Skip to main content
SpringerLink
Log in

Finance-dominated Capitalism in Crisis — The Case for a Keynesian New Deal at the European and the Global Level

  • Chapter
Book cover New Economics as Mainstream Economics

Part of the book series: International Papers in Political Economy Series ((IPPE))

Abstract

We analyse the long-run imbalances of finance-dominated capitalism underlying the present crisis, which began in 2007, with a focus on developments in the USA, on the one hand, and in Germany and the Euro area, on the other hand. We argue that beyond inefficient regulation of the financial sector, the severity of the present crisis has been caused principally by increasing inequalities of income distribution and rising imbalances in the world economy as well as in the European economy associated with finance-dominated capitalism. From this it follows that in the near and not so near future, the USA will no longer be able to act as the driving force for world demand. In order to avoid a period of deflationary stagnation in major parts of the world economy and a disintegration of the Euro area, we finally propose the policy package of a Keynesian New Deal at the global and at the European level which should consist of: (i) the re-regulation of the financial sector; (ii) the re-orientation of macro-economic policies along (Post-)Keynesian lines; and (iii) the re-construction of international macroeconomic policy coordination, in particular in the Euro area, and a new world financial order.

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Log in via an institution
Chapter
USD 29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD 39.99
Price excludes VAT (USA)
  • Available as EPUB and PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book
USD 54.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info
Hardcover Book
USD 54.99
Price excludes VAT (USA)
  • Durable hardcover edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

References

  • Akerlof, G.A. and Shiller, R.J. (2009) Animal Spirits: How Human Psychology Drives the Economy and Why It Matters for Global Capitalism. Princeton: Princeton University Press.

    Google Scholar 

  • Arestis, P. and Sawyer, M. (2004) ‘On Fiscal Policy and Budget Deficits’, Intervention. Journal of Economics, 1(2), pp. 61–74.

    Google Scholar 

  • Argitis, G., and Pitelis, C. (2001) ‘Monetary Policy and the Distribution of Income: Evidence for the United States and the United Kingdom’, Journal of Post Keynesian Economics, 23, pp. 617–38.

    Article  Google Scholar 

  • Ash, M., Balakrishnan, R., Campbell, A., Crotty, J., Dickens, E., Epstein, G., Ferguson, T., Ghilarducci, T., Greisgraber, J.M., Griffith-Jones, S., Guttmann, R., Jayadev, A., Kapadia, A., Kotz, D., Meerepol, M., Milberg, W., Modeley, F., Ocampo, J.A., Pollin, R., Sawyer, M. and Wolfson, M. (2009) ‘A Progressive Program for Economic Recovery and Financial Reconstruction’, New York and Amherst, MA: Schwartz Center for Economic Policy Analysis (SCEPA) and Political Economy Research Institute (PERI).

    Google Scholar 

  • Bach, S., Corneo, G. and Steiner, V. (2009) ‘From Bottom to Top: The Entire Distribution of Market Income in Germany, 1992–2003’, Review of Income and Wealth, 55(2), pp. 303–30.

    Article  Google Scholar 

  • Baker, D. (2009) Plunder and Blunder: The Rise and Fall of the Bubble Economy. Sausalito, CA: PoliPoint Press.

    Google Scholar 

  • Barba, A. and Pivetti, M. (2009) ‘Rising Household Debt: Its Causes and Macroeconomic Implications — A Long-period Analysis’, Cambridge Journal of Economics, 33, pp. 113–37.

    Article  Google Scholar 

  • Bhaduri, A., Laski, K. and Riese, M. (2006) ‘A Model of Interaction between the Virtual and the Real Economy’, Metroeconomica, 57, pp. 412–27.

    Article  Google Scholar 

  • Bibow, J. (2008) ‘The International Monetary (Non-) Order and the “Global Capital Flows Paradox”’, in E. Hein, T. Niechoj, P. Spahn and A. Truger (eds), Finance-led Capitalism? Macroeconomic Effects of Changes in the Financial Sector. Marburg: Metropolis.

    Google Scholar 

  • Boone, L., Giorno, C. and Richardson, P. (1998) ‘Stock Market Fluctuations and Consumption Behaviour — Some Recent Evidence’, OECD Economics Department Working Papers No. 208, Paris: OECD.

    Book  Google Scholar 

  • Brecht, M., Tober, S., van Treeck, T. and Truger, A. (2010) ‘Squaring the Circle in Euroland? Some Remarks on the Stability and Convergence Programmes 2010–2013’, IMK Working Paper 3/2010, Duesseldorf: Macroeconomic Policy Institute (IMK) at Hans Boeckler Foundation.

    Google Scholar 

  • Cordonnier, L. (2006) ‘Le Profit sans l’Accumulation: la Recette du Capitalisme Dominé par la Finance’, Innovations. Cahiers d’Economie de l’Innovation, 23, pp. 51–72.

    Google Scholar 

  • Crotty, J. (1990) ‘Owner-Management Conflict and Financial Theories of Investment Instability: A Critical Assessment of Keynes, Tobin, and Minsky’, Journal of Post Keynesian Economics, 12, pp. 519–42.

    Article  Google Scholar 

  • Davidson, P. (2009) The Keynes Solution: The Path to Global Economic Prosperity. Basingstoke: Palgrave Macmillan.

    Google Scholar 

  • Davis, M.A. and Palumbo, M. (2001) ‘A Primer on the Economics and Time Series Econometrics of Wealth Effects’, Finance and Economics Discussion Series, 2001–09, Washington, DC: Federal Reserve Board.

    Google Scholar 

  • Denis, C., Grenouilleau, D., McMorrow, K. and Röger, W. (2006) ‘Calculating Potential Growth Rates and Output Gaps — A Revised Production Function Approach’, European Commission Directorate-General for Economic and Financial Affairs Economic Paper No. 247, March 2006, Brussels: European Commission.

    Google Scholar 

  • Domar, E.D. (1944) ‘The “Burden of the Debt” and National Income’, American Economic Review, 34, pp. 794–828.

    Google Scholar 

  • Dullien, S. (2010) ‘Towards a Sustainable Growth Model for Europe: Institutional Framework’, Internationale Politik und Gesellschaft, 1/2010, pp. 36–44.

    Google Scholar 

  • Dullien, S. and Herr, H. (2010) ‘EU Financial Market Reforms. Status and Prospects’, Spring 2010, International Policy Analysis. Berlin: Friedrich Ebert Stiftung.

    Google Scholar 

  • Dullien, S. and Schwarzer, D. (2009) ‘The Euro Zone Needs an External Stability Pact’, SWP Comments 2009/C09. Berlin: German Institute for International and Security Affairs.

    Google Scholar 

  • Dumenil, G. and Levy, D. (2005) ‘Costs and Benefits of Neoliberalism: A Class Analysis’, in G.A. Epstein (ed.), Financialization and the World Economy. Cheltenham: Edward Elgar.

    Google Scholar 

  • Dünhaupt, P. (2010) ‘Financialisation and the Rentier Income Share — Evidence from the USA and Germany’, IMK Working Paper 2/2010, Düsseldorf: Macroeconomic Policy Institute (IMK) at Hans Boeckler Foundation.

    Google Scholar 

  • Dutt, A.K. (2006) ‘Maturity, Stagnation and Consumer Debt: A Steindlian Approach’, Metroeconomica, 57, pp. 339–64.

    Article  Google Scholar 

  • Epstein, G.A. (ed.) (2005) Financialization and the World Economy. Cheltenham: Edward Elgar.

    Google Scholar 

  • Epstein, G.A. and Jayadev, A. (2005) ‘The Rise of Rentier Incomes in OECD Countries: Financialization, Central Bank Policy and Labor Solidarity’, in G.A. Epstein (ed.), Financialization and the World Economy. Cheltenham: Edward Elgar.

    Google Scholar 

  • Epstein, G.A. and Power, D. (2003) ‘Rentier Incomes and Financial Crises: An Empirical Examination of Trends and Cycles in Some OECD Countries’, Working Paper Series No. 57, Political Economy Research Institute, University of Massachusetts, Amherst/MA.

    Google Scholar 

  • European Commission (2005) ‘New and Updated Budgetary Sensitivities for the EU Budgetary Surveillance’, Directorate General Economics and Financial Affairs, September 2005, Brussels: European Commission.

    Google Scholar 

  • European Commission (2010) ‘AMECO Database’, http://ec.europa.eu/economy_finance/db_indicators/ameco/index_en.htm.

  • Fitoussi, J.-P. and Stiglitz, J. (2009) ‘The Ways Out of the Crisis and the Building of a More Cohesive World’, OFCE Document de travail, No. 2009–17. Paris: OFCE.

    Google Scholar 

  • Godley, W., Papadimitriou, D. and Zezza, G. (2008) ‘Prospects for the U.S. and the World: A Crisis That Conventional Remedies Cannot Resolve’, The Levy Economics Institute of Bard College, Strategic Analysis, December.

    Google Scholar 

  • Goodhart, C.A.E. (2009) The Regulatory Response to the Financial Crisis. Cheltenham: Edward Elgar.

    Google Scholar 

  • Guttmann, R. (2009) ‘Asset Bubbles, Debt Deflation, and Global Imbalances’, International Journal of Political Economy, 38(2), pp. 46–69.

    Article  Google Scholar 

  • Hein, E. (2002) ‘Monetary Policy and Wage Bargaining in the EMU: Restrictive ECB Policies, High Unemployment, Nominal Wage Restraint and Inflation above the Target’, Banca Nazionale del Lavoro Quarterly Review, 55, pp. 299–337.

    Google Scholar 

  • Hein, E. (2010a) ‘Shareholder Value Orientation, Distribution and Growth — Short- and Medium-run Effects in a Kaleckian Model’, Metroeconomica, 61, pp. 302–32.

    Article  Google Scholar 

  • Hein, E. (2010b) ‘A Keynesian Perspective on “Financialisation”’, in P. Arestis and M. Sawyer (eds), 21st Century Keynesian Economics. Basingstoke: Palgrave Macmillan.

    Google Scholar 

  • Hein, E. and Niechoj, T. (2007) ‘Guidelines for Sustained Growth in the EU? The Concept and the Consequences of the Broad Economic Policy Guidelines’, in J. McCombie and C. Rodriguez (eds), The European Union: Current Problems and Prospects, Basingstoke: Palgrave Macmillan.

    Google Scholar 

  • Hein, E., Niechoj, T., Schulten, T. and Truger, A. (eds) (2005) Macroeconomic Policy Coordination in Europe and the Role of the Trade Unions. Brussels: ETUI.

    Google Scholar 

  • Hein, E. and Schoder, C. (2011) ‘Interest Rates, Distribution and Capital Accumulation — A Post-Kaleckian Perspective on the U.S. and Germany’, International Review of Applied Economics, forthcoming.

    Google Scholar 

  • Hein, E., Schulten, T. and Truger, A. (2006) ‘Deflation Risks in Germany and the EMU: The Role of Wages and Wage Bargaining’, in E. Hein, A. Heise and A. Truger (eds), Wages, Employment, Distribution and Growth. International Perspectives. Basingstoke: Palgrave Macmillan.

    Chapter  Google Scholar 

  • Hein, E. and Stockhammer, E. (2009) ‘A Post-Keynesian Macroeconomic Policy Mix as An Alternative to the New Consensus Approach’, in P. Arestis and J. McCombie (eds), Unemployment: Past and Present. Basingstoke: Palgrave Macmillan.

    Google Scholar 

  • Hein, E. and Stockhammer, E. (2010) ‘Macroeconomic Policy Mix, Employment and Inflation in a Post-Keynesian Alternative to the New Consensus Model’, Review of Political Economy, 22, pp. 317–54.

    Article  Google Scholar 

  • Hein, E. and Truger, A. (2005a) ‘Whatever Happened to Germany? Is the Decline of the Former European Key Currency Country Caused by Structural Sclerosis or by Macroeconomic Mismanagement?’, International Review of Applied Economics, 19, pp. 3–28.

    Article  Google Scholar 

  • Hein, E. and Truger, A. (2005b) ‘Macroeconomic Coordination as an Economic Policy Concept — Opportunities and Obstacles in the EMU’, in E. Hein, T. Niechoj, T. Schulten and A. Truger (eds), Macroeconomic Policy Coordination in Europe and the Role of the Trade Unions. Brussels: ETUI.

    Google Scholar 

  • Hein, E. and Truger, A. (2007a) ‘Germany’s Post-2000 Stagnation in the European Context — a Lesson in Macroeconomic Mismanagement’, in P. Arestis, E. Hein and E. Le Heron (eds), Aspects of Modern Monetary and Macroeconomic Policies. Basingstoke: Palgrave Macmillan.

    Google Scholar 

  • Hein, E. and Truger, A. (2007b) ‘Fiscal Policy and Macroeconomic Performance in the Euro Area: Lessons for the Future’, in J. Bibow and A. Terzi (eds), Euroland and the World Economy: Global Player or Global Drag? Basingstoke: Palgrave Macmillan.

    Google Scholar 

  • Hein, E. and Truger, A. (2007c) ‘Monetary Policy, Macroeconomic Policy Mix and Economic Performance in the Euro Area’, in E. Hein and A. Truger (eds), Money, Distribution and Economic Policy: Alternatives to Orthodox Macroeconomics. Cheltenham: Edward Elgar.

    Chapter  Google Scholar 

  • Hein, E. and Truger, A. (2009) ‘How to Fight (or not to Fight) a Slowdown: Lessons from France, Germany, the UK and Sweden, 1996–2005’, Challenge, 52(2), pp. 52–75.

    Article  Google Scholar 

  • Hein, E. and Truger, A. (2010a) ‘Finance-dominated Capitalism in Crisis — the Case for a Global Keynesian New Deal’, Berlin School of Economics and Law, Institute for International Political Economy, Working Paper 6/2010.

    Google Scholar 

  • Hein, E. and Truger, A. (2010b) ‘Financial Crisis, Global Recession and Macroeconomic Policy Reactions — the Case of Germany’, in S. Dullien, E. Hein, A. Truger and T. van Treeck (eds), The World Economy in Crisis — The Return of Keynesianism? Marburg: Metropolis.

    Google Scholar 

  • Hein, E. and van Treeck, T. (2010) ‘“Financialisation” in Post-Keynesian Models of Distribution and Growth — a Systematic Review’, in M. Setterfield (ed.), Handbook of Alternative Theories of Economic Growth. Cheltenham: Edward Elgar.

    Google Scholar 

  • Herr, H. (2009) ‘Global Imbalances and the Chinese Balance of Payments’, Intervention. European Journal of Economics and Economic Policies, 6, pp. 44–53.

    Article  Google Scholar 

  • Herr, H. (2010) ‘Credit Expansion and Development — A Schumpeterian and Keynesian View of the Chinese Miracle’, Intervention. European Journal of Economics and Economic Policies, 7, pp. 71–89.

    Article  Google Scholar 

  • Holz, M. (2007) ‘Asset-based Reserve Requirements: A New Monetary Policy Instrument for Targeting Diverging Real Estate Prices in the Euro Area’, Intervention. Journal of Economics, 4, pp. 331–51.

    Google Scholar 

  • Horn, G., Logeay, C. and Tober, S. (2007) ‘Estimating Germany’s Potential Output’, IMK Working Paper 2/2007. Düsseldorf: Macroeconomic Policy Institute (IMK) at Hans Boeckler Foundation.

    Google Scholar 

  • Horn, G., Truger, A. and Proano, C. (2009a) ‘Stellungnahme zum Entwurf eines Begleitgesetzes zur zweiten Föderalismusreform (BT Drucksache 16/12400) und Entwurf eines Gesetzes zur Änderung des Grundgesetzes (BT Drucksache 16/12410)’, IMK Policy Brief, May, Dusseldorf: Macroeconomic Policy Institute (IMK) at Hans Boeckler Foundation.

    Google Scholar 

  • Horn, G., Dröge, K., Sturn, S., van Treeck, T. and Zwiener, R. (2009b) ‘From the Financial Crisis to the World Economic Crisis. The Role of Inequality’, IMK Policy Brief, October 2009, Dusseldorf: Macroeconomic Policy Institute (IMK) at Hans Boeckler Foundation.

    Google Scholar 

  • IMF (2010) World Economic Outlook, April 2010: Rebalancing Growth. Washington, DC: IMF.

    Google Scholar 

  • Joint Center for Housing Studies (2006) ‘The State of the Nation’s Housing’. Report of the Joint Center for Housing Studies of Harvard University, Cambridge, MA.

    Google Scholar 

  • Kalecki, M. (1954) Theory of Economic Dynamics. London: George Allen and Unwin.

    Google Scholar 

  • Keynes, J.M. (1942) ‘Proposal for an International Clearing Union’, in The Collected Writings of J.M. Keynes, vol. 25, London: Macmillan 1980.

    Google Scholar 

  • Kregel, J. (2009a) ‘Some Simple Observations on the Reform of the International Monetary System’, The Levy Economics Institute of Bard College, Policy Note 2009/8.

    Google Scholar 

  • Kregel, J. (2009b) ‘Why Don’t the Bailouts Work? Design of a New Financial System versus a Return to Normalcy’, Cambridge Journal of Economics, 33, pp. 653–63.

    Article  Google Scholar 

  • Krippner, G.R. (2005) ‘The Financialization of the American Economy’, Socio-Economic Review, 3, pp. 173–208.

    Article  Google Scholar 

  • Lavoie, M. (2008) ‘Financialisation Issues in a Post-Keynesian Stock-flow Consistent Model’, Intervention. European Journal of Economics and Economic Policies, 5, pp. 331–56.

    Article  Google Scholar 

  • Lazonick, W. and O’Sullivan, M. (2000) ‘Maximizing Shareholder Value: A New Ideology for Corporate Governance’, Economy and Society, 29(1), pp. 13–35.

    Article  Google Scholar 

  • Lerner, A. (1943) ‘Functional Finance and Federal Debt’, Social Research, 10, pp. 38–51.

    Google Scholar 

  • Ludvigson, S. and Steindel, C. (1999) ‘How Important is the Stock Market Effect on Consumption?’, Federal Reserve Bank of New York Economic Policy Review, July, pp. 29–51.

    Google Scholar 

  • Mehra, Y.P. (2001) ‘The Wealth Effect in Empirical Life-cycle Aggregate Consumption Equations’, Federal Reserve Bank of Richmond Economic Quarterly, 87(2), pp. 45–68.

    Google Scholar 

  • Meyer, L.H. (2001) ‘Inflation Targets and Inflation Targeting’, Federal Reserve Bank of St. Louis Review, 83(6), pp. 1–13.

    Google Scholar 

  • OECD (2008) Growing Unequal? Income Distribution and Poverty in OECD Countries. Paris: OECD.

    Google Scholar 

  • OECD (2009) Economic Outlook: Interim Report, March. Paris: OECD.

    Google Scholar 

  • Onaran, Ö., Stockhammer, E. and Grafl, L. (2009) ‘The Finance-dominated Growth Regime, Distribution and Aggregate Demand in the US’, Working Paper No. 126, Department of Economics Working Paper Series, Vienna University of Economics and Business.

    Google Scholar 

  • Orhangazi, Ö. (2008) ‘Financialisation and Capital Accumulation in the Non-financial Corporate Sector: A Theoretical and Empirical Investigation on the US Economy: 1973–2003’, Cambridge Journal of Economics, 32, pp. 863–86.

    Article  Google Scholar 

  • Palley, T. (1994) ‘Debt, Aggregate Demand, and the Business Cycle: An Analysis in the Spirit of Kaldor and Minsky’, Journal of Post Keynesian Economics, 16, 371–90.

    Article  Google Scholar 

  • Palley, T. (2003) ‘Asset Price Bubbles and the Case for Asset Based Reserve Requirements’, Challenge, 46(3), pp. 53–72.

    Google Scholar 

  • Palley, T. (2004) ‘Asset-based Reserve Requirements: Reasserting Domestic Monetary Control in an Era of Financial Innovation and Instability’, Review of Political Economy, 16, pp. 43–58.

    Article  Google Scholar 

  • Palley, T. (2008) ‘Financialisation: What It Is and Why It Matters’, in E. Hein, T. Niechoj, P. Spahn and A. Truger (eds), Finance-led Capitalism? Macroeconomic Effects of Changes in the Financial Sector. Marburg: Metropolis.

    Google Scholar 

  • Palley, T. (2009) ‘America’s Exhausted Paradigm: Macroeconomic Causes of the Financial Crisis and the Great Recession’, IPE Working Paper 2/2009, Institute for International Political Economy, Berlin School of Economics and Law.

    Google Scholar 

  • Palley, T. (2010) ‘Asset Price Bubbles and Counter-cyclical Monetary Policy: Why Central Banks Have Been Wrong and What Should Be Done’, Intervention. European Journal of Economics and Economic Policies, 7, pp. 91–107.

    Article  Google Scholar 

  • Papadimitriou, D. (2009) ‘Global Imbalances: Strategic Imbalances for the US and the World’, Intervention. European Journal of Economics and Economic Policies, 6, pp. 53–60.

    Article  Google Scholar 

  • Piketty, T. and Saez, E. (2003) ‘Income Inequality in the United States, 1913–1998’, The Quarterly Journal of Economics, 143, pp. 1–39.

    Article  Google Scholar 

  • Piketty, T. and Saez, E. (2006) ‘The Evolution of Top Incomes: A Historical and International Perspective’, American Economic Review. Papers and Proceedings, 96, 200–5.

    Article  Google Scholar 

  • Rochon, L.-P. and Setterfield, M. (2007) ‘Interest Rates, Income Distribution and Monetary Policy Dominance: Post-Keynesians and the “Fair Rate” of Interest’, Journal of Post Keynesian Economics, 30, pp. 13–42.

    Article  Google Scholar 

  • Sapir, J. (2009) ‘From Financial Crisis to Turning Point. How the US “Subprime” Crisis’ Turned into a World-wide One and Will Change the Global Economy’, Internationale Politik und Gesellschaft, 1/2009, pp. 27–44.

    Google Scholar 

  • Schulmeister, S., Schratzenstaller, M. and Picek, O. (2008) ‘A General Financial Transaction Tax. Motives, Revenues, Feasibility and Effects’. Vienna: WIFO.

    Google Scholar 

  • Skott, P. and Ryoo, S. (2008a) ‘Macroeconomic Implications of Financialization’, Cambridge Journal of Economics, 32, pp. 827–62.

    Article  Google Scholar 

  • Skott. P. and Ryoo, S. (2008b) ‘Financialization in Kaleckian Economics with and without Labor Constraints’, Intervention. European Journal of Economics and Economic Policies, 5, pp. 357–86.

    Article  Google Scholar 

  • Springler, E. (2007) ‘Bank Lending and Regulation in Insider Financial Systems: A Theoretical Assessment’, in P. Arestis, E. Hein and E. Le Heron (eds), Aspects of Modern Monetary and Macroeconomic Policies. Basingstoke: Palgrave Macmillan.

    Google Scholar 

  • Stockhammer, E. (2004) ‘Financialisation and the Slowdown of Accumulation’, Cambridge Journal of Economics, 28, pp. 719–41.

    Article  Google Scholar 

  • Stockhammer, E. (2005–6) ‘Shareholder Value Orientation and the Investment-Profit Puzzle’, Journal of Post Keynesian Economics, 28, pp. 193–215.

    Article  Google Scholar 

  • Stockhammer, E. (2008) ‘Some Stylized Facts on the Finance-dominated Accumulation Regime’, Competition and Change, 12, pp. 189–207.

    Google Scholar 

  • UNCTAD (2009) The Global Economic Crisis: Systemic Failures and Multilateral Remedies. New York and Geneva: UNCTAD.

    Google Scholar 

  • van Treeck, T. (2008) ‘Reconsidering the Investment-Profit Nexus in Finance-led Economies: An ARDL-based Approach’, Metroeconomica, 59, pp. 371–404.

    Article  Google Scholar 

  • van Treeck, T. (2009a) ‘The Political Economy Debate on ‘Financialisation’ — a Macroeconomic Perspective’, Review of International Political Economy, 16, pp. 907–44.

    Article  Google Scholar 

  • van Treeck, T. (2009b) ‘A Synthetic Stock-flow Consistent Macroeconomic Model of Financialisation’, Cambridge Journal of Economics, 33, pp. 467–93.

    Article  Google Scholar 

  • van Treeck, T., Hein, E. and Dünhaupt, P. (2007) ‘Finanzsystem und wirtschaftliche Entwicklung: neuere Tendenzen in den USA und in Deutschland’, IMK Studies 5/2007, Duesseldorf: Macroeconomic Policy Institute (IMK) at Hans Boeckler Foundation.

    Google Scholar 

  • Wade, R. (2009) ‘From Global Imbalances to Global Reorganisations’, Cambridge Journal of Economics, 33, pp. 539–62.

    Article  Google Scholar 

Download references

Author information

Authors and Affiliations

  1. Berlin School of Economics and Law, Institute for International Political Economy (IPE) Berlin, Germany

    Eckhard Hein

  2. Macroeconomic Policy Institute (IMK) at Hans Boeckler Foundation, Duesseldorf, Germany

    Achim Truger

Authors
  1. Eckhard Hein
    View author publications

    You can also search for this author in PubMed Google Scholar

  2. Achim Truger
    View author publications

    You can also search for this author in PubMed Google Scholar

Editor information

Editors and Affiliations

  1. University of Cambridge, UK

    Philip Arestis

  2. University of the Basque Country, Spain

    Philip Arestis

  3. Economics Department, University of Leeds, UK

    Malcolm Sawyer (Professor of Economics and Head) (Professor of Economics and Head)

Copyright information

© 2011 Eckhard Hein and Achim Truger

About this chapter

Cite this chapter

Hein, E., Truger, A. (2011). Finance-dominated Capitalism in Crisis — The Case for a Keynesian New Deal at the European and the Global Level. In: Arestis, P., Sawyer, M. (eds) New Economics as Mainstream Economics. International Papers in Political Economy Series. Palgrave Macmillan, London. https://doi.org/10.1057/9780230307681_6

Download citation

Publish with us

Policies and ethics

Search

Navigation