Radical Origins to Economic Crises

1. Front Matter

   Pages i-xx

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2. A Pre-Keynes Founder of Modern Economics: Germán Bernácer

   1. Front Matter

      Pages 1-1

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   2. Why Publish This Work on Germán Bernácer, the Great Pioneering Spanish Economist, Now?

      • Henri Savall

      Pages 3-19

   3. Biography and Testimonies

      • Henri Savall

      Pages 21-52

3. Crisis and Unemployment Theory

   1. Front Matter

      Pages 53-53

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   2. Bernácer’s Critical Analysis of Actual Capitalism: “A Free Economy Without Crisis and Without Unemployment”

      • Henri Savall

      Pages 55-176

   3. Monetary Factors of Crisis: Hoarding Versus Investment, Inflation, and Deflation

      • Henri Savall

      Pages 177-248

   4. The Interest Rate as a Factor of Instability and Crises

      • Henri Savall

      Pages 249-331

   5. Improving Capitalism Through Freedom, Ethics, and Efficiency

      • Henri Savall

      Pages 333-403

   6. Conclusion: Advocacy for Bernácer’s Rehabilitation

      • Henri Savall

      Pages 405-416

4. Back Matter

   Pages 417-447

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This book presents the complete and pioneering works of the great Spanish economist, Germán Bernácer (1883-1965), to an English audience for the first time. Bernácer, the first director of the Research Service of the Bank of Spain (1930–55), inspired Keynes’ theory but was also a major critic and opponent of it. A macro economist by trade, Bernácer’s major theory related to recurring crises, which he believed were inherent in the existence of speculative markets such as property, works of art, long term currency markets, commercial trading, materials, and energy. Bernácer believed that these speculative markets generate unearned income and hoarding,they abound in financial capital and, when such capital is captured, it then lacks in production industries where real value is created, draining their financing. The author shows how history has repeated itself in this manner in 1929, 2007, 2008, 2014 and 2016.

The author derives his content from Bernácer’s Spanish publications and his private correspondence with his contemporary economists, providing an historical and thematic insight into his thinking. It is well-timed to contribute to current worldwide debates on monetary,financial and budgetary policies needed to implement an economic order that can restore economic stability, providing readers with rare and important insights into the deep roots of crises.



The book will be of interest to all readers interested in the history of economic thought, history of financial crises, Keynesian approaches to economics and criticism to Keynesian approaches.

• Spanish economics
• Germán Bernácer
• Theory of economic crises
• Keynes
• Inflation
• Debt
• Interest rates
• Economic growth
• Financial crises
• Recurring economic crises
• Chronic unemployment

• ISEOR, ECULLY CEDEX, France

  Henri Savall

Henri Savall is Emeritus Professor at University Jean Moulin Lyon 3, France and Founding President for the Socio-Economic Institute of Firms and Organizations (ISEOR).

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