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Mario Seccareccia

The starting point of this chapter is an analysis of the original 19th-century classical dualistic structure of emerging industrial economies associated with a decoupling between real wage and productivity growth. This is followed by a description of how this gap disappeared during the Golden Age period of les Trente glorieuses and then re-emerged after the 1970s. This is done with the purpose of providing a framework for discussing some of the literature on guaranteed income programmes as promoted by both mainstream and heterodox economists. As is well known, proposals in favour of guaranteed income have become fashionable in recent times to address this growing income polarisation that has become endemic in mature industrial economies, and this chapter offers a critique of these proposals from a Polanyian perspective. While supporting the principle of a universal basic income as a means to establish a social subsistence floor, it is argued that a guaranteed income policy without also a societal commitment to full employment may trigger mechanisms that could actually strengthen labour market decoupling.

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Mario Seccareccia

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Mario Seccareccia

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Mario Seccareccia

This article reviews the Keynesian/heterodox critique of free trade and the principle of comparative advantage, and offers some prima facie empirical evidence for North America that contradicts the basic predictions of the traditional free trade model. The evidence supports, instead, the view that trade liberalization actually promoted a perverse neo-mercantilist export-led growth (ELG) strategy that generates deflationary pressures not so much because NAFTA promoted greater international competition, but primarily because ELG relied on the macroeconomic role of the state in its implementing of restrictive fiscal and monetary policies to keep a lid on wage growth. The article argues that there is need for an alternative NAFTA that should promote the free circulation of goods, and that an institutional structure should be put in place that firmly ties each national government to an explicit full-employment commitment.

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Mario Seccareccia

The paper analyses some well-known explanations of the eurozone crisis and seeks to provide an answer to the question of whether expansionary fiscal policy is feasible within the restrictive confines of the existing structure of the eurozone. The paper addresses this question by focusing on a very precise historical period, 2008–2009, which immediately followed the global financial crisis and the ensuing Great Recession, to understand what permitted such a sharp rise in government spending throughout the eurozone without triggering a sovereign debt crisis until early 2010.

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Marc Lavoie and Mario Seccareccia

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Editorial to the special issue

The political economy of the New Fiscalism

Marc Lavoie and Mario Seccareccia

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Marc Lavoie and Mario Seccareccia

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Edited by Louis-Philippe Rochon and Mario Seccareccia

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Edited by Louis-Philippe Rochon and Mario Seccareccia