The Intellectual Odyssey of James R. Crotty: From the War on Vietnam to a Socialist Alternative to Global Capitalism

Abstract

We summarize the intellectual journey of James R. Crotty in this tribute. We discuss how Crotty’s approach to macroeconomics based on Marxian and Keynesian insights led to a series of flexible models based on realistic assumptions that help us better understand the contradictory evolution of capitalism from the 1970s to the 2010s. The basic building blocks of Crottyian macroeconomics consist of the emphasis on macro foundations, focus on the concrete capitalist processes with their endogenous, dynamic, and conflict-ridden nature, and the centrality of money, credit, and competitive dynamics of the capitalist system. We also discuss how a study of these dynamics led to his final work on “liberal socialism” as the way to end the disruptive cycles of capitalism. We argue that those aiming to construct a solid theoretical foundation to guide the understanding, transformation, and transcending of contemporary capitalist societies would find much inspiration in Crotty’s intellectual legacy. JEL Classification: E11, E12, B51