Peter Flaschel, Professor Emeritus, Bielefeld University, Germany and Sigrid Luchtenberg, former Professor of Education, Duisburg-Essen University, Germany

• Contents: Foreword by Meghnad Desai Preface General Introduction Part I: Failing Capitalism: Baseline Scenarios and Social Reforms 1. Capital Accumulation and the Marxian Reserve Army 2. Segmented Labour and an Employer of Last Resort 3. Full Employment Capitalism through an Employer of First Resort Part II: The Forces to Cope With: Effective Demand, Finance and Innovation 4. Demand-Driven Distributive Cycles 5. Banking, Financial Markets and the Narrow Banking Idea 6. Schumpeterian Innovations Waves from a Classical Perspective by Reiner Franke Part III: Systemic Crises, Policy Responses and the Road to Social Capitalism 7. Capital Accumulation, Environmental Decay and Rehabilitation 8. Rampant Fiscal Policy, IMF Intervention and Policy Reforms 9. Social Capitalism: A New Social Structure for Capital Accumulation References Index

‘In the midst of the double crisis of the economy and of economic theory, we need innovative ideas. These ideas have to be soundly based on analytical foundations as well as on an appreciation of the limits of political economy. Flaschel and Luchtenberg have written a book which will be read deeply and for a long time.’