This collection of essays in the tradition of monetary circuit theory, also known as monetary theory of production, elaborates on the foundations of modern monetary macroeconomics. It contributes to a new approach to monetary analysis, which provides original insights into the complex fields of money, banking, and finance. The contributors, all prominent experts in these fields, explain a number of economic activities, such as production, consumption, investment, and fixed capital accumulation, in terms of monetary circuits, providing a deeper understanding of the working of contemporary economic systems. This book offers an original analysis of the fundamental factors that led to the current global economic and financial crisis. It will be of great interest to students, postgraduates and scholars in monetary economics, as well as to practitioners and decision makers involved in monetary, banking and financial policies.


contents:

Preface: An Alternative (Monetary) Theory of the Market Economy: Work in Progress; F.Ülgen

Circuit Theory Supplementing Keynes's Genuine Analysis of the Monetary Economy of Production; C.Gnos

Bridging the Gap between Monetary Circuit Theory and Post-Keynesian Monetary Theory; J.Jespersen

Monetary Circuit Theory and Money Emissions; S.Rossi

The Existence of Profits within the Monetary Circuit: Some Unanswered Questions Revisited; L.Rochon

Saving, Firms' Self-Financing, and Fixed Capital Formation in the Monetary Circuit; J.Bailly

Finance and the Realization Problem in Rosa Luxemburg: a 'Circuitist' Reappraisal; R.Bellofiore & M.Passarella

Money, Capital Turnover, and the Leisure Class: Thorstein Veblen's Tips for a Monetary Theory of Production; G.Forges-Davanzati & R.Realfonzo

From Wicksell to Keynes? Some Thoughts on the Role of a Central Bank in the Tradition of Monetary Circuit Theory; S.Figuera

The Dynamics of the Monetary Circuit; S.Keen

The Financialization of Modern Economies in Monetary Circuit Theory; M.Pilkington