The Present Age of Transformation

The Present Age of Transformation

Karl Polanyi

February 2017 (1st written 1940)

This e-publication comprises a set of five lectures given by Karl Polanyi in 1940 at Bennington College, Vermont. The first three briefly prefigure the main themes of his major work, “The Great Transformation”, published in 1944.  Polanyi originally intended to include the subjects of his final two lectures, on the USA and Russia, in the book, but in the event did not do so.
This e-publication includes Introductions by PRIME’s Jeremy Smith and Ann Pettifor, and by Professor Kari Polanyi-Levitt.  The original lectures can be found on the Bennington College website. 

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As if Keynes had never lived

As if Keynes had never lived

Geoff Tily

October 2016

Keynes’s agenda for monetary reform evolved from an interplay between practical instinct in the face of real world events and the development a theoretical analysis of increasing sophistication and worth. His legacy was a monetary theory of economics and the practical means to the optimal operation of the monetary system of what he once called the ‘world between nations’.

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The Economic Consequences of Mr Osborne - updated

The Economic Consequences of Mr Osborne - updated

Victoria Chick, Ann Pettifor, Geoff Tily

March 2016

This paper was first published in July 2010, and revised in February 2011. This new edition (March 2016) includes a preface by the authors to the 2011 paper in which they look at how their analysis has fared in the light of developments since.

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Snatching defeat from the jaws of a presumed victory? The Herculean labours of fiscal stringency

Snatching defeat from the jaws of a presumed victory? The Herculean labours of fiscal stringency

Panagiotis Chronis and Vassilis Droucopoulos

March 2016

Chronis and Droucopoulos contend that it would take an inordinate dose of audacity from someone to maintain that the adjustment programmes imposed on Greece and executed from 2010 onwards are not responsible for the severe economic slump that the country is experiencing.

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Keynes, the Post-Keynesians and the Curious Case of Endogenous Money

Keynes, the Post-Keynesians and the Curious Case of Endogenous Money

Geoff Tily

January 2008

This paper examines how the notion that Keynes took money as exogenous in the General Theory has proved so durable in the post-Keynesian paradigm. This durability is despite post-Keynesians regarding Keynes as a monetary economist, rejecting the ‘Keynesian’ interpretation and basing their paradigm on the endogeneity of money.

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Spain and Britain’s Informal Empire, 1808 to 1936

Spain and Britain’s Informal Empire, 1808 to 1936

Nick Sharman

November 2015

For a century and a half after its defeat in the Napoleonic Wars Spain lay in the shadow of Britain’s Empire and its industrial revolution.  Like many other parts of the world, notably East Asia and South America, it was never part of the formal Empire but like them, it was subject to Britain’s hegemonic domination of world trade, finance and investment. 

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“What are the economic possibilities for our grandchildren?”

“What are the economic possibilities for our grandchildren?”

Ann Pettifor & Geoff Tily

November 2015

As a part of a series of celebratory events held at the college, the King’s Politics Society is hosting two debates inside the chapel. The second of these commemorative debates, which in also is being held in memory of John Maynard Keynes, takes place on Monday 16th November 2015 and is entitled “What are the economic possibilities for our grandchildren?”

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Shared Unemployment Insurance: helping refocus the Eurozone on convergence and cohesion

Shared Unemployment Insurance: helping refocus the Eurozone on convergence and cohesion

László Andor

November 2015

The divergences developed between core and periphery within the euro area represent the main threat to the existence of the single currency and to the cohesion and stability of the EU as a whole. Without proper automatic stabilizers, a monetary union can only deliver suboptimal results, and may not even be sustainable.

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Macroeconomics, Climate Change and Consumption

Macroeconomics, Climate Change and Consumption

Ian Gough

October 2015

Almost all necessities are high carbon, while most ‘luxuries’ emit lower than average GHGs. What are the policy implications?

It will not be possible for the rich world to combat climate change, writes Ian Gough in a new PRIME e-publication, without also addressing its consumption.

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Why the euro is the gold standard writ large – and like the gold standard, will fail.

Why the euro is the gold standard writ large – and like the gold standard, will fail.

Ann Pettifor
July 2015

The euro not only replicated key elements of the gold standard – but went much further: European currencies were simply abolished. States lost control over both their currency and their central bank. These parallels with the operation of the gold standard explain why, like the gold standard, the euro will fail.

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The Consequences of Fiscal Stimulus on Public Debt: A Historical Perspective

The Consequences of Fiscal Stimulus on Public Debt: A Historical Perspective

W. D. McCausland and I. Theodossiou
April 2015 (Written October 2014)

Reinforcing the case made in the The Economic Consequences of Mr Osborne (2010), this study examines the impact of government stance on public debt for eleven OECD countries, demonstrating that austerity deteriorates rather than enhances the prospects of economic recovery.

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Lessons from German History

Lessons from German History

Geoff Tily
April 2015

In this latest PRIME publication, Geoff Tily argues that parallels between events in Greece today and Germany in the 1920s go much further than commonly understood, and the policy implications are more far-reaching. Economic crisis in both countries originated in financial liberalizations, involving the gold standard in the 1920s and the euro in the 2000s. 

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Islamic Finance

Islamic Finance

Ann Pettifor
March 2015

Ann Pettifor's speech to a meeting of the Malaysian Securities and Exchange Commission & the Institute of Islamic Studies, Ditchley Park, Oxford, March, 2015.

Pettifor discusses usury, credit, interest rates, and the creation of money and how Keynesian monetary theory and policy could embed a Koranic model of finance.

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Europe’s Quest for Growth

Europe’s Quest for Growth

By László Andor
March 2015

Raising the banner of investment has been the most important development of 2014 for European policy. Clearly, Europe needs a better economic performance, and without more investment it will not come. Since, however, boosting investment through direct action is a new activity of the European Commission, there is no recipe for success. 

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On Prosperity, Growth and Finance

On Prosperity, Growth and Finance

Geoff Tily
March 2015

Tily argues that Keynes’s goal was high employment founded on a high level of domestic activity. “Growth” was a later and rival preoccupation that must be understood as inherent only to the case for the globalised system that was opposed to both his policies and his goals. 

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The Robin Hood Tax Wont Do the Trick

The Robin Hood Tax Wont Do the Trick

John Grahl and Photis Lysandrou
January 2015  

In 2011, the EC proposed a Financial Transactions Tax to raise revenue from the financial sectors. While they broadly agree with the objectives behind the FTT, Grahl and Lysandrou argue that the approach is too simplistic...

A Financial Activities Tax is needed.

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The National Accounts, GDP and the 'Growthmen'

The National Accounts, GDP and the 'Growthmen'

Geoff Tily
January 2015

Reading GDP: A Brief But Affectionate History by Diane Coyle (2013) led to the question – when and how did GDP growth become the central focus of policymaking? Younger readers may be more surprised by the answers than older ones, with the details not commonplace in conventional histories of post-war policy.

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Ben Broadbent, Keynes and The Natural Rate of Interest

Ben Broadbent, Keynes and The Natural Rate of Interest

Geoff Tily
December 2014

An appeal to the Bank of England: The ‘rate of interest’ has not been low. Financial liberalisation led to a steep increase the complex of interest rates for all kinds of borrowing, long and short, safe and risky and the most prolonged era of dear money on record. 

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Pain, No Gain: The Austerity Scam

Pain, No Gain: The Austerity Scam

John Weeks
December 2014

On the eve of the Autumn Statement, PRIME is pleased to publish “Pain, No Gain: the Austerity Scam” by John Weeks (Emeritus Professor of Economics, SOAS, University of London) which explains just why the deficit is not a problem – indeed is a necessary part of the solution – for the UK economy.

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Piketty’s Determinism?

Piketty’s Determinism?

Ann Pettifor and Geoff Tily
October 2014 

In this review, Pettifor and Tily argue that Piketty’s determinism (which suggests that inequality will continue to rise indefinitely and that interest and growth are on a preordained trajectory) arises from a neo-classical approach to interest as the marginal product of capital.

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