Dr Alain Parguez is Emeritus Professor of Economics of the University of Franche-Comte, Besancon (France) and was associated with the Economics Department at the University of Ottawa. He has worked extensively on developing a genuine general theory of capitalism, that is a monetary production economy, which he labeled the Theory of the Monetary Ciruit. He has written extensively on monetary policy, crisis theory and economic policy, including many articles on the impact of austerity measures, which he believes are the cause of world crises. Alain Parguez was the editor of Monnaie et Production from 1984 to 1996, and has written numerous articles and books. He is currently writing a book on the General Theory of the Monetary Circuit and its economic policy implications. Web : www.neties.com/newsap
By this expert
What is at stake : Increasing doubt over the virtue of democracy. One cannot doubt the ubiquitous lack of confidence and hope in the so-called democratic institutions by a large majority of the people. The fundamental cause is the blatant contradiction between the principle of democracy, promoting the rule and thereby the welfare of the people, and the indomitable tendency of rising and unsustainable inequality in terms of income, standard of living and wealth.