This revised edition of ABCs is a lively and accessible introduction to modern political economy. Informed by the work of Marx, Veblen, Kalecki, Robinson, Minsky and other great political economists, Robin Hahnel provides the essential tools needed to understand economic issues today.
Dispelling myths about financial liberalisation, fiscal austerity, globalisation and free markets, ABCs offers a critical perspective on our present system and outlines clear alternatives for the future.
This second edition applies the analytical tools developed to help readers understand the origins of the financial crisis of 2007, the ensuing ‘Great Recession’, and why government policies in Europe and North America over the past six years have failed to improve matters for the majority of their citizens. The second edition also helps explain what is causing climate change and what will be required if it is to be resolved effectively and fairly.
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List of Illustrations
Preface to the Revised and Expanded Edition
1. Economics and Liberating Theory
2. What Should We Demand from Our Economy?
3. Efficiency and Economic Justice: A Simple Corn Model
4. Markets: Guided by an Invisible Hand or Foot?
5. Microeconomic Models
6. Macroeconomics: Aggregate Demand as Leading Lady
7. Money, Banks and Finance
8. International Economics: Mutual Benefit or Imperialism?
9. Macroeconomic Models
10. What Is to Be Undone? The Economics of Competition and Greed
11. What Is to Be Done? The Economics of Equitable Cooperation
Index
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Robin Hahnel is Professor Emeritus of Economics at American University in Washington DC. He is author of The ABCs of Political Economy (Pluto, 2014), Green Economics (Routledge, 2011), and Of the People, By the People: The Case for a Participatory Economy (AK Press, 2012).
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