Most mainstream neoclassical economists completely failed to anticipate the crisis which broke in 2007 and 2008. There is however a long tradition of economic analysis which emphasises how growth in a capitalist economy leads to an accumulation of tensions and results in periodic crises. This paper first reviews the work of Karl Marx who was one of the first writers to incorporate an analysis of periodic crisis in his analysis of capitalist accumulation. The paper then considers the approach of various subsequent Marxian writers, most of whom locate periodic cyclical crises within the framework of longer-term phases of capitalist development, the most recent of which is generally seen as having begun in the 1980s. The paper also looks at the analyses of Thorstein Veblen and Wesley Claire Mitchell, two US institutionalist economists who stressed the role of finance and its contribution to generating periodic crises, and the Italian Circuitist writers who stress the problematic challenge of ensuring that bank advances to productive enterprises can successfully be repaid. 2014 Level: avancé Finance and Crisis: Marxian, Institutionalist and Circuitist approaches Georgios Argitis, Trevor Evans, Jo Michell, Jan Toporowski Institute for International Political Economy Berlin L’économiste américain d’origine russe Hyman Minsky accordait une place centrale à la finance dans le fonctionnement des économies capitalistes. Cent ans après sa naissance, la crise de 2008-2009 remet en avant ses analyses de l’instabilité financière et ses pistes de réflexion sur les mécanismes qui pourraient la contenir. 2019 Level: avancé Hyman Minsky : un économiste visionnaire Laurence Scialom La Vie des idées Since the 1980s, the financial sector and its role have increased significantly. This development is often referred to as financialization. Authors working in the heterodox tradition have raised the question whether the changing role of finance manifests a new era in the history of capitalism. The present article first provides some general discussion on the term financialization and presents some stylized facts which highlight the rise of finance. Then, it proceeds by briefly reviewing the main arguments in the Marxian framework that proposedly lead to crisis. Next, two schools of thought in the Marxian tradition are reviewed which consider financialization as the latest stage of capitalism. They highlight the contradictions imposed by financialization that disrupt the growth process and also stress the fragilities imposed by the new growth regime. The two approaches introduced here are the Social Structure of Accumulation Theory and Monthly Review School. The subsequent part proceeds with the Post-Keynesian theory, first introducing potential destabilizing factors before discussing financialization and the finance-led growth regime. The last section provides a comparative summary. While the basic narrative in all approaches considered here is quite similar, major differences stem from the relationship between neoliberalism and financialization and, moreover, from the question of whether financialization can be considered cause or effect. 2016 Level: avancé Financialization and the crises of capitalism Petra Dühnhaupt Institute for International Political Economy Berlin This paper attempts to clarify how the European economic crisis from 2007 onwards can be understood from the perspective of a Marxian monetary theory of value that emphasizes intrinsic, structural flaws regarding capitalist reproduction. Chapter two provides an empirical description of the European economic crisis, which to some extent already reflects the structural theoretical framework presented in chapter three. Regarding the theoretical framework Michael Heinrich's interpretation of 'the' Marxian monetary theory of value will be presented. Heinrich identifies connections between production and realization, between profit and interest rate as well as between industrial and fictitious capital, which represent contradictory tendencies for which capitalism does not have simple balancing processes. In the context of a discussion of 'structural logical aspects' of Marx's Critique of the Political Economy, explanatory deficits of Heinrich's approach are analyzed. In the following, it is argued that Fred Moseley's view of these 'structural logical aspects' allows empirical 'applications' of Marxian monetary theories of value. It is concluded that a Marxian monetary theory of value, with the characteristics of expansive capital accumulation and its limitations, facilitates a structural analysis of the European economic crisis from 2007 onwards. In this line of argument, expansive production patterns are expressed, among other things, in global restructuring processes, while consumption limitations are mitigated by expansive financial markets and shifts in ex-port destinations. 2019 Level: expert The European economic crisis from 2007 onwards in the context of a global crisis of over-production of capital - a Marxian monetary theory of value interpretation Sascha Gander Institute for International Political Economy Berlin This article examines the spread of financialization in Germany before the financial crisis. It provides an up-to date overview on the literature on financialization and reviews which of the phenomena typically associated with financialization have emerged in Germany. In particular, the article aims to clarify how the prevailing institutional structure and its changes had contributed to or had countervailed the spread of financialization and how it had shaped the specific German variant of financialization. For this end, it combines the rich literature on Germany's institutional structure with the more macroeconomic oriented literature on financializaton. With the combination of those different perspectives the article sheds light on the reasons for the spread of financialization and the specific forms it has taken in Germany. 2019 Level: débutant Financialization made in Germany: A review Daniel Detzer Institute for International Political Economy Berlin Central banking is anything but clear-cut. As this webinar with Benjamin Braun demonstrates, the standard view of central banks as independent public entities that govern financial markets and "print" money is at least partially misleading. 2020 Level: débutant Central banking, Finance and Power Benjamin Braun crashcourseeconomics.org This report presents the results of the “Financial Mechanisms for Innovative Social and Solidarity Economy Ecosystems” project, designed to foster a better understanding of the different ways in which financial resources can be made available and accessed to support the growth of social and solidarity economy (SSE) organizations and their ecosystems. The project is supported by the Ministry of Labour, Employment and Social and Solidarity Economy of the Government of the Grand Duchy of Luxembourg. 2019 Level: avancé Financial Mechanisms for Innovative Social and Solidarity Economy Ecosystems Samuel Barco Serrano / Riccardo Bodini / Michael Roy / Gianluca Salvatori International Labour Organization Recording of the Workshop “The collateral supply effect on central banking”, 04.02.2021, part of the "Next Generation Central Banking - Climate Change, Inequality, Financial Instability" conference by the Heinrich-Böll-Stiftung 2021 Level: avancé NextGen Central Banking: The collateral supply effect on central banking Finanzwende e.V. & Heinrich-Böll-Stiftung, Carolyn Sissoko, UWE Bristol; Steffen Murau, Boston University; Michael Peters, Finanzwende Transformative Responses, Heinrich-Böll-Foundation & Finanzwende Au coeur de l instabilité monétaire et financière de nombreux pays l attaque spéculative n en est pas moins un concept obscur pour les néophytes Le CaptainEconomics coutumier de la vulgarisation de concepts obscurs nous prend une nouvelle fois par la main pour et déroule le mécanisme avec précision mais … 2012 Level: débutant Comment une attaque spéculative peut faire s'écrouler un régime de change ? Thomas Renault CaptainEconomics Fighting Neoliberalism with Keynes & Minsky? Riccardo Bellofiore proposes to revise the insights of Minsky's financial instability hypothesis, combining it with the Keynesian theory of the monetary circuit to answer many questions in modern economy. 2020 Level: avancé Fighting Neoliberalism with Keynes & Minsky? Riccardo Bellofiore New Economic Thinking The last 15 years have seen extensive research into ecosystem service valuation (ESV), spurred by the Millenium Ecosystem Assessment in 2005 (Baveye, Baveye & Gowdy, 2016). Ecosystem services are defined as “the benefits people obtain from ecosystems” (Millenium Ecosystem Assessment, p.V). For example, ecosystems provide the service of sequestering carbon which helps regulate the climate. Valuation means giving ecosystems or their services a monetary price, for example researchers have estimated that the carbon sequestration services of the Mediterranean Sea is between 100 and 1500 million euros per year. The idea of ESV was a response to the overuse of natural resources and degradation of ecosystems, allegedly due to their undervaluation and exclusion from the monetary economy. ESV can be used (1) for policy decision-making, for example allocating funding to a reforestation project (2) for setting payments to people who increase ecosystem services, for example a farmer increasing the organic carbon content of their soil, and (3) for determining fees for people who degrade ecosystem services, for example a company that causes deforestation. 2021 Level: débutant A Pluralist Perspective on Ecosystem Service Valuation Introduction Maya Exploring Economics The course will teach students to analyze the goals, implementation, and outcomes of economic policy. 2018 Level: avancé Advanced Economic Policy 2 Alyssa Schneebaum Vienna University of Economics and Business The workshop introduces into the field of critical political economy and tries to identify the role of finacial markets in capitalism, the reason for financial crises and the relevance of Marx in regard to these topics. 2018 Level: débutant Marxian Political Economy Jannis Eicker and Anil Shah 2. Summer Academy for Pluralist Economics This module examines current socio-political issues through the lens of pluralism, that is pluralism of theory, pluralism of method and interdisciplinary pluralism 2020 Level: débutant Pluralist Economic Analysis Sophia Kuehnlenz Manchester Metropolitan University This short video visualizes the destabilizing effects financial markets can have on food prices, based on a paper by Jayati Ghosh. It introduces and explains the idea of future contracts and how those are used to speculate with basic food stuffs. After establishing the concepts, the video sketches out how the increase in those practices resulted in a substantial rise and later collapse of food prices around 2008 with severe consequences for many developing countries and their people. 2021 Level: débutant Food and Finance Jezri Krinsky blobMetropolis How exactly are persisting social inequalities and the operations of modern finance connected? Adam Tooze provides a detailed answer to a still relevant problem by focusing on the Great Financial Crisis and the role of the finance industry in the USA. 2019 Level: avancé Crashed: How a Decade of Financial Crises Changed the World Adam Tooze Paris School of Economics Marx Reloaded is a cultural documentary that examines the relevance of German socialist and philosopher Karl Marx s ideas for understanding the global economic and financial crisis of 2008 09 The crisis triggered the deepest global recession in 70 years and prompted the US government to spend more than 1 … 2011 Level: débutant Marx Reloaded Jason Barker YouTube (ARTE) In this article, Jihen Chandoul discusses the importance of food sovereignty in Africa, reflecting on the continent’s early post independence movements for self sufficiency. 2021 Level: débutant Food and the Struggle for Africa’s Sovereignty Jihen Chandoul Post-Colonialisms Today: postcolonialisms.regionsrefocus.org Il paraît bien loin le temps où les banques centrales revendiquaient un objectif et un seul l inflation devant tout autre que ce soit la croissance l emploi où l équilibre des marchés financiers Cette intransigeance obsessionnelle était le socle de leur crédibilité Sans état d âme et sans considération … 2022 Level: débutant Comprendre la dérive des banques centrales et des politiques monétaires Olivier Passet Xerfi Canal Asset Management firms control large parts of the global economy Just the three American asset management firms BlackRock Vanguard and State Street manage more than half of the combined value of all shares for companies in the S P 500 Their combined managed assets amount to 22 trillion May 2022 … 2022 Level: avancé Asset Manager Capitalism Mark Blyth Watson Institute for International and Public Affairs Trade disputes are usually understood as conflicts between countries with competing national interests, but as Matthew C. Klein and Michael Pettis show in this book, they are often the unexpected result of domestic political choices to serve the interests of the rich at the expense of workers and ordinary retirees. 2020 Level: avancé Trade Wars Are Class Wars Matthew C. Klein & Michael Pettis Yale University Press La finance est-elle structurellement instable ? Comment expliquer les crises financières ? Le regard de l'économiste Hyman Minsky. 2016 Level: avancé Stabiliser une économie instable Hyman Minsky Les Petits Matins Qu'est-ce qui explique la crise d'un modèle comme les Trente Glorieuses ? Quel type de capitalisme est en train de se mettre en place aujourd'hui ? Comment nos systèmes économiques évoluent-ils ? Combinant histoire, économie et politique, ce manuel de Robert Boyer introduit à la théorie de la régulation. 2020 Level: débutant Économie politique des capitalismes Robert Boyer La Découverte In this book, the author, Intan Suwandi, engages with the question of imperialism through the specific channel of Global Value Chains. 2019 Level: débutant Value Chains Intan Suwandi NYU Press Lean Logic is the late David Fleming’s masterpiece, the product of more than thirty years’ work and a testament to the creative brilliance of one of Britain’s most important intellectuals. A dictionary unlike any other, it leads readers through Fleming’s stimulating exploration of fields as diverse as culture, history, science, art, logic, ethics, myth, economics, and anthropology, being made up of four hundred and four engaging essay-entries covering topics such as Boredom, Community, Debt, Growth, Harmless Lunatics, Land, Lean Thinking, Nanotechnology, Play, Religion, Spirit, Trust, and Utopia. The threads running through every entry are Fleming’s deft and original analysis of how our present market-based economy is destroying the very foundations—ecological, economic, and cultural— on which it depends, and his core focus: a compelling, grounded vision for a cohesive society that might weather the consequences 2020 Level: débutant Lean Logic: A Dictionary for the Future and How to Survive It the late Dr. David Fleming LeanLogic.online Constatant la complexité de ses vidéos récentes, le youtubeur Heu?reka décide de faire un recapitulatif du "fonctionnement de l'économie, le PIB, les marchés financiers, les traders, les différentes banques, l'Etat, la création monétaire et la dette." 2017 Level: débutant Finance & économie : on récapitule TOUT ! - Heu?reka #22 Heu@reka Heu?reka La science économique dominante est-elle impuissante face aux crises ? Existe-t-il une alternative ? Dans cet ouvrage collectif, Éric Berr (université de Bordeaux), Virginie Monvoisin (Grenoble École de management) et Jean-François Ponsot (université Grenoble-Alpes) présentent l'économie post-keynésienne, une approche novatrice de l'économie. 2018 Level: avancé L'économie post-keynésienne Éric Berr, Virginie Monvoisin, Jean-François Ponsot Éditions du Seuil The 2007–08 credit crisis and the long recession that followed brutally exposed the economic and social costs of financialization. Understanding what lay behind these events, the rise of “fictitious capital” and its opaque logic, is crucial to grasping the social and political conditions under which we live. Yet, for most people, the operations of the financial system remain shrouded in mystery. 2017 Level: avancé Fictitious Capital Cedric Durand Verso

The 2007-2008 financial crisis exposed the shortcomings of mainstream economic theory with economists unprepared to deal with it. In the face of this, a major rethinking of economics seems necessary and in presenting alternative approaches to economic theory, this book contributes to the rebuilding of the discipline.

2019 Level: avancé Alternative Approaches to Economic Theory Víctor A. Beker Routledge Financialization is one of the most innovative concepts to emerge in the field of political economy during the last three decades, although there is no agreement on what exactly it is. Profiting Without Producing by Costas Lapavitsas puts forth a distinctive view defining financialization in terms of the fundamental conduct of non-financial enterprises, banks and households. 2014 Level: avancé Profiting Without Producing Costas Lapavitsas Verso Books Written by the Nobel Prize winners in Economics Robert Shiller and George Akerlof, this book shows how deception and manipulation play a big role in the economic behavior of individuals, as well as showing how the assumption of "perfect information" is far away from the truth. Through both quantitative data and stories of how to reduce this noxious phenomenon, the authors paint a pretty different picture of how markets really works in a hyper-communicative scenario like nowadays. 2016 Level: débutant Phishing for Phools George A. Akerlof, Robert J. Shiller Princeton University Press The recent financial meltdown and the resulting global recession have rekindled debates regarding the nature of contemporary capitalism. 2013 Level: avancé A Political Economy of Contemporary Capitalism and its Crisis Sotiropoulos, Dimitris P.; Milios, John; Lapatsioras, Spyros Routledge