1st Edition

The Routledge Handbook of Heterodox Economics Theorizing, Analyzing, and Transforming Capitalism

Edited By Tae-Hee Jo, Lynne Chester, Carlo D'Ippoliti Copyright 2018
    550 Pages 37 B/W Illustrations
    by Routledge

    566 Pages 37 B/W Illustrations
    by Routledge

    The Routledge Handbook of Heterodox Economics presents a comprehensive overview of the latest work on economic theory and policy from a ‘pluralistic’ heterodox perspective.

    Contributions throughout the Handbook explore different theoretical perspectives including: Marxian-radical political economics; Post Keynesian-Sraffian economics; institutionalist-evolutionary economics; feminist economics; social economics; Régulation theory; the Social Structure of Accumulation approach; and ecological economics. They explain the structural properties and dynamics of capitalism, as well as propose economic and social policies for the benefit of the majority of the population. This book aims, firstly, to provide realistic and coherent theoretical frameworks to understand the capitalist economy in a constructive and forward-looking manner. Secondly, it delineates the future directions, as well as the current state, of heterodox economics, and then provides both ‘heat and light’ on controversial issues, drawing out the commonalities and differences among different heterodox economic approaches. The volume also envisions transformative economic and social policies for the majority of the population and explains why economics is, and should be treated as, a social science.

    This Handbook will be of compelling interest to those, including students, who wish to learn about alternative economic theories and policies that are rarely found in conventional economics textbooks or discussed in the mainstream media, and to critical economists and other social scientists who are concerned with analyzing pressing socio-economic issues.

    Part I: Introduction

    1. The State of the Art and Challenges for Heterodox Economics
    2. Tae-Hee Jo, Lynne Chester, and Carlo D’Ippoliti

      Part II: The Theoretical Cores of Heterodox Economics

    3. Social Provisioning Process: A Heterodox View of the Economy
    4. Tae-Hee Jo and Zdravka Todorova

    5. The Social Surplus Approach: Historical Origins and Present State
    6. Nuno Ornelas Martins

    7. Accumulation Regimes
    8. Agnès Labrousse and Sandrine Michel

    9. Monetary Theories of Production
    10. Marco Veronese Passarella

    11. The Principle of Effective Demand: Marx, Kalecki, Keynes, and Beyond
    12. Eckhard Hein

    13. Heterodox Theories of Value: A Brief History
    14. Ajit Sinha

    15. Theories of Prices and Alternative Economic Paradigms
    16. Carlo D’Ippoliti

    17. Heterodox Theories of Distribution
    18. Scott Carter

    19. The Micro-Macro Link in Heterodox Economics
    20. Claudius Gräbner and Jakob Kapeller

      Part III: The Anatomy of Capitalism

    21. Society and Its Institutions
    22. John F. Henry

    23. Heterodox Economics and Theories of Interactive Agency
    24. Mary V. Wrenn

    25. Households in Heterodox Economic Theory
    26. Zdravka Todorova

    27. A Heterodox Theory of the Business Enterprise
    28. Tae-Hee Jo

    29. Heterodox Theories of Business Competition and Market Governance
    30. Tuna Baskoy

    31. A Marxian Understanding of the nature and Form of Dominant Capitalist Legal Institutions
    32. Lorraine Talbot

    33. Money and Monetary Regimes
    34. Pavlina R. Tcherneva

    35. Banks in Developing Countries
    36. Radha Upadhyaya

    37. Shadow Banking
    38. Benjamin Wilhelm

    39. The Informal Economy in Theory and Policy: Prospects for Well-being
    40. Elizabeth Hill

    41. Inequality and Poverty
    42. Marcella Corsi and Giulio Guarini

      Part IV: The Dynamics of the Capitalist Socio-Economic Structure

    43. The Accumulation of Capital: An Analytical and Historical Overview
    44. Ramaa Vasudevan

    45. A Heterodox Reconstruction of Trade Theory
    46. Yan Liang

    47. Analyzing the Organization of Global Production: Thoughts from the Periphery
    48. Víctor Ramiro Fernández and Gabriel Brondino

    49. Labor Processes and Outcomes: An Institutional-Heterodox Framework
    50. Siobhan Austen

    51. Heterodox Theories of the Business Cycle
    52. Matías Vernengo

    53. Heterodox Theories of Economic Growth
    54. Özgür Orhangazi

    55. Financialization and the Crises of Capitalism
    56. Petra Dünhaupt

    57. Theories of International Development: The Post Keynesian and Marxian Alternatives
    58. John Marangos

    59. Energy, Environment, and the Economy
    60. Anders Ekeland and Bent Arne Sæther

      Part V: Transforming the Capitalist Social Provisioning Process

    61. An Exit Strategy from Capitalism’s Ecological Crisis
    62. Lynne Chester

    63. Restructuring Financial Systems with Human Advancement in Mind
    64. Wesley C. Marshall

    65. Rethinking the Role of the State
    66. Anna Klimina

    67. The Twenty-First Century Capitalist Revolution: How the Governance of Large Firms Shapes Prosperity and Inequality
    68. Jordan Brennan

    69. Achieving Full Employment: History, Theory, and Policy
    70. John Marsh, Timothy Sharpe, and Bruce Philp

    71. Social Welfare and Social Control
    72. Andrew Cumbers and Robert McMaster

      Part VI: Conclusion

    73. Heterodox Economics as a Living Body of Knowledge: Community, (In)Commensurability, Critical Engagement, and Pluralism

    Jamie Morgan and John Embery


    Tae-Hee Jo is Associate Professor in the Economics and Finance Department at The State University of New York–Buffalo State, USA, and a former Editor of the Heterodox Economics Newsletter (2009–13). He has been working on heterodox microeconomic theory from institutionalist, Marxian, and Post Keynesian perspectives.

    Lynne Chester is Associate Professor in the University of Sydney’s Department of Political Economy, Australia. She is recognized as a leading Australian scholar in the empirical application of Régulation theory. Her research focuses on a range of energy issues (affordability, security, markets, price formation, the environment) and the policy responses of capitalist economies through different institutional forms.

    Carlo D’Ippoliti is Associate Professor of Economics at Sapienza University of Rome, Italy. He is the editor of PSL Quarterly Review and of Moneta e Credito, and his research focuses on the history of economic thought, feminist economics, and European political economy.