Marx stands for ‘classical’ and ‘Keynes’ is represented by the stock-flow-consistent framework of Godley–Cripps–Lavoie. Agriculture proxies for basics in the classical departmental schema and does not dissolve into manufacturing. We establish the primacy of commercial/central bank money in the production and circulation of basics. Financial institutions mediate between savers and investors in the production of capital goods. Finally, corporations can issue shares to underwrite their investment plans. Financialisation is captured by share buybacks.
AshrafQ. H.CinnirallaF.GalorO.GershmanB.HornungE. (2017). Capital-skill complementary and the emergence of labour emancipation(Working Paper No. 6423). CESifo.
2.
BertoccoG.KalajzićA. (2020). A Keynes + Schumpeter model to explain the relationship between money, development and crises. Review of Political Economy, 32(3), 390–413.
3.
CesarattoS.BucchianicoDi S. (2020). The surplus approach, Polanyi and institutions in economic anthropology and archaeology (Working Paper No. 828). Quaderni Del Dipartimento Di Economia Politica E Statistica Università di Siena.
4.
ChakravartyS. (1987). Post-Keynesian theorists and the theory of economic development(Working Paper 23). WIDER.
5.
ChandraR.SandilandsR. (2020). Nicholas Kaldor, increasing returns and Verdoorn’s law (Discussion Paper No. 20-02). Department of Economics, University of Strathclyde.
6.
ClarkA.MihailovA. (2019). Why private cryptocurrencies cannot serve as international reserves but central bank digital currencies can (Discussion Paper No. 2019-09). Department of Economics, University of Reading, Economic Analysis Research Group (EARG).
7.
CoffmanD. (2021). François Quesnay, Luigi Pasinetti and the historical contexts of economic theory. Structural Change and Economic Dynamics, 56(1), 64–73.
8.
ColvinC. L.WinfreeP. (2019). Applied history, applied economics, and economic history (Working Paper No. 2019-07). Queen’s University Centre for Economic History (QUCEH) Queens’ University, Belfast.
9.
de PaulaJ. A.de HeusL. G.da Gama CerqueiraH. E.da Motta e AlbuquerqueE. (2017). New starting point(s): Marx, technological revolutions and changes in the centre-periphery divide (Discussion Paper No. 570). Cedeplar/UFMG.
10.
ElgouacemA.ZagoR. (2020). Share buybacks, monetary policy and the cost of debt (Working Paper # 773). Banque de France.
11.
Fernández-AriasE.HausmannR.PanizzaU. (2019). Smart development banks (Working Paper No. 350). Center for International Development at Harvard University.
GràdaC. O. (2020). Economic history: ‘An isthmus joining two great continents’? (Working Paper 20/21). University College Dublin Centre for Economic Research.
14.
HeinE.MartschinJ. (2020). The Eurozone in crisis: A Kaleckian macroeconomic regime and policy perspective (Working Paper No. 145/2020). Hochschule für Wirtschaft und Recht Berlin, Institute for International Political Economy (IPE) Berlin.
15.
HerndonT.PaulM. (2020). A public banking option as a mode of regulation for household financial services in the US. Journal of Post Keynesian Economics, 43(4), 576–607.
16.
IyigunM.NunnN.QianN. (2017). The long-run effects of agricultural productivity on conflict, 1400–1900 (Working Paper 24066). NBER.
17.
JoT-H. (2020). A Veblenian critique of Nelson and Winter’s evolutionary theory (Paper No. 101380). MPRA June 29, 2020.
18.
KregelJ. (2019). Democratising money (Working Paper No. 928). Levy Economics Institute of Bard College.
19.
LangeE. L. (2020). Money versus value? Historical Materialism, 28(1), 51–84.
20.
LazonickW.HopkinsM. (2020). The $5.3 trillion question behind America’s COVID-19 failure. Institute of New Economic Thinking, July 24, 2020.
21.
LuxemburgR. (1951). The accumulation of capital. Routledge and Kegan Paul.
22.
MenudoJ. M. (2017). Turgot, Smith and Steuart on Stadial Histories (Working Paper ECON 17.14). Department of Economics Universidad Pablo de Olivade.
23.
MenudoJ. M. (2020). Pre-Smithian concepts of Mercantilism: Quesnay, Mirabeau and Turgot (Working Paper ECON 20.07). Department of Economics. Universidad Pablo de Olivade.
24.
NachaneD. M. (2018). Critique of the new consensus macroeconomics and implications for India. Springer.
25.
OcampoJ. A.OrtegaV. (2020). The Global Development Banks’ architecture (Research Papers No. 177). AFD.
26.
PaganelliM. P. (2020). Adam Smith and economic development in theory and practice: A rejection of the stadial model?Journal of the History of Economic Thought, forthcoming
27.
PernellK. (2020). Market governance, financial innovation, and financial instability: Lesson from banks’ adoption of shareholder value management. Theory and Society, 49(2), 277–306.
28.
PetryJ. (2020). Financialisation with Chinese characteristics? Exchanges, control and capital markets in authoritarian capitalism. Economy and Society, 49(2), 213–238.
29.
RithmireM. E. (2017). Land institutions and Chinese political economy: Institutional complementarities and macroeconomic management. Politics and Society, 45(1), 123–153.
30.
SabiouI. M.SmithV. L. (2020). Classical versus neoclassical equilibrium discovery (Working Paper 5-2020). Chapman University Economics Science Institute.
31.
SchelkeW. (2012). Collapsing worlds and varieties of welfare capitalism: In search of a new political economy of welfare (Discussion Paper No. 54/2012). LSE Europe in Question.
32.
SchmittJ.JanelleJ. (2013). Making jobs good. Challenge, 56(4), 6–25.
33.
SchumpeterJ. (2018). Gustav von Schmoller and the problem of today. Journal of Contextual Economics, 138(3-4), 261–304.
34.
SimmelG. (2018). On the methodology of social science. Journal of Contextual Economics, 138(3-4), 199–212.
35.
StiglitzJ. E. (2018). From manufacturing-led export growth to a twenty-first-century inclusive growth strategy (Working Paper 2018/176). WIDER.
36.
VenidaV. S. (2020). Updates of empirical estimates of Marxian categories: The Philippines 1961–2011 (Working Paper No. 2021-11). Ateneo De Manila University Department of Economics.
37.
WadeR. H. (2017). The American paradox: Ideology of free markets and the hidden practice of directional thrust. Cambridge Journal of Economics, 41(3), 859–880.
38.
WanslebenL. (2020). Formal institution building in financialised capitalism: the case of repo markets. Theory and Society, 49(2), 187–203.