ABSTRACT
The cardinal lesson that falls out of the preceding analysis is that the regressive side of the global commodity system’s dynamic has to be brought under tight control if another financial crisis such as that witnessed in 2007–8 is to be averted. To set the context for the type of control that will be proposed here, we begin with a brief look at two alternative sets of proposals: those advanced by mainstream economists, on the one hand, and those advanced by heterodox economists, on the other.
