The Creation of Wealth and Poverty is a study of the means and ways by which wealth and poverty are created in both developed and developing countries. It puts a particular emphasis on the role played by economic policy in shaping the stratification of modern societies through specific programmes dealing with issues of job creation, poverty and environmental degradation. This book is concerned with the social effects of the ongoing crisis in finance, development and the environment. By focusing on the political, legal and financial institutions that govern society and the economy, the book provides an analysis of wealth and poverty from a historical perspective. It shows how economic and social policies of the neoliberal model have led to a rise in unemployment, poverty and inequality and, therefore, made societies more polarized.
This volume will be of great interest to policymakers, academics and students who study political economy, development economics and macroeconomics.
Table of Contents
1 The State, the Market and Management of Class Relations
The Primitive State and its Economic Role
The Neoliberal State and the Policies of Pauperization
2 Democracy in Government: The Power of Policymaking
Democracy in Government:
Economic and Social Democracy
3 Private Wealth … and Public Debt
Of Assets and Liabilities
Public Policy and the Creation of Wealth
4 Full Employment versus Scarcity
Austerity and the Creation of Artificial Scarcity
The Necessity of Full Employment
5 Innovation, Ownership and Progress
Humanity’s Great Leap Forward: Innovation and the Role of the State
The Commodification of Knowledge and the Prospects of Progress
6 Industrialization Backwardness, International Trade and Finance
The Weight of History, the Great Divergence and Industrial Policy
The Power of Finance: Removing the External Constraint
7 Industrialization and the Environmental Crisis
The Fossil Economy and the Rise of Capitalist Industrialization
The Green Economy as Alternative
Hassan Bougrine holds a PhD from the University of Ottawa and has been teaching at Laurentian University for nearly 30 years where he is currently the Chair of the Economics Department. He has been a Visiting Professor and scholar at many institutions in Latin America, Europe and Africa.
‘A work of searing eloquence and moral fire, informed by a scholarship that spans forgotten classics and nearly all the best new thinking. All in the service of building a better world. In one word: splendid.’ — James K. Galbraith, author of Welcome to the Poisoned Chalice: The Destruction of Greece and the Future of Europe.
‘What a passion for the abolition of enslavement by the ruling totalitarian class! What a courage to denounce the role of orthodox economists as the "intellectual aristocracy" of predators! A true and deep culture is enshrined in this brilliant study, which is Professor Bougrine’s modern version of Das Kapital. This is the best answer to neoliberals and should be read by everyone.’ — Alain Parguez, Emeritus Professor, Université Franche-Comté, Besançon, France.
‘A brilliant exposition of the colonial roots of the Great Divergence. An excellent analysis of the current neoliberal model. Bougrine convincingly argues for a radical reform in the spirits of Keynes, Marx and Karl Polanyi.’ — Kari Polanyi Levitt, Emerita Professor of Economics, McGill University, Canada. Author of "From the Great Transformation to the Great Financialization" (2013)
‘An excellent critical review of mainstream academic thoughts on poverty in the contemporary global system; a convincing illustration of the shortcomings of these thoughts on the case of Canada.’ — Samir Amin, President of the Third World Forum
‘Bougrine quotes Nelson Mandela: "Like slavery and apartheid, poverty is not natural. It is man-made and it can be overcome and eradicated by the actions of human beings." But what actions? Many have written passionately about these and related topics. What Hassan Bougrine brings to the table is that he is also an expert monetary theorist, and is therefore well able to suggest plausible "means and ways".’ — John Smithin, York University, Toronto