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Abstract only
Jack Mosse

fundamentals of academic economics. The following three chapters move from the public to the institutions that are responsible for informing and educating the populace about the economy. They indicate how, in different ways and in different forms, the same myth circulates at these centres of power. Chapter 2 explores the vision of the economy in the financial sector. It begins by outlining how important the financial sector is, not only in its capacity to shape the material conditions of our society, but also

in The pound and the fury
Abstract only
Bill Dunn

5 . As usual, there are two parts to Keynes’s story: what is wrong with the classics, and his alternative model. Without recapitulating Keynes’s overall argument, interest rate determination is central to his critique. Indeed, he sees conventional economics as fatally flawed, ‘the flaw being largely due to the failure of the classical doctrine to develop a satisfactory theory of the rate of interest’ (CWXIII: 489). Again, there are two orthodox views: one that interest can be safely ignored, the other that it obeys marginalist laws. The first view Keynes

in Keynes and Marx
Bill Dunn

Introduction Blaug writes, ‘[t]here were two Keynesian revolutions: the revolution in economic policy and the revolution in theoretical opinion within the economics profession’ ( 1994 : 1212). This chapter focusses on the policy and practice, the remarkable post-WWII boom and its unravelling in the 1970s. The next chapter looks at the theory. It is in the sense of policy reorientation that the quarter-century from the end of WWII until the 1970s is most often understood as a Keynesian age. Indeed, for many accounts, it is this period of managed capitalism

in Keynes and Marx
Not a pot of money
Jack Mosse

organisations can (and do) control the supply of money would seem intuitively wrong to many people – and perhaps for good reason, as private banks don't just create almost all of the money in our society, they also, through their lending and other decisions, determine how it is allocated. You don't need a Nobel Prize in economics, or even an economics degree, to recognise that the institutions that create and allocate the vast majority of money in a society (like the kings and queens of old), will have significant power over the shape of that society

in The pound and the fury
Myth in the financial sector
Jack Mosse

the service we provide is very important. This sentiment was also expressed by Calum, a wealth manager at a multinational bank. Calum was in many ways the archetype of a certain city stereotype: white, male, somebody who attended a public boarding school from a young age, studied Politics and Economics at a Russell group university and did an internship in the City ‘because that's what other people were doing’. He lived in Chelsea and, as he described it, had been funnelled through

in The pound and the fury
Abstract only
Bill Dunn

that Marxists have failed to integrate, or even to criticise seriously, important developments in Keynesian monetary economics. Keynes’s treatment of money challenges the ‘classics’ as Keynes understood them, but it also challenges at least certain interpretations of Marxism in which just about everything becomes reducible to the imperatives of capital accumulation in the ‘real’ or ‘productive’ economy. This has potentially serious implications for broader Marxist analysis. Marxists agree with Keynes in insisting that money is not ‘neutral’. There is a specific

in Keynes and Marx
Abstract only
Jack Mosse

. What the boss says goes Whilst all the journalists I spoke to were very clear about the need to take a strong opinion, they were less clear about what their opinions were based on. Many of them had trained as journalists and found themselves drawn to writing about the economy because it was more lucrative than working in other fields of journalism. They often had little or no previous training in finance or economics, and were therefore susceptible to accepting the ‘company line’, as it provided them with a readymade platform upon which to base

in The pound and the fury
Oonagh McDonald

to increased volatility in the markets. It was also claimed that it led to inappropriate write-downs of assets held by banks and other financial institutions, mostly because these write-downs were the result of inactive, illiquid or irrational markets. The values identified arguably did not reflect the underlying economics of securities. Not only the financial institutions were making such claims, but they were also voiced by politicians as well, pressing for the suspension or even the abandonment of such rules. The sternest critic of fair value accounting at that

in Lehman Brothers
A guide for A2 politics students
Series: Understandings
Authors: Kevin Harrison and Tony Boyd

In liberal democracies there is a belief that citizens ought to take an active interest in what is happening in the political world. Political debate in modern Western democracies is a complex and often rowdy affair. There are three fundamental political issues: 'politics', 'power' and 'justice', which feature in almost all political discussions and conflicts. The book assesses the degree to which the state and state sovereignty are disappearing in the modern world of 'globalised' politics, economics and culture and new international institutions. The main features of the nation and the problems of defining it are outlined: population, culture, history, language, religion, and race. Different types of democracy and their most important features are discussed. 'Freedom' is usually claimed to be the prime objective of political activity. The book discusses equality of human rights, distributional equality, equality before the law, the claims for group equality on the grounds of race, gender, class. Rights, obligations and citizenship are closely associated. Ideology is the driving force of political discourse. The book also discusses nationalism's growth and development over the last two centuries with particular reference to its main features and assumptions. It outlines the development of conservatism as a political ideology and movement in Britain during the last two centuries. An overview of liberalism, socialism, Marxism, anarchism, and Fascism follows. Environmentalism and feminism are also discussed. Finally, the book talks about how ideological change occurs and stresses the importance of rationality in politics.

Open Access (free)
The co-operative movement, development and the nation-state, 1889–1939
Author: Patrick Doyle

Civilising Rural Ireland examines how modern Ireland emerged out of the social and economic transformation prompted by the rural co-operative movement. The movement emerged in response to systemic economic problems that arose throughout the nineteenth century and coincided with a wide-ranging project of cultural nationalism. Within a short space of time the co-operative movement established a swathe of creameries, agricultural societies and credit societies, leading to a radical reorganisation of rural Ireland and helping to create a distinctive Irish political economy. The work of overlooked co-operative experts is critically examined for the first time and reinserted into the process of state development. The interventions of these organisers, intellectuals and farmers built up key institutions that shaped everyday life across rural communities. The movement weathered war and revolution, to become an indispensable part of an Irish state infrastructure after independence in 1922. The strained relationship and economic rivalry that developed between Irish and British co-operators is also explored in order to illuminate the changing relationship between Ireland and the United Kingdom from an economic perspective. Civilising Rural Ireland will appeal to a wide audience interested in modern Irish history and readers are introduced to an eclectic range of personalities who shared an interest in co-operation and whose actions possessed important consequences for the way Ireland developed. The creative use of local and national sources, many of which are examined for the first time, mean the book offers a new perspective on an important period in the making of modern Ireland.