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Review of Radical Political Economics
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Heterodox Macroeconomics: Crotty's Integration of Keynes and Marx

Jonathan P. Goldstein

Department of Economics, 9700 College Station, Bowdoin College, Brunswick, ME 04011, jgoldste{at}bowdoin.edu

While heterodox macroeconomic theories agree on a set of general principles, there is far less agreement on specific behavioral relations. With the goal of developing a more potent heterodox framework through the integration of Keynesian, Marxian, and institutionalist perspectives, I consider the seminal work of James Crotty. Crotty has developed the building blocks of an integrated heterodox macro theory that revolve around the nexus of the concepts of fundamental uncertainty, financial fragility, impatient finance, irreversible investment, adversarial class relations, the Marxian concept of competition, Marxian crisis theory, and effective demand. This integration considers numerous dichotomies/regime shifts that are useful for understanding the path of capitalist development.

Key Words: heterodox macroeconomics • effective demand and the distribution of income • financial fragility • long-run capitalist development

This version was published on September 1, 2008

Review of Radical Political Economics, Vol. 40, No. 3, 300-307 (2008)
DOI: 10.1177/0486613408320104
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J. P. Goldstein
Book Review Essay: Heterodox Crisis Theory and the Current Global Financial Crisis: The Trillion Dollar Meltdown: Easy Money, High Rollers, and the Great Credit Crash Charles R. Morris; New York: Public Affairs, 2008, 194 pp.,$22.95 (hardback). The Credit Crunch: Housing Bubbles, Globalisation, and the Worldwide Economic Crisis Graham Turner; London and Ann Arbor, MI: Pluto Press, 2008, 232pp., $27.95 (paperback). The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What it Means George Soros; New York: Public Affairs, 2008, 162 pp.,$22.95 (hardback). Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism Kevin Phillips; New York: Penguin Group, 2008, 239 pp., $25.95 (hardback)
Review of Radical Political Economics, December 1, 2009; 41(4): 560 - 569.
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