Andrés Solimano

This book focuses on understanding the thinking of one of the greatest economists of the 20th century, John Maynard Keynes (JMK), stressing the evolution of his thinking from adherence to the classic Quantity Theory of Money to the development of his own novel theories of unemployment, stagnation and instability in modern capitalism and the need to have active policies to combat these malaises. The author dissects Keynes’s three main analytical works that shaped his thinking and policy recommendations: A Tract on Monetary Reform (1923); A Treatise on Money (1930); and The General Theory of Employment, Interest and Money (1936). Thia book undertakes a direct analysis of the texts of each of these three books themselves, rather than drawing on secondary literature studying what Keynes “wanted to say” according to other authors sympathetic or unsympathetic with Keynes’s ideas. It is an ideal text for a reader who wants to know in clear terms the thought of JMK and the historical context in which it evolved and developed. This book will be of significant interest to scholars, students and social researchers in various fields who are often surrounded by excessively technically oriented books about Keynes that often omit the history of ideas.

‘The Rise and Fall of the Privatized Pension System in Chile’ focuses on the Chilean experience with a privatised pension system since the early 1980 when launched by the Pinochet regime. It explores economic, financial and political economy dimensions of a private pension system based on individual savings capacity implemented in a highly unequal country. The book also highlights the role played by the pension system as a mechanism of savings redistribution from wage earners and the self-employed to the funding of big corporations at home and abroad, in a process intermediated by profit-making pension fund management companies. The book compares the resilience of Chile’s private pension system with the reversals of the privatised pension system in recent years in countries of Latin America and Central-Eastern Europe. It outlines a program of structural pension reform towards a more progressive, public-based system.

This book focuses on understanding the thinking of one of the greatest economists of the 20th century, John Maynard Keynes (JMK), stressing the evolution of his thinking from adherence to the classic Quantity Theory of Money to the development of his own novel theories of unemployment, stagnation and instability in modern capitalism and the need to have active policies to combat these malaises.The author dissects Keynes’s three main analytical works that shaped his thinking and policy recommendations: A Tract on Monetary Reform (1923); A Treatise on Money (1930); and The General Theory of Employment, Interest and Money (1936). Thia book undertakes a direct analysis of the texts of each of these three books themselves, rather than drawing on secondary literature studying what Keynes “wanted to say” according to other authors sympathetic or unsympathetic with Keynes’s ideas. It is an ideal text for a reader who wants to know in clear terms the thought of JMK and the historical context in which it evolved and developed.This book will be of significant interest to scholars, students and social researchers in various fields who are often surrounded by excessively technically oriented books about Keynes that often omit the history of ideas.

This Element examines the process of economic development of the last 50 years or so under the neoliberal model in terms of impacts on growth, inflation, income and wealth distribution and structural change. The analysis includes a historical perspective from the 19th century to the present and combines economic analysis with a political economy approach. This title is also available as Open Access on Cambridge Core.

This Element examines the process of economic development of the last 50 years or so under the neoliberal model in terms of impacts on growth, inflation, income and wealth distribution and structural change. The analysis includes a historical perspective from the 19th century to the present and combines economic analysis with a political economy approach. This title is also available as Open Access on Cambridge Core.

The concept of economic democracy is traditionally identi?ed with workplace democracy and participation at the enterprise level. This is a very important dimension, but the concept of new economic democracy also recognizes that, in a world of increasing complexity, the principles of democratic deliberation and social participation have to be applied to other areas as well.This book takes a fresh look at economic democracy from various perspectives. It provides rich historical narratives of episodes of social participation in the economy and society, more broadly, from the 19th to the 21st century. It dissects the various analytical underpinnings informing the theory of economic democracy connecting it with collective choice, social contract theory, Marxian analysis and libertarian critiques. The book identi?es new areas of application of the principles of democratic deliberation and oversight such as the adoption of austerity policies, the signing of free trade agreements, the conduct of central bank policies, international investment treaties and natural resource management. It takes a guided tour through the evolution of economic, social and cultural rights and their impact on the design and implementation of social policy and the welfare/ developmental state.The book expands the notion of economic democracy from factory level to the macro-economy and then to global economic governance. It also discusses the critical links between political democracy and economic democracy and the need for a more democratic and socially equitable economy in the 21st century. This volume will ?nd an audience among economists, political scientists, social activists, philosophers and sociologists.

The Evolution of Contemporary Arts Markets looks at the historical evolution of the art market from the 15th century to the present day. Art is both an expression of human creativity and an object of economic value and financial refuge at times of economic turbulence. Historically, the art market evolved with the development of capitalism, finance and technical change, and art schools responded to social events such as wars, revolutions and waves of democratization. The author discusses the main features of modern art markets such as complexity in art valuation, globalism, segmentation, financialization, indivisibility, liquidity and provenance issues. The book studies the impact of wealth inequality and economic cycles and crises on the art market and features a chapter focusing specifically on the art market in China.This accessible publication is ideal for a broad, interdisciplinary audience including those involved in the economic and financial fields as well as art lovers, art market participants and social and cultural scholars.

The concept of economic democracy is traditionally identi?ed with workplace democracy and participation at the enterprise level. This is a very important dimension, but the concept of new economic democracy also recognizes that, in a world of increasing complexity, the principles of democratic deliberation and social participation have to be applied to other areas as well.This book takes a fresh look at economic democracy from various perspectives. It provides rich historical narratives of episodes of social participation in the economy and society, more broadly, from the 19th to the 21st century. It dissects the various analytical underpinnings informing the theory of economic democracy connecting it with collective choice, social contract theory, Marxian analysis and libertarian critiques. The book identi?es new areas of application of the principles of democratic deliberation and oversight such as the adoption of austerity policies, the signing of free trade agreements, the conduct of central bank policies, international investment treaties and natural resource management. It takes a guided tour through the evolution of economic, social and cultural rights and their impact on the design and implementation of social policy and the welfare/ developmental state.The book expands the notion of economic democracy from factory level to the macro-economy and then to global economic governance. It also discusses the critical links between political democracy and economic democracy and the need for a more democratic and socially equitable economy in the 21st century. This volume will ?nd an audience among economists, political scientists, social activists, philosophers and sociologists.

The Evolution of Contemporary Arts Markets looks at the historical evolution of the art market from the 15th century to the present day. Art is both an expression of human creativity and an object of economic value and financial refuge at times of economic turbulence. Historically, the art market evolved with the development of capitalism, finance and technical change, and art schools responded to social events such as wars, revolutions and waves of democratization. The author discusses the main features of modern art markets such as complexity in art valuation, globalism, segmentation, financialization, indivisibility, liquidity and provenance issues. The book studies the impact of wealth inequality and economic cycles and crises on the art market and features a chapter focusing specifically on the art market in China.This accessible publication is ideal for a broad, interdisciplinary audience including those involved in the economic and financial fields as well as art lovers, art market participants and social and cultural scholars.

‘The Rise and Fall of the Privatized Pension System in Chile’ focuses on the Chilean experience with a privatised pension system since the early 1980 when launched by the Pinochet regime. It explores economic, financial and political economy dimensions of a private pension system based on individual savings capacity implemented in a highly unequal country. The book also highlights the role played by the pension system as a mechanism of savings redistribution from wage earners and the self-employed to the funding of big corporations at home and abroad, in a process intermediated by profit-making pension fund management companies. The book compares the resilience of Chile’s private pension system with the reversals of the privatised pension system in recent years in countries of Latin America and Central-Eastern Europe. It outlines a program of structural pension reform towards a more progressive, public-based system.

This book examines the array of financial crises, slumps, depressions and recessions that happened around the globe during the twentieth and early twenty-first centuries. It covers events including World War I, hyperinflation and market crashes in the 1920s, the Great Depression of the 1930s, stagflation of the 1970s, the Latin American debt crises of the 1980s, the post-socialist transitions in Central Eastern Europe and Russia in the 1990s, and the great financial crisis of 2008–9. In addition to providing wide geographic and historical coverage of episodes of crisis in North America, Europe, Latin America and Asia, the book clarifies basic concepts in the area of recession economics, analysis of high inflation, debt crises, political cycles and international political economy. An understanding of these concepts is needed to comprehend big recessions and slumps that often lead to both political change and the reassessment of prevailing economic paradigms.

This book examines the array of financial crises, slumps, depressions and recessions that happened around the globe during the twentieth and early twenty-first centuries. It covers events including World War I, hyperinflation and market crashes in the 1920s, the Great Depression of the 1930s, stagflation of the 1970s, the Latin American debt crises of the 1980s, the post-socialist transitions in Central Eastern Europe and Russia in the 1990s, and the great financial crisis of 2008–9. In addition to providing wide geographic and historical coverage of episodes of crisis in North America, Europe, Latin America and Asia, the book clarifies basic concepts in the area of recession economics, analysis of high inflation, debt crises, political cycles and international political economy. An understanding of these concepts is needed to comprehend big recessions and slumps that often lead to both political change and the reassessment of prevailing economic paradigms.

Global capitalism is affected by the malaises of stagnation, financial fragility, increased income inequality, growing wealth concentration at the top, and a vanishing fair social contract. This book focuses on the incidence of these phenomena in the US, UK, Greece, Spain, Chile, South Africa, Australia, China, and other countries. The book looks at the effects of IMF-ECB led austerity policies in Europe. The book examines concrete country and global conditions combining theory, country studies, historical evidence, and international comparative analysis. The book also proposes new policy priorities to restore stability, reduce inequality, and consolidate democracy in 21st century capitalism.

Economic Elites, Crises, and Democracy analyzes critical topics of contemporaneous capitalism. Andrés Solimano, President of the International Center for Globalization and Development, focuses on economic elites and the super rich, the nature of entrepreneurship, the rise of corporate´ s technostructure, the internal fragmentation of the middle class, and the marginalization of the working poor. While examining historical episodes of economic and financial crises from the 19th century to the present, he reviews a variety of related economic theories and policies, including austerity, which have been enacted in attempts to overcome these crises. Solimano also examines patterns of international mobility of capital and knowledge elites along with the rise of global social movements and migration diasporas. The book ends with an analysis of the concept, modalities, and potential areas of the application of economic democracy to reform 21st century global capitalism.

This book analyzes Chile's political economy over the last 30 years and the country's attempt to build a market society in a highly inegalitarian society, now as a member country of the Organization for Economic Cooperation and Development (OECD). The investigation provides a historical background of Chilean economy and society and discusses the cultural underpinnings of the imposition of free markets, the macroeconomic and growth performance of the 1990s and 2000s and the social record of privatization of education, health and social security. The treatment documents the growing concentration of economic power among small groups of elites in Chile and discusses the limits of the democratic system built after the departure of the Pinochet regime.

This book analyzes Chile's political economy over the last 30 years and the country's attempt to build a market society in a highly inegalitarian society, now as a member country of the Organization for Economic Cooperation and Development (OECD). The investigation provides a historical background of Chilean economy and society and discusses the cultural underpinnings of the imposition of free markets, the macroeconomic and growth performance of the 1990s and 2000s and the social record of privatization of education, health and social security. The treatment documents the growing concentration of economic power among small groups of elites in Chile and discusses the limits of the democratic system built after the departure of the Pinochet regime.

The international mobility of people and elites is a main feature of the global economy of today. Immigration augments the labor force in receiving countries and provides many of the bodies and minds that are essential to any vibrant economy. This book is based on a blend of theory, varied country examples, and rich historical material ranging from the mid-nineteenth century to the early twenty-first century. It discusses the conceptual underpinnings of the push and pull factors of current migration waves and their impacts for development on the source and receiving countries. The analysis reviews the historical context under which various migration experiences have taken place - both in periods of internationalism and nationalism - in order to contribute to debates on the desirability of and tensions and costs involved in the current process of international migration.

The international mobility of people and elites is a main feature of the global economy of today. Immigration augments the labor force in receiving countries and provides many of the bodies and minds that are essential to any vibrant economy. This book is based on a blend of theory, varied country examples, and rich historical material ranging from the mid-nineteenth century to the early twenty-first century. It discusses the conceptual underpinnings of the push and pull factors of current migration waves and their impacts for development on the source and receiving countries. The analysis reviews the historical context under which various migration experiences have taken place - both in periods of internationalism and nationalism - in order to contribute to debates on the desirability of and tensions and costs involved in the current process of international migration.

Early in 2000, Ecuador, confronted with a serious economic and governance crises, adopted the U.S. dollar as its national currency. The economic situation was dire with high inflation, government intervention in the banking system including freezing of deposits to prevent further flight from the country, and large fiscal deficits. Politically, then President Mahaud was being challenged by a congressional lack of support for measures to stabilize the economic situation, a radicalized indigenous movement, and a restive armed forces. In this environment, and as a policy of last resort, the government decided to adopt the U.S. dollar as its currency. This book thoroughly examines the conditions in which this decision was made. It looks historically at Ecuador's economic and social structure and assesses the impact felt as a result of the decision.