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This volume contains a collection of articles by leading thinkers in economics, political economy and history. They explore the enduring challenges of avoiding war and ensuring peace. In addition to the clash of national political and economic interests, the economic system and character of the domestic economy can also foster conflict, as exemplified by the military-industrial complex. The international economic system can have the same effect by producing unemployment and financial imbalances. The latter view was emphasized by Keynes. The book provides vital insight into the abrupt and dangerous shift to conflict between the US, Russia and China. This re-release of the special issue of the Review of Keynesian Economics presents vital new thinking on one of the most important topics of our time. It is essential reading for scholars interested in the political economy of war and peace.
Edited by Raffaele Giammetti, Assistant Professor of Economics, University of Cassino and Southern Lazio, Italy and Thomas Palley, Founding Editor, Review of Keynesian Economics and Principal at Economics for Democratic and Open Societies, USA
ContentsSymposium: The Political Economy of War, Peace, and theMilitary–Industrial ComplexIntroduction: the challenge of political economy of war and peace(especially in a time of war) 1Raffaele Giammetti and Thomas PalleyBeyond the age of hegemony 4Jeffrey SachsPolitical economy of peace and war 10Robert SkidelskyNotes on the political economy of war 19Wolfgang StreeckThe military–industrial complex as a variety of capitalism and threat todemocracy: rethinking the political economy of guns versus butter 34Thomas PalleyThe US National Security State and Big Tech: frenemy relations andinnovation planning in turbulent times 74Cecilia RikapCentralization of capital and economic conditions for peace 91Emiliano Brancaccio, Raffaele Giammetti and Stefano LucarelliNavigating geoeconomics in a new era of US–China relationship 111Keyu JinReimagining the global economic order 122Dani RodrikThe gift of sanctions: an analysis of assessments of the Russianeconomy, 2022–2023 134James K. Galbraith