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Changing Times – “…The Times They Are a Changing” (Bob Dylan, 1964)
The time-diagnostic descriptions of the present focus on the unpredictable realities that confront individual actors as well as groups,...
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Chapter 3: John Maynard Keynes on Debt and Demand
This chapter discusses the insights from John Maynard Keynes about crises. He introduced a behavioural explanation of booms and busts with the help...
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Greece: The Remarkable Defeat of Euroscepticism
Greece emerged from the July 2019 national elections with one of the most stable, pro-European Union (EU) and moderate party systems in the EU. This...
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The Phillips Curve
Is the Phillips curve dead, or simply dormant? The Phillips curve traces out the relationship between the degree of slack in the labour market...
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The Future of the Global Economy and the Euro Area
With the debt crisis in the eurozone, the demands and expectations of Germany as a crisis manager and political leader have increased. And the...
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German Angst: After the Honeymoon
Transformation became a scientific term in the 1990s to describe and name the means for a good end. On the one hand, transformation meant a transfer...
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‘Why Didn’t It Happen in Japan?’ A Revisionist History of Japan’s Evolution
Perhaps the main objection to Goodhart and Pradhan’s thesis, that a combination of an ageing population and growing protectionism would reinvigorate...
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The Resurgence of Inflation
The great demographic reversal and the retreat from globalisation will bring back stronger inflationary pressures—this is our highest conviction...
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Swimming Against the (Main)Stream
From 1750 until 1950 inflationary expectations, and nominal and real interest rates, remained roughly constant, in the UK at least, while inflation...
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Social Spaces of Possibilities: Bright Moments, Dark Times, Ideologies and Religions
People are worried about the unpredictable political conditions in Europe and the world, about violence and crime, the care and pension situation,...
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The End of Cosiness
The year 1989 marked the beginning of the new era in which the real or merely perceived local, national and global threats multiplied and the grand...
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Over the Glass Cliff: The First Female Cabinet Minister, 1929–1953
In 1929, Margaret Bondfield was appointed the first ever woman Cabinet Minister. It was an unpropitious time: the Wall Street Crash had sparked off...
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Done. Now What?!
Enough words have been written, now it’s time to practice, experiment, MAKE sense of this. The applause of your audience is worth the sweat. It puts...
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The Impact of Social Media
Everyday life on the Internet and social media is no better, but also no worse than the everyday life of traditional face-to-face encounters in real...
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Public Spending Reduces Unemployment
Since Keynes’s General Theory, many people believe in the simple effects of expansionary fiscal policy that public spending reduces unemployment. In...
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Chapter 1: Karl Marx on Capitalism
This chapter introduces two key characteristics of capitalism as analysed by Karl Marx in his book Capital. The first is the accumulation principle,...
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Chapter 8: Gunnar Myrdal on Social Vulnerability
This chapter discusses the work of Gunnar Myrdal, the Swedish economist who was as one of the founders of the Swedish welfare state. His work centres...
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Out of Adversity
In this chapter Davis Smith examines the work of the National Council of Social Service (NCSS) in supporting communities affected by the depression...
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Conclusion: Economics for a Postcapitalist Economy
The conclusion of this book demonstrates that for a more stable, sustainable economy after the financial crisis and the COVID-19 crisis, we need...
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Understanding Central Banks
Issues related to central banks feature regularly in economic news coverage, and in times of economic or financial crisis, especially when a...