Credit, Money and Crises in Post-Keynesian Economics
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Credit, Money and Crises in Post-Keynesian Economics

Edited by Louis-Philippe Rochon and Hassan Bougrine

In this volume, Louis-Philippe Rochon and Hassan Bougrine bring together key post-Keynesian voices in an effort to push the boundaries of our understanding of banks, central banking, monetary policy and endogenous money. Issues such as interest rates, income distribution, stagnation and crises – both theoretical and empirical – are woven together and analysed by the many contributors to shed new light on them. The result is an alternative analysis of contemporary monetary economies, and the policies that are so needed to address the problems of today.
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Chapter 16: On the changing nature and geography of crises: lessons for a sustainable internationalization

Pascal Petit

Abstract

Crises, financial or otherwise, tend to affect trade partners differently, according to the specificities of the pattern of internationalization in which they find themselves. With an increasingly still multidimensional internationalization, the understanding of the dynamics of crises becomes an important issue, if only to design a sound governance of international exchanges, limiting the crises and their detrimental effects. This chapter tries to investigate how crises have been received so far, and stressing the damages brought by their continuous neglect by orthodox economists. The unabashed dominance of the neoliberal/free market ideology has pushed the market-led internationalization into an impasse. The challenge of environmental change can help to overrun this dominance, which the global financial crisis curiously did not succeed in doing. Economists can contribute to the great transformation required, provided they learn to draw lessons from past and upcoming crises.

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