Time: 7.00pm - 9.00pm
Venue: Clattern Lecture Theatre, Penrhyn Road campus, Penrhyn Road, Kingston upon Thames, Surrey KT1 2EE
Speaker(s): Professor Engelbert Stockhammer
Rising inequality and financialisation have been hall marks of macroeconomic development under neoliberalism. Professor Engelbert Stockhammer's lecture offers an account of Neoliberalism based on post-Keynesian monetary theory and its typology of demand regimes. Financialisation has been one of the major forces behind increasing inequality, but it also has had profound impact on economic growth and stability. There is, however, national variation in the social settlements during debt-driven boom: While the Anglo-Saxon countries experienced the rise of the superrich, in southern Europe the boom came with a temporary consolidation of welfare state structures. Both ended with a crash. Neoliberalism has transformed social and financial relations but it has not given rise to a sustained profit-led growth process. Instead, growth has relied either on financial bubbles and rising household debt (‘debt-driven growth') or on net exports (‘export-driven growth'). In Europe the financial crisis has been amplified by an economic policy architecture (the Stability and Growth Pact) that aimed at restricting the role of fiscal policy and monetary policy. This neoliberal economic policy regime in conjunction with the separation of monetary and fiscal spheres has turned the financial crisis of 2007 into a sovereign debt crisis in southern Europe. This has not only led to a lost decade for southern European countries in terms of growth, but also undermined the existing social compromise. A meaningful social and economic reform requires a strategy for de-financialisation as well as redistribution.
Professor Stockhammer obtained his PhD at the University of Massachusetts at Amherst in 2000. He joined Kingston in 2010. He is presently research associate at the Political Economy Research Institute at the University of Massachusetts at Amherst and member of the coordination committee of the Research Network Macroeconomics and Macroeconomic Policy.
His research areas include macroeconomics, applied econometrics, financial systems and heterodox economics. He has worked extensively on the determinants of European unemployment, the demand effects of changes in income distribution and the macroeconomics effects of financialization. He has published numerous articles in international peer-refereed journals including the Cambridge Journal of Economics, Structural Change and Economic Dyamics, the Journal of Post Keynesian Economics, the International Review of Applied Ecnomics and the European Journal of Industrial Relations. In 2004 he published the book The Rise of Unemployment in Europe (Edward Elgar). Recently he has edited a book on macroeconomic policy.
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