PHILIP ARESTIS is University Director of Research, Cambridge Centre for Economic and Public Policy, University of Cambridge, Senior Research Fellow, Wolfson College Cambridge, UK, and Professor of Economics at the Levy Economics Institute, New York City, USA. His research interests are in the areas of macroeconomics, monetary economics, applied econometrics, political economy and applied political economy. He has published a number of books and has contributed in the form of invited chapters to books, having published widely in academic journals. MALCOLM SAWYER is Professor of Economic