Brexit and the Economics of Political Change in Developed Countries Jayati Ghosh

The economic forces underlying Brexit—and the election of Donald Trump in the US—are similar, but also well advanced in many European countries, where much of the population faces similar material insecurity and stagnation. These frustrations can easily be channelled by right-wing xenophobic forces. To combat this, the EU needs to undo some of its design flaws and move from austerity to a more flexible union based on the solidarity of its people. Brexit (Download the full text in PDF format) ( This article was originally posted in the Taylor and Francis online on June 2, 2017.)

The Age of Anxiety: The Crisis of Liberal Democracy in a Post-Hegemonic Global Order Ziya Onis

The crisis of liberal democracy has been accelerated by the global financial crisis of 2008 with its dislocating effects in the established democracies. Relative stagnation and rising inequality and unemployment, coupled with mass migration and terrorist attacks, have instigated the rise of right-wing radical populist sentiments. As Western powers lose their influence, liberal democracy is challenged by the rise of strategic models of authoritarian or hybrid capitalism in a changing global context. Age_of_Anxiety (Download the full text in PDF format)

Break up the Banks: A practical guide to stopping the next global financial meltdown Andrew Cornford

Banking reforms to regulate the financial sector have broadly remained inadequate. In the book reviewed, Shirreff proposes the legal separation of banking activities into three groups, a return to unlimited liability for partners in investment banks and caps on total remuneration as the radical and effective steps needed to stabilise the sector. He also favours scrapping of Basel I and II norms and the application of a financial transaction tax. The global applicability and acceptance of these proposals, however, remains uncertain. Break_Up_Banks (Download the full text in PDF format)

Imperialist Reconstruction or Depopulation in Syria and Iraq Ali Kadri

The recent reconstruction efforts of the Arab World further deconstructed the state and the unity arising from national identity around the state. In the Arab context, the reconstruction effort promoted the objectives of imperialism in setting the background for continued war. Imperialist_reconstruction  (Download the full text in PDF format)

The UNO Newsletter: Rejuvenating Marxian Economics through UNO Theory (Vol. II, No. 19) 20 March 2017

The UNO newsletter, published by Musashi University includes the basic theory of capitalism; the integration of heterodox economics such as Marxian, Post Keynesian, institutional, evolutionary, and neo-Schumpeterian economics; the theory of capitalist development and the empirical analysis of capitalism. UNO News Letter (Download the full text in PDF format)

Once More on “The Humbug of Finance” Prabhat Patnaik

The renowned economist Joan Robinson had referred to the view that the government’s budget should always be balanced, as the “humbug of finance” (Robinson 1962), namely as a false proposition with no theoretical merit which was nonetheless promoted by finance capital. These days of course the insistence is not exactly on balancing the budget as was the case during the pre-second world war years. A certain amount of fiscal deficit relative to GDP, usually 3 percent, is considered “permissible”, though it is not clear what is so sacrosanct about the figure 3 and why 3 is better than zero. But…

The Post-Neoliberal Conjuncture Prabhat Patnaik

The question of an alternative to neo-liberalism has now come on to the agenda not just as a matter of speculation or as a mere abstract means of mobilizing people against neo-liberalism, but as an urgent practical issue. This is because, for reasons I shall discuss shortly, neo-liberalism as we have known it till now has reached a dead-end. Sections I and II below discuss these reasons. Section III examines the fall-out of the crisis of neo-liberalism. Section IV discusses critically the alternative to neo-liberalism being attempted by Donald Trump in the U.S., and Section V suggests the outline of…

The Terrible Simplifers: Common origins of financial crises and persistent poverty in economic theory and the new ‘1848 moment’ Erik S. Reinert

This paper argues that long periods of economic progress in the core countries lead to increasingly abstract and irrelevant economic theories, which leads to turning points towards more relevant economic theories, referred to as ‘1848 moments’. Terrible_Simplifers (Download the full text in PDF format) (This article was originally published under UN/DESA Working Papers series as DESA Working Paper No. 88)