"Political Economy ... . The peculiar nature of the material it deals with, summons as foes into the field of battle the most violent, mean and malignant passions of the human breast, the Furies of private interest. The English Established Church, e.g., will more readily pardon an attack on 38 of its 39 articles than on 1/39 of its income. Now-a-days atheism is culpa levis [i.e. a minor sin], as compared with criticism of existing property relations." -- Karl Marx, Capital (1867/1906), authors prefaces to the first edition, p. 15.
"The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist." -- John M. Keynes, General Theory (1936), p. 383.
"[T]here is hardly an anthropological or sociological assumption---whether explicit or implicit---contained in the philosophy of economic
liberalism that has not been refuted." -- Karl Polanyi, The Great Transformation (1944/2001), p. 277.
"When you get to what these guys call the institutions responsible for 'the indoctrination of the young,' the schools and the universities, at that point it becomes somewhat more subtle. By and large, in the schools and universities people believe they’re telling the truth. The way that works, with rare exceptions, is that you cannot make it through these institiutions unless you've accepted the indoctrination." -- Noam Chomsky, Chronicles of Dissent (1992), excerpt.
"Mexico was the star pupil. It did everything right, and religiously followed the World Bank and IMF's prescriptions. It was called another great economic miracle, and it probably was ... for the rich. But for most of the Mexican people, it's been a complete disaster." -- Noam Chomsky, The Common Good (1998), p. 78.
"Leading active members of today's economics profession, the generation presently in their 40s and 50s, have joined together into a kind of politburo for correct economic thinking. As a general rule — as one might expect from a gentleman's club — this has placed them on the wrong side of every important policy issue, and not just recently but for decades. They predict disaster where none occurs. They deny the possibility of events that then happen. They offer a "rape is like the weather" fatalism about an "inevitable" problem (pay inequality) that then starts to recede. They oppose the most basic, decent, and sensible reforms, while offering placebos instead. They are always surprised when something untoward (like a recession) actually occurs. And when finally they sense that some position cannot be sustained, they do not re-examine their ideas. Instead, they simply change the subject." -- James K. Galbraith, in "How the Economists Got It Wrong" (2001).
"Washington Consensus ... The hallmark of this neoliberal (that is, pro-creditor and pro-monopoly) program was a monetary drain that has obliged debtor countries to sell off their public domain on credit to insiders (crony capitalism) and foreign buyers, while “freeing capital flows”. That is, permitting capital flight without limit. ...
Countries not obeying the Washington Consensus faced the prospect of being isolated as international pariahs, subject to sanctions such as those imposed on Cuba, Libya and North Korea. Meanwhile, the United States has retained its agricultural and industrial protectionism but opposed such policies abroad. This double standard has thwarted the drive by other countries to achieve their own national self-determination in industry, agriculture and trade." -- Michael Hudson, Global Fracture (2003), introduction.
"Milton Friedman got famous for promoting the idea that there’s no such thing as a free lunch, when Wall Street knows quite well that this is what the economy is all about. It’s all about how to get a free lunch, with risks picked up by the government. No wonder they back economists who deny that there’s any such thing!" -- Michael Hudson, in "Rewriting Economic Thought" (2015).
"The trouble is not so much that macroeconomists say things that are inconsistent with the facts. The real trouble is that other economists do not care that the macroeconomists do not care about the facts. ... It is sad to recognize that economists who made such important scientific contributions in the early stages of their careers followed a trajectory that took them away from science. ... But science and the spirit of the enlightenment are the most important human accomplishments." -- Romer, Paul, "The Trouble with Macroeconomics" (2016), p. 22.
"this hypothetical shareholder that only cares about what happens to the share price of one company tomorrow ... that hypothetical entity is a functional psychopath -- shortsighted, opportunistic and willing to exploit employees, self-destructive ..., unconcerned about the welfare of other people, the future generations of the planet. The problem is that the business people are under pressure to run their corporations according to this psychopathic ideal. ... It's a system that is now structurally designed to produce results that are bad for almost all of us." -- Lynn Stout, panel discussion (2016), starting at 0:50.
"When the Swedish central bank had to decide who would win the 2013 Nobel prize in economics, it was torn between Shiller’s claim that markets frequently got the price wrong and Fama’s insistence that markets always got the price right. Thus it opted to split the difference and gave both men the medal – a bit of Solomonic wisdom that would have elicited howls of laughter had it been a science prize. In economic theory, very often, you believe what you want to believe – and as with any act of faith, your choice of heads or tails will as likely reflect sentimental predisposition as scientific assessment." John Rapley, "How economics became a religion" (2017).
"Der größte Teil des Welthandels, der größte Teil der Waren, die weltweit verkauft werden, wird zwischen Konzernteilen verkauft und nicht zwischen Konzernen und Konsumenten" -- Doku Steuerfrei - Wie Konzerne Europas Kassen plündern, (18:00)
* * *
The problem with oftentimes neoclassical and neoliberal orthodox or mainstream economics (also see this introductory paper) is, simply put, that it is outdated and much more of an ideology or even religion (by the 1%, for the 1%) than a science (by the 100%, for the 100%). The cure for this is a switch to GCS-relevant heterodox or (9) Alternative Economy and Economics which revolves around key concepts or disciplines such as anti-capitalism and post-capitalism, anti tax avoidance, anti tax evasion, behavioral economics, common good economics, complexity economics, degrowth, distributism, ecological economics, ecological modernization, economic anthropology, economic democracy, economic pluralism, economic sustainability, Equilibrismus, evonomics(!), Freiwirtschaft, global/international political economy, green economy, international political economy, neuroeconomics, new economic thinking, sharing economy/collaborative commons, sustainability, sustainable development, sustainable economy, or tragedy of the anticommons.
Among the Nobel or Sveriges Riksbank Prize in Economic Sciences laureates who support this kind of new economic thinking in various ways we have so far included Amartya Sen (1998), Joseph E. Stiglitz (2001), Daniel Kahnemann (2002) and Elinor Ostrom (2009) and their works in our bibliography. Our overall editorial top pick, however, is Michael Hudson, a famous critic of finance capitalism.
* * *
Degrowth "Research and actions to consume less and share more"
Demonocracy "Economic Infographics"
Equilibrism "Let us work with nature, not against it"
Evonomics "the next evolution of economics"
Michael Hudson "On finance, real estate and the powers of neoliberalism"
Rethinking Economics (RE)
Share the World's Resources (STWR)
Sustainable Communities Online "for a more sustainable future"
Sustainable Development Solutions Network "A global initiative for the United Nations"
The Earth Institute at Columbia University "Science and Sustainability"
Thwink.org "Finding and Resolving the Root Causes of the Sustainability Problem"
United Nations Economic and Social Council (ECOSOC)
United Nations Environment Programme (UNEP) -> Green Economy
Worldwatch Institute "Vision for a Sustainable World"
Equilibrismus "Lasst uns mit der Natur wirtschaften und nicht gegen sie"
Gemeinwohl Ökonomie "Ein ethisches Wirtschaftsmodell" (Video) -> Nationale und regionale Gruppen, besonders in AT, CH, DE
Wissensmanufaktur "Institut für Wirtschaftsforschung und Gesellschaftspolitik"
BEIGEWUM "Beirat für gesellschafts-, wirtschafts- und umweltpolitische Alternativen"
Erhard Glötzl Vorträge
Ökosoziales Studierendenforum "Für eine global gerechte Gesellschaft, die sich in Einklang mit der Umwelt entwickelt"
Gradido "Natürliche Ökonomie des Lebens"
Philiana "practicing associative economy"
plenum "sustainability - change - impact"
ISIPE -> The Post-Crash Economics Society (PCES)
RE, ISIPE -> Cambridge Society for Economic Pluralism (CSEP)
* * *
Bookstaber, Richard, 2007, A Demon of Our Own Design: Markets, Hedge Funds, and the Perils of Financial Innovation, Wiley.
Bookstaber, Richard, 2017, The End of Theory: Financial Crises, the Failure of Economics, and the Sweep of Human Interaction, Princeton University Press.
Brzezicka, Justyna & Wiśniewski, Radoslaw, 2014, “Homo Oeconomicus and Behavioral Economics”, Contemporary Economics, 8(4), 353–364.
Chang, Ha-Joon, 2001, Joseph Stiglitz and the World Bank: The Rebel Within, Anthem Press.
Chang, Ha-Joon, 2002, Globalization, Economic Development and the Role of the State, Zed Books.
Chang, Ha-Joon, 2002, Kicking Away the Ladder: Development Strategy in Historical Perspective, Anthem Press.
Chang, Ha-Joon (ed.), 2003, Rethinking Development Economics, Anthem Press.
Chang, Ha-Joon, 2007, Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism, Bloomsbury Press.
Chang, Ha-Joon, 2011, 23 Things They Don't Tell You About Capitalism, Bloomsbury Press.
Chouinard, Yvon, Ellison, Jib, Ridgway, Rick, 2011, "The Sustainable Economy", Harvard Business Review (October).
Cooper, George, 2008, The Origin of Financial Crises: Central
Banks, Credit Bubbles, and the Efficient Market Fallacy, Harriman House/Vintage
Cooper, George, 2014, Money, Blood and Revolution: How Darwin and the doctor of King Charles I could turn economics into a science (interview), Harriman House.
Cooper, George, 2016, Fixing Economics: The story of how the dismal science was broken - and how it could be rebuilt, Harriman House.
Coyle, Diane, 2000, Governing the World Economy, Polity.
Coyle, Diane, 2011, The Economics of Enough: How to Run the Economy as If the Future Matters, Princeton University Press.
Coyle, Diane, 2014, GDP: A Brief but Affectionate History, Princeton University Press.
Earle, Joe; Moran, Cahal; Ward-Perkins, Zach, 2016, The Econocracy: The perils of leaving economics to the experts, Manchester University Press.
Fresco, Jacque, 2015, The Best That Money Can't Buy: Beyond Politics, Poverty & War, The Venus Project.
Galbraith, James K., 2006, Unbearable Cost: Bush, Greenspan and the Economics of Empire, Palgrave-MacMillan.
Galbraith, James K., 2008, The Predator State: How Conservatives Abandoned the Free Market and Why Liberals Should Too, New York: The Free Press.
Galbraith, James K., 2014, The End of Normal: The Great Crisis and the Future of Growth, Simon & Schuster.
Galbraith, James K., 2016, Welcome to the Poisoned Chalice: The Destruction of Greece and the Future of Europe, Yale University Press. (interv.)
Galbraith, John K., 1992, The Culture of Contentment, Mariner Books.
Galbraith, John K., 2001, The Essential Galbraith, Mariner Books.
Galbraith, John K., 2004, The Economics of Innocent Fraud: Truth for Our Times, Houghton Mifflin.
Giller, Herbert, 2015, What Comes After Capitalism? The Manifesto of Moral Solidarity, Edition Moralsolid.
Greider, William, 2003, The Soul of Capitalism: Opening Paths to a Moral Economy, New York, NY: Simon & Schuster.
Haering, Norbert & Douglas, Niall, 2012, Economists and the Powerful: Convenient Theories, Distorted Facts, Ample Rewards, Anthem Press.
Harich, Jack (Thwink.org), 2011, Common Property Rights: A Process Driven Approach to Solving the Complete Sustainability Problem (videos), Lulu Press.
Harvey, David, 2010, A Companion to Marx's Capital, Verso.
Harvey, David, 2014, Seventeen Contradictions and the End of Capitalism, Profile Books.
Hilferding, Rudolf, 1910/1981, Finance Capital: A Study of the Latest Phase of Capitalist Development, London: Routledge & Kegan Paul.
Hudson, Michael, 1972/2003, Super Imperialism: The Economic Strategy of American Empire, 2nd Edition, London: Pluto
Hudson, Michael, 1977/2003, Global Fracture: The New International Economic Order, 2nd Edition, University of Michigan Press.
Hudson, Michael, 1998, "Finance Capitalism v. Industrial Capitalism", Contribution to The Other Canon Conference on Production Capitalism vs. Financial Capitalism, Oslo, September 3-4, 1998.
Hudson, Michael, 2009, Trade, Development and Foreign Debt, ISLET.
Hudson, Michael, 2012, The Bubble and Beyond:
Fictitious Capital, Debt Deflation and Global Crisis, ISLET.
Hudson, Michael, 2012, Finance Capitalism and Its Discontents, interviews and speeches, 2003 -- 2012,
Hudson, Michael, 2015, Finance as Warfare, World Economic Association Books.
Hudson, Michael, 2015, Killing the
Host: How Financial Parasites and Debt Bondage Destroy the Global Economy, ISLET/CounterPunch Books.
Hudson, Michael, 2015, "Rewriting Economic Thought", interview on CounterPunch Radio - Episode 19 (aired Sept. 21, 2015).
Hudson, Michael, 2017, J Is for Junk Economics: An A to Z Guide to the Economics of Reality and Fiction, ISLET.
Jacobs, Michael (publications) & Mazzucato, Mariana (eds.), 2016, Rethinking Capitalism: Economics and Policy for Sustainable and Inclusive Growth, a The Political Quarterly Monograph,
Kahnemann, Daniel (publications) & Tversky, Amos, 1979, "Prospect Theory: An Analysis of Decision under Risk", Econometrica, 47(2), 263–291.
Kahneman, Daniel & Tversky, Amos, 1981, "The framing of decisions and the psychology of choice", Science, 211(4481), 453--458.
Keynes, John M., 1936, The General Theory of Employment, Interest and Money, Palgrave McMillan.
(Marx and Engels archive)
Mason, Paul, 2015, PostCapitalism: A Guide to our Future, Penguin.
Ostrom, Elinor, 1990, Governing the Commons: The Evolution of Institutions for Collective Action, Cambridge, UK: Cambridge University Press.
Ostrom, Elinor; Walker, James M., 2003, Trust and Reciprocity: Interdisciplinary Lessons from Experimental Research, New York: Russell Sage Foundation.
Ostrom, Elinor, 2005, Understanding Institutional Diversity, Princeton: Princeton University Press.
Ostrom, Elinor; Hess, Charlotte (eds.), 2006, Understanding Knowledge as a Commons: From Theory to Practice, Cambridge, Massachusetts: MIT Press.
Ostrom, Elinor; Kanbur, Ravi; Guha-Khasnobis, Basudeb (eds.), 2007, Linking the Formal and Informal Economy: Concepts and Policies, Oxford: Oxford University Press.
Piketty, Thomas, 1997/2015, The Economics of Inequality (L´Économie des inégalités), Harvard University Press.
Piketty, Thomas, 2016, Why Save the Bankers?, Boston: Houghton Mifflin Harcourt.
Polanyi, Karl, 2001 , The Great Transformation: The Political and Economic Origins of Our Time, 2nd edition, foreword by Joseph E. Stiglitz, Boston: Beacon Press.
Raworth, Kate, 2017, Doughnut Economics: Seven Ways to Think Like a 21st-Century Economist, Random House Business Books.
Rifkin, Jeremy, 2011, The Third Industrial Revolution: How Lateral Power is Transforming Energy, the Economy, and the World, Palgrave Macmillan.
Rifkin, Jeremy, 2014, The Zero Marginal Cost Society:The internet of things, the collaborative commons, and the eclipse of capitalism, Palgrave Macmillan.
Rodrik, Dani, 2015, Economics Rules: Why Economics Works, When It Fails, and How To Tell The Difference, Oxford University Press.
Sachs, Jeffrey D., 2011, The Price of Civilization: Reawakening American Virtue and Prosperity, Random House/Bodley Head.
Sedláček, Tomáš, 2011, Economics of Good and Evil. The Quest for Economic Meaning from Gilgamesh to Wall Street, Oxford University Press.
Sen, Amartya, 1977, "Rational Fools: A Critique of the Behavioral Foundations of Economic Theory", Philosophy & Public Affairs, 6(4), 317-344.
Standing, Guy, 2009, Work after Globalization: Building Occupational Citizenship, Edward Elgar Publishing.
Stout, Lynn, 2010, Cultivating Conscience: How Good Laws Make Good People, Princeton University Press.
Stout, Lynn, 2012, The Shareholder Value Myth: How Putting Shareholders First Harms Investors, Corporations, and the Public, Berrett-Koehler Publishers.
Stout, Lynn, 2016, "Does Wall Street Do God's Work? Or Even Anything Useful?", Evonomics.com.
Strange, Susan, 1986, Casino Capitalism,
Strange, Susan, 1996, The Retreat of the State: The Diffusion of Power in the World Economy,
Strange, Susan, 1998, Mad Money: When Markets Outgrow Governments,
Streeck, Wolfgang, 2016, How Will Capitalism End?: Essays on a Failing System, Verso Books.
Streeck, Wolfgang, 2017, "The Return of the Repressed", New Left Review 104, March-April 2017.
Streeck, Wolfgang, 2017, Buying Time: The Delayed Crisis of Democratic Capitalism, 2nd Edition, Verso Books.
Corporation 2020: Transforming Business For Tomorrow's World. Washington, DC: Island Press, 2012.
Thaler, Richard, 1992, The Winner's Curse: Paradoxes and Anomalies of Economic Life, Princeton University Press.
Thaler, Richard (ed.), 1993, Advances in Behavioral Finance, New York: Russell Sage Foundation.
Thaler, Richard, 1994, Quasi Rational Economics, New York: Russell Sage Foundation.
Thaler, Richard, 2005, Advances in Behavioral Finance, Volume II, Princeton University Press.
Thaler, Richard, 2015, Misbehaving: The Making of Behavioral Economics, New York: W. W. Norton & Company.
TZM Lecture Team, 2014, The Zeitgeist Movement Defined: Realizing a New Train of Thought, CreateSpace Independent Publishing Platform
Varoufakis, Yanis, 2013, Economic Indeterminacy: A personal encounter with the economists’ peculiar nemesis, Routledge.
Varoufakis, Yanis, 2015, The Global Minotaur: America, Europe and the Future of the Global Economy, 2nd edition, with a foreword by Paul Mason, Zed Books.
Varoufakis, Yanis, 2016, And the Weak Suffer What They Must?, Bodley Head.
Wilson, David S.; Hessen, Dag O., 2015, "How Norway Proves Laissez-faire Economics Is Not Just Wrong, It’s Toxic," Evonomics, Oct. 24, 2015.
Wolff, Ernst, 2014, Pillaging the World: The History and Politics of the IMF, Tectum.
Felber, Christian, 2009 (2006), 50 Vorschläge für eine gerechtere Welt: Gegen Konzernmacht und Kapitalismus, 8. Auflage, Wien: Deuticke.
Felber, Christian, 2009, Kooperation statt Konkurrenz: 10 Schritte aus der Krise, Wien: Deuticke.
Felber, Christian, 2013 (2008), Neue Werte für die Wirtschaft: Eine Alternative zu Kommunismus und Kapitalismus, 4. Auflage, Wien: Deuticke.
Felber, Christian, 2014, Freihandelsabkommen TTIP, Hanser Box.
Felber, Christian, 2014, Die Gemeinwohl-Ökonomie, überarbeitete Neuauflage, Wien: Deuticke.
Felber, Christian, 2017, Ethischer Welthandel: Alternativen zu TTIP, WTO & Co, Wien: Deuticke.
Freystedt, Volker; Bihl, Eric, 2005, Equilibrismus: Neue Konzepte statt Reformen für eine Welt im Gleichgewicht, Signum Verlag.
Gesell, Silvio, 1916, Die natürliche Wirtschaftsordnung durch Freigeld und Freiland, Selbstverlag.
"Eine Wirtschaftsordnung ohne Zinsen", Sein.
Giller, Herbert, 2012/2014, Was kommt nach dem Kapitalismus? Das moralisch-solidarische Manifest, Edition Moralsolid.
Hofbauer, Hannes, 2014, Die Diktatur des Kapitals. Souveränitätsverlust im postdemokratischen Zeitalter, Wien: Promedia.
Kneissl, Karin, 2008, Der Energiepoker: Wie Erdöl und Erdgas die Weltwirtschaft beeinflussen, 2. Auflage, FinanzBuch Verlag.
Luxemburg, Rosa, 1913, Die Akkumulation des Kapitals: Ein Beitrag zur ökonomischen Erklärung des Imperialismus, Berlin: Singer / Dietz.
Praetorious, Ina, 2015, Wirtschaft ist Care oder: Die Wiederentdeckung des Selbstverständlichen, Schriften zu Wirtschaft und Soziales, Band 16, Berlin: Heinrich-Böll-Stiftung.
Rodrik, Dani, 2017, "Die nationale Politik ist zur Geisel der Investoren geworden," Die Wochenzeitung, Juni 22, 2017.
Reimon, Michel & Felber, Christian, 2003, Schwarzbuch Privatisierung: Wasser, Schulen, Krankenhäuser - Was opfern wir dem freien Markt?, Wien: Carl Ueberreuter.
Reimon, Michel, 2016, "Der kleine große Denkfehler der überzeugten TTIP-Fans", Sept. 2016, www.reimon.net.
Schulmeister, Stephan, 1999, "Globale Finanzmärkte – Siegeszug des Neoliberalismus?", in: Wolfgang Greif, Gerlinde Leitgeb & Gerald Wintersberger (Hrsg.): Alternativen zum Neoliberalismus. Sozial ins 21. Jahrhundert. ÖGB-Verlag, Wien, 29–43.
Schulmeister, Stephan, 2006, "Das neoliberale Weltbild - wissenschaftliche Konstruktion von 'Sachzwängen' zur Förderung und Legitimation sozialer Ungleichheit", in: Friedrich Klug & Ilan Fellmann (Hrsg.): Schwarzbuch Neoliberalismus und Globalisierung. Kommunale Forschung in Österreich Bd. 115. Magistrat der Landeshauptstadt Linz, Linz 2006, 153–175.
Streeck, Wolfgang, 2013, Gekaufte Zeit: Die vertagte Krise des demokratischen Kapitalismus, Berlin: Suhrkamp. (Rezension)
Weik, Matthias; Friedrich, Marc, 2014, Der Crash ist die Lösung, Eichborn.
Weik, Matthias; Friedrich, Marc, 2016, Kapitalfehler - Wie unser Wohlstand vernichtet wird und warum wir ein neues Wirtschaftsdenken brauchen, Eichborn.
Werner, Götz W.; Weik, Matthias; Friedrich, Marc, 2017, Sonst knallt's: Warum wir Wirtschaft und Politik radikal neu denken müssen, Eichborn.
2012, Legale Steuertricks für Google, Apple, Starbucks und Co., ARD Monitor.
2016, Milliarden für Milliardäre: Wie der Staat unser Geld an Reiche verschenkt, ARD - Die Story im Ersten.
2015, Konzerne klagen - Wir zahlen: Wie Schiedsgerichte den Rechtsstaat aushebeln, ARD - Die Story im Ersten.