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The Political Economy of the Crisis

Date:15 June 2010, 9:00am to
15 June 2010, 6:00pm
Location:Rooms JG1005 and JG1006, John Galsworthy building, Penrhyn Road campus

'Behind the headlines - the Political Economy of the Crisis'

A workshop organised by the Political Economy Research Group and School of Economics at Kingston University

World capitalism has entered its worst economic crisis since the inter-war period of the twentieth century. Is this crisis simply due to poor regulation of the financial sector or does it reflect an intrinsic instability in capitalism? Does it mark the end of Neoliberalism? What economic policy conclusions are we to draw from the crisis and what will the new rules for financial regulation, monetary policy and fiscal policy look like? Do we need minor reforms or is capitalism itself in question? The workshop will discuss the causes and the nature of the present crisis as well as the future of economic policy, with a special focus on Europe.


9.00 Registration and coffee

9.30 Opening (Vince Daly, Director of Research, School of Economics, Kingston University)

9.45 Introduction to the workshop (presentation)

10.00-12.00 The causes and the nature of the crisis, chair: Julian Wells

  • John Grahl, Middlesex University: The EU and the financial crisis
  • Engelbert Stockhammer, Kingston University: Neoliberalism, income distribution and the causes of the crisis (paper) (presentation)
  • Alan Freeman, Association for Heterodox Economics: The causes of the USA's long-term economic decline (presentation)


13.30-15.30 The future of monetary and fiscal policy, chair: Paul Auerbach

  • Victoria Chick, University College London: Keynes and policy in the crisis (paper)
  • Dominique Plihon, University Paris 13: The new role of central banks in financial regulation (presentation)
  • Philip Arestis, Cambridge University and University of the Basque Country: Current Crisis and Economic Policy Implications (paper)

16.00-18.00 The future of economic policy in Europe, chair: Engelbert Stockhammer

  • Costas Lapavitsas, SOAS: Beggar you neighbour and thyself (paper) (presentation)
  • Ozlem Onaran, Middlesex University: The Crisis in Europe, East and West (paper) (presentation)
  • Malcolm Sawyer, Leeds University: Can the European Union ever have full employment? (paper) (presentation)




The Political Economy Research Group

The Political Economy approach highlights the role of effective demand, institutions and social conflict in economic analysis and thereby builds on Austrian, Institutionalist, Marxist, and Keynesian traditions. Economic processes are perceived to be embedded in social relations that must be analysed in the context of historical considerations, power relations and social norms. As a consequence, a broad range of methodological approaches is employed, and cooperation with other disciplines, including history, law and other social sciences, is necessary.

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Faculty of Arts and Social Sciences
Kingston University
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