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John E. King

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John E. King

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John E. King

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John E. King

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John E. King

This chapter draws on Nicholas Kaldor’s pre-1960 writings on money, which have received less scholarly attention than his later work. They reveal that Kaldor was always an opponent of monetarism, even if he was not always a consistent critic of exogenous money. They also show that monetary endogeneity was never the central question for him, since his critique of the quantity theory was always much broader than this. Long before Margaret Thatcher made her celebrated declaration, Kaldor was vigorously denying that ‘there is no alternative’ to deflationary monetary policy as a remedy for inflation and affirming instead the case for incomes policy and commodity price stabilization.

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John E. King

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John E. King

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John E. King

For most economists, ‘Austrian economics’ refers to a distinct school of thought, originating with Mises and Hayek and characterised by a strong commitment to free-market liberalism. This innovative book explores an alternative Austrian tradition in economics. Demonstrating how the debate on the economics of socialism began in Austria long before the 1930s, it analyses the work and impact of many leading Austrian economists through a century of Austrian socialist economics.
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John E. King

Chapter 1 is a brief introduction to the book, explaining the nature of the alternative Austrian economics and justifying the choice of the theorists whose work is discussed in the remaining chapters, each of which is briefly summarised.

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John E. King

Chapter 2 describes the economic, political, cultural and intellectual background to the alternative Austrian economics, drawing on some of the huge literature on ‘Red Vienna’ before and after 1914. I set out the main principles of Austro-Marxism, emphasising both its similarities with and the significant differences from other versions of the Marxism of the Second International. I conclude the chapter by introducing the socialist participants in Eugen von Böhm-Bawerk’s famous graduate economics seminar, whose ideas are discussed in detail in the other chapters.