Once in a while the world astonishes itself. Anxious incredulity replaces intellectual torpor and a puzzled public strains its antennae in every possible direction, desperately seeking explanations for the causes and nature of what just hit it. 2008 was such a moment. Not only did the financial system collapse, and send the real economy into a tailspin, but it also revealed the great gulf separating economics from a very real capitalism. Modern Political Economics has a single aim To help readers make sense of how 2008 came about and what the post2008 world has in store. The book is divided into two parts. The first part delves into every major economic theory, from Aristotle to the present, with a determination to discover clues of what went wrong in 2008. The main finding is that all economic theory is inherently flawed. Any system of ideas whose purpose is to describe capitalism in mathematical or engineering terms leads to inevitable logical inconsistency an inherent error that stands between us and a decent grasp of capitalist reality. The only scientific truth about capitalism is its radical indeterminacy, a condition which makes it impossible to use sciences tools (e.g. calculus and statistics) to secondguess it. The second part casts an attentive eye on the postwar era on the breeding ground of the Crash of 2008. It distinguishes between two major postwar phases The Global Plan (19471971) and the Global Minotaur (19712008). This dynamic new book delves into every...

Binding: Paperback;554 pages; Publisher: Taylor & Francis Ltd (Sales); Classification: JP; Weight: 1052 g; Dimensions: 244 x 173 x 33

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