Titlebook: Economic and Financial Crises; A New Macroeconomic Alvaro Cencini,Sergio Rossi Book 2015 Alvaro Cencini and Sergio Rossi 2015 banking.capi

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Capital Accumulation and Economic Crises is one of the central concepts of economics and yet there is still no consensus among economists on how to define it. The questions raised by Smith (1776/1991) concerning the logical relationship between capital and saving, and between circulating and fixed capital, are no longer on the agenda, and

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The International Dimension of Financial Criseshapter, which is devoted to the analysis of international transactions and their impact on financial crises. The inconsistency between the way money should be used in transnational payments and how payments are actually carried out between nations is not difficult to discern or detect: what should b

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Reforming Domestic Payment Systemsdiation they carry out, as explained in this volume. Indeed, in the early drafts of his ., Keynes (1973a: 91) noted that a bank is both a ‘money purveyor’ and a ‘credit purveyor’ within a monetary economy of production. This distinction has been lost in both economic theory and policy since then. It

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The International Dimension of Financial Crisesrnationally, which is why transnational payments that do not comply with the vehicular nature of money are hopelessly pathological and the source of monetary disorder that feeds speculation and propels financial crises.

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Introduction, Keynesian, or New Keynesian, have clearly proved to be incapable of avoiding, let alone explaining, the devastating crises that are hampering our economies both nationally and internationally. The reason for this failure lies in their poor understanding of the logical laws governing our economic systems based, as they are, on bank money.