Monetary Economies of Production
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Monetary Economies of Production

Banking and Financial Circuits and the Role of the State

Edited by Louis-Philippe Rochon and Mario Seccareccia

The central focus of this book is the relationship between money, the sphere of production, and the State. It explores how best to adapt the fundamental ideas of the circulationist perspective to achieve a better understanding of the financialisation of the production processes within contemporary capitalist economies. Importantly, the expert contributors illustrate that the true challenge ahead is to address how these new emerging forms can be eventually tamed, a challenge that the recent financial crisis has forcefully proven essential.
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Chapter 1: Alain Parguez’s contribution to political economy

Louis-Philippe Rochon and Mario Seccareccia


Alain Parguez has been a friend of ours for more than 30 years. Mario Seccareccia was first introduced to Alain in 1981 by Marc Lavoie (see Chapter 2 in this volume), having himself first met Alain while a student at the University of Paris I in the 1970s. In the early 1980s, Lavoie invited Alain to be a Visiting Professor at the University of Ottawa (fall 1981), at the same time as one other post-Keynesian colleague in the economics department in Ottawa, Jacques Henry, had invited (in collaboration with Tom Rymes of Carleton University) Luigi Pasinetti. At the time, Louis-Philippe Rochon was an undergraduate student at the University of Ottawa, studying under both Marc Lavoie and Mario Seccareccia, and met Alain for the first time in the fall of 1986. They have enjoyed a long friendship as well, and Alain was on Louis-Philippe’s Doctoral thesis committee at the New School University in New York, along with Marc Lavoie and Edward Nell, his PhD thesis supervisor. Clearly, Alain’s long association with us has had some obvious repercussions on our own views about economics – a relationship that proved as fruitful as it was lasting.

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