Eckhard Hein

This book provides an up-to-date overview of the development of the German financial system, with a particular focus on financialization and the financial crisis, topics that have increasingly gained attention since the crisis and the discussion on the secular stagnation started. The authors of the book—economists who have conducted extensive research in this area—offer a perspective on the financial system in the context of its importance for the overall economic system. The book not only provides detailed insights into Germany’s financial system; it also takes a broader perspective on finance and connects it with current macroeconomic developments in Germany.

This book provides an up-to-date overview of the development of the German financial system, with a particular focus on financialization and the financial crisis, topics that have increasingly gained attention since the crisis and the discussion on the secular stagnation started. The authors of the book—economists who have conducted extensive research in this area—offer a perspective on the financial system in the context of its importance for the overall economic system. The book not only provides detailed insights into Germany’s financial system; it also takes a broader perspective on finance and connects it with current macroeconomic developments in Germany.

This book offers an assessment of theories of distribution and growth after Keynes. It presents an overview of the main contributions with a particular focus on the development of post-Keynesian/Kaleckian models.In the first part of the book, Eckhard Hein presents a comprehensive overview of the main approaches towards distribution and growth including the contributions of Harrod and Domar, old and new neoclassical theories including the fundamental capital controversy critique, the post-Keynesian contributions of Kaldor, Pasinetti, Thirlwall and Robinson, and finally the approaches by Kalecki and Steindl. In the second part of the book neo- and post-Kaleckian models are gradually developed, introducing saving from wages, international trade, technological progress, interest and credit. Issues of ‘financialisation’ are also explored and empirical results related to the different models are presented. This unique book is designed for courses in distribution and growth in graduate programmes or at the advanced undergraduate level. It can also be used as supplementary reading for classes in macroeconomics. The book should also be of value for researchers interested in issues of distribution and growth.

This book offers an assessment of theories of distribution and growth after Keynes. It presents an overview of the main contributions with a particular focus on the development of post-Keynesian/Kaleckian models.In the first part of the book, Eckhard Hein presents a comprehensive overview of the main approaches towards distribution and growth including the contributions of Harrod and Domar, old and new neoclassical theories including the fundamental capital controversy critique, the post-Keynesian contributions of Kaldor, Pasinetti, Thirlwall and Robinson, and finally the approaches by Kalecki and Steindl. In the second part of the book neo- and post-Kaleckian models are gradually developed, introducing saving from wages, international trade, technological progress, interest and credit. Issues of ‘financialisation’ are also explored and empirical results related to the different models are presented. This unique book is designed for courses in distribution and growth in graduate programmes or at the advanced undergraduate level. It can also be used as supplementary reading for classes in macroeconomics. The book should also be of value for researchers interested in issues of distribution and growth.

In this timely and thought-provoking book, Eckhard Hein illustrates that the Great Recession, which hit the world economy in 2008/09, is rooted in the contradictions of finance-dominated capitalism. The author provides an in-depth exploration of the macroeconomics of finance-dominated capitalism, its problems and its crisis, and presents economic policy lessons and alternatives. In particular, he shows that since the early 1980s, finance-dominated capitalism has affected long-run economic developments via three distinct channels: the re-distribution of income at the expense of low labor incomes, the dampening of investment in real capital stock, and an increasing potential for wealth-based and debt-financed consumption.The author concludes that against the background of these basic macroeconomic tendencies, increasing instability potentials at the national economy levels and rising current account imbalances at both global and European levels have developed and have contributed to the severity of the Great Recession. This systematic study of finance-dominated capitalism presented from a macroeconomic perspective will prove a thought-provoking read for academics, researchers, graduate students and economic policy consultants with an interest in macroeconomics, financial economics, economic policies, and distribution and growth.

In this timely and thought-provoking book, Eckhard Hein illustrates that the Great Recession, which hit the world economy in 2008/09, is rooted in the contradictions of finance-dominated capitalism. The author provides an in-depth exploration of the macroeconomics of finance-dominated capitalism, its problems and its crisis, and presents economic policy lessons and alternatives. In particular, he shows that since the early 1980s, finance-dominated capitalism has affected long-run economic developments via three distinct channels: the re-distribution of income at the expense of low labor incomes, the dampening of investment in real capital stock, and an increasing potential for wealth-based and debt-financed consumption.The author concludes that against the background of these basic macroeconomic tendencies, increasing instability potentials at the national economy levels and rising current account imbalances at both global and European levels have developed and have contributed to the severity of the Great Recession. This systematic study of finance-dominated capitalism presented from a macroeconomic perspective will prove a thought-provoking read for academics, researchers, graduate students and economic policy consultants with an interest in macroeconomics, financial economics, economic policies, and distribution and growth.

Die vorliegende Arbeit steht in der Tradition der Diskussionen uber die Folgen von Konzentration und Zentralisation fur den kapitalistischen Reproduktionsprozess. Es wird untersucht, ob eine konzentrationsspezifische Modifikation der Reproduktion kapitalistischer Systeme, die sich nach der klassischen und Marxschen Theorie uber Produktionspreise und den tendenziellen Ausgleich der Profitraten vollzieht, auf dem Wege einer dauerhaften Differenzierung von Profitraten angenommen werden kann. Die Untersuchung erfolgt auf zwei Ebenen. Im ersten Teil geht es um die theoretische Diskussion und die kritische Auseinandersetzung mit dem neoklassischen Ansatz, der Marxschen Theorie, der marxistischen Monopoltheorie und deren Kritik. Im zweiten Teil erfolgt eine Sichtung und Aufarbeitung der relevanten empirischen Studien fur die Bundesrepublik Deutschland."