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A structural monetary reform to reduce global imbalances: Keynes’s plan revisited to avert international payment deficits

In: The Great Recession and the Contradictions of Contemporary Capitalism

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  • Sergio Rossi

Abstract

The current crisis is one of the great crises punctuating the long history of capitalism, and to be properly understood it is vital to take into account its ongoing structural transformation. This book offers plural perspectives on the Great Recession, placing the analysis of finance, class and gender at the center of the debate. It begins with a comprehensive insight into the crisis, before moving on to focus on debt, asset inflation and financial fragility. Following chapters discuss global imbalances, structural monetary reform and the management of public finance, including a investigation of the Italian experience. The book concludes with novel contributions on the gender dimension of the crisis and the analogies between a nuclear and financial chain reaction.

Suggested Citation

  • Sergio Rossi, 2014. "A structural monetary reform to reduce global imbalances: Keynes’s plan revisited to avert international payment deficits," Chapters, in: Riccardo Bellofiore & Giovanna Vertova (ed.), The Great Recession and the Contradictions of Contemporary Capitalism, chapter 8, pages 134-150, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:14637_8
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    References listed on IDEAS

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    1. Claude Gnos, 2007. "French Circuit Theory," Chapters, in: Philip Arestis & Malcolm Sawyer (ed.), A Handbook of Alternative Monetary Economics, chapter 6, Edward Elgar Publishing.
    2. Piffaretti, Nadia F. & Rossi, Sergio, 2010. "An institutional approach to balancing international monetary relations : the case for a US-China settlement facility," Policy Research Working Paper Series 5188, The World Bank.
    3. Pierre-Olivier Gourinchas & Hélène Rey, 2007. "From World Banker to World Venture Capitalist: US External Adjustment and the Exorbitant Privilege," NBER Chapters, in: G7 Current Account Imbalances: Sustainability and Adjustment, pages 11-66, National Bureau of Economic Research, Inc.
    4. Omar F. Hamouda & Robin Rowley & Bernard M. Wolf (ed.), 1989. "The Future of the International Monetary System," Books, Edward Elgar Publishing, number 203.
    5. Guttmann, Robert, 2008. "A Primer on Finance-Led Capitalism and Its Crisis," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 3.
    6. Richard H. Clarida, 2007. "Introduction to "G7 Current Account Imbalances: Sustainability and Adjustment"," NBER Chapters, in: G7 Current Account Imbalances: Sustainability and Adjustment, pages 1-10, National Bureau of Economic Research, Inc.
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