Money, Finance and Crises in Economic History

Recently, students and scholars have expressed dissatisfaction with the current state of economics and have called for the reintroduction of historical perspectives into economic thinking. Supporting the idea that fruitful lessons can be drawn from the work of past economists, this volume brings together an international cross section of leading economists and historians of economic thought to reflect on the crucial role that money, crises and finance play in the economy. The book draws on the work of economists throughout history to consider afresh themes such as financial and real explanations of economic crises, the role of central banks, and the design of macroeconomic policies. These themes are all central to the work of Maria Cristina Marcuzzo, and the contributions both reflect on and further her research agenda. This book will be of interest to researchers in the history of economic thought, and those who wish to gain a deeper understanding of the variety and diversity in approaches to economic ideas throughout history.

Annalisa Rosselli is professor of History of Economic Thought at the University of Rome Tor Vergata, Italy. Nerio Naldi is associate professor of Economics at the University of Rome La Sapienza, Italy. Eleonora Sanfilippo is associate professor of Economics at the University of Cassino and Southern Lazio, Italy.

Introduction Nerio Naldi, Annalisa Rosselli and Eleonora Sanfilippo Part I The working of a monetary economy 1. Continuity and change in the transition from the classical to the neoclassical theory of normal prices Bertram Schefold 2. Money, value and the division of labour: Galiani and Marx Carlo Benetti 3. "Hierarchy of causes" and theory of money in Ricardo and Keynes Ghislain Deleplace 4. Financial stability and secure currency in a modern context Jan Kregel 5. On Ricardo's measuring rod again and what Sraffa made of it Christian Gehrke, Heinz D. Kurz and Neri Salvadori 6. Sismondi as a critic of Ricardo: on rent, Corn Laws and methodology Pascal Bridel 7. Roscher's metaphors and his theory of crises Daniele Besomi and Harald Hagemann 8. The monetary education of John Hicks Perry Mehrling 9. Keynes's theory of rationality, the "weight of arguments", and Keynes as an investor in the financial markets Carlo Cristiano 10. An input-output model for the Tableau Économique Alberto Giacomin Part II Perspectives on macroeconomics in our century 11. The Clearing Union as Keynes's intellectual testament Mario Cedrini and Luca Fantacci 12. Keynes as a planner and negotiator Toshiaki Hirai 13. Keynes, the Labour Party and central bank independence Carlo Panico and Marco Piccioni 14. 'New Liberalism' the Italian way: 1918-1947 Marco Dardi 15. Learning from the past: two stories of successful state intervention in capitalism Fernando J. Cardim de Carvalho and Julio López G. 16. Engines of growth and paths of development in the Euro-area Annamaria Simonazzi 17. The macroeconomic thought of the twentieth century: some reflections Elisabetta De Antoni 18. History of economic thought and mainstream economics: a long-term analysis Marcella Corsi, Alessandro Roncaglia and Giulia Zacchia