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Maximum government, maximum governance : reframing India's macroeconomic discourse

Author: Sashi Sivramkrishna
Publisher: London : Routledge, Taylor & Francis Group, [2019] ©2019
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Austerity, fiscal consolidation, fiscal discipline and fiscal deficit targets have become the buzzwords of contemporary macroeconomic policy. By tracing the history of macroeconomic schools of thought, Maximum Government, Maximum Governance explores the origins, essence, shortcomings and deception of mainstream neoliberal macroeconomics. Arguing that economies are financially constrained, neoliberal macroeconomics  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
SIVRAMKRISHNA, SASHI.
MAXIMUM GOVERNMENT, MAXIMUM GOVERNANCE.
[Place of publication not identified] : ROUTLEDGE, 2019
(OCoLC)1080547005
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Sashi Sivramkrishna
ISBN: 9780429261817 0429261810 9780429523939 0429523939 9780429552106 0429552106 9780429537400 0429537409
OCLC Number: 1085348990
Description: 1 online resource (1 volume) : illustrations (black and white).
Contents: Cover; Half Title; Title; Copyright; Contents; List of Figures; Preface; Acknowledgements; Introduction; PART I: MAINSTREAM MACROECONOMIC DISCOURSE; 1. Economics and Macroeconomics; 2. The Classical and Keynesian Macroeconomic Paradigms; 3. The Neo-Keynesian Paradigm; 4. Monetarism and the Decline of Neo Keynesianism; 5. The 'New' Macroeconomics; 6. From Stabilization to Growth and Development; 7. A Summary of Neoliberal Macroeconomics; PART II: POPULAR MACROECONOMICS DISCOURSE IN INDIA; 8. Putting India's Current Macroeconomic Policies in Perspective; 9. India's Neoliberal Policy Framework PART III: MODERN MONEY THEORY (MMT)10. Modern Money and Economic Sovereignty; 11. Fiscal Deficits in a Modern Money Economy; 12. The Hierarchy of Money; 13. Banking and Endogenous Money Theory; 14. Monetary Policy in the MMT Framework; 15. The Sectoral Financial Balances (SFB) Model; 16. A Summary of Insights from MMT; PART IV: REFRAMING INDIA'S MACROECONOMIC DISCOURSE; 17. Maximum Government, Maximum Governance; Bibliography; Index
Responsibility: Sashi Sivramkrishna.

Abstract:

Austerity, fiscal consolidation, fiscal discipline and fiscal deficit targets have become the buzzwords of contemporary macroeconomic policy. By tracing the history of macroeconomic schools of thought, Maximum Government, Maximum Governance explores the origins, essence, shortcomings and deception of mainstream neoliberal macroeconomics. Arguing that economies are financially constrained, neoliberal macroeconomics dislodged full employment as the target of policy replacing it with a low and stable inflation target. Monetary policy under the control of an independent central bank became the primary instrument to assist free and globalized markets to propel economies towards full employment. However, the global financial crisis of 2008 and rising inequalities of income and wealth in the last decade within and across economies has led to rise of nationalist-populist leaders in many parts of the world. Although neoliberal economics has been put under the scanner by these leaders, their actions seem reactionary and without a coherent understanding of alternative schools of economic thought. An alternative based on sound economic reasoning and institutional realities is required to challenge neoliberal and arbitrary populist policies. Based on an introductory analysis of Modern Money Theory (MMT), this book seeks to present an alternative viewpoint on macroeconomics and macroeconomic policy to address the challenges of economic growth, unemployment and inequality. While adherents of MMT are convinced of its robustness, the challenge is to reframe macroeconomic discourse, which must essentially reject the notion that an economy is financially constrained and instead turn the spotlight on real resource and governance constraints. Please note: Taylor & Francis does not sell or distribute the Hardback in India, Pakistan, Nepal, Bhutan, Bangladesh and Sri Lanka

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