This classic text offers a broader intellectual foundation than traditional principles textbooks. It introduces students to both traditional economic views and their progressive critique. Revised, expanded, and updated for this new edition, the text puts the study of microeconomics, macroeconomics, and globalization in their historical context. While covering the same topics as a traditional text, it also offers a richer discussion of economic history and the history of economic thought, including the ideas of Karl Marx, Thorstein Veblen, and John Maynard Keynes. This allows students to see economics as a way of understanding the world - as a lens for social analysis - rather than, as immutable truth or ideal to which the world should be molded.This completely revised edition incorporates new chapters on microeconomics and macroeconomics, as well as more graphs to enhance the theoretical presentations. Unlike the previous editions, it includes many pedagogical tools to encourage student participation and learning. Each of the 56 chapters opens with Learning Objectives, and key terms appear in boldface within the text and are listed at the end of each chapter. Other end-of-chapter material includes Summary of Major Points, Analytical Questions, and References. An online Instructor's Manual is available to professors who adopt the text.
Table of Contents
Foreword by Robert Pollin; Acknowledgments; Preface; Part I. Economics of History and History of Economics; Section 1. The Long Road to Capitalism; 1. Prehistoric Communal Institutions in the Middle East; 2. Communal Equality to Slavery in The Middle East; 3. Slavery to Feudalism in Europe; 4. Feudalism and Paternalism in England; 5. Feudalism to Capitalism in England; 6. Mercantilism in England; 7. Pre-Capitalism to Industrial Capitalism in the United States, 1776-1865; Section 2. Capitalism, Its Defenders, and Its Critics; 8. Classical Liberalism: Defense of Industrial Capitalism; 9. Socialist Protest Against Industrial Capitalism; 10. Marx: Critique and Alternative to Capitalism; 11. Rise of Corporate Capitalism in the United States, 1865-1900; 12. Neoclassical Economics: Defense of Corporate Capitalism; 13 Veblen: Critique of Corporate Capitalism; 14. War and the Great Depression in the United States, 1900-1940; 15. Keynes and the Great Depression; 16. The United States and Global Capitalism, 1940-2006; Part II. Microeconomics: Prices, Profits, and Poverty; Section 1. Introduction; 17. Robinson Crusoe: Two Perspective on Microeconomics; Section 2. Elements of Progressive Microeconomics; 18. The Two Americas: Inequality, Class, and Conflict; 19. Inequality, Exploitation, and Economic Institutions; 20. Prices, Profits, and Exploitation; 21. Market Power and Global Corporations; Section 3. Applications of Progressive Microeconomics; 22. Economics of Racial and Gender Discrimination; 23. Environmental Devastation; 24. Government and Inequality; 25. Economic Democracy; Section 4. Elements of Neoclassical Economics; 26. Scarcity and Choice: Neoclassical View; 27. Simple Analytics of Supply and Demand; 28. Consumption Theory: Demand; 29. Production Theory: Supply; 30. Costs of Production; 31. Work and Wages: Neoclassical View of Income Distribution; Section 5. Neoclassical Approach to Market Structure and Market Failure; 32. Prices and Profits in Pure Competition; 33. Monopoly Power, Prices, and Profits; 34. Monopolistic Competition and Oligopoly; 35. Market Failures: Public Goods, Market Power, and Externalities; Part III. Macroeconomics: Growth and Instability; Section 1. Aggregate Supply and Demand; 36. History of Business Cycles and Human Misery; 37. National Income Accounting: How to Map the Circulation of Money and Goods; 38. Money and Profit: Say's Law and Institutionalist Criticism; 39. Neoclassical View of Aggregate Supply and Demand; 40. Keynesian View of Aggregate Supply and Demand; Section 2. Understanding Instability; 41. How to Measure Instability; 42. Consumer Spending and Labor Income; 43. Investment Spending and Profit; 44. The Multiplier; 45. Business Cycles and Unemployment; 46. Growth; Section 3. Government Fiscal Policy; 47. Fiscal Policy; 48. Government Spending and Taxes; Section 4. Money and Monetary Policy; 49. Money, Banking, and Credit; 50. Inflation; 51. Monetary Policy; Part IV. International and Global Policy; 52. Exports and Imports; 53. International Trade, Investment, and Finance: How Instability Spreads Around the World; 54. Debate on Globalization; 55. Debate on Free Trade; 56. Development.