James R. Crotty

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NAME: JAMES R. CROTTY
   
ADDRESS: 34 Potwine Lane
Amherst, Massachusetts 01002
   
EDUCATION: B.S., Fordham University, June 1, 1961
M.S., Economics, Carnegie-Mellon University, June 1, 1963
Ph.D., Economics, Carnegie-Mellon University, January 1, 1973
   
POSITIONS HELD: Professor Emeritus, University of Mass., June 2010 - present
Professor Emeritus and Sheridan Scholar, University of Mass., June 2007 - May 2010
Professor, University of Mass., June 1, 1984 - May 2007
Associate Professor, University of Mass., June 1, 1977 - May 31, 1984
     Department Chair, June 1, 1981 - May 31, 1984
Assistant Professor, University of Mass., June 1, 1974 - May 31, 1977
Assistant Professor, Bucknell University, June 1, 1972 - May 31, 1974
Assistant Professor, State University of New York at Buffalo, June 1, 1966 - May 31, 1972
Economist and Operations Research Analyst, Mellon National Bank and Trust Company, Feb. 1, 1963 - May 31, 1966.
   
MAIN AREAS OF RESEARCH INTEREST:
  Macro-Economic Theory and Policy
Marxian Theory
Keynes's Theory and  Post-Keynesian Theory
Investment Theory
Economic Methodology 
The Global Economy
Financial Markets, Financialization and Financial Crises
Political Economy of South Korea
   
PROFESSIONAL PUBLICATIONS:
   
"The Last Refuge of Scoundrels: Keynes-Minsky Perspectives on the Uses and Abuses of the 'Liquidity Defense'." In Banking, Monetary Policy and the Political Economy of Financial Regulation: Essays in Honor of Jane Webb D'Arista, Gerald Epstein, Tom Schlesinger and Matias Vernengo, eds. Northampton, MA: Edward Elgar Press, forthcoming, 2014 (with Gerald Epstein).

"How Bonus-Driven "Rainmaker" Financial Firms Enrich Top Employees, Destroy Shareholder Value and Create Systemic Financial Instability." In After the Great Recession: Keynesian Perspectives on Prospects for Recovery and Growth, Barry Z. Cynamon, Steven M. Fazzari, and Mark Setterfield, eds. New York: Cambridge University Press, 2013, pp. 133-158.

"The Realism of Assumptions Does Matter: Why Keynes-Minsky Theory Must Replace Efficient Market Theory as the Guide to Financial Regulation Policy." In The Oxford Handbook of the Political Economy of Financial Crises, Gerald Epstein and Martin Wolfson, eds. New York: Oxford University Press, 2013, pp. 133-158.

"How Big is Too Big?: On the Social Efficiency of the Financial Sector." In Capitalism on Trial, Jeannette Wicks-Lim and Robert Pollin, eds. Northampton, Massachusetts: Edward Elgar, 2013, pp. 293-310 (with Gerald Epstein).

"The Great Austerity War in the US: What Caused the US Deficit Crisis and Who Should Pay to Fix It?," Cambridge Journal of Economics, Vol. 36, No. 1, January 2012, pp. 79-104.

"Controlling Dangerous Financial Products through a Financial Pre-Cautionary Principal," Ekonomiaz: Reviso Vasca de Economia, No. 72, pp. 270-94,Third Quarter 2009 (with Gerald Epstein).

"Structural Causes of the Global Financial Crisis: A Critical Assessment of the 'New Financial Architecture'," Cambridge Journal of Economics, Vol. 33, No. 4, July 2009, pp. 563-580.

"Was IMF-Imposed Economic Regime Change in South Korea Justified: The Political Economy of the IMF," Review of Radical Political Economics, Vol. 41, No. 2, Spring 2009, pp. 149-69 (with Kang-Kook Lee).

"Regulating the U.S. Financial System to Avoid Another Meltdown," Economic and Political Weekly (India), Vol. XLIV, No. 13, March 28, 2009, pp.87-93  (with Gerald Epstein).

"Profound Structural Flaws in the U.S. Financial System That Helped Cause the Current Global Financial Crisis," Economic and Political Weekly (India), Vol. XLIV, No. 13, March 28, 2009, pp. 127-35.

"Avoiding Another Meltdown," Challenge, Vol. 53, No. 1, January-February 2009, pp. 1- 26 (with Gerald Epstein).

"If Financial Market Competition is Intense, Why are Financial Firm Profits so High?  Reflections on the Current 'Golden Age' of Finance," Competition and Change, Vol. 12, No. 2, June 2008, pp. 167-83.

"Was Korea's Economy Structurally Dysfunctional in the mid-1990s?: A Critique of the IMF's Justification for Regime Change in Korea in the Wake of the 1997 Crisis," Review of Social and Economic Studies (Korea), Nov. 2007, Vol. 29, No. 2, pp. 273-307 (with Kang-Kook Lee).

"From East Asian "Miracle" to Neoliberal "Mediocrity": The Effects of Liberalization and Financial Opening on the Post-Crisis Korean Economy," Global Economic Review, December 2005, 34 (4), pp. 415- 434 (with Kang-Kook Lee). Also appears in Jang-Sup Shin, ed., Global Challenges and Local Responses: The East Asian Challenge. New York: Routledge, 2007, pp. 73-94.

"The Effects of Neoliberal Reforms on the Post-Crisis Korean Economy," Review of Radical Political Economics, Fall 2006, 38 (4) pp. 669-675 (with Kang-Kook Lee).

"The Causes and Consequences of Neoliberal Restructuring in Post-Crisis Korea." In Gerald Epstein, ed., Financializaton and the World Economy. Northampton Massachusetts: Edward Elgar, 2005, pp. 334-56.

"The Neoliberal Paradox: The Impact of Destructive Product Market Competition and 'Modern' Financial Markets on Nonfinancial Corporation Performance in the Neoliberal Era." In Gerald Epstein, ed., Financializaton and the World Economy. Northampton Massachusetts: Edward Elgar, 2005, pp. 77-110.

"Destructive Competition and Financial Markets." In Eugenia Correa and Alicia Giron, eds., Contemporary Financial Economics: Volume II. Mexico: Universidad Nacional Autonoma de Mexico, 2004, pp. 235-58.

"The Neoliberal Paradox: The Impact of Destructive Product Market Competition and Impatient Finance on Nonfinancial Corporations in the Neoliberal Era," Review of Radical Political Economics 35 (3), Summer 2003, pp. 271-79.

"Core Industries, Coercive Competition and the Structural Contradictions of Global Neoliberalism." In N. Phelps and P. Raines, eds., The New Competition for Inward Investment: Companies, Institutions and Territorial Development. Northampton Massachusetts: Edward Elgar, 2003, pp.9-38). Also published as "Industrias medulares, competencia coercita y contradiccciones estrucurales del neolobemalismo global" in A. Nadal and F. Aguayo eds., Experiencias de crisis y estrategias de desarrollo, Mexico City: El Colegio de Mexico, 2006, pp. 395-434.

"Structural Contradictions of Current Capitalism: A Keynes-Marx-Schumpeter Analysis." In J. Ghosh and C.P. Chandrashekar, eds., Work and Well-Being in the Age of Finance. New Delhi: Tulika Books, 2003, pp. 24-51.

"The Effects of Increased Product Market Competition and Changes in Financial Markets on the Performance of Nonfinancial Corporations in the Neoliberal Era," Seoul Journal of Economics, Summer 2002, 15 (2), pp. 193-244.

"Why There Is Chronic Excess Capacity," Challenge, November/December 2002, 45 (6), pp. 21-44.

"Development and the Consequences of Global Neoliberalism." In O. Orhangazi and C. Sarie, eds., On the Threshold of the 21 Century: Myths and Realities. Anakara Turkey: Utopya Yayinevi, 2002, pp. 9-22 (in Turkish).

"Is Financial Liberalization Good for Developing Countries?: The Case of South Korea in the 1990s," Review of Radical Political Economics, September 2002, 34 (3), pp. 327-34 (with Kang-Kook Lee).

"A Political-Economic Analysis of the Failure of Neoliberal Restructuring in Post-Crisis Korea," Cambridge Journal of Economics, 26 (5), September 2002, pp. 667-78 (with Kang-Kook Lee).

"Trading State-Led Prosperity for Market-Led Stagnation: From the Golden Age to Global Neoliberalism." In G. Dymski and D. Isenberg, eds., Seeking Shelter on the Pacific Rim: Financial Globalization, Social Change, and the Housing Market. Armonk, NY: M.E. Sharpe, Inc., 2002, pp. 21-41.

"Economic Performance in Post-Crisis Korea: A Critical Perspective on Neoliberal Restructuring,' Seoul Journal of Economics, 14 (2), Summer 2001, pp. 183-242 (with Kang-Kook Lee).

"Democratic Structural Reform and Alternative Development Paths for the Korean Economy," Theory and Practice, December 2001, pp. 116-29 (with Kang-Kook Lee, in Korean).

"Slow Growth, Destructive Competition, and Low Road Labor Relations: A Keynes-Marx-Schumpeter Analysis of Neoliberal Globalization," Korean Journal of Economic Development, 6 (2), Dec. 2000, pp. 1-74. A 6000 word summary of this paper appeared in the South-North Development Monitor, January 15 and 16, 2001.

"The Case for International Capital Controls." In J. Madrick, ed., Unconventional Wisdom: Alternative Perspectives on the New Economy. (New York: Century Foundation Press, 2000), pp. 277-98.

"Structural Contradictions of the Global Neoliberal Regime," Review of Radical Political Economics, 32 (3), Sept. 2000, pp. 361-68.

"Was Keynes a Corporatist?: Keynes's Radical Views on Industrial Policy and Macro Policy in the 1920s," Journal of Economic Issues, 33 (3), Sept. 1999, pp.555-578.

"A Defense of Capital Controls in Light of the Asian Financial Crisis," Journal of Economic Issues, 33 (2), June 1999, pp. 427-34 (with Gerald Epstein).

"Review of Robert Brenner's Turbulence in the World Economy," Challenge, 42 (3), May/June 1999, pp. 108-119.

"The Political Economy of the Asian Crisis," Revista Bimestra Cubana, Jan-June 1999, III (10), pp. 21-40 (with Gary Dymski). This paper also appeared in Economia Y Desarrollo (Cuba), 1999: 1.

"Can the Global Neoliberal Regime Survive Victory in Asia?: The Political Economy of the Asian Crisis," International Papers in Political Economy, 5 (2), 1998, pp. 1-47 (with Gary Dymski).  A revised and updated version of this paper appeared as a chapter in Phillip Arestis and Malcolm Sawyer, eds., Money, Finance and Capitalist Development. Northampton, Mass: Edward Elgar, 2001, pp. 53-100.

"Multinational Corporations and the Neoliberal Regime." In D. Baker, G. Epstein and R. Pollin, eds., Globalization and Progressive Economic Policy. Cambridge: Cambridge University Press, 1998, pp. 117-43 (with Gerald Epstein and Patricia Kelly). A 1500 summary of this chapter appeared in Frontier Issues in Economic Thought. Volume 6: Sustainable Human and Economic Development. Published by Island Press, for the Global Development and Environment Institute of Tufts University.

"Multinational Corporations, Capital Mobility and the Global Neoliberal Regime: Effects on Northern Workers and on Growth Prospects in the Developing World," Seoul Journal of Economics, 10 (4), Winter 1997, pp. 297-340 (with Gerald Epstein and Patricia Kelly).

"Has Budget Cutting Mania Crowded Out Effective Economic Policy?: Comment on Robert Pollin." In R. Pollin, ed., The Macro-Economics of Saving, Finance, and Investment. Ann Arbor: Univ. of Michigan Press, 1997, pp. 367-380. 

"In Defense of Capital Controls," Socialist Register, 1996, pp. 1-32 (with Gerald Epstein). Reprinted in L. Panich, C. Leys, A. Zuego and M. Konings, eds., The Globalization Decade: A Reader. London: Merlin Press, 2004, pp. 80-110. 

"Is the New Keynesian Theory of Investment Really Keynesian?" Journal of Post Keynesian Economics, 18 (3), Spring 1996, pp. 335-357.

"Are Keynesian Uncertainty and Macrotheory Incompatible? Conventional Decision Making, Institutional Structures and Conditional Stability in Keynesian Macromodels."  In G. Dymski and R. Pollin, eds., New Perspectives in Monetary Macroeconomics: Explorations in the Tradition of Hyman Minsky.  Ann Arbor: Univ. of Michigan Press, 1994, pp. 105-142. 

"The Rise and Fall of the Keynesian Revolution in the Age of the Global Marketplace."  In G. Epstein, J. Graham and J. Nembhardt, eds., Creating a New World Order: Forces of Change and Plans for Action.  Philadelphia: Temple University Press, 1993, pp. 163-182.   

"Do U.S. Financial Markets Allocate Capital Efficiently? The Case of Corporate Restructuring in the 1980s" (with D. Goldstein).  In G. Dymski, G. Epstein and R. Pollin, eds., Transforming the U.S. Financial System: Equity and Efficiency for the 21st Century.  Armonk, New York: M.E. Sharpe (for The Economic Policy Institute), 1993, pp. 253-286. 

"Rethinking Marxian Investment Theory: Keynes-Minsky Instability, Competitive Regime Shifts and Coerced Investment," Review of Radical Political Economics, 25(1), March 1993, pp. 1-26. 

"Neoclassical and Keynesian Approaches to the Theory of Investment," Journal of Post Keynesian Economics, 14 (4), Summer 1992, pp. 483-96. Reprinted in P. Davidson, ed., Can the Free Market Pick Winners?.  Armonk, N.Y.: M.E. Sharpe, 1993, pp. 61-74.

"A Marxian-Keynesian Theory of Investment Demand: Empirical Evidence" (with J. Goldstein).  In F. Moseley and E. Wolff, eds., International Perspectives on Profitability and Accumulation.  Brookfield, Vt.: Edward Elgar, 1992, pp. 197-234.

"Neoclassical and Keynesian approaches to the theory of investment," Journal of Post Keynesian Economics, Vol. 14, No. 4, Summer 1992, pp. 483-96.

"Keynes on the Stages of Development of the Capitalist Economy: The Institutionalist Foundation of Keynes's Methodology," Journal of Economic Issues, 24 (3), Sept. 1990, pp. 761-80. 

"Owner-Manager Conflict and Financial Theories of Investment Demand: A Critical Assessment of Keynes, Tobin and Minsky," Journal of Post Keynesian Economics, 12 (4), Summer 1990, pp. 519-42. 

"The Limits of Keynesian Macropolicy in the Age of the Global Marketplace." In A. MacEwan and W. Tabb, eds., Instability and Change in the World Economy.  New York: Monthly Review Press, 1989, pp. 82-100. 

"The Role of Money and Finance in Marx's Crisis Theory."  In R. Cherry, et. al., eds., The Imperiled Economy.  New York: Union for Radical Political Economics, 1987.

"Marx, Keynes and Minsky of the Instability of the Capitalist Growth Process and the Nature of Government Economic Policy."  In D. Bramhall and S. Helburn, eds., Marx, Keynes and Schumpeter: A Centenary Celebration of Dissent.  Armonk, New York: M.E. Sharpe, 1986, pp. 297-326.

"The Bishops on the U.S. Economy," Challenge, March-April 1985, pp.36-42 (with James Stormes). 

"The Centrality of Money, Credit and Financial Intermediation in Marx's Crisis Theory."  In S. Resnick and R. Wolff, eds., Rethinking Marxism: Essays in Honor of Harry Magdoff and Paul Sweezy.  New York: Autonomedia, 1985, pp. 45-82. 

"On Keynes and Capital Flight," Journal of Economic Literature, 21, March 1983, pp. 59-65.

"Post Keynesian Theory: A Sympathetic Critique," American Economic Review, Papers and Proceedings, 70 (2), May 1980, pp.20-25.

"Wages, Prices and the Profit Squeeze," Review of Radical Political Economics, 8 (2), Summer 1976, pp. 63-67 (with Raford Boddy).

"Specification Error in Macro-Econometric Models: A Reply," American Economic Review, 66 (4), Sept. 1976, pp. 665-67. 

"Stagnation, Instability and International Competition," American Economic Review, Papers and Proceedings, 66 (2), May 1976, pp. 27-33 (with Raford Boddy). 

"Wage-Push and Working Class Power: A Reply to Howard Sherman," Monthly Review, 27 (10), March 1976, pp. 35-43 (with Raford Boddy). 

"The 1975 Report of the President's Council of Economic Advisors: A Radical Critique," American Economic Review, 65 (5), Dec. 1975, pp. 791-811 (with Leonard Rapping). 

"Macro-Policy Goals in the Postwar Period: Comment," Quarterly Journal of Economics, 84, Nov. 1975, pp. 673-76 (with Raford Boddy).

"Food Prices: Reply," Socialist Review, 23, April 1975, pp. 112-15 (with Raford Boddy).

"Food Prices: Planned Crisis in Defense of the Empire," Socialist Review, 23, April 1975, pp. 101-11 (with Raford Boddy).

"Class Conflict and Macropolicy: The Political Business Cycle," Review of Radical Political Economics, 7 (1), Spring 1975, pp. 1-19 (with Raford Boddy). 

"Class Conflict, Keynesian Policies, and the Business Cycle," Monthly Review, 26 (5), Oct. 1974, pp. 1-17 (with Raford Boddy).

"Specification Error in Macro-Econometric Models: The Influence of Policy Goals," American Economic Review, 63 (5), Dec. 1973, pp. 1025-30.

"Dual Labor Markets: Discussion," Industrial Relations Research Association, Proceedings of the Twenty Fifth Anniversary Meeting, Toronto, 1972, pp. 296-98. 

"A Two-Stage Forecasting  Model: Exponential Smoothing and Multiple Regression,"  Management Science, 13 (8), April 1967, pp. 501-07 (with D. B. Crane).