In recent times, policy makers, scientists, academics and commentators have become increasingly nervous about the US economic downturn. Discussions have centred around the range and magnitude of the country’s socio-economic problems, its vexing production decline and its unsatisfactory macroeconomic performance, which give rise to the following questions: what are the sources of this recent downfall? And can this situation be reversed by pursuing the same orthodox and neoliberal policies?
This new edited volume, from a top international set of contributors, seeks to answer these questions and to offer alternative, realistic and feasible strategies and policy recommendations towards reversing this situation.
In particular, the volume seeks to challenge US neoliberalism on theoretical and political grounds, and to offer alternative strategies and policies towards addressing the country’s recent challenges and multi-dimensional problems. The volume is structured around three main themes:
- The return of government: Philosophical issues and ethics
- Economic policies for sustainable growth and prosperity
- Financial fragility and alternative monetary policy proposals
This unique and highly topical, multidisciplinary volume, will be of great interest to students and researchers in the areas of economics, political economy and contemporary US politics.
Table of Contents
PART I: THE RETURN OF GOVERNMENT – PHILOSOPHICAL ISSUES & ETHICS 1. Why is Neoliberalism Dangerous? Alternative Perspectives and Government Policy Implications Nikolaos Karagiannis and Zagros Madjd-Sadjadi 2. The Return of Big Government: Policy Advice for President Obama L. Randall Wray 3. The Job Guarantee in a Municipal Confederalist Framework: Counterhegemonic Possibilities in the Age of Neoconservative Globalization Mathew Forstater 4. Beyond US Neoliberalism and the Washington Consensus: The Challenge of Development Ethics for the USA John Marangos, Nikos Astroulakis and Maria Dafnomili PART II: ECONOMIC POLICIES FOR SUSTAINABLE GROWTH & PROSPERITY 5. Macroeconomic Policies for Prosperity Malcolm C. Sawyer 6. The Conditions for Sustainable USA Recovery: The Role of Investment Philip Arestis and Elias Karakitsos 7. A Production-oriented Strategy for the USA: A Framework of Alternative Developmentalist Notions George A. Harwell, Nikolaos Karagiannis and Zagros Madjd-Sadjadi 8. The Money-wage-labor Standard Romar Correa PART III: FINANCIAL FRAGILITY & ALTERNATIVE MONETARY POLICY PROPOSALS 9. Structural Reforms to Reduce Systemic Financial Fragility Sergio Rossi 10. Quantitative Easing and Proposals for Reform of Monetary Policy Operations Scott Fullwiler and L. Randall Wray 11. The Economic Crisis and the US Dollar: Benefits and Obligations of a Hegemon Swapan Sen 12. US Debt Ceiling Charades and the Travails of "Helicopter Money" Richard Westra
Nikolaos Karagiannis is Associate Professor of Economics, Department of Economics and Finance, School of Business and Economics, Winston-Salem State University, USA
Zagros Madjd-Sadjadi is Professor of Economics and Chair, Department of Economics and Finance, Winston-Salem State University, USA, and the editor-in-chief of the American Review of Political Economy
Swapan Sen is Professor of Finance and MBA Coordinator at the School of Business and Economics, Winston-Salem State University, USA