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Andrés Hatum

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Sabith Khan and Shariq Siddiqui

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Acknowledgments

Liberalization, Integration, and Asymmetric State Power

Nina Eichacker

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Edited by Louis-Philippe Rochon and Sergio Rossi

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Edited by Paul Sparrow and Cary L. Cooper

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Jorge E. Viñuales and Emma Lees

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Shahid Yusuf

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John O. Haley

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Pablo Gabriel Bortz

This paper sets out to find commonalities and divergences in the writings of Marx, Kalecki and Keynes regarding their analysis of social (class) conflict in capitalist societies. We find evidence that shows that, contrary to a harmonious view of society, Keynes had a class stratification of society and an understanding of conflictive interests and developments compatible with that of Marx and Kalecki. The presence of political motivations as fuel for economic instability is another shared element between Kalecki and Keynes. Differences arise regarding the relative importance of the inter- and intra-class dynamic as a driver of distributive conflict, and the State's capabilities to guide or control those conflicts and their consequences.

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Antonin Pottier and Adrien Nguyen-Huu

We examine to what extent the Keen model (Keen 1995) is a faithful modelling of Minsky's financial instability hypothesis. We focus on debt, money, and debt-induced crisis. We propose a clear interpretation of the debt: households lend unconsumed income to firms to finance their investments, and money creation is not necessary. We offer a detailed description of the economic collapse and analyse its causes thanks to numerical experiments. The crisis is triggered by profits squeezed by wages and not by debt overhang. We test alternative assumptions on the investors’ behaviour to show that behaviour at very low profits is fundamental. We conclude that the Keen crisis has few Minskyan flavours.