Inequality and Global Supra-surplus Capitalism

Capitalism, Production Surpluses, Supra-surpluses, Casino Economy, Inequality, Vita Theory, Great Recession, Subsistence, Minimum Wage, Markup, Kaleckian Power, Stagnation, Innovation, Technological Advance, Income Distribution, Wealth Distribution, Fiscal Policy, Monetary Policy, Incomes Policy, Zero-interest Rate Society


Authors : E Ray Canterbery (Florida State University, USA)

Publisher : World Scientific

ISBN : 978-981-3200-82-1

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This book is written as a sequel to John Kenneth Galbraith's The Affluent Society, and provides a theoretical framework, for the first time, for surpra-surplus capitalism.

Conventional economics has the income and wealth distributions as "givens". This assumption immediately excludes such distributions from economic and social concern. Occasionally, economists such as Kenneth Boulding and even earlier, Michal Kalecki, have attempted to develop alternative perspectives in which such distributions are integral to the story and therefore have implications for public policy. At the same time, conventional microeconomics is a theory of price only in which economic efficiency (in an engineering sense) is the only value to be optimized. The income or wealth distributions are given as constraints. Mathematically, the constraints thereafter become invisible; they have no further role to play. The choices that are presumed to be made are neither inhibited nor facilitated by a household's position in the income or wealth distributions.

This volume will explore problems with conventional theory and policy, but its main thrust comprises a theory of supra-surplus capitalism, applicable to both developed and developing countries, and its relation to inequalities worldwide.
E Ray Canterbery is internationally-renowned and is one of the most respected economists of his generation. In 2003, John Kenneth Galbraith, who knew both Michal Kalecki and John Maynard Keynes, called Canterbery, "the best." He conducted research as a Truman Scholar in 2004, which led to his recent book, Harry S Truman: The Economics of a Populist President (2014). Canterbery is the author of many acclaimed books (and articles), including The Rise and Fall of Global Austerity (2015), which is ahead of today's deadlines, the definitive The Global Great Recession (2011), the tour de force Wall Street Capitalism, biographies of Alan Greenspan and of F Scott Fitzgerald (co-authored with Thomas D Birch), the classic, The Making of Economics, and the best-selling A Brief History of Economics, many of which are available in several languages.

Canterbery served as President of the Eastern Economics Association in 1986–1987 and of the International Trade and Finance Association in 1997-98. In January 1996, Prentice-Hall, Inc. selected Canterbery for their Hall of Fame Economist Baseball Cards for "significant contributions to the economics discipline, including the development of one of the first complete mathematical theories of foreign exchange, a new theory of the labor market and of personal incomes (vita theory), which later was integrated into international trade theory ..., innovated several real-world economic policy ideas, such as the delayed peg in international finance and the VATIP proposal combined with a tri-flat income tax and expanded income credits."

The International Biography Centre in Cambridge, England includes Canterbery among 500 persons worldwide in its Living Legends (2004), among 2000 scholars worldwide in its Outstanding Scholars in the 21st Century (2002), among One Thousand Great Intellectuals (2002), among 2000 Outstanding People (2003) worldwide, and among One Thousand Great Americans (2002). The American Biographical Institute includes Canterbery in its Great Minds of the 21st Century (2002) and American Biography (2003). He is also listed in selected issues of Marquis Who's Who in the World and Who's Who in America, as well as many other biographical sources.
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