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James R. Crotty (December 26, 1940 – January 9, 2023)[2] was an American Post-Keynesian macroeconomist whose research in theory and policy attempts to integrate the complementary analytical strengths of the Marxian and Keynesian traditions. He has made contributions to the social structure of accumulation (SSA) theory; the implications of radical uncertainty for macro theory and theories of financial markets.
James R. Crotty | |
|---|---|
| Born | December 26, 1940 Bronx, New York, US |
| Died | January 9, 2023 (aged 82) |
| Academic career | |
| Field | heterodox economics, macroeconomics[1] |
| Institution | UMass Amherst |
| School or tradition | Post Keynesian economics, Marxian economics |
| Alma mater | Carnegie Mellon University |
| Influences | Karl Marx John Maynard Keynes |
Education
editCrotty got a degree from Fordham University in 1961 and masters from Carnegie-Mellon University in 1963. Crotty received his Ph.D. from Carnegie Mellon University in 1973.[3]
Career
editCrotty did Economist and Operations Research Analyst at Mellon National Bank and Trust Company from 1963 to 1966. He was assistant professor at State University of New York at Buffalo and Bucknell University between 1966–72 and 1972-74 respectively. After teaching at the University at Buffalo, The State University of New York and Bucknell University, he joined the Economics Department of the University of Massachusetts Amherst, Amherst. In June 1974, he became an assistant professor at UMass Amherst. He has held various positions at the university since, apart from a gap between 1977 and 1981. Crotty become professor emeritus at the institution in June 2010.[1][3]
Analysis
editHis heterodox analysis of and approach to current economic issues at the global and U.S. scale have provided a dissenting voice in a world heavily dominated by neo-classical and neo-liberal economics.[citation needed]
Recently, Crotty has focused on the political economy of Korea and continues his research on the structure and performance of the global neoliberal economy, the impact of neoliberal globalization on developed and developing economies.[citation needed]
In 2016, he told Institute for New Economic Thinking that Keynes has been misrepresented stating, "When Keynes ended the General Theory with a call for "a more or less comprehensive socialization of investment" and the "euthanasia of the rentier," it wasn't a tossed-off provocation, but a summary of a serious political program developed over decades."[4]
Publications
editHis writings have appeared in social science journals such as Monthly Review,[5] the American Economic Review, the Review of Radical Political Economics, the Cambridge Journal of Economics, the Quarterly Journal of Economics, the Journal of Economic Literature, the Journal of Post Keynesian Economics, the Journal of Economic Issues, and in many edited collections.
In 2014, Salon magazine used Crotty and Gerald Epstein's research on an article on how in 2006 Goldman Sachs, Morgan Stanley and Bear Stearns made the majority of their profits on 'casino' activities. [6]
Selected works
editBooks
edit- Keynes Against Capitalism: His Economic Case for Liberal Socialism (Routledge, 2019) ISBN 9781138612839[7]
- Capitalism, Macroeconomics, and Reality: Understanding Globalization, Financialization, Competition, and Crisis (Edward Elgar, 2017) ISBN 9781784719012[8]
Papers
edit- Avoiding another meltdown, with Gerald Epstein, (2009)[9]
Chapters
edit- How big is too big? On the social efficiency of the financial sector in the United States in Capitalism on Trial, with Gerald Epstein (Edward Elgar Publishing, 2013) ISBN 978 1 78100 360 2[10][11]
- The Centrality of Money, Credit and Financial Intermediation in Marx’s Crisis Theory in Rethinking Marxism (Autonomedia, 1985) ISBN 0936756128[12][13]
References
edit- ^ a b "James R. Crotty". Archived from the original on 2016-11-11. Retrieved 2010-12-07.
- ^ Obituary of James Robert Crotty
- ^ a b "James R. Crotty". Archived from the original on 2016-10-16. Retrieved 2016-07-18.
- ^ "James Crotty and the Responsibilities of the Heterodox".
- ^ Theory, John Bellamy Foster Topics: Economic; History; Economy, Political; Global, Stagnation Places (1 April 2013). "Marx, Kalecki, and Socialist Strategy".
- ^ Leopold, Les (6 March 2014). "Equation for a healthy economy: Take Wall Street and make it much smaller".
- ^ Orhangazi, Ö. and Dymski, G. (2023). The Intellectual Odyssey of James R. Crotty: From the War on Vietnam to a Socialist Alternative to Global Capitalism. Review of Radical Political Economics, 55(4), p. 723. https://doi.org/10.1177/04866134231199123
- ^ Orhangazi, Ö. and Dymski, G. (2023). The Intellectual Odyssey of James R. Crotty: From the War on Vietnam to a Socialist Alternative to Global Capitalism. Review of Radical Political Economics, 55(4), p. 723. https://doi.org/10.1177/04866134231199123
- ^ Press, Berkeley Electronic. "SelectedWorks - James Crotty".
- ^ "Capitalism on Trial".
- ^ Epstein, Gerald; Crotty, James (1 January 2013). "How big is too big? On the social efficiency of the financial sector in the United States". Chapters. Edward Elgar – via RePEc - IDEAS.
- ^ AWL (4 February 2016). "The world economy since 2008".
- ^ others, The Zen Cart™ Team and. "Rethinking Marxism [0936756128] - $14.95 : Zen Cart!, The Art of E-commerce".
External links
edit- Professor Crotty's web page Archived 2016-11-11 at the Wayback Machine (includes papers)