Alvaro Cencini & Sergio Rossi, Economic and Financial Crises: A New Macroeconomic Analysis

Abstract. Thereviewed bookdevelops a newparadigm regarding economic and financial crisesat both the national and international level.That paradigm rests on the purely numerical and vehicular nature of money, from which Cencini and Rossi infer the fundamental laws governing a monetary economy of production. The pathologies of the economic system are then characterized in light of these laws. In order to avoid the recurrence of crises, the authors eventually put forward a reform of the domestic and the international payment systems, which rests on a distinction between money, income and fixed capital developed throughout the book. After a short introduction, this review offers a description of the book and ends up drawing some implications, especially as pertains to the nature of money and the characterization of crises.Keywords. Crisis, Money, Income, Monetary Reform.JEL. E31, E32, E42, E44, E50