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Noemi Levy

In the chapter, ‘Latin America in the new international order: new forms of economic organizations and old forms of surplus appropriation,’ the author discusses the limits of growth in Latin America based on the disequilibria of the productive sector resulting from the financial and technological dependence of the region’s countries, emphasizing that they are subject to a two-fold extraction of profit that hinders recirculation of surpluses to the economic system.

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Noemi Levy Orlik

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Noemi Levy-Orlik

The assumption that money can disturb economic activity has gained consensus across different schools of economic thought, but there remain differences in terms of the channels through which this occurs. Many economists consider that central banks can only set their rate of interest and are unable to control the money supply, thereby debt originates money, which has become structurally endogenous. This chapter analyses different heterodox approaches, highlighting the discussion on money creation and destruction, and explaining how this applies to developing economies, where demand for investment expenditure is limited and exchange rates have become increasingly important. The analysis focuses on the Mexican economy in the 1980–2007 period, just before the global financial crisis burst.

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Edited by Noemi Levy and Etelberto Ortiz