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Le prospettive dell'economia mondiale

Author

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  • Paolo Sylos Labini

    (Università degli Studi di Roma, Facoltà di Scienze Statistiche, Demografiche e Attuariali, Dipartimento di Scienze Economiche, Roma)

Abstract

Analysis here is founded on certain analogies with the Great Depression of the Thirties and four fundamental points: innovations, changes in the market forms, changes in income distribution and the sustainability of debts. The duration of prosperity depends first of all on the importance and variety of investment opportunities opened up by them, whereas crisis duration is conditioned by the size of indebtedness. The central problem in America today is precisely that of the sustainability of debts, to evaluate which criteria are studied in this paper. Full recovery will only be possible once past the stage in which firms and families contract debts primarily to repay other debts falling due and avoid bankruptcy. Proof that debts have fully reacquired the function of supporting growth will be given by the recovery of investments. In any case, the crisis is unlikely to reach the gravity of the Great Depression not only because a price fall is to excluded, but also because repetition of the mistakes in monetary policy are to be ruled out.

Suggested Citation

  • Paolo Sylos Labini, 2003. "Le prospettive dell'economia mondiale," Moneta e Credito, Economia civile, vol. 56(223), pages 267-294.
    • Handle: RePEc:psl:moneta:2003:31
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    File URL: http://ojs.uniroma1.it/index.php/monetaecredito/article/view/9810/9695
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    References listed on IDEAS

    as
    1. U. Sacchetti, 1999. "Whither the US economy?," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 52(208), pages 69-94.
    2. James K. Galbraith, "undated". "The War Economy," Economics Policy Note Archive 01-8, Levy Economics Institute.
    3. James K. Galbraith, 2001. "The Meaning of a War Economy," Challenge, Taylor & Francis Journals, vol. 44(6), pages 5-12.
    4. U. Sacchetti, 1999. "Whither the US economy?," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 52(208), pages 69-94.
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    Cited by:

    1. Gaetano Perone, 2018. "Produttività del lavoro, dinamica salariale e squilibri commerciali nei Paesi dell'Eurozona: un'analisi empirica," Economia & lavoro, Carocci editore, issue 3, pages 61-98.
    2. Marcella CORSI & Giulio GUARINI, 2010. "The Influence Of Transformational Leader Upon Organizational Culture," Journal of Applied Economic Sciences, Spiru Haret University, Faculty of Financial Management and Accounting Craiova, vol. 5(1(11)_Spr), pages 30-42.
    3. Carlo D'Ippoliti, 2015. "Editorial: Paolo Sylos Labini (1920-2005)," PSL Quarterly Review, Economia civile, vol. 68(274), pages 179-185.
    4. Passarella, Marco, 2011. "From the village fair to Wall Street. The Italian reception of Minsky’s economic thought," MPRA Paper 49593, University Library of Munich, Germany.
    5. Mario Tonveronachi, 2015. "Making the ECB the central bank of a non-federal coalition of states," PSL Quarterly Review, Economia civile, vol. 68(273), pages 91-114.

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    More about this item

    Keywords

    Crisis; Debt; Depression; Distribution; Income Distribution; Income; Indebtedness; Innovation;
    All these keywords.

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives

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