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Jan A. Kregel: Die Erneuerung der Politischen Ökonomie. Eine Einführung in die postkeynesianische Theorie. Metropolis-Verlag, Marburg 1988, 224 Seiten, 29,80 DM

This policy brief explores a route to remaking the international financial system that would avoid the contradictions inherent in some of the prevailing reform proposals currently under discussion. Senior Scholar Jan Kregel argues that the willingness of central banks to consider electronic currency provides an opening to reconsider a truly innovative reform of the international financial system, and one that is more appropriate to a digital monetary world: John Maynard Keynes's original clearing union proposal. Kregel investigates whether such a clearing system could be built up from an already-existing initiative that has emerged in the private sector. He analyzes the operations of a private, cross-border payment system that could serve as a real-world blueprint for a more politically palatable equivalent of Keynes's international clearing union.

Para estudiar a fondo las causas que provocaron el declive del sistema financiero de los Estados Unidos hace más de 10 años hace falta acudir nuevamente a las explicaciones de Hyman P. Minsky; sobre todo a su análisis del financiamiento propio del capitalismo en general y de la evolución presentada por ese sistema tiempo atrás. Conforme crece la confianza de prestatarios y prestamistas en el cumplimiento de sus expectativas sobre el futuro, aumentan las probabilidades de contraer una deuda financiera imposible de validar: una estructura de financiamiento asegurada se torna riesgosamente una "especulativa" y, después, una "tipo Ponzi". Este fenómeno debe insertarse en un marco histórico más amplio: es resultado de las críticas surgidas en los años ochenta contra el rol del "gran gobierno" como garantía de estabilidad ante el espectro de la recesión. Puesto que para los bancos la maximización de la ganancia determina un máximo de volumen de préstamos, urge aplicar las regulaciones bancarias más pertinentes (no las impuestas al darse primacía a los bancos de inversión sobre los comerciales) y evitar que las ganancias de la productividad se sustituyan con las ganancias de capital que hoy rigen en el sistema. Aun cuando la fragilidad financiera sea inacabable, debemos esforzarnos por comprenderla y captar cuáles son las mejores defensas contra la inestabilidad en que llega a desembocar.

In the Western interpretation of democracy, governments exist in order to manage relations of property, with absence of property ownership leading to exclusion from participation in governance and, in many cases, absence of equal treatment before the law. Democratizing money will therefore ensure equal opportunity to the ownership of property, and thus full participation in the democratic governance of society, as well as equal access to the banking system, which finances the creation of capital via the creation of money. If the divergence between capital and labor-between rich and poor-is explained by the monopoly access of capitalists to finance, then reducing this divergence is crucially dependent on the democratization of money. Though the role of money and finance in determining inequality between capital and labor transcends any particular understanding of the process by which the creation of money leads to inequity, specific proposals for the democratization of money will depend on the explanation of how money comes into existence and how it supports capital accumulation.

As global market integration collides with growing demands for national political sovereignty, Senior Scholar Jan Kregel contrasts two diametrically opposed approaches to managing the tensions between international financial coordination and national autonomy. The first, a road not taken, is John Maynard Keynes's proposal to reform the postwar international financial system. The second is the approach taken in the establishment of the eurozone and the development of its settlement and payment system. Analysis of Keynes's clearing union proposal and its underlying theoretical approach highlights the flaws of the current eurozone setup.

ABSTRACT New Developmentalism provides a view out how it incorporates the positive contributions of early development theorists concerned with to the past of development theory as well as a view to the future. This assessment points the similar problems of the importance of exchange rates in the development process to provide a contemporary version of the theory adapted to the twentieth century world of globalization and financialization .

Abstract Financialisation has been represented as a recent phenomenon linked to the deregulation and globalization of the international trade and payments system that has been in progress since the opening of the Chinese economy in the 1980s. It is often represented as the dominance of finance over production or of monetary over real variables. This essay challenges the usefulness of this dichotomy, arguing in the tradition of Keynes, Schumpeter and Minsky that it is impossible to separate the financing of production into separate categories since a production decision always requires finance to be implemented. It instead suggests that it is the process of innovation in the creation of liquidity by the financial system that provides a more insightful analysis of the implications of financialisation.