Wesley C. Marshall
This article will argue that the shadow banking system has been at the heart of the Great Crisis since its first manifestations in the summer of 2007. This system has been purposefully misunderstood, as it is essentially a complex machine of too-big-to-fail banks designed to make large private profits while creating infinitely larger amounts of public debt. Years into the crisis, the shadow banking system still presents the greatest threat to global financial stability. As the fundamental operational conditions of this system gradually become clearer, and the understanding of the risks greater, a proper understanding of shadow banking is essential if the enormous problems of this doomsday machine are to be resolved.
Wesley C. Marshall
During the ongoing financial crisis in the North Atlantic, the central role that money plays in monetary production economies is undergoing fundamental changes. Specifically, traditional money-creating institutions, both public and private, increasingly eschew the fulfillment of aggregate demand for money. The implications of this development are wide-reaching, both in terms of academic debate and the quickly evolving international monetary system. Based on Alain Parguez's insights and the monetary transformation of Argentina a decade ago, this article will present several initial conclusions regarding the changing role of money in current western capitalism.
Wesley Marshall, Norman Garrick and Stephen Marshall
Gregorio Vidal and Wesley C. Marshall
Eugenia Correa and Wesley C. Marshall
Mario Seccareccia and Marc Lavoie have for decades proven to be careful and demanding researchers. Seccareccia is mostly known for his contributions to the theoretical debate on monetary policy, the theory of the monetary circuit and the history of economic thought, and has become a leading critical voice on the role of the state and banks in the evolution and current functioning of monetary economies of production. Seccareccia’s many years of dedication to the International Journal of Political Economy have exposed him to a great diversity of ideas, and his sound judgment has made him a reliable guide in a wide range of academic issues. In many of the major controversies that have at times divided the thinking of heterodox economists, Seccareccia has consistently been a voice of balanced reason, while at the same time offering staunch rebukes for misled macroeconomic policy. In particular, he took on essential issues such as austerity (Seccareccia, 1996), as well as its supporting economic methodology, particularly the use of the IS-LM model (Seccareccia and Lavoie, 2015) that has led mainstream economics down as a slippery path. Within Post-Keynesian debates, Seccareccia has nicely addressed the issue of ‘post-Keynesian fundism’ (Seccareccia, 1996), and the role of taxation in the monetary circuit, among others.