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Tag Archives: market fundamentalism
Get free from the dogmas of the apostles of austerity: Fifteen Fatal Fallacies of Financial Fundamentalism
Just three days before he passed away, a notable Columbia University professor of economics William Vickrey was awarded the 1996 Nobel Prize in Economic Sciences for fundamental contribution to the economic theory of incentives under asymmetric information. Throughout his prolific career, Vickrey … Continue reading
Posted in Papers
Tagged austerity, market fundamentalism, debt, economics, fiscal sociology, inflation, neoliberalism, policy, unemployment
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The book of the year: “The Power of Market Fundamentalism: Karl Polanyi’s Critique”
In The Power of Market Fundamentalism: Karl Polanyi’s Critique Fred Block and Margaret R. Somers did a superb academic work, sagaciously encountering readers with a powerful intellectual legacy of Karl Polanyi through their insightful analysis of his writings, especially of his masterpiece … Continue reading
What crisis? Everything must (not) change so that the IMF can remain the same.
During the last years, some economists at the International Monetary Fund (IMF) have presented papers, that allegedly rejected several neoliberal ideas (on a range of issues, from fiscal policy to capital controls) which have been preached and enforced by its … Continue reading
Posted in Papers
Tagged market fundamentalism, crisis, economics, fiscal policy, global governance, IMF, monetary policy
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Karl Polanyi: “The market mechanism moreover created the delusion of economic determinism as a general law for all human society.. “
Karl Polanyi: “The market mechanism moreover created the delusion of economic determinism as a general law for all human society.. To attempt to apply economic determinism to all human societies is little short of fantastic. Nothing is more obvious to … Continue reading
Joseph Stiglitz: ‘Free markets’ as a religious belief
Joseph Stiglitz: “The advocates of free markets in all their versions say that crises are rare events, though they have been happening with increasing frequency as we change the rules to reflect beliefs in perfect markets. I would argue that … Continue reading
