Rethinking Capitalism Economics and Policy for Sustainable and Inclusive Growth 1st edition by Michael Jacobs, Mariana Mazzucato ISBN 1119120950 978-1119120957

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ISBN 10: 1119120950
ISBN 13: 978-1119120957
Author: Michael Jacobs, Mariana Mazzucato

Western capitalism is in crisis. For decades investment has been falling, living standards have stagnated or declined, and inequality has risen dramatically. Economic policy has neither reformed the financial system nor restored stable growth. Climate change meanwhile poses increasing risks to future prosperity. 

In this book some of the world’s leading economists propose new ways of thinking about capitalism. In clear and compelling prose, each chapter shows how today’s deep economic problems reflect the inadequacies of orthodox economic theory and the failure of policies informed by it. The chapters examine a range of contemporary economic issues, including fiscal and monetary policy, financial

Rethinking Capitalism Economics and Policy for Sustainable and Inclusive Growth 1st Table of contents:

1. Rethinking Capitalism: An Introduction

Capitalism and its discontents

Rethinking economic policy

Beyond market failure: towards a new approach

Notes

2. The Failure of Austerity: Rethinking Fiscal Policy

Introduction

‘Deficits saved the world’

The fiscal retreat and the monetary plunge

A balanced budget or a balanced economy?

Notes

3. Understanding Money and Macroeconomic Policy

Introduction

The orthodox view: exogenous money

Endogenous money and modern money theory

Money and monetary policy

Quantitative easing

Implications for the euro zone: the re-integration of money and fiscal policy

Conclusion

Notes

4. The Costs of Short-termism

Introduction

The literature on short-termism

Empirical evidence of short-termism

Policy implications

Notes

5. Innovative Enterprise and the Theory of the Firm

Introduction: what makes capitalism productive?

The neoclassical theory of the unproductive firm

The Marxian theory of the productive firm

The theory of innovative enterprise

The integration of theory and history

Notes

6. Innovation, the State and Patient Capital

Introduction

Headed in the wrong direction

Orthodox economic theory and the ‘market failure’ approach

The state as a key actor in the innovation system

Public rewards for public risk-taking

Patient capital: the role of state on how to better align risks and rewards investment banks

Conclusion

Notes

7. Investment-led Growth: A Solution to the European Crisis

Introduction

Underinvestment and economic stagnation in Europe

The current EU policy framework

A proposal for investment-led European recovery

Projected impacts of the proposals

Conclusion

Appendix: The Cambridge Alphametrics Model (CAM)

Acknowledgements

Notes

8. Inequality and Economic Growth

Introduction

The great rise of inequality

Explaining inequality

The price of inequality

Reversing inequality

Conclusion: redefining economic performance

Acknowledgements

Notes

9. The Paradoxes of Privatisation and Public Service Outsourcing

Introduction

The limits to competition

The mutual convertibility of economic and political resources

Conclusion: capitalism and democracy

Notes

10. Decarbonisation: Innovation and the Economics of Climate Change

Introduction

The challenge to capitalism

The challenge to economics

Innovation and growth

Path-dependence and innovation

Economic models

Climate change policy

Conclusion

Notes

11. Capitalism, Technology and a Green Global Golden Age: The Role of History in Helping to Shape the Future

Introduction: growth without technology or sustainability without growth?

Technological revolutions and economic development

ICT and the green direction

‘Green growth’, development, jobs and inequality

A radical reshaping of the policy framework

Acknowledgements

Notes

Index

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Tags: Michael Jacobs, Mariana Mazzucato, Rethinking Capitalism, Inclusive Growth