Count Draghila
This chapter examines the European crisis from the point of view of monetary policy. Based on the monetary issues discussed in the previous chapters, we explain how monetary policy works in ordinary circumstances. We then look at non-conventional measures
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HETERODOX CHALLENGES IN ECONOMICS Theoretical Issues and the Crisis of the Eurozone
Heterodox Challenges in Economics
Sergio Cesaratto
Heterodox Challenges in Economics Theoretical Issues and the Crisis of the Eurozone
Sergio Cesaratto Department of Political Economy and Statistics University of Siena Siena, Italy
ISBN 978-3-030-54447-8 ISBN 978-3-030-54448-5 (eBook) https://doi.org/10.1007/978-3-030-54448-5 © Springer Nature Switzerland AG 2020 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors, and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, expressed or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. This Springer imprint is published by the registered company Springer Nature Switzerland AG. The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
This photo, taken in Tilton (Sussex, UK) in 1927, sums up the contents of this book. John Maynard Keynes, the most influential economist of the last century, opponent of laissez-faire and proponent of expansive monetary and fiscal policies in support of full employment, is flanked by two younger Cambridge economists. Like guardian angels, to the right of Keynes stands Dennis Robertson, who later became warden of economic orthodoxy, and to the left, Piero Sraffa (devil rather than angel) representing heterodoxy. Keynes, significantly, is in the middle.
Acknowledgements
I thank Tony Aspromourgos, Giancarlo Bergamini, Dirk Bezemer, Roberto Ciccone, Matteo Deleidi, Stefano Di Bucchianico, Eladio Febrero, Saverio Fratini, Vladimiro Giacché, Sergio Levrero, Gary Mongiovi, Antonella Palumbo, Riccardo Pariboni, Susan Pashkof, Marco Passarella, Fabio Petri, V. Ramanan, Annalisa Rosselli, Ernesto Screpanti, Paolo Trabucchi, Attilio Trezzini, Giuseppe Vandai and Gennaro Zezza for reading, commenting on and helping me to clarify various points and to improve the style of the two Italian editions and the present one. The publication of this book in Argentina (Seis classes sobre economia, Universida
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