Gary A. Dymski

• University of Leeds

We summarize the intellectual journey of James R. Crotty in this tribute. We discuss how Crotty’s approach to macroeconomics based on Marxian and Keynesian insights led to a series of flexible models based on realistic assumptions that help us better understand the contradictory evolution of capitalism from the 1970s to the 2010s. The basic buildin...

This paper considers the question of how Brexit will affect the City of London from a long-term perspective, putting the changes induced by Brexit into the context of the City’s historical evolution over the past century. This perspective permits us to see that the City has continued to thrive because of a series of radical adjustments necessitated...

This paper contributes to the understanding of subordinate financialisation in emerging and developing economies by setting out a novel core–periphery framework that elucidates the place of Latin America in the global architecture of finance. This framework builds on the centre–periphery financial model of uneven regional credit and economic growth...

This special issue aims to use historical examples to gain insight into the socio-economic impact of, and possibilities of recovery from, the Covid-19 pandemic for Black communities. We approach this question by comparing the impact of the pandemic on Black Britons in the United Kingdom with that of the 2008 subprime crisis on Black Americans. We f...

This paper explores the interlinkages among several trends that have accelerated in the years since the Great Financial Crisis (GFC): the inability of governments in open emerging-market economies to sustain countercyclical policies; central banks’ measures to ensure the stability of hyper-leveraged global financial markets; rising inequality withi...

This paper presents a chronological survey of the 20 academic papers that Malcolm authored or co-authored between 1997 and 2017 on the flawed design – and hence flawed implementation – of the European Monetary Union (EMU)’s macroeconomic policy pillars. We augment his analyses by pointing out a third – complementary – design flaw: the EMU’s two-tie...

This paper celebrates the contributions to Keynesian theory of the late Brazilian economist Fernando Cardim de Carvalho (1953–2018). We use Carvalho’s 12 refereed English-language papers on Keynesian theory — the first published in 1983, the last in 2016 — as a point of departure for reflecting on two questions confronting macroeconomists today. Fi...

Fernando Cardim de Carvalho’s monumental intellectual legacy encompasses many elements - his teaching, his mentoring, his scholarship, and his policy activism. This essay explores Cardim’s contributions to Post-Keynesian economics through the lens of his 31 publications in refereed English-language journals. After applying some bibliometric analysi...

Social inequalities are intensifying globally and widening divisions are linked to civil unrest. Disadvantaged ethnic and religious groups experience poor access to, representation in and outcomes from public services such as healthcare and education. As mechanisms for social participation and citizenship, public services are key to inclusive and s...

Social inequalities are intensifying globally and widening divisions are linked to civil unrest. Disadvantaged ethnic and religious groups experience poor access to, representation in and outcomes from public services such as healthcare and education. As mechanisms for social participation and citizenship, public services are key to inclusive and s...

Abstract Social inequalities are intensifying globally and widening divisions are linked to civil unrest. Disadvantaged ethnic and religious groups experience poor access to, representation in and outcomes from public services such as healthcare and education. As mechanisms for social participation and citizenship, public services are key to inclus...

More than ten years after the global financial crisis, what has happened to the ‘too-big-to-fail’ (TBTF) banks whose reckless behavior was among its preconditions, but which received public support and guarantees in the midst of that crisis? Insofar as this too-big-to-fail status helped create the crisis and then imposed costs on the rest of societ...

Disagreements over the systemic implications—the future—of financialization can be traced in part to the absence of sustained attention to the role of banking firms in driving this secular shift forward. That is, the financialization literature lacks an adequate microfoundation. Accounting for the drivers of financialization processes solely at the...

This paper reports on a research project, Leeds City Lab, that brought together partner organisations to explore the meanings and practices of co-production urban labs in the context of urban change. Our intention is to offer a response to the crisis in urban governance by bringing together growing academic and practitioner debates on co-production...

There can be no doubt that the influence of the financial sphere has intensified rapidly in recent years, but there is much debate about the effect of that influence. The aftermath of the Financial Crisis has led to numerous discussions of the phenomenon of so-called financialization: the increasing impact of financial institutions on the activity...

The financial crises of the past decade unfolded at a time when many geographers were already exploring the spatiality of innovative financial structures and globalizing financial markets. The depth and extent of crises raised questions not only about their spatiality, but about their causes and impacts. Geographers were well positioned to discuss...

Money and Finance After the Crisis provides a critical multi-disciplinary perspective on the post-crisis financial world in all its complexity, dynamism and unpredictability.

This chapter explores geographical approaches to financial systems, with special attention to their instability. After examining the foundational contributions that launched the geography of finance, the chapter summarizes spatial research on the global spread of innovative practices in finance. It then asks why so little attention was paid to macr...

This paper reflects on the experience of the 1999-2002 Minority Pipeline Program (MPP) at the University of California, Riverside. With support from the American Economic Association, the MPP identified students of color interested in economics, let them explore economic issues affecting minority communities, and encouraged them to consider post-gr...

The fictional prototype uses imaginative narratives based explicitly on science fact as a design tool in the development of technology. Through traditional research and development we begin to define and understand what a technology is. This is the typical work that is going on in industrial labs and universities all over the world. Usually this wo...

This essay adapts Commons's model of the legal foundations of capitalism to the peculiar circumstances of the neoliberal era. So doing provides a lens for seeing the steady erosion of state capacity to protect the commonwealth, even in nations with hegemonic currency. Our focus here is on the links between the triple crisis of the 1980s and the sub...

This paper explores the elements of economic strategy for a national government taking office in Greece under the constraints imposed by Eurozone membership, even while hoping to transcend and transform those constraints. We first review some of the empirical and institutional economic realities faced both by Greece and the member nations of the Eu...

p>Este artículo examina las ideas y pensamientos de K. Polanyi y H. Minsky en torno a las altas finanzas. Como se argumenta, Polanyi asume una visión historica benigna de las finanzas globales que muchas veces no comparte Minsky, ni otros grandes economistas incluídos en el texto. A la luz de los eventos históricos más recientes, la confrontación d...

A crisis that started as a textbook case of how financial and asset markets can spin out of control without adequate public oversight has transmuted in 5 years into a crisis ofirres-ponsible sovereigns, such that restoring prosperity requires that governments re-establish control over their own excessive spending. How did this happen? This paper ex...

Tadeusz Kowalik’s writings include meditations on the ‘crucial reform’ of capitalism in the middle of the 20th century, and on the possibilities for the ‘crucial reform’ of Poland’s ‘real socialism’ in the 1980s (for example, ‘In one of his earlier works Lange wrote that socialism is more concerned with objectives than with the means to achieve the...

This paper shows that the global financial and economic crisis has jeopardized the viability of relationship banking in Spain, and threatens to undercut this key element in the national structure of productive financial intermediation. The capacity of the Spanish banking system to provide relationship-banking services, which was threatened even bef...

The global financial crisis, when it first emerged in 2007–2008, appeared to be a silver bullet aimed at the heart of neoliberal macroeconomics and efficient-markets financial theory. Several years later, the United States and many Eurozone nations are loaded with cascading debt flows that apparently exceed repayment capacity. Why has the neolibera...

Professor and Chair in Applied Economics at the Leeds University Business School, University of Leeds. He has published extensively on subjects including financial fragility, urban development, credit market discrimination, and the subprime lending crisis. 1. The queen asked the question, “Why did nobody notice it?” in reference to the unforeseen c...

This study addresses two largely unanswered questions about the United States subprime crisis: why were minority applicants, who had been excluded from equal access to mortgage credit prior to the spread of subprime loans, superincluded in subprime mortgage lending? And why didn't the flood of mortgage credit in the 2000s housing boom – an oversupp...

This Debates and Controversies contribution introduces the notion of an employment portfolio to explore how economies create combinations of employment. It is not simply the number of jobs but the factor share distributed to labour and the sectoral mix and composition that matter. Three case studies of employment portfolio (Australia, California an...

Adapting Schelling's checker-board discrimination framework, we develop a disequilibrium model to examine growth in two core-periphery settings: global-South megacities and the Eurozone. Regarding megacities, informal sector growth undercuts the government's capacity to fund fully adequate public services. Regarding the Eurozone, an increase in the...

This article provides an overview of the complex links between discrimination and housing finance markets. Discrimination arises in mortgage markets when access to housing finance is denied on the basis of applicants' racial/ethnic identity, gender, spatial location, or other characteristics. This unequal access initially took the form of the outri...

This chapter reviews the trajectory of financial mergers and acquisitions (M&As) in the past half-century. Shifting logics have guided both banking firms' decisions to merge and analysts' assessments of the benefits and costs of increased financial concentration. Until the 1980s, M&As were evaluated by comparing the increased operating gains for me...

IntroductionWhy the US Mortgage Market Generated the Subprime Crisis: A View from the ChaptersEconomic Approaches to the Subprime CrisisGlobalization and New Rifts in Social Science InquiryThe Urban Problematic in the Neoliberal TransitionBringing the Urban Problematic and Heterodox Political Economy TogetherThe Widgets of the Post-Industrial World...

Recent events in the global financial markets and macro economies have served as a strong reminder for a need of a coherent theory of capitalist crisis and analysis. This book helps to fill the gap with well-grounded alternative articulations of the forces which move today's economic dynamics, how they interact and how ideas of foundational figures...

The current global context poses several paradoxes: the recovery from the 2009 recession was not a recovery; investment, normally driven by profit rates, is lagging and not leading economic activity; the crisis is global but debate involves sub-global levels; and public safety-nets, which have helped to stabilize national income, are being cut. The...

Economists’ principal explanations of the subprime crisis differ from those developed noneconomists in that the latter see it as rooted in the US legacy of racial/ethnic inequality, and especially in racial residential segregation, whereas the former ignore race. This traces this disjuncture to two sources. What is missing in the social science vie...

Se analiza el aumento en la ocurrencia y profundidad del riesgo financiero en la era neoliberal. Los cambios en los sistemas financieros que han hecho no solamente más difícil la gobernabilidad, sino que también han llevado a algunas interacciones perversas entre riesgo y gobernabilidad. Esta idea emerge de la revisión de la evolución del riesgo fi...

This chapter argues that resolving the nearly global crisis of financial systems — and, by extension, of macroeconomic stagnation — depends on recognising and responding to the considerable, multidimensional power accumulated by the very financial firms whose dysfunctionality helped create that crisis in the first place. The power of finance, and e...

So long as the efficient-market hypothesis remains the unchallenged arbiter of financial market outcomes, efforts to rethink the financial system — at either a policy or conceptual level — will be thwarted. The efficient-market hypothesis, which translates the idea of Walrasian general equilibrium into financial markets, has a profound hold on econ...

Gary A. Dymski argues that the twin ideas of social exclusion and inclusion should be incorporated as central elements in development thinking of practitioners and theorists. The failure of economists to make analytical room for these twin notions has caused them to miss or misinterpret significant aspects of the development process, and of develop...

This would seem an opportune moment to reshape banking systems in the Americas. But any effort to rethink and improve banking must acknowledge three major barriers. The first is a crisis of vision: there has been too little consideration of what kind of banking system would work best for national economies in the Americas. The other two constraints...

This article examines why the global financial crisis that began in 2007 has intensified policy debate about financial regulation and governance, and brought about the end of polite discourse in economics. Coming into the crisis, the received view on financial regulation regarded power in finance as a matter of market concentration alone, and under...

Minsky's financial-instability model suggests that financial crises can be resolved efficiently with lender-of-last-resort and big-government interventions. The crisis that began in 2007 (hereafter, the "2007 crisis") has been different: it has been more profound and resistant to policy interventions. This paper examines why. Our approach is to exp...

This paper addresses a meta-question: Does ethnic banking matter as a social-economic phenomenon? It discusses the roles of banks in immigrant- and minority-community building and their connections to the USA 'new migration' with our definition of ethnic banks while comparing and contrasting the differential trajectories of ethnobanking development...

In the past three decades the financial sectors in virtually every nation have been integrated into global finance, apparently expanding choice for domestic firms and residents from strictly local to global options. Paradoxically, however, this increasing openness has been paralleled by rising concerns among activists and social scientists about fi...

This paper first analyzes the role of finance in community development, and then contrasts 1990s development-financing policies with those undertaken decades earlier in the context of the federal “War on Poverty.” It is shown that the Clinton-Bush era programs in support of community development were less extensive than War on Poverty programs. Fur...

This chapter assesses the governance problems associated with the macrostructural changes that have been at work in global financial markets since the dawn of the neoliberal era - that is, since the end of the Bretton Woods era. The argument proceeds in four steps. First, the chapter identifies and elaborates on the key macrostructural changes curr...

This paper evaluates O'Brien's assertion that freer global financial flows and movement will eliminate the significance of geography for financial processes because enhanced global choice will create the global financial customer. We argue here, contra O'Brien, that expanded global choice in finance has contributed to the widening global income/wea...

This paper develops a political economic explanation of the 2007-9 US subprime crisis which focuses on one of its central causes: the transformation of racial exclusion in US mortgage-markets. Until the early 1990s, racial minorities were systematically excluded from mortgage-finance due to bank-redlining and discrimination. But, then, racial exclu...

This afterword develops one argument about, and then engages in two dialogues with, this symposium on the subprime crisis and the mortgage market. First, it argues that these articles have a unifying theme: they all insist that any understanding of the evolution of the subprime crisis must take into account the role of the complex, racialized dynam...

It is important to consider how financial institutions are adjusting their operational strategies because of the changing dynamics of financial resource and population flows. This paper compares the ways in which globally prominent banks provide financial services to immigrants in Canada and the US and addresses the following two research questions...

Robert Brenner outlines the long-term causes of the present economic meltdown. Rather than understanding the current downturn as solely a function of financial malpractice and incompetence, he demonstrates that the economy has been growing slower in most of the major indices with each passing business cycle since the 1970s. In the last two cycles,...

This paper aims to clarify the relationship between individual banks and banking industry behaviour in credit expansion. The authors argue that the balance sheet structure of an individual bank is only partially determined by its management's decision about how aggressively to expand credit; it is also determined by the balance sheet positions of o...

The current meltdown in global banking and credit markets, which bears the unlikely name of the "sub-prime lending crisis," threatens to destroy asset values, financial markets, and national economies across the globe. The proximate cause of this situation was the end of the US housing bubble, which precipitated a rapid increase in mortgage delinqu...

The neoliberal era has been characterized in the financial arena both by banking deregulation and financial-market integration, and also by new forms of risk and by recurrent financial crises. This chapter examines the problem of financial governance from a macro-structural perspective: that is, we consider the financial risks generated by aggregat...

In this paper, I investigate the effect of job training on the wages and employment propensities of female workers in Korea. Using a rich panel data set from 1998 to 2005, I analyze the impact of job training using both a Random Effects (RE) model and a Fixed Effects (FE) model and compare the results from them. The two results provide an upper and...

Résumé Il y a un quart de siècle, un ancien acteur et ex gouverneur de Californie lançait une révolution politique qui allait transformer le Parti républicain et la vie politique américaine. Depuis quatre ans avec Arnold Schwarzenegger, la Californie a de nouveau pour gouverneur une star de cinéma, qui tente lui aussi de transformer le Parti républ...