The SOAS Money and Development seminar series has been running since 2005, in collaboration with the IIPPE Financialisation Working Group.The seminar series engages with critical issues such as monetary theory, the relationship between monetary economics and economic development, the role of finance in contemporary capitalism, and financial crisis.For more details, contact: md-seminar@soas.ac.uk
Some observations on Anwar Shaikh’s theory of interest
1 March 2017, 5:00 PMProf. Jan Toporwoski, SOAS
The publication of Anwar Shaikh’s book Capitalism, Competition, Conflict, Crises presents an opportunity to reconsider the classical theory of interest, on which much of the structure of the book is based (Shaikh 2016 chapter 10). This Note takes issue with the classical theory of interest that is the foundation of Shaikh’s monetary economics and the theory of bank profit that arises from that classical view. The Note argues that the classical theory of money applies to a very particular capitalist economy in which the monetary sector or banking are external to capitalist production. However, when credit is endogenous to capitalist production, the rate of interest is no longer governed by the rate of profit in the real economy, and the rate of profit of the banking sector does not depend on the actual rate of interest.
Venue: Paul Webley Wing (Senate House) Room: WLT
Previous Seminars
Professor Kenji Aramaki (University of Tokyo)
“The Quest for Unconventional Tools for the Effective Management and Resolution of International Financial Crises”
on Wednesday 10 June at 17.00, in Room G51, School of Oriental and African Studies, University of London
Roy Rotheim (Skidmore College)
‘Stagnation and the Liquidity Trap at the Zero Lower Bound: a Post Keynesian Perspective’
at the Money and Development Seminar on Wednesday 18 March 2015, at 18.00, Room L67, Main Building
SOAS
Professor Victoria Chick (UCL)
‘Banking: an Evolutionary Approach and Circuit Theory objections’
on Wednesday 11 March 2015 at 18.00, in room L67, Main Building SOAS,
Noemi Levy (UNAM Mexico City)
“Financialisation in unsuccessful neo-mercantilist economies: External capital inflows, financial gains and Income inequality”
at the next Money and Development Seminar on Monday 19 January 2015 at 17.00 in room 467 of the Main Building of SOAS
Jo Michell (University of West of England)
‘Dr Piketty on Wealth and Capital: Accumulation vs. Finance’
on Wednesday 10 December 2014 at 18.00
Room L67, Main Building School of Oriental and African Studies
Stephany Griffith-Jones (Columbia University)
‘A financial sector to serve development: the role of development banks’
on Tuesday 28 October 2014 at 18.00 in room 116, Main Building of SOAS
Economic Theory and Banking Regulation: The Italian Case (1861-1930s) Wednesday 9 February 2011, 5pm Room TBC
Followed by drinks and refreshments to commemorate the publication of Why the World Economy needs a Financial Crash and other Critical Essays on Finance and Financial Economics by Jan Toporowski.
Riccardo Bellofiore
Money and production from Capital to Financial Keynesianism. Friday 25 February 2011, 3pm, Room 116
Hanjorg Herr (Berlin School of Economics and Law)
A Schumpeterian and Keynesian View of the Chinese Miracle. Wednesday 2 March 2011, 5pm, Room TBC
Monday 15 November, 6-8pm, Dirk Bezemer (University of Groningen), What is the Source of Profit and Interest? A Classical Conundrum Reconsidered
Room 4418, Russell Square Building, SOAS, London, WC2H OXG
Dirk Bezemer is Associate Professor at the University of Groningen. His research interests are development economics, real-financial sector interactions and agricultural economics. He has published widely and his most recent paper “”No One Saw This Coming”: Understanding Financial Crisis Through Accounting Models” was among the top 5 % downloaded papers of 1200 papers listed in the RepEc paper database in August 2010.
29 November, Photis Lysandrou: The primacy of Hedge Funds in the Subprime Crisis
18 October Alessandro Vercelli of University of Sienna Can “It” Happen Again?
22 Feb Ioana Negru of Anglia Ruskin University Room 116 5.00 p.m. Economist Heal Thyself? Reflections on the dismal science in the wake of the crisis
1 Mar Ronen Palan of University of Birmingham Room V327 (Vernon Square) 5.00 p.m. The British Imperial Nexus and the Contemporary International Financial System
8 Mar Massimiliano La Marca of Unctad Room 116 5.00 p.m. Capital Flow, Paradox? Growth, distribution and external imbalances in emerging economies
Click here to download the programme for the second series of the Seminar
Special Event: Valedictory Lecture by G.C. Harcourt
