Young, A. 133, 142

Zacune, J. 80, 81, 83, 164, 169

Zweig, M. 157, 169