Randal Wray: Banks are bigger than in ’07, are cooking their books to show profits – need regulation and people need increase in purchasing power and jobs program to avoid bigger crash
L. Randall Wray is a Professor of Economics at the University of Missouri-Kansas City, a Senior Research Associate at the Center for Full Employment and Price Stability, as well as a visiting Senior Scholar at the Jerome Levy Economics Institute of Bard College. He is a past president of the Association for Institutionalist Thought (AFIT) and has served on the board of directors of the Association for Evolutionary Economics (AFEE). A student of Hyman P. Minsky while at Washington University in St. Louis where he earned his Ph.D. in economics (1988), Wray received his B.A. in Social Sciences (1976) from the University of the Pacific, Stockton, and his M.A. in economics (1985) from Washington University in St. Louis. Professor Wray has focused on monetary theory and policy, macroeconomics, and employment policy. He is currently writing on modern money, the monetary theory of production, social security, and rising incarceration rates (Penal Keynesianism). He is developing policies to promote true full employment, focusing on Hyman P. Minsky’s “employer of last resort” proposal as a way to bring low-skilled, prime-age males back into the labor force. Wray”s research has appeared in numerous books and journals including Journal of Post Keynesian Economics, Journal of Economic Issues, Review of Political Economy, Review of Social Economy, Eastern Economic Journal, Challenge, Economies et Societés, Monnaie et Production, The Economic and Labour Relations Review, The Durell Journal of Money and Banking, International Papers in Political Economy, Coyuntura Agropecuaria, Social Science Perspectives Journal, Social Justice, Commercio Exterior, Street Light, and Political Economy: Studies in Surplus Approach. Professor L. Randall Wray is the author of Understanding Modern Money: The Key to Full Employment and Price Stability (Elgar, 1998) and Money and Credit in Capitalist Economies (Elgar 1990).
Is the economy just in a recession, or are we seeing early signs of a deeper transformationhttp://www.vimeo.com/16438284
If so, what is causing this transformation? What are these new patterns of production, knowledge sharing, collaboration, consumption and organization?
Can this new economy end poverty and prevent climate change? How can we leverage this unique moment for the benefit of all? Economics is about the market, but much of the new economy transcends the market. It’s time for a whole new game…
The turn of the century has been marked by the emergence of a “kinder and gentler” project of development. From the recalibration of the World Bank as a “knowledge bank” committed to the eradication of poverty to the ambitious campaigns that imagine the “end of poverty,” a new global order is in the making.
Through ethnographic attention to the Washington D.C.-Wall Street complex, this talk examines the circuits of capital and truth that structure “millennial development.” In particular, it focuses on microfinance, which is an active frontier of “creative capitalism.” But microfinance is also the site of important experiments in poverty policy, from the massive civil society institutions of Bangladesh to the Hezbollah militia of Lebanon. It is thus implicated in the emergence of counter-geographies of development.
Webcast sponsored by the Irving K. Barber Learning Centre and hosted and co-sponsored by the Departments of Sociology, Anthropology, Geography, and the Liu Institute for Global Issues, Ananya Roy is Professor in the Department of City and Regional Planning where she teaches in the fields of comparative urban studies and international development.
Poverty Capital: Microfinance and the Making of Development, By Ananya Roy
This is a book about poverty but it does not study the poor and the powerless. Instead it studies those who manage poverty. It sheds light on how powerful institutions control “capital,” or circuits of profit and investment, as well as “truth,” or authoritative knowledge about poverty. Such dominant practices are challenged by alternative paradigms of development, and the book details these as well. Using the case of microfinance, the book participates in a set of fierce debates about development ‐ from the role of markets to the secrets of successful pro‐poor institutions. Based on many years of research in Washington D.C., Bangladesh, and the Middle East, Poverty Capital also grows out of the author’s undergraduate teaching to thousands of students on the subject of global poverty and inequality.
About the Author: Ananya Roy is Professor of City and Regional Planning at the University of California, Berkeley. She is also the founding chair of a new undergraduate curriculum in Global Poverty and Practice. At Berkeley, Roy is the recipient of the Distinguished Teaching Award and Golden Apple Award for Outstanding Teaching, the highest teaching honors bestowed by the campus and its students. Roy’s previous research has provided a close look at poverty and inequality in the cities of the global South.