The Return of Inflation: Money and Capital in the 21st Century

(Paperback)

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Description

The last year has seen the return of inflation as a preoccupation of political decision-makers, economists and the general public. After two decades of wondering why inflation was so low, despite vast economic stimulus, economists were surprised by the recent surge of price increases. Despite disagreement about what exactly is happening in the economy, there is unanimity that growth must be slowed in order to control inflation. To focus on inflation's return, Paul Mattick looks at past and present, placing current events in the context of capitalism's history. Exploring in novel terms the nature of money itself, he provides a concise, jargon-free understanding of recent inflation, and official efforts to control it, illuminating the state of our contemporary economy.

Reviews

'Economic theorists and policy-makers have long misconstrued the causes and cures for inflation. Paul Mattick provides an eye-opening account of that failure, and a brilliant, lucidly presented analysis of the inherently inflationary logic of modern-day capitalism. Indispensable for all those concerned about the welfare of working people.' - Steve Fraser, author of The Age of Acquiescence; 'A reader looking for a clear, well-researched account of the history and theories of inflation and the workings of monetary institutions from a critical, left-wing perspective will not find a better source than Paul Mattick's The Return of Inflation.' - Duncan K. Foley, Emeritus Leo Model Professor of Economics, New School for Social Research.

Author Bio

Paul Mattick is Emeritus Professor of Philosophy at Adelphi University, New York. He is the author of Business as Usual (Reaktion, 2012) and Theory as Critique: Essays on Capital (2019), and editor of Reaktion's Field Notes series. He is the former editor of the International Journal of Political Economy, and lives in San Francisco.