SIGLEAvailable from British Library Document Supply Centre- DSC:m03/17085 / BLDSC - British Libra... more SIGLEAvailable from British Library Document Supply Centre- DSC:m03/17085 / BLDSC - British Library Document Supply CentreGBUnited Kingdo
Includes bibliographical referencesAvailable from British Library Document Supply Centre- DSC:m03... more Includes bibliographical referencesAvailable from British Library Document Supply Centre- DSC:m03/11262 / BLDSC - British Library Document Supply CentreSIGLEGBUnited Kingdo
In this paper we investigate, by means of a century of UK data, the possibility of improving the ... more In this paper we investigate, by means of a century of UK data, the possibility of improving the government’s fiscal position by cutting expenditure. The period before the second world war provides examples of genuine ‘fiscal consolidations’, that is, episodes when government spending actually fell in money terms. These periods are contrasted with fiscal expansions. Spending figures are shown
In a new book, Ann Pettifor explores money and monetary systems, subjects which have been neglect... more In a new book, Ann Pettifor explores money and monetary systems, subjects which have been neglected for far too long by the academic profession. As long as we remain ignorant of how monetary systems operate, for so long will the public good that is money be captured to serve only the interests of the tiny, greedy minority in possession of private wealth.
Democracy has failed to protect society from the predatory behaviour of global financial markets,... more Democracy has failed to protect society from the predatory behaviour of global financial markets, writes Ann Pettifor. Drawing on her new book, she explains why the monetary system has made society vulnerable, and how it needs to be transformed.
CFA Institute Conference Proceedings Quarterly, 2014
The role of commercial and central banks in the process of providing credit may seem to be clearl... more The role of commercial and central banks in the process of providing credit may seem to be clearly understood by economists, bankers, and policymakers. But there are common misunderstandings about money creation, equilibrium, public money, central banks, and interest rates. The outlook for the global monetary system is not overly optimistic in the absence of overcoming these misunderstandings and altering the philosophies of bankers.
May I begin by thanking the United Nations Development Programme (UNDP), and Sakiko Fukuda-Parr, ... more May I begin by thanking the United Nations Development Programme (UNDP), and Sakiko Fukuda-Parr, for extending to me, a mere activist and campaigner, the honour of addressing this important forum. It seems that only yesterday I was on the streets of Prague, marching for justice for indebted nations. Today, I nd myself at the other end of the globe, at this prestigious, academic and very different, event, in the presence of Brazil’s vice-President Mr Maciel and Portugal’s Foreign Minister, Mr Amado. The globalization of solidarity with the world’s poorest people takes many forms, and I am delighted to nd myself linked to a human chain of solidarity that includes both UNDP but also Mr Maciel and Mr Amado. I have accepted this invitation on behalf of the millions of Jubilee 2000 campaigners, in Latin America, the US, Europe, Africa and Asia, who share UNDP’s vision that human rights provide the scaffolding, if you like, for the re-building of economic and social policies that will advance human development. It has been the absence of the human rights ‘scaffolding’ that has resulted in the construction of ‘cowboy’ development polices that have proved to be both so awed and exploitative of people in the poorest nations. The Jubilee 2000 campaign, supported now by more than 20 million people who, in 155 countries, have signed the rst-ever global petition — calls for the cancellation of the unpayable debts of the poorest countries in this the Jubilee year, debts that can only be paid at great human cost. The debt crisis, particularly here in Latin America, has been drawn out for too long, we argue — and urgently needs a resolution, in countries like Bolivia, Ecuador, Honduras, Nicaragua, Haiti, Guyana and Peru. Furthermore, the odious nature of some of Argentina’s debts requires urgent cancellation — so that the burden of those odious debts incurred by corrupt military dictators do not fall on the innocent, poor people of Argentina. Jubilee 2000 is a movement that seeks to use the weapons of moral persuasion and collective pressure, weak though they may be, to effect change, to achieve a more just world order. How would a more just world order deal with the unpayable debts of
journal of king Abdulaziz University Islamic Economics, 2019
The analysis of government deficits and public debt points to a fundamental error in contemporary... more The analysis of government deficits and public debt points to a fundamental error in contemporary economic discussions. It is not possible to assess the stance of fiscal policy from estimates of the public sector deficit. John Maynard Keynes’s macroeconomics and the empirical evidence discussed in this paper indicate that expansionary fiscal policy financed by loan issues will lead to growth in economic activity and employment. In an economy with spare capacity and idle resources, high government expenditure generates income, including tax revenues and thereby reduces the government deficit, and cuts public debt. The main purpose of increased loanfinanced government spending at times of private economic weakness is to increase the nation’s income. Keynes argued that any such government spending was not deficit spending, because he understood the spending as the most sensible means to cut the deficit. Deficit-reduction spending might be a more appropriate definition, because as he ar...
SIGLEAvailable from British Library Document Supply Centre- DSC:m03/17085 / BLDSC - British Libra... more SIGLEAvailable from British Library Document Supply Centre- DSC:m03/17085 / BLDSC - British Library Document Supply CentreGBUnited Kingdo
Includes bibliographical referencesAvailable from British Library Document Supply Centre- DSC:m03... more Includes bibliographical referencesAvailable from British Library Document Supply Centre- DSC:m03/11262 / BLDSC - British Library Document Supply CentreSIGLEGBUnited Kingdo
In this paper we investigate, by means of a century of UK data, the possibility of improving the ... more In this paper we investigate, by means of a century of UK data, the possibility of improving the government’s fiscal position by cutting expenditure. The period before the second world war provides examples of genuine ‘fiscal consolidations’, that is, episodes when government spending actually fell in money terms. These periods are contrasted with fiscal expansions. Spending figures are shown
In a new book, Ann Pettifor explores money and monetary systems, subjects which have been neglect... more In a new book, Ann Pettifor explores money and monetary systems, subjects which have been neglected for far too long by the academic profession. As long as we remain ignorant of how monetary systems operate, for so long will the public good that is money be captured to serve only the interests of the tiny, greedy minority in possession of private wealth.
Democracy has failed to protect society from the predatory behaviour of global financial markets,... more Democracy has failed to protect society from the predatory behaviour of global financial markets, writes Ann Pettifor. Drawing on her new book, she explains why the monetary system has made society vulnerable, and how it needs to be transformed.
CFA Institute Conference Proceedings Quarterly, 2014
The role of commercial and central banks in the process of providing credit may seem to be clearl... more The role of commercial and central banks in the process of providing credit may seem to be clearly understood by economists, bankers, and policymakers. But there are common misunderstandings about money creation, equilibrium, public money, central banks, and interest rates. The outlook for the global monetary system is not overly optimistic in the absence of overcoming these misunderstandings and altering the philosophies of bankers.
May I begin by thanking the United Nations Development Programme (UNDP), and Sakiko Fukuda-Parr, ... more May I begin by thanking the United Nations Development Programme (UNDP), and Sakiko Fukuda-Parr, for extending to me, a mere activist and campaigner, the honour of addressing this important forum. It seems that only yesterday I was on the streets of Prague, marching for justice for indebted nations. Today, I nd myself at the other end of the globe, at this prestigious, academic and very different, event, in the presence of Brazil’s vice-President Mr Maciel and Portugal’s Foreign Minister, Mr Amado. The globalization of solidarity with the world’s poorest people takes many forms, and I am delighted to nd myself linked to a human chain of solidarity that includes both UNDP but also Mr Maciel and Mr Amado. I have accepted this invitation on behalf of the millions of Jubilee 2000 campaigners, in Latin America, the US, Europe, Africa and Asia, who share UNDP’s vision that human rights provide the scaffolding, if you like, for the re-building of economic and social policies that will advance human development. It has been the absence of the human rights ‘scaffolding’ that has resulted in the construction of ‘cowboy’ development polices that have proved to be both so awed and exploitative of people in the poorest nations. The Jubilee 2000 campaign, supported now by more than 20 million people who, in 155 countries, have signed the rst-ever global petition — calls for the cancellation of the unpayable debts of the poorest countries in this the Jubilee year, debts that can only be paid at great human cost. The debt crisis, particularly here in Latin America, has been drawn out for too long, we argue — and urgently needs a resolution, in countries like Bolivia, Ecuador, Honduras, Nicaragua, Haiti, Guyana and Peru. Furthermore, the odious nature of some of Argentina’s debts requires urgent cancellation — so that the burden of those odious debts incurred by corrupt military dictators do not fall on the innocent, poor people of Argentina. Jubilee 2000 is a movement that seeks to use the weapons of moral persuasion and collective pressure, weak though they may be, to effect change, to achieve a more just world order. How would a more just world order deal with the unpayable debts of
journal of king Abdulaziz University Islamic Economics, 2019
The analysis of government deficits and public debt points to a fundamental error in contemporary... more The analysis of government deficits and public debt points to a fundamental error in contemporary economic discussions. It is not possible to assess the stance of fiscal policy from estimates of the public sector deficit. John Maynard Keynes’s macroeconomics and the empirical evidence discussed in this paper indicate that expansionary fiscal policy financed by loan issues will lead to growth in economic activity and employment. In an economy with spare capacity and idle resources, high government expenditure generates income, including tax revenues and thereby reduces the government deficit, and cuts public debt. The main purpose of increased loanfinanced government spending at times of private economic weakness is to increase the nation’s income. Keynes argued that any such government spending was not deficit spending, because he understood the spending as the most sensible means to cut the deficit. Deficit-reduction spending might be a more appropriate definition, because as he ar...
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