Reforming Capitalism for the Common Good

Charles J. Whalen, Research Fellow, The Baldy Center for Law and Social Policy, University at Buffalo, Buffalo, NY, US

• Contents: Foreword Glen Atkinson PART I INTRODUCTION 1. Reforming capitalism: economics at the crossroads of institutionalism and post-Keynesianism PART II RECONSTRUCTING ECONOMICS 2. Economics must change: workforce insecurity and the need for a new political economy 3. The institutional approach to political economy 4. Post-Keynesian economics: a pluralistic alternative to conventional economics PART III EXPLORING THE CONTEMPORARY RELEVANCE OF JOHN R. COMMONS 5. Economic insecurity and the problem-solving approach of John R. Commons 6. Saving capitalism by making it good: the monetary economics of John R. Commons 7. Social security: a view from beyond the beltway 8. Sending jobs offshore from the United States: what are the consequences? 9. Social unionism in western New York: the case of the Economic Development Group 10. Full employment with liberty: John R. Commons’s perspective and its continuing relevance 11. Human resources: the key to institutional economics after the Great Recession 12. John R. Commons and government as employer of last resort: three paths to a progressive right to work 13. The “middle way” of John R. Commons: pursuing reasonable value in the age of unreason PART IV STANDING ON THE SHOULDERS OF HYMAN MINSKY 14. Stabilizing the unstable economy: Minsky and Simons on business cycle theory and policy 15. Budget amendment offers toxin, not tonic 16. Destabilizing an unstable economy: the erosion of automatic stabilizers Co-authored by Jeffrey Wenger 17. Money manager capitalism and the end of shared prosperity 18. Integrating Schumpeter and Keynes: Hyman Minsky’s theory of capitalist development 19. Money manager capitalism: still here, but not quite as expected 20. A Minsky perspective on the global recession of 2009 21. Economic policy for the real world 22. Minsky goes to Buffalo—and takes on the economics establishment PART V INTEGRATING INSTITUTIONAL AND POST‑KEYNESIAN ECONOMICS 23. Post‑Keynesian institutionalism: past, present, and future 24. The post-Keynesian institutionalism of Wallace Peterson 25. Financialization and income inequality: a post-Keynesian institutionalist analysis Co-authored by David A. Zalewski 26. Post-Keynesian institutionalism and the failure of neoliberalism Index

‘This is an outstanding collection relevant to a large audience. A talent Whalen has demonstrated throughout his career is the ability to undertake complex economic analysis in approachable prose, making this text relevant and accessible. Its pluralist approach broadens the potential audience, overcoming disciplinary silos. Its accessibility makes this an excellent option for those teaching undergraduate courses, wanting their students to get a deep understanding of the works of Commons, Minsky, and ultimately a Post-Keynesian Institutionalist approach without having to wade through many primary texts. This text offers a starting point for graduate students, early career academics, and anyone interested in gaining a deep understanding of Post-Keynesian Institutional analysis.’