A multi-gear strategy for economic recovery / R.A. Rayman.

Format:

Book

Author/Creator:

Rayman, R. A., author.

Language:

English

Subjects (All):

Economic policy.

Financial crises.

Accounting--Standards.

Accounting.

Macroeconomics.

Physical Description:

xii, 266 pages : illustrations, 1 map ; 23 cm

Place of Publication:

Basingstoke, Hampshire : Palgrave Macmillan, 2013.

Summary:

This book examines the policy implications of the fundamental theoretical errors exposed in the companion volume on Toxic Economic Theory: Correction of the microeconomic market-value fallacy (the root cause of the economic crisis) suggests radical accounting reform based on the segregation of fact from opinion. Disclosure of planned investment rates and their continuous monitoring are essential for curing "balance-sheet myopia" and for bringing the management of banks and large corporations under the control of market forces. Correction of the macroeconomic single-gear fallacy (the main obstacle to economic recovery) indicates that the economy is a multi-gear machine. To operate efficiently at its full employment potential, structural reform to improve the lubricant of free competition is necessary but not sufficient. Freedom of circulation to maintain the economy in top gear is equally vital. Counter-productive attempts to shrink economies out of debt stem from the single-gear obsession with competition to the exclusion of circulation. A multi-gear strategy for economic recovery requires the repudiation of two centuries of tax mythology. Radical reform of the current dysfunctional tax system and its integration with macroeconomic policy can create an automatic mechanism, not only for economic gear-changing, but also for the disposal of inflationary waste. By establishing regional fiscal autonomy, multi-gear strategy can solve the problem of imbalances between or within countries, and also within single-currency unions. Rapid economic growth without inflation - essential for economic recovery - is impossible until economic policy is liberated from the stranglehold of single-gear fundamentalism. As a science, economics may be dismal; as a religion, it is positively lethal. Book jacket.

Contents:

Part I Two Basic Laws of Economics

1 The Law of Competition and the Law of Circulation 3

Part II The Lost Commandment: Freedom of Circulation

2 "Level Playing-Field" or Flat-Earth Theory? 13

3 The Greatest Economic Theorist of Them All 19

4 Globalisation: Blessing or Curse? 28

Part III A "Multi-Gear" Macroeconomic Policy

5 Inflation: Disease or Symptom of Good Health? 43

6 Economic Waste Disposal 49

7 The Deregulation of Money 56

8 Economic Gear-Changing 62

Part IV The Reform of Economic Policy

9 The IASB and the Failure of Corporate Governance 79

Appendix to Chapter 9: Sandilands in the Looking Glass 91

10 A Segregated System of Funds and Value Accounting 97

11 Competition and Control of the Banking System 115

12 Circulation and Single-Currency Unions 131

13 A Crack in the Monetarist Façade? 143

14 A Multi-Gear Strategy for Stable Economic Growth 151

Part V The Current Economic Crisis

15 The Phoney Economic Crisis 163

16 The "Austerity" Delusion 178

17 The Real Economic Crisis 191

18 The Bankruptcy of Single-Gear Economic Policy 204

19 A Multi-Gear Programme for Economic Recovery 210

Part VI The Most Successful Cover-up in Financial History?

20 Expert Opinion and Economy with the Truth 225

21 Modern Science or Mediaeval Religion? 233.

Notes:

Includes bibliographical references (pages 254-257) and index.

ISBN:

9781137302021

113730202X

OCLC:

839315790