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Tag Archives: Keynesianism

Piero Sraffa

Piero Sraffa


PERG Seminars (within the Economics Research Seminars)

Kingston University, London, 2012-13, second semester


13 February

Andrew Trigg

Department of Economics, Faculty of Social Sciences, The Open University

Pasinetti, Marx and the Possibility Theory of Crisis

Room JG3006, 16:00-17:30


6 March

Ben Fine

SOAS, University of London

Economics as Unfit for Purpose: With an Application to Financialisation and the Household.

Room JG3006, 16:00-17:30 


24 April

Gilles Christoph

École Normale Supérieure de Lyon, France.

More Neoliberalism to End Neoliberalism? The Intellectual Trajectory of Neoliberal Thought and Post-2008 Political Economy.

Room JG3006, 16:00-17:30 


15 May

Peter Flaschel

Bielefeld University, Bielefeld, Germany

Keynesian DSGD(isequilibrium) Modelling: A Basic Model of Real-Financial Market Interactions

with Heterogeneous Opinion Dynamics

Room JG2006, 16:00-17:30


How to find us:

The seminars take place at the Penrhyn Road Campus (Penrhyn Road, Kingston upon Thames, Surrey, KT1 2EE). Public transport: Take train from London Waterloo to Surbiton Station (20 min approx.) and buses 71, 281, K2, K3 to ‘KingstonUniversity’ (5 min) or 15 min walk. For driving directions:


Political Economy Research Group (PERG) The Political Economy approach highlights the role of effective demand, institutions and social conflict in economic analysis and thereby builds on Austrian, Institutionalist, Keynesian and Marxist traditions. Economic processes are perceived to be embedded in social relations that must be analysed in the context of historical considerations, power relations and social norms. As a consequence, a broad range of methodological approaches is employed, and cooperation with other disciplines, including history, law, sociology and other social sciences, is necessary. (


MA Economics (Political Economy) at KingstonUniversity

MA Politics, Philosophy, Economics at KingstonUniversity


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Riccardo Bellofiore (University of Bergamo)

‘Money and production from ‘Capital’ to Financial Keynesianism’

Chair: Jan Toporowski (SOAS)
Friday, 25th February 2011, 3-5pm
Room 116, Main Building
SOAS, University of London, WC2H OXG

Riccardo Bellofiore is Professor in Political Economy at the Department of Economic Studies at the University of Bergamo. His research interests are in the areas of monetary macroeconomics, theories of value and distribution, the economics of globalisation and the history and methodology of Economics. He has published widely in international journals and his most recent book on German Monetary Theory is going to be published by Palgrave.

Nearest Underground Station: Russell Square
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Global Economic Crisis


Dear Colleagues

We would like to announce a Call For Papers (CFP) for a special issue of New Political Science: A Journal of Politics and Culture entitled “The Great Recession: Causes, Consequences, and Responses.” The special issue will be published in December 2011. The deadline for submitting a proposal is January 1, 2011. Please see below for the Call for Papers.

New Political Science (NPS) focuses on developing analyses which reflect a commitment to progressive social change as well as those which are within exploratory phases of development in political science. NPS is the journal of the Caucus for a New Political Science (CNPS). CNPS was founded in 1967 to make the study of politics relevant to the struggle for a better world. The Caucus is organized around the position that a commitment to social justice, a sustainable democratic society, and human rights is central to the study of politics. Members of the Caucus are progressive scholars, activists, and practitioners. For more information about CNPS or the journal, please visit:

If you have any questions, please feel free to contact us. Our emails are attached to the CFP.

Nancy S. Love, Mark Mattern: Co-Editors, New Political Science: A Journal of Politics and Culture

Call For Papers: NPS Special Issue 33.4 (December 2011)

The Great Recession: Causes, Consequences, and Responses

Systemic and structural contradictions, combined with specific public policies, culminated in the so-called “Great Recession” that began in 2008 and continues into the present. While most policy makers are committed to strategies of muddling through without addressing systemic and structural problems, it behoves progressives to offer deeper, critical analyses that address root causes and shortcomings of mainstream policy prescriptions, on both national and global stages. The 33.4 (December 2011) issue of New Political Science will be devoted to those analyses. The special issue will address three main areas. First, what were, and are, the causes of the crisis? To what degree can the crisis be attributed to long term underlying systemic and structural forces characteristic of advanced capitalism, and to what degree can the crisis be attributed to specific policies of specific administrations? Would the collapse have occurred without the war on terror? Without the corporate fraud and speculative trading made possible by neoliberal policy choices? Second, what are the consequences of the crisis that offer both opportunities and challenges? These might include, for example, a critical turning point in the ascendancy of neoliberalism, fiscal meltdown in state and local governments, and increasing commitment to military Keynesianism. Has the crisis opened or closed opportunities for progressive reform in education, sustainable development, health care, immigration, and others? Third, what are the appropriate responses by progressives? What particular policy responses appear most likely to solve the problems, both in the short term and long term? What responses are likely to offer palliatives and which offer real, long term reform and transformation? In the U.S., what, if anything, can Democrats and Republicans offer in the way of effective policy responses? In other countries, what, if anything, can dominant policy makers offer?

Submission Guidelines: Preliminary proposals of 250-500 words should be sent to both editors by January 1, 2011. After reviewing those proposals, the editors will invite contributors to submit full articles by April 15, 2011. The co-editors may be contacted at:<> and<>.


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Andrew Kiliman


July 8th London Forum

Andrew Kliman speaks on the Capitalist Crisis

Andrew Kliman, author of ‘Reclaiming Marx’s Capital’, will be giving a talk in London on Wednesday 8th on ’causes and implications of the capitalist crisis’. The meeting takes place from 8pm at the Lucas Arms, Grays Inn Road, near King’s Cross.


Kliman, a member of the USA’s Marxist-Humanist Initiative, has argued that we have to see the current crisis as part of a wider structural crisis of capital, and moreover has argued that statist and Keynesian solutions to the crisis are a dead end for the working class. See our October interview with him here.

The meeting is being jointly hosted by The Commune and The Hobgoblin group.

Plenty of time for discussion

All welcome

Email for more information

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Capitalism in Crisis

Capitalism in Crisis



The International Institute for Research and Education:

Seminar: Towards A Marxist Analysis of the Global Crisis

On 2-4 October, the IIRE held its first international Economy Seminar on the Global Crisis. Thirty-six participants, economists and non-specialists, from Europe, Africa, Asia and Latin America attended the three-day event which was open to activists from different tendencies of the radical left.

The objectives of the seminar were to analyse the nature, characteristics and consequences of the current global economic crisis, from perspectives relevant to social activists, and to fortify the global network of Marxist economists. All talks will be available at the IIRE podcast, which we expect to launch with the next newsletter. For now it is possible to download all the talks in one file (original languages, more than 500MB).

Three main questions guided the various sessions of the weekend. First, what is the nature or cause of the crisis? Second, what are the social, economic and political consequences? Finally, what are the links between the current economic crisis and the global ecological and food crises? A solid look at Keynesianism, Ernest Mandel’s contribution on long waves and economic cycles and a (self-) critical take on discourse and propaganda were activities that peppered the debates.

The seminar kicked off with a well-attended public meeting on the crisis with guest speakers Chris Harman of the SWP in Britain and IIRE fellows Michel Husson of the French National Institute for Statistics and Economic Studies and Claudio Katz of the University of Buenos Aires.

François Chesnais (France) opened the seminar itself with an introduction on the role that the so-called financialisation of the economy had in the global crisis. He stated that the crisis cannot be labelled either financial or financialised. Rather, the current crisis has its roots deep in the process of capital accumulation, which, revealing its contradictions, should lead us to look at the dynamics of productivity, the rate of profit and its distribution. The discussion that followed generated a debate between over-accumulation versus under-consumption as explanations for understanding the crisis.

Ozlem Onaran (Turkey), Claudio Katz (Argentina) and Bruno Jetin (France) presented reports on the conditions of the European, Latin American and Asian economies. The debates paved the way for a deeper understanding on how the crisis is perceived and dealt with in the different regions. Participants concluded that an essential characteristic of the crisis is the lack of de-linking tendencies among countries and continents; on the contrary, the efforts to save capitalism have been concerted and almost unanimous.

Michel Husson (France) and Klaus Engert (Germany) analysed the crisis in the framework of the theory of long waves. According to this theory, elaborated by IIRE founder Ernest Mandel, it is possible to use important endogenous factors, i.e. related to the logic of capital and its internal contradictions, to explain the general fall in accumulation that began during the 1970s and has not yet concluded. This discussion left open the possibility of a new ascending wave of economic growth and capitalist accumulation dependent on such exogenous factors as a radical change of the relationship of forces between the classes. One of the conclusions, therefore, was that another wave of attacks on the working class is most likely on its way.

Eric Toussaint (Belgium) emphasised that there is no automatic link between the fact that the crisis is being paid for by workers and the popular masses, and an increase of social struggles. Political, ideological and organisational factors will also play a role in the development of the struggles.

Esther Vivas (Spain) and Daniel Tanuro (Belgium) brought in a fundamental analytical dimension with their introductions: the economic crisis cannot be observed in isolation from the global ecological and food crises. Vivas presented the causes and structure of the food crisis: the current model of agricultural and livestock production is in a large measure responsible for climate change. Tanuro demonstrated how the official, ruling class responses to climate change are insufficient, unreal, irrational and even put us in more danger. He argued that eco-socialists should push for and end to unnecessary production, the retraining of workers in affected sectors and the development of a new agricultural model instigated by radical anti-capitalist measures.

Overall, the analyses revealed that the crisis is systemic, that those who are paying for it are the popular and working classes, and that now, more then ever, it is necessary to build an emancipatory, global anti-capitalist and eco-socialist project.

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Historical Materialism Sixth Annual Conference – Update

Due to overwhelming demand, the deadline for the Call for Papers and Panels for the 2009 HM Conference has been extended one FINAL time to 1st July 2009. There will be NO further extensions and all proposals must be registered here:

Historical Materialism Sixth Annual Conference, 27-29 November 2009, Central London

Another World is Necessary: Crisis, Struggle and Political Alternatives

Co-sponsored by Socialist Register and the Isaac and Tamara Deutscher Memorial Prize Committee

The world economy is traversing a sweeping crisis whose outcomes are still uncertain, but whose scope is undeniable. The name of Marx is now occasionally, if nervously, invoked in the financial press. The neo-liberal project is being reconfigured, and some have even rushed to pronounce it dead. Imperial strategies are being redrawn, while ecological and food crises deepen on a global scale. This situation of instability and uncertainty unquestionably lends itself to incisive analyses drawing upon and critically innovating the traditions of historical materialism. Critical Marxist theorists have already shed considerable light on the mechanisms and tendencies underlying the current crises and emphasised the conflicts and contradictions that are emerging as they develop.

Following upon previous annual conferences which worked towards a recomposition of an international Marxist intellectual sphere, this year’s Historical Materialism conference hopes to serve as a forum for papers and debates that will gauge the capacity of contemporary Marxism to confront this critical conjuncture and its multiple facets, both analytically and politically. We hope that the conference will serve not only as a collective investigation into the numerous global scenarios of capitalist crisis, but also as the opportunity to inquire – drawing on the political and conceptual reservoir of many Marxist traditions – into the class formations, political forces and organisational forms capable of responding combatively and inventively to the current situation. While the hegemony of a one-dimensional neo-liberalism demanded the affirmation that other worlds were possible, the current crises require arguments to demonstrate how we might achieve the other world that is now more than ever necessary.

In keeping with the multi-disciplinary and exploratory character of the journal, we welcome abstracts on any matter of relevance to critical Marxist theory, but will especially welcome papers responding directly to the call, or dealing with some of the following issues:

    • Theories of crisis, and their history
    • Neo-liberalism in retreat?
    • Histories of class struggle, crisis, and revolution
    • Socialist Feminist Responses to Crisis
    • The future of the new imperialism
    • ‘Neo-Keynesian’ responses to the crisis
    • Environmental crisis and eco-socialism
    • Left interventions in the crisis
    • Utopian and non-utopian Marxisms
    • Political agency and subjectivity
    • Theories of political organisation
    • Political economy and labour in contemporary cultural theory
    • Class struggle and class composition today
    • The geography and urbanisation of contemporary capitalism
    • Non-Marxist traditions on the Left
    • Marxist perspectives on contemporary art and visual culture
    • Displacing crisis onto the Global South
    • War, militarism, insecurity, and violence
    • Immigration, migrant labour, and anti-racism
    • Socialism in the Twenty-First Century

Preference will be given to subscribers to the journal.

Please note also that participants are expected to attend the whole conference – special arrangements for speaking on certain days only cannot be made, except for very extreme circumstances.

Deadline for abstracts: 1 July 2009.

Update 14th April 2010:

For details on the Historical Materialism Conference 2010, see: 

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Capitalism Hits the Fan


A Message from Rick Wolff about his Film


Dear Friends


I hope that you may find a new film that I made with the Media Education Foundation (MEF) interesting and useful. Called “Capitalism Hits the Fan,” it is aimed at colleges, universities, and also high schools for instructional use, but it can serve other purposes as well. You can get a sense of it at


The dvd can be ordered now and will be shipped by month’s end. It is also possible to view the full-length version (just under an hour) freely, albeit in low resolution, at the MEF website: http://www.mediaed. org/cgi-bin/ commerce. cgi?preadd= action&key=139. While the institutional prices are high, individuals can order the DVD for $ 19.95. The DVD contains both the full-length version and a shorter 35-minute version.


You may be especially interested in the critical analytical approach to explaining the causes of the current crisis, in the critique of Keynesian stimulus-cum-re-regulation “solutions,” and in the sketch of an alternative solution.


Your comments and criticisms would be welcome.


Rick Wolff


Capitalism Hits the Fan

Richard Wolff on the Economic Meltdown


A Media Education Foundation Production


“With unerring coherence and unequal breadth of knowledge, Rick Wolff offers a rich and much needed corrective to the views of mainstream economists and pundits. It would be difficult to come away from this viewing with anything but an acute appreciation of what is needed to get us out of this mess” – Stanley Aronowitz, Distinguished Professor of Sociology and Urban Education, City University.


About the Movie


With breathtaking clarity, renowned University of Massachusetts Economics Professor Richard Wolff breraks down the root causes of today’s economic crisis, showing how it was decades in the making and in fact reflects seismic failures within the structures of American-style capitalism itself. Wolff traces the source of the economic crisis to the 1970s, when wages began to stagnate and American workers were forced into a dysfunctional spiral of borrowing and debt that ultimately exploded in the mortgage meltdown. By placing the crisis within this larger historical and systemic framework, Wolff argues convincingly that the proposed government “bailouts”, stimulus packages, and calls for increased market regulation will not be enough to address the real causes of the crisis – in the end suggesting that far more fundamental change will be necessary to avoid future catastrophes. Richly illustrated with motion graphics and charts, this is a superb introduction designed to help ordinary citizens understand, and react to, the unravelling economic crisis.


Preview the Movie at:


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