James Crotty, who passed away earlier this year, was one of the most important but unheralded heterodox macroeconomists of his generation. In this article, we summarize what we think were some of his signal achievements—a deep synthesis of the insights of Marx and Keynes, an appreciation of the more radical implications of the Keynesian approach, and a passion for teaching relevant ideas.
BoddyRafordCrottyJames R.1975. Class conflict and macropolicy: The political business cycle. Review of Radical Political Economics7 (1): 1–19.
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BoddyRafordCrottyJames R.1976. Wages, prices, and the profit squeeze. Review of Radical Political Economics8 (2): 63–67.
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CrottyJames R.1985. The centrality of money, credit, and financial intermediation in Marx’s crisis theory: An interpretation of Marx’s methodology. In Rethinking Marxism: Struggles in Marxist Theory—Essays for Harry Magdoff and Paul Sweezy, eds. StephenResnickWolffRichard, 45–82. Brooklyn, NY: Automedia.
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CrottyJames R.1986. Marx, Keynes, and Minsky on the instability of the capitalist growth process and the nature of government economic policy. In Marx, Keynes, and Schumpeter: A Centenary Celebration of Dissent, eds. Suzanne Helburn and David Bramhall, 297–326. Armonk, NY: M.E. Sharpe.
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CrottyJames R.1987. The role of money and finance in Marx’s crisis theory. In The Imperiled Economy, eds. RobertCherryD’OnofrioChristineKurdasCigdemMichlThomas R.MoseleyFredNaplesMichele I., 71–82. New York: Union for Radical Political Economics.
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CrottyJames R.1989 . The limits of Keynesian macropolicy in the age of the global marketplace. In Instability and Change in the World Economy, eds. ArthurMacEwanTabbWilliam, 82–100. New York: Monthly Review Press.
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CrottyJames R.1990. Owner-manager conflict and financial theories of investment demand: A critical assessment of Keynes, Tobin, and Minsky. Journal of Post Keynesian Economics12 (4): 519–42.
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CrottyJames R.1992. Neoclassical and Keynesian approaches to the theory of investment. Journal of Post Keynesian Economics14 (4): 483–96.
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CrottyJames R.1993a. The rise and fall of the Keynesian revolution in the age of the global marketplace. In Creating a New World Order: Forces of Change and Plans for Action, eds. EpsteinGeraldGrahamJulieGordon-NembhardtJessica, 163–82. Philadelphia: Temple University Press.
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CrottyJames R.1993b. Rethinking Marxian investment theory: Keynes-Minsky instability, competitive regime shifts, and coerced investment. Review of Radical Political Economics25 (1): 1–26.
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CrottyJames R.1994. Are Keynesian uncertainty and macrotheory incompatible? Conventional decision making, institutional structures, and conditional stability in Keynesian macromodels. In New Perspectives in Monetary Macroeconomics: Explorations in the Tradition of Hyman Minsky, eds. DymskiGaryPollinRobert, 105–42. Ann Arbor: University of Michigan Press.
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CrottyJames R.1999. Was Keynes a corporatist? Keynes’s radical views on industrial policy and macro policy in the 1920s. Journal of Economic Issues33 (3): 555–78.
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CrottyJames R.2008. If financial market competition is intense, why are financial firm profits so high? Reflections on the current “golden age” of finance. Competition and Change12 (2): 167–83.
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CrottyJames R.2009a. Structural causes of the global financial crisis: A critical assessment of the new financial architecture. Cambridge Journal of Economics33 (4): 563–80.
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CrottyJames R.2009b. Profound structural flaws in the US financial system that helped cause the current global financial crisis. Economic and Political Weekly XLIV (13): 127–35.
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CrottyJames R.2012. The great austerity war in the United States: What caused the US deficit crisis and who should pay to fix it?Cambridge Journal of Economics36 (1): 79–104.
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CrottyJames R.2013. The realism of assumptions does matter: Why Keynes-Minsky theory must replace efficient market theory as the guide to financial regulation policy. In The Oxford Handbook of the Political Economy of Financial Crises, eds. GeraldEpsteinWolfsonMartin, 133–58. New York: Oxford University Press.
CrottyJames R.2019. Keynes against Capitalism: His Economic Case for Liberal Socialism. New York: Routledge
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CrottyJames R.EpsteinGerald. 2013. How big is too big? On the social efficiency of the financial sector. In Capitalism on Trial, eds. Wicks-LimJeannettePollinRobert, 293–310. Northampton, MA: Edward Elgar.
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CrottyJames R.GoldsteinDon. 1993. Do US financial markets allocate capital efficiently? The case of corporate restructuring in the 1980s. In Transforming the US Financial System: Equity and Efficiency for the 21st Century, eds. DymskiGaryEpsteinGeraldPollinRobert, 253–86. Armonk, NY: M.E. Sharpe.
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CrottyJames R.GoldsteinJon. 1992. A Marxian-Keynesian theory of investment demand: Empirical evidence. In International Perspectives on Profitability and Accumulation, eds. FredMoseleyWolffEdward, 197–234. Brookfield, VT: Edward Elgar.
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CrottyJamesLeeKangkook. 2002. A political-economic analysis of the failure of neoliberal restructuring in post-crisis Korea. Cambridge Journal of Economics26 (5): 667–78.
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CrottyJamesLeeKangkook. 2009. Was IMF-imposed economic regime change in South Korea justified: The political economy of the IMF. Review of Radical Political Economics41 (2): 149–69.
MasonJ. W.2022. Climate Policy from a Keynesian Point of View. Paper for The Heinrich-Böll-Stiftung Brussels. Brussels: Heinrich Böll Foundation. Accessed at: https://eu.boell.org/en/climate-policy-keynesian.
