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Before and Beyond the Global Economic Crisis

Economics, Politics and Settlement

Edited by Mats Benner

This timely and far-reaching book addresses the long-term impact of the recent global economic crisis. New light is shed on the crisis and its historical roots, and resolutions for a more robust, resilient future socio-economic model are prescribed.
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Bob Jessop

reliance on historically low interest rates. These measures are nonetheless proving ineffective because of deficient demand for productive investment in a context of economic austerity. This is reflected in the accumulation of reserves by productive capital or their investment in emerging markets and in the recycling of freshly minted money capital into the purchase of government debt and/or speculation. Efforts to redesign and re-regulate markets so that they are less prone to predictable kinds of market failure. This is the preferred approach of neo-liberal organic

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Jan Svensson

the summer and the autumn owing to increasing instability on the international financial markets. The financial crisis that began in 2007 has shown itself to be deeper and more widespread than was formerly feared. Increased uncertainty among the financial institutions has forced interest rates upwards at the same time as, e.g. share prices and other asset prices have fallen sharply. The development has had a deadening effect on households and companies and made the prospects of growth in the world deteriorate.) The content of this paragraph is expected (only a few

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Anna W. Gustafsson

development. The growth metaphor is productive and systematic and together with associated metaphors it constitutes a rich and coherent lexical field (White 2003, p. 148). The abundance of growth metaphors, where growth is conceptualized as natural and good, and correspondingly the absence of growth is conceptualized as bad, all signify the naturalness of the thought of growth.3 We may even have difficulties in conceptualizing a society not built upon growth; this is visible in our language. Metaphors for Growth and Crisis In a first attempt to capture the role of the

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Roger E. Backhouse

challengers to the new orthodoxy, were on the defensive. Ongoing debates between the new Keynesians and their new classical or real-business-cycle counterparts laid the foundations for what Goodfriend and King (1997) called the ‘new neoclassical synthesis’, summed up in Michael Woodford’s Interest and Prices (2003). It was this second revolution, sometimes called a ‘counter-revolution’, on account of its restoration of a classical orthodoxy, that was called into question by the financial crisis of 2008.2 The aim of this chapter is to compare these two revolutions