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Share Buybacks and the Contradictions of “Shareholder Capitalism”

In the jargon of finance, America is suffering from a capital allocation problem. The country seems incapable of making the necessary investments to fuel future productivity and growth, or to ensure widespread prosperity. At the government level, public spending on basic research and development as well as infrastructure investment has declined significantly over the past…

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The Past and Future of Political Economy

In this remarkable work, Robert Skidelsky—historian, biographer, and tribune of Keynesian ideas in the House of Lords—unites his experience, knowledge, and talents in a sweeping account of money and power. His topic is not money and power…

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Germany’s Trade Surplus: Causes and Effects

On January 25, 2015, in a free election, the Greek people exercised their right to decide the destiny of their country. A majority of the Greeks voted against austerity. SYRIZA, an outspoken left-wing party, came to power. Since that day, many European governments, led by Germany, have stubbornly refused to allow the Greek government to…

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Toward a New Bretton Woods Agreement

The fifteenth anniversary of the euro in 2017 offers a good occasion to reexamine what is wrong with the present international monetary arrangements and the theories used to justify them. Theoretical questions concerning the nature of money have profound implications for policy issues, including the mandates of central banks, interest rates, exchange rates, credit growth…

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Dismiss Macroeconomic Myths and Restore Accountability

Statements from past and present Federal Reserve chairmen inspire little confidence that their models provide any understanding of what is going on within the United States, never mind the rest of the world. Yet the Fed continues to rely on the same analyses as it did before the financial crisis of 2008, and it is still led…

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