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So there we have it. The Keynesians say the way forward is through Grexit and so now do many Austerians. Both see Grexit as a solution to save Greek capitalism. The Keynesians reckon it will ‘free’ Greek capitalism from austerity. The Austerians reckon it will ‘free’ the Euro leaders from the wasted funding of a failing capitalist economy. But neither side is right if the profitability of capital does not recover in Greece and in Europe. 
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Lapavitsas criticises the position adopted by the Syriza leadership in its negotiations for an extension of the bailout. For him, what was wrong was not that Varoufakis and Tsipras did not stick to the Syriza aim of cancelling or renegotiating the debt, but that they capitulated to the Troika on this because they were not prepared to exit the euro. “Syriza will attempt to lift austerity, reduce the debt — restructure or write off the debt — and change the balance of social, economic, and political forces in Greece and Europe more generally without breaking out of the monetary union and without coming into all-around conflict with the European Union. That’s clearly what this government signals.”
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Seán Ó Riain analyses the eurozone's policy direction and answers the question of Europe isn't more Keynesian.
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In this landmark lecture entitled 'Crisis averted? Lessons from the Global Financial Crisis' Nobel Laureate and distinguished Fellow of the Asia & the Pacific Policy Society, Professor Joseph Stiglitz, examines the origins of the GFC, analyses the economic policy responses and discusses whether the crisis really has been averted. He also looks at what's right, and wrong, with contemporary policy stances.
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Yet there is one category of actor curiously missing from Stiglitz’s list of villains: his fellow economists. There is no mention for instance that it was the winner of the Nobel Prize for Economics, Milton Friedman, whose New York Times article on September 13, 1970, “The Social Responsibility of Business is to Increase its Profits”, launched the idea that corporations should focus solely on making money for themselves and the shareholders, and basically, to hell with everyone else.
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Economic crises tend to bring out the worst in people. Panic, demagoguery, and despair were all visible as the markets crashed in September 2008. Aside from prophecies about the collapse of the global economy absent government intervention, several financial executives committed suicide that autumn and winter. In one grisly case, the acting CFO of Freddie Mac, David Kellermann, hung himself in his basement.
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Marxist-Humanist Initiative hosted a public discussion in New York City on Sept. 16, 2013 on Andrew Kliman's just-published pamphlet, "Can Income Redistribution Rescue Capitalism? : On Monthly Review's Factual and Theoretical Myths." The new work challenges Monthly Review's account of the latest capitalist economic crisis.
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An interesting confirmation of labor theory is apparently buried in New Keynesian theory, according to John Cochrane in a recent post to his blog, The Grumpy Economist, “All state spending is wasteful”.
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Welcome to our video series called "New Economic Thinking." The series will feature dozens of conversations with leading economists on the most important issues facing economics and the global economy today.
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A passionate argument on behalf of the middle class, INEQUALITY FOR ALL features Robert Reich—professor, best-selling author, and Clinton cabinet member—as he demonstrates how the widening income gap has a devastating impact on the American economy. The film is an intimate portrait of a man who's overcome a great deal of personal adversity and whose lifelong goal remains protecting those who are unable to protect themselves. Through his singular perspective, Reich explains how the massive consolidation of wealth by a precious few threatens the viability of the American workforce and the foundation of democracy itself. In this INCONVENIENT TRUTH for the economy, Reich uses humor and a wide array of facts to explain how the issue of economic inequality affects each and every one of us.
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Curated by jean lievens
Economist, specialized in political economy and peer-to-peer dynamics; core member of the P2P Foundation
Other Topics
Anders en beter
Met P2P voorbij markt en staat: voor een progressieve coalitie rond de commons. Met nieuws over op p2p gebaseerde praktijken en hoe de overheid, de politiek en de zakenwereld ermee (kunnen) omgaan...
money money money
on money and what it is
music-all
From the Great White Way to the West-End and beyond
Peer2Politics
on peer-to-peer dynamics in politics, the economy and organizations
real utopias
Not TINA (There Is No Alternative) but TAPAS: THERE ARE PLENTY OF ALTERNATIVES
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