Neoliberal economics isn't working and students are demanding more from their course reading than the 8th edition of Macroeconomics can provide. Following the news
that Economics students in Manchester have formed the Post-Crash Economics Society
and Aditya Chakrabortty's excoriating and controversial commentary
on the state of contemporary economics, published in the Guardian
, Verso presents a reading list of economics titles which challenge the mainstream neoliberal consensus and offer powerful alternative models in contemporary economics.
First up, Wolfgang Streeck
's analysis of the 2008 financial crisis, Buying Time: The Delayed Crisis of Democratic Capitalism
Placing the crisis in the context of the neoliberal transformation of society that began in the 1970s, Streeck's focus is on the tensions that this has produced between states, voters and capitalist enterprises. Buying Time asks fundamental questions about the compatibility between democracy and contemporary forms of capitalism.
Read Streeck's excellent article on the end of capitalism at the New Left Review
In a very laudatory review for Marx and Philosophy, Hans G Despain praised Costas’s Lapavitsas’s Profiting without Producing on various counts.
He calls the book “a reference point for Marxian political economy for decades to come”, a book that offers a powerful explanatory framework to grasp the historical and structural roots of the current crisis. In order to do this, Lapavitsas, “a premier monetary theorist”, “deeply rooted in Marxian political economy”, provides an insightful historical account of financialization by bringing to the fore the structural contradictions of capitalism.
In his rigorous review of Crisis in the Eurozone, written by Costas Lapavitsas and his colleagues from the Research on Money and Finance group, Alex Cistelecan bounces the book’s arguments off Jürgen Habermas’s The Crisis of the European Union.
What comes out of this skillful comparison is the depth of Lapavitsas’s arguments about the nature of the problems that the European Union is facing at the moment. Unlike Habermas, whose focus is mainly on the moral dimension of a problem not even dubbed a “crisis”, the kernel of Lapavitsas’s analysis is to emphasize “the profound and structural nature of these problems, and of the underlying contradiction built into the European legal and institutional construction.”