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Papers by Zdravka Todorova

Journal of Economic Issues

Post Keynesian Economic Society, 2023

Conceptions of social stratification and oppression should be central to Post Keynesian inquiry. ... more Conceptions of social stratification and oppression should be central to Post Keynesian inquiry. The article takes a Veblenian feminist view to discuss aspects of oppression in economies of stratification, and outlines connections to areas of Post Keynesian economics. The article is structured around "five faces of oppression" delineated by political theorist Iris Young (1990): exploitation, violence, powerlessness, cultural imperialism, and marginalization. The paper reframes those based on a conception of evolving social processes and diverse economic relations, and employs Veblen's theory of surplus and stratification, which has a broad understanding of domination that goes beyond capital accumulation. The article provides illustrations of these interconnected aspects of oppression, and discusses how each is co-opted today. The article presents specific connections to Post Keynesian economic analysis and concludes by highlighting the potential of Post Keynesian economics for social justice.

Journal of Economic Issues, 2022

The article discusses commitment to full employment in light of institutional theory and offers a... more The article discusses commitment to full employment in light of institutional theory and offers a renewed examination of the “socialization of investment” concept. The discussion builds on Veblen’s theory of human development, predation, and capitalism. It highlights contemporary institutional inquiry in a discussion of ongoing issues of care and disparities. Based on this, the article formulates problems for future inquiry. The article also provides insights about Job Guarantee based on institutional concepts.

Research in the History of Economic Thought and Methodology, 2023

The paper discusses conceptual links among Hazel Kyrk’s A Theory of Consumption (1923); the overa... more The paper discusses conceptual links among Hazel Kyrk’s A Theory of Consumption (1923); the overall work of Thorstein Veblen, and Wesley C. Mitchell’s essays on spending and money. The three authors are concerned with transformations in production, related changes in the organization of consumption, and the effects on people. The approach is based on reading of Kyrk’s book in light of an integrated view of Veblen’s overall work. The paper explains how Mitchell’s essays on money and spending built on Veblen’s work, and discusses their relevance for understanding Kyrk’s book as conceptually linked to institutional economics. The paper delineates the following commonalities: conception of living humans and money as an institution; distinction between business and industrial concerns; connection between distribution, waste, and consumption; and Veblen’s “machine process” of standardization in production and its relation to consumption. The paper brings more detail in the conceptual and theoretical discussion of Veblen’s influence on Kyrk’s book.

PKES Working Papers, 2022

The article discusses commitment to full employment in light of institutional theory and offers a... more The article discusses commitment to full employment in light of institutional theory and offers a renewed examination of Keynes’s "socialization of investment" concept. The discussion builds on Veblen's theory of human development, predation, and capitalism. It highlights contemporary institutional inquiry in a discussion of ongoing issues of care and social disparities. Based on this, the article formulates problems for a broader inquiry about socialization of investment. The article provides insights about Job Guarantee based on original institutional economics concepts.

Review of Political Economy, 2015

Abstract Social provisioning is an amalgamation of social processes within a broader culture-natu... more Abstract Social provisioning is an amalgamation of social processes within a broader culture-nature life process. This article contributes to the literature on developing the concept of ‘social provisioning' and explores its scope by presenting theoretical and methodological contexts for social provisioning. Then it delineates three categories of processes: biological and geographical processes, processes that are usually analyzed as personal characteristics or social categories (e.g., gender), and processes defined around social activities (e.g., consumption). The system of processes presented allows for diverse entry points to an analysis of social provisioning beyond consumption, production and distribution. Further, the system of processes transcends the culture-economy, nature-economy, nature-culture and micro-macro dualisms in heterodox economic theory.

Journal of Economic Issues, 2015

Abstract: In this paper, I offer a framework for analyzing non-market oriented household activiti... more Abstract: In this paper, I offer a framework for analyzing non-market oriented household activities in a way that overcomes some issues about defining the boundaries among household activities. I utilize the concept of a social process and discuss how unpaid household activities are part of labor, care, recreation, and consumption processes. Next, I explain the importance of introducing economic class and social class processes into the framework, as well as the importance of making a distinction between the two. Economic class accounts for the basics of the capitalist economy, and social class opens contexts of variation. The framework allows for a multidimensionality of individuals and opens the question of unpaid activities varying in categorization based on economic class. Also, it helps the economic analysis of capitalism consider that maintaining a household lifestyle directly involves and pertains to unpaid household activities that are part of each of the delineated labor, care, recreation, and consumption processes.

SSRN Electronic Journal, 2013

The article discusses consumption as a social process that is a part of social provisioning and i... more The article discusses consumption as a social process that is a part of social provisioning and is in an evolutionary interplay with other social processes. The discussion is grounded in, but is not limited to the contributions of Thorstein Veblen. The first section delineates social provisioning as a framework for consumption inquiry. This section emphasizes that social provisioning is a part of collective life process embedded in culture and nature, and that it is comprised by two general sets of activities-those motivated by money and those that are not motivated by making money. The second section delineates features of capitalism as a system, so that it provides a social context for consumption inquiry. The third section formulates a categorization of social processes, one of which is the consumption process. Further, the section delineates the meaning and components of the concepts: social activities, institutions, and habits of life and thought. The fourth section applies these concepts to consumption social process in the specific context of capitalism. The section discusses consumption activities; institutions and systems of provision; and habits of life and thought-illustrating with examples obtained from various disciplines. The section introduces "gated consumption" as an example of a habit of life and thought. It is argued that the formulated analysis transcends the cultural-material dualism. Finally, the article draws implications of the offered analysis, concluding that the category of "consumers" is of little use to heterodox economics.

The Routledge Handbook of Heterodox Economics, edited by T-H. Jo, L. Chester, and C. D’lppoliti. New York: Routledge, 2018

The paper builds on various heterodox approaches to economics to explore a direction towards anal... more The paper builds on various heterodox approaches to economics to explore a direction towards analyzing households within heterodox economic theory of social provisioning. The first section delineates five main theoretical foundations of households within heterodox economic perspectives. The second section discusses the analytical categories of the household as a going concern, the household as an institution, and the household as an actor-participant within a system of provisioning processes. Finally, the paper offers three specific suggestions for future developments.

Journal of Economic Issues, 2021

Abstract The article aims at advancing feminist institutional theory by expanding and revising Ka... more Abstract The article aims at advancing feminist institutional theory by expanding and revising Karl Polanyi’s framework of capitalist development as it applies to remittances and transnational households. The triple movement is offered by Nancy Fraser to revisit Karl Polanyi’s conception of the double-movement from a feminist perspective. It encompasses not only marketization and social protection, but also emancipation from social relations and markets. The article applies this concept to an understanding of remittance-driven labor exports and the formation of transnational households as an emerging institution of social protection. The discussion focuses on labor as a globalized fictitious commodity, global care chains, and the effects of COVID-19. The article points to the centrality of social subordination in marketization of remittances and labor, as well as to the fragility of this approach to social provisioning.

SSRN Electronic Journal, 2013

This paper establishes connections between the frameworks of social provisioning and functional f... more This paper establishes connections between the frameworks of social provisioning and functional finance, and discusses a post-Keynesian-Institutionalist theory of the public sector that emerges out of these linkages. The concept of social provisioning has emerged out of Institutional economics, and has been further developed by institutional and other heterodox economists. Its potential as a methodological foundation that connects various heterodox approaches has received some growing attention. Such discussions have not referred in an analytical manner to functional finance. On the other hand, the principles of functional finance have been elaborated and developed outside an explicit grounding in a social provisioning framework. The article specifies further the concept of social provisioning and discusses functional finance within such a framework. The framework of functional finance gains a structural and institutional grounding which enables a deeper and more critical conceptualization of the public sector.

The article presents a further articulation of the monetary theory of production inspired by the ... more The article presents a further articulation of the monetary theory of production inspired by the writings of Thorstein Veblen. Particularly I offer a formulation of the monetary theory of production as part of broader theorizing about social provisioning and the life process. This includes an analytical focus on non-commodities; an extension of the Veblenian dichotomy to non-market activities; discussion of Veblen’s theory of social valuation in connection to monetary theory of production and class; delineation of as social processes that constitute social provisioning and their commodity and non-commodity aspects. The goal is bridging the gap between monetary theory of production and analysis of “the social”.

SSRN Electronic Journal, 2005

SSRN Electronic Journal, 2014

The article seeks to contribute to the literature on social provisioning as an organizing concept... more The article seeks to contribute to the literature on social provisioning as an organizing concept in heterodox economics. Particularly, the article details social provisioning as an amalgamation of processes and as a part of a system of culture-nature life process. First, the article delineates a categorization of social provisioning activities with respect to motivation in their organizationmonetary and non-monetary, emphasizing the differences, as well as links between those. Second, the article discusses valuation of social activities, applying institutional theory. Third, the concept of a social process is delineated. It is argued that the concept captures agency and structure without reducing one to the other, and allows for theorizing open-endedness of social provisioning. The fourth section offers a categorization of processes and briefly explains each one of those, conceptualizing social provisioning within a historical culture-nature life process. Finally, the article concludes.

Journal of Cultural Economy, 2016

Over one hundred years of solitude, mainstream economics has been trying to account for society a... more Over one hundred years of solitude, mainstream economics has been trying to account for society and naturethe ordinary facts of life that were eschewed from its foundations in order to make its metaphors of harmonious exchange real. The analytical separation between the narrowly defined economy and 'the social' has been so pervasive that it enabled the development of an 'economics imperialism'the application of mainstream economics to all spheres of life (Fine & Milonakis 2009). The same separation between economy and society stealthily engenders a notion of a separate communal sphere opposed to 'asocial' destructive market forces. Perhaps the treatment of debt best illustrates this. Mainstream economic theory really does not (and cannot, if it is to be) distinguish debt relations from instances of exchange. On the other hand, within critical inquiry there is a growing interest in debt as an asocial imposition onto the 'real' economy and 'authentic' social relations. Either way, analyses of debt as a social process are precluded or inhibited. Miranda Joseph's book Debt to Society, however, offers a discussion of debt that opens up such avenues for inquiry. I find Joseph's analysis informative for developing a conceptualization of debt-credit as a social process within a system of processes that does not rigidly and universally prioritize one process over another, while also avoiding a neoliberal subjectivist discourse of identities and exaggerated sovereignty 1. I read her book as a discussion of the 'discursive apparatus' (p. 67) in gender, racial, and class processes in conjunction with the debt-credit, labor, violence, deprivation, citizenship, surveillance and punishment, and machine processes (to note a few) that sustain capitalist hierarchies. Debt embodies and forms social relations. It is problematic to view debt as an imposition onto or destructor of social relations. Conversely, as noted by Joseph (p. 2), financialization can be understood as the increase of the socially formative role of finance and a continuation, rather than distortion, of capitalist production. That is, markets and debt are social, and financial obligations are social; they are not separate from and opposed to society. This does not preclude the recognition that there are differences in social relations and valuation (Todorova 2015a). In order to recognize the social nature of debt, as well as its distinct impacts on other relations, it is best that we look at debt as a process. Debt is not just an outcome to be counted, just like money is not a thing. Debt is a social process entangled with other processesviolence, care, labor, consumption, mobility, exchange, distribution, economic class, surveillance, citizenship and residency, social class, gender, worship, race and ethnicity, to note some. Elsewhere I offer a categorization of social and natural processes, which enables one to conceptualize a diverse and evolving economy as a whole embedded in culture and nature (Todorova 2015b). My concern is with further developing heterodox economic theory, which stems from Marx and his predecessors in political economy (e.g. David Ricardo and Adam Smith) and before that, moral philosophy (e.g. again Adam Smith 2) and which continues in dispersed but more-or-less connected trajectories until today. Those are distinct from what has emerged as mainstream economics and its various trajectories of mainstream dissent (Lee 2013). In continuing to develop this web of inquiry, I find Joseph's contribution very complementary. To view debt as a process is first to connect it to its other accounting selfcredit. Second, debt ought to be seen not only as individual instances and effects. At the interactional level it seems that

espanolLa comunidad de los economistas heterodoxos ha perdido a Fred Lee, uno de sus lideres mas ... more espanolLa comunidad de los economistas heterodoxos ha perdido a Fred Lee, uno de sus lideres mas entusiastas y que estuvo en el centro del movimiento de la economia heterodoxa durante las ultimas tres decadas. Este articulo describe el amplio espectro de las contribuciones que Fred Lee realizo a la economia heterodoxa, y se centra en sus aportaciones a la formacion de la historia e identidad de la economia heterodoxa, a la teoria microeconomica heterodoxa, y al analisis del proceso de aprovisionamiento social. ?Cual es el significado de estas contribuciones para la economia heterodoxa? Fred Lee nos ha legado teorias heterodoxas, instituciones y buena voluntad que continuaran desarrollandose en el trabajo de aquellos economistas preocupados por establecer una teoria critica alternativa al statu quo. EnglishThe community of heterodox economists has lost Fred Lee, one of its fervent leaders, who has been at the center of the heterodox movement for the past three decades. The paper deli...

The article discusses consumption as a social process that is a part of social provisioning and i... more The article discusses consumption as a social process that is a part of social provisioning and is in an evolutionary interplay with other social processes. The discussion is grounded in, but is not limited to the contributions of Thorstein Veblen. The first section delineates social provisioning as a framework for consumption inquiry. This section emphasizes that social provisioning is a part of collective life process embedded in culture and nature, and that it is comprised by two general sets of activities -those motivated by money and those that are not motivated by making money. The second section delineates features of capitalism as a system, so that it provides a social context for consumption inquiry. The third section formulates a categorization of social processes, one of which is the consumption process. Further, the section delineates the meaning and components of the concepts: social activities, institutions, and habits of life and thought. The fourth section applies these concepts to consumption social process in the specific context of capitalism. The section discusses consumption activities; institutions and systems of provision; and habits of life and thought -illustrating with examples obtained from various disciplines. The section introduces "gated consumption" as an example of a habit of life and thought. It is argued that the formulated analysis transcends the cultural-material dualism. Finally, the article draws implications of the offered analysis, concluding that the category of "consumers" is of little use to heterodox economics.

Journal of Economic Issues, 2015

In this paper, I offer a framework for analyzing non-market oriented household activities in a wa... more In this paper, I offer a framework for analyzing non-market oriented household activities in a way that overcomes some issues about defining the boundaries among household activities. I utilize the concept of a social process and discuss how unpaid household activities are part of labor, care, recreation, and consumption processes. Next, I explain the importance of introducing economic class and social class processes into the framework, as well as the importance of making a distinction between the two. Economic class accounts for the basics of the capitalist economy, and social class opens contexts of variation. The framework allows for a multidimensionality of individuals and opens the question of unpaid activities varying in categorization based on economic class. Also, it helps the economic analysis of capitalism consider that maintaining a household lifestyle directly involves and pertains to unpaid household activities that are part of each of the delineated labor, care, recreation, and consumption processes.

Journal of Economic Issues

Post Keynesian Economic Society, 2023

Journal of Economic Issues, 2022

Research in the History of Economic Thought and Methodology, 2023

PKES Working Papers, 2022

The article discusses commitment to full employment in light of institutional theory and offers a... more The article discusses commitment to full employment in light of institutional theory and offers a renewed examination of Keynes’s "socialization of investment" concept. The discussion builds on Veblen's theory of human development, predation, and capitalism. It highlights contemporary institutional inquiry in a discussion of ongoing issues of care and social disparities. Based on this, the article formulates problems for a broader inquiry about socialization of investment. The article provides insights about Job Guarantee based on original institutional economics concepts.

Review of Political Economy, 2015

Journal of Economic Issues, 2015

SSRN Electronic Journal, 2013

The Routledge Handbook of Heterodox Economics, edited by T-H. Jo, L. Chester, and C. D’lppoliti. New York: Routledge, 2018

Journal of Economic Issues, 2021

SSRN Electronic Journal, 2013

SSRN Electronic Journal, 2005

SSRN Electronic Journal, 2014

Journal of Cultural Economy, 2016

The article discusses consumption as a social process that is a part of social provisioning and i... more The article discusses consumption as a social process that is a part of social provisioning and is in an evolutionary interplay with other social processes. The discussion is grounded in, but is not limited to the contributions of Thorstein Veblen. The first section delineates social provisioning as a framework for consumption inquiry. This section emphasizes that social provisioning is a part of collective life process embedded in culture and nature, and that it is comprised by two general sets of activities -those motivated by money and those that are not motivated by making money. The second section delineates features of capitalism as a system, so that it provides a social context for consumption inquiry. The third section formulates a categorization of social processes, one of which is the consumption process. Further, the section delineates the meaning and components of the concepts: social activities, institutions, and habits of life and thought. The fourth section applies these concepts to consumption social process in the specific context of capitalism. The section discusses consumption activities; institutions and systems of provision; and habits of life and thought -illustrating with examples obtained from various disciplines. The section introduces "gated consumption" as an example of a habit of life and thought. It is argued that the formulated analysis transcends the cultural-material dualism. Finally, the article draws implications of the offered analysis, concluding that the category of "consumers" is of little use to heterodox economics.

Journal of Economic Issues, 2015

's contributions to heterodox economics / Tae-Hee Jo and Zdravka Todorova Part I Making History a... more 's contributions to heterodox economics / Tae-Hee Jo and Zdravka Todorova Part I Making History and Identity of Heterodox Economics by Developing Theory and Institutions 1. Heterodox economics and the history of economic thought / Carlo D'lppoliti and Alessandro Roncaglia 2. The Association for Heterodox Economics: past, present, and future / Andrew Mearman and Bruce Philp 3. Heterodox economics, distribution and the class struggle / Bruce Philp and Andrew Trigg 4. Qualitative data and grounded theory in heterodox economic research: insights from three Australian studies / Therese Jefferson Part II Heterodox Microeconomics and the Foundations of Heterodox Macroeconomics 5. Heterodox microeconomics and heterodox microfoundations / Tae-Hee Jo 6. Beyond foundations: systemism in economic thinking / Jakob Kapeller 7. Post Keynesian investment and pricing theory: contributions of Alfred S. Eichner and Frederic S. Lee / Ruslan Dzarasov 8. Effects of competition upon profit margins from a Post Keynesian perspective / Jordan Melmiès 9. Inter-and intra-firm governance in heterodox microeconomics: the case of the US software industry / Erik Dean 10. Analyzing actually-existing markets / Lynne Chester Part III Advancing the Heterodox Analysis of Social Provisioning 11. Advancing heterodox economics in the tradition of the surplus approach / Nuno Martins 12. Consumption in the context of social provisioning and capitalism: beyond consumer choice and aggregates / Zdravka Todorova 13. Social provisioning process, market instability, and managed competition / Tuna Baskoy 14. The embedded state and social provisioning: insights from Norbert Elias / Bruno Tinel 15. Analogies we suffer by: the case of the state as a household / Huáscar Pessali, Fabiano Dalto, and Ramón García Fernández 16. Technological-institutional foundations of the social economy: a framework for the analysis of change in the social provisioning process / Henning Schwardt Part IV The Heterodox Economics of Frederic S. Lee 17. Predestined to heterodoxy or how I became a heterodox economist / Frederic S. Lee 18.

Journal of Post Keynesian Economics, 2023

Journal of Economic Issues, 2021

The article aims at advancing feminist institutional theory by expanding and revising ... more The article aims at advancing feminist institutional theory by expanding and revising Karl Polanyi’s framework of capitalist development as it applies to remittances and transnational households. The triple movement is offered by Nancy Fraser to revisit Karl Polanyi’s conception of the double-movement from a feminist perspective. It encompasses not only marketization and social protection, but also emancipation from social relations and markets. The article applies this concept to an understanding of remittance-driven labor exports and the formation of transnational households as an emerging institution of social protection. The discussion focuses on labor as a globalized fictitious commodity, global care chains, and the effects of COVID-19. The article points to the centrality of social subordination in marketization of remittances and labor, as well as to the fragility of this approach to social provisioning.

Journal of Economic Issues, 2019

International migration and remittance flows have been reframed as catalysts for poverty reductio... more International migration and remittance flows have been reframed as catalysts for poverty reduction and development through marketization. Growth, measurement, and promotion of global remittances have emerged against the backdrop of neoliberal structural adjustment programs and financialization. Those processes have paralleled the emergence of the transnational household as a global institution. The article suggests that transnational households characterize a new stage of neoliberal capitalist development. The article revisits Karl Polanyi's The Great Transformation and discusses how active governance and neoliberal discourse regulate and frame labor and remittances as "fictitious commodities." Further, it is argued that transnational households take active roles in Polanyi's "double movement," by providing social protection amidst narrow public responsibility for provisioning. The article identifies this as a new element of "the great transformation," and referring to J. K. Galbraith, as a new age of neoliberal uncertainty.

The article seeks to contribute to the literature on developing the concept of social provisionin... more The article seeks to contribute to the literature on developing the concept of social provisioning as an organizing concept of heterodox economic analysis. Social provisioning is formulated as an amalgamation of social processes within a broader culture-nature life-process. The objective is to provide analytical details into the scope of social provisioning analysis that further enables a critical and contextual inquiry about capitalism. First, the article provides a theoretical and methodological context of social provisioning analysis. The article proceeds to delineate three main categories of processes: biological and geographical processes; processes that are usually analyzed as personal characteristics or as social categories (e.g. gender), and processes defined around social activities (e.g. consumption). The delineated system of processes offers diverse entry points into analysis of social provisioning, that is, beyond consumption, production, and distribution. Further, it transcends the culture-economy, nature-economy, nature-culture, and micro-macro dualisms in heterodox economic theory.

Journal of Economic Issues, 2016

We suggest ways to explore household agency over stages of capitalism as delineated by Hyman Mins... more We suggest ways to explore household agency over stages of capitalism as delineated by Hyman Minsky. We make a distinction between households as institutions and going concerns. Furthermore, we delineate two levels of household agency: (i) household going concerns operating through the institution of the household, and (ii) household going concerns operating through other institutions, such as the state and the business enterprise. Those layers of household agency are especially salient in money manager capitalism, where there is an illusionary agency for most households, and where actual agency increases mostly for those households that are able to operate as agents outside of the household institution.

Journal of Economic Issues, 2014

ABSTRACT This article discusses consumption as a social process that is part of social provisioni... more ABSTRACT This article discusses consumption as a social process that is part of social provisioning and is in an evolutionary interplay with other social processes. The analysis provides grounds for a context-specific research that explores consumption in the context of a culture-nature life process, and draws on material from various disciplines. The article seeks to contribute to the literature on social provisioning as an organizing concept in heterodox economics. The first section explains what is meant by social process and delineates its elements. The second section formulates a categorization of social processes, and locates a consumption process within a system of culture-nature life processes. The rest of the article delineates the elements of the consumption process, providing illustrations based on literature from various disciplines. Specifically, the third section discusses consumption activities. The fourth section discusses institutions and systems of provision of goods and services. The fifth section applies the concept of habits of life and thought to the consumption process. Finally, the article concludes that the formulated analysis transcends dualisms such as social-economic, cultural-material, society-nature, and micro-macro, and draws implications for heterodox economics.

Journal of Economic Issues, 2014

ABSTRACT The article calls attention to gender as a dimension of the expansion of U. S. consumer ... more ABSTRACT The article calls attention to gender as a dimension of the expansion of U. S. consumer borrowing. The first section emphasizes that gender is not a dummy variable, but an evolution of habits of thought. The second section discusses how changing gender relations are connected to gendered product differentiation and market expansion. The final section connects gendered market expansion and changing gender habits of thought to the expansion of consumer borrowing. We argue that, in addition to the acknowledged role of credit, gender relations also mask the structural financial fragility of households.

European Journal of Economics and Economic Policies: Intervention 10 (1): 2013, Jan 2013

This paper establishes connections between the frameworks of social provisioning and functional f... more This paper establishes connections between the frameworks of social provisioning and functional finance, and discusses a post-Keynesian–Institutionalist theory of the public sector that emerges out of these linkages. The concept of social provisioning has emerged out of Institutional economics, and has been further developed by institutional and other heterodox economists. Its potential as a methodological foundation that connects various heterodox approaches has received some growing attention. Such discussions have not referred in an analytical manner to functional finance. On the other hand, the principles of functional finance have been elaborated and developed outside an explicit grounding in a social provisioning framework. The article specifies further the concept of social provisioning and discusses functional finance within such a framework. The framework of functional finance gains a structural and institutional grounding which enables a deeper and more critical conceptualization of the public sector.

American Journal of Economics and Sociology, 2013

The article utilizes the framework of social provisioning to argue that conspicuous consumption i... more The article utilizes the framework of social provisioning to argue that conspicuous consumption is an essential process of capitalism, and should be explored as a routine practice rather than an exceptional behavior. The objectives are: 1) to discuss conspicuous consumption as a process within a heterodox social provisioning framework; and 2) to emphasize the need for formulating theoretical concepts and discussions that are consistent with heterodox frameworks such as social provisioning.

International Journal of Political Economy, 2010

The paper uses Minsky's Financial Instability Hypothesis as an analytical framework for understan... more The paper uses Minsky's Financial Instability Hypothesis as an analytical framework for understanding the subprime mortgage crisis and for introducing adequate reforms to restore economic stability. We argue that the subprime financial turmoil has deeper structural origins that go beyond the housing market and financial markets. We argue that inequality has been the real structural cause of today's financial markets meltdown. What we observe today is only the manifestation of the ingenuity of the market in taking advantage of money-making opportunities at any cost, regardless of macroeconomic and social consequences. The so-called "democratization of homeownership" suddenly turned into record-high delinquencies and foreclosures. The sudden turn in market expectations led investors and banks to reevaluate their portfolios, which brought about a credit crunch and widespread economic instability. The Federal Reserve Bank's intervention came too late and failed to usher adequate regulation. All attempts to stabilize financial markets will be temporary fixes if the structural inequality problem is not adequately addressed. Finally, the 4 IntErnatIonal Journal of PolItIcal Economy paper argues that a true democratization of home-ownership is only possible through job creation and income generation programs, rather than through exotic mortgage schemes.

Journal of Economic Issues, 2009

Since March 2008 we have witnessed a flurry of government&quot; bailouts,&quot; d... more Since March 2008 we have witnessed a flurry of government&quot; bailouts,&quot; directed to assist financial institutions. What has made these more or less acceptable to the public is the hope that they are temporary, implemented in a state of emergency, and that they offer market ...

Journal of Economic Issues, Jan 1, 2007

Feminist Economics, 2005

These Explorations argue that more links between the fields of feminist ecology and feminist econ... more These Explorations argue that more links between the fields of feminist ecology and feminist economics are both needed and promising, and presents new, boundary-crossing research in this area. It brings together contributions from various regions in the world that link political action and experience in practice and research in an economic theorizing that includes both environmental and feminist concerns.

Review of Political Economy, 2014

Review of Radical Political Economics, 2013

Review of Radical Political Economics, 2003

are not discussed. The weakness is exacerbated at the international level. For example, the Inter... more are not discussed. The weakness is exacerbated at the international level. For example, the International Tribunal for the Law of the Sea is not mentioned. The essay on the European Union elides the issue of Community competence. The Snail Darter decision is discussed but not Trail Smelter. A ªnal avoidable problem is that the thematic entry list leaves out much that is in the book and therefore is an unreliable window into what follows. The book does contain numerous cross-references that are useful, but they do not substitute for a good schematic of what is available to the reader. As for unavoidable lapses, it is easy to pick at a book of this depth and ambition. Just to give a couple of examples, the encyclopedia has entries for people who should be forgotten like James Watt and Anne Burford, but not leaders who should be remembered like William Reilly or Mostafa Tolba. Even worse, it totally omits René Dubos and barely mentions Barbara Ward. The encyclopedia of politics also leaves out the Global Legislators for a Balanced Environment. And amusingly, Norway gets the shortest size entry while Luxembourg is spread across two pages. Notwithstanding these ºaws, this project has produced a useful and reader-friendly encyclopedia. It is a valuable, extensive reference work that warrants a place in every research library that covers the environment.

SSRN Electronic Journal, 2000

Eastern Economic Journal, Jan 1, 2011

Abstract In this timely and engaging book, Christopher Brown makes a contribution to Post Keynesi... more Abstract In this timely and engaging book, Christopher Brown makes a contribution to Post Keynesian and Institutional economics while also discussing the place of consumer credit in a macroeconomic contextin particular, its role in the business cycle and distribution. The ...