Capitalism, Macroeconomics and Reality
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Capitalism, Macroeconomics and Reality

Understanding Globalization, Financialization, Competition and Crisis

James Crotty

The essays comprising this collection analyze the deep flaws in the methodological foundation of mainstream economic theory, and explain how these flaws make mainstream economics more ideology than sound social science. James Crotty develops alternative theories built on realistic assumptions that can explain most of the disastrous economic and financial developments of the past four decades. His work contributes to the collective creation of a solid theoretical foundation on which to build an understanding of the ‘laws of motion’ of capitalism in the post WWII era.
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Chapter 13: Class Conflict and Macropolicy: The Political Business Cycle

James Crotty

Extract

With the principal exception of the brilliant 30 year old essay by Kalecki on “The Political Aspects of Full Employment,”1 radical political economists have done little to explain and interpret short-run macropolicy and the phenomenon of the business cycle in terms of their class implications.2 This failure has serious political ramifications. The recurrent pattern of economic expansions and contractions affects not only the welfare of the working class, but its militancy and class consciousness as well.

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