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A World on Fire: Observations and Speculations in a Crottyian Vein

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  • Ilene Grabel

Abstract

I offer this article as a small way of honoring my friend, mentor, and role model Jim Crotty, whose intellectual legacy, commitment to engaged scholarship, lived experience, and warmth and generosity continue to influence me profoundly. Here, I offer several observations and speculations on the state of play in the global and US financial systems in a Crottyian vein. These include several 1980s throwbacks—bank failures in the United States; rentier-driven tight monetary policies across the world with attendant negative effects; and, debt distress and the likelihood of a (new) “lost decade†in the Global South. These familiar experiences are unfolding against the backdrop of an interregnum in which a “post-American global financial order†is emerging in an environment marked by “productive and destructive incoherence.†JEL Classification: F02, F33, O23, E44, E58

Suggested Citation

  • Ilene Grabel, 2023. "A World on Fire: Observations and Speculations in a Crottyian Vein," Review of Radical Political Economics, Union for Radical Political Economics, vol. 55(4), pages 707-713, December.
    • Handle: RePEc:sae:reorpe:v:55:y:2023:i:4:p:707-713
    DOI: 10.1177/04866134231198217
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    References listed on IDEAS

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    1. James R. Crotty, 1990. "Keynes on the Stages of Development of the Capitalist Economy: The Institutional Foundation of Keynes’s Methodology," Journal of Economic Issues, Taylor & Francis Journals, vol. 24(3), pages 761-780, September.
    2. James Crotty, 1999. "Was Keynes a Corporatist? Keynes’s Radical Views on Industrial Policy and Macro Policy in the 1920s," Journal of Economic Issues, Taylor & Francis Journals, vol. 33(3), pages 555-577, September.
    3. Ilene Grabel, 2015. "The rebranding of capital controls in an era of productive incoherence," Review of International Political Economy, Taylor & Francis Journals, vol. 22(1), pages 7-43, February.
    4. Ilene Grabel, 2023. "The War in Ukraine and the End of the American Financial Order?," Review of Radical Political Economics, Union for Radical Political Economics, vol. 55(4), pages 547-556, December.
    5. Ilene Grabel, 2019. "Continuity, Discontinuity and Incoherence in the Bretton Woods Order: A Hirschmanian Reading," Development and Change, International Institute of Social Studies, vol. 50(1), pages 46-71, January.
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    More about this item

    Keywords

    Jim Crotty; bank failures; monetary policies; debt crises; post-American global financial order;
    All these keywords.

    JEL classification:

    • F02 - International Economics - - General - - - International Economic Order and Integration
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • O23 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Fiscal and Monetary Policy in Development
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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