Political Economy of Money and Finance

1. Front Matter

   Pages i-xviii

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2. Classical Foundations

   1. Front Matter

      Pages 1-3

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   2. Classical Political Economy of Money and Credit

      • Makoto Itoh, Costas Lapavitsas

      Pages 4-32

   3. Value and Money in Marx’s Political Economy

      • Makoto Itoh, Costas Lapavitsas

      Pages 33-58

   4. Interest-Bearing Capital: The Distinctive Marxist Approach

      • Makoto Itoh, Costas Lapavitsas

      Pages 59-80

3. Principles of Credit and Finance

   1. Front Matter

      Pages 81-82

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   2. The Credit System

      • Makoto Itoh, Costas Lapavitsas

      Pages 83-102

   3. Joint-Stock Capital and the Capital Market

      • Makoto Itoh, Costas Lapavitsas

      Pages 103-122

   4. Monetary and Financial Aspects of the Business Cycle

      • Makoto Itoh, Costas Lapavitsas

      Pages 123-153

   5. Central Banking

      • Makoto Itoh, Costas Lapavitsas

      Pages 154-181

4. Postwar Realities and Theories

   1. Front Matter

      Pages 183-184

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   2. Loss of Control over Money and Finance

      • Makoto Itoh, Costas Lapavitsas

      Pages 185-206

   3. The Rise and Fall of Keynesianism

      • Makoto Itoh, Costas Lapavitsas

      Pages 207-225

   4. Post-Keynesian Monetary Theory

      • Makoto Itoh, Costas Lapavitsas

      Pages 226-245

   5. Money and Credit in a Socialist Economy

      • Makoto Itoh, Costas Lapavitsas

      Pages 246-260

5. Back Matter

   Pages 261-301

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To explain the pronounced instability of the world economy since the 1970s, the book offers an important and systematic theoretical examination of money and finance. It re-examines the classical foundations of political economy and the creator of money. It assesses all of the important theoretical schools since then, including Marxist, Keynesian, post-Keynesian and monetarist thinkers. By presenting important insights from Japanese political economy previously ignored in Anglo-Saxon economics, the authors make a significant contribution to radical political economy based on a thorough historical analysis of capitalism.

• Keynes
• money
• political economy

• Kokugakuin University, Tokyo, Japan

  Makoto Itoh

• School of Oriental and African Studies, University of London, UK

  Costas Lapavitsas

MAKOTO ITOH is Professor of Economics at the University of Tokyo. He has taught widely at many universities abroad, including the New School for Social Research, New York University, Thammasat University at Bangkok, Cambridge University, London University, the University of Manitoba and York University, Canada. His books include Value and Crisis, The Basic Theory of Capitalism, The World Economic Crisis and Japanese Capitalism, and, in Japanese, The Theory of Value and Capital, Contemporary Socialism and Contemporary Capitalism.

COSTAS LAPAVITSAS is Lecturer in Economics at the School of Oriental and African Studies, University of London. His area of specialisation is Japan, in particular Japanese finance. He has also taught at the University of Tokyo, the University of Westminster, and the University of Brighton. His published works include several academic articles in English, Japanese, and Greek.

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