Gary Dymski
Biographic Data
| ID | 90617 |
|---|---|
| NAME | Gary Dymski |
| GIVEN NAMES | Gary |
| FAMILY NAME | Dymski |
| SIGNATURE | DYMSKI G |
| AFFILIATIONS | University of California, Riverside |
| ORCID | 0000-0001-9667-2693 |
| VERIFIED | Yes |
| TOTAL WORKS | 46 |
| TOTAL CITATIONS | 223 |
| AUTHOR COUNT | 45 |
| EDITOR COUNT | 1 |
| FIRST PUBLICATION YEAR | 1988 |
| LATEST PUBLICATION YEAR | 2026 |
| H-INDEX | 9 |
Theory and explanation in economics and in financial geography
Wójcik and Bratton's article on ‘theory and explanation’ argues that financial geographers should reverse their ‘push away’ from economics by making use of economists’ methods and models, as this will enable researchers in this emerging field to develop ‘middle-range’ theories, as recently advocated by Henry Yeung. A closer approach to economics is in order; but it must necessarily be critical. Economics is a field with multiple theoretical cores…
The Intellectual Odyssey of James R. Crotty
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 conc…
Intersectional Inequality and Global Economic Power
This paper explores the interlinkages among several trends that have accelerated in the years since the Great Financial Crisis (GFC): the inability of governments in open emerging-market economies to sustain countercyclical policies; central banks’ measures to ensure the stability of hyper-leveraged global financial markets; rising inequality within and between nations; nativist fervor and a search for political scapegoats among voting publics; a…
Seeing Covid-19 Through a Subprime Crisis lens
This special issue aims to use historical examples to gain insight into the socio-economic impact of, and possibilities of recovery from, the Covid-19 pandemic for Black communities. We approach this question by comparing the impact of the pandemic on Black Britons in the United Kingdom with that of the 2008 subprime crisis on Black Americans. We find that, in both cases, a pattern of racially asymmetric losses and race-neutral policy responses t…
Mr. Carvalho and the Post-Keynesians
Fernando Cardim de Carvalho’s monumental intellectual legacy encompasses many elements - his teaching, his mentoring, his scholarship, and his policy activism. This essay explores Cardim’s contributions to Post-Keynesian economics through the lens of his 31 publications in refereed English-language journals. After applying some bibliometric analysis to these articles, we undertake a chronological review of the themes developed in Cardim’s publica…
Theoretical Practice and the Foundational Level of Macroeconomic Analysis
This paper celebrates the contributions to Keynesian theory of the late Brazilian economist Fernando Cardim de Carvalho (1953–2018). We use Carvalho’s 12 refereed English-language papers on Keynesian theory — the first published in 1983, the last in 2016 — as a point of departure for reflecting on two questions confronting macroeconomists today. First, what is the work of the economist — in what does economic analysis consist? Second, in this pos…
Too-Big-To-Fail
More than ten years after the global financial crisis, what has happened to the ‘too-big-to-fail’ (TBTF) banks whose reckless behavior was among its preconditions, but which received public support and guarantees in the midst of that crisis? Insofar as this too-big-to-fail status helped create the crisis and then imposed costs on the rest of society, we would expect these banks to have shrunk. We investigate the evolution of 31 global-TBTF banks …
Seeking Shelter on the Pacific Rim
Will Brexit reverse the centralizing momentum of global finance
Recasting Urban Governance through Leeds City Lab
This article reports on a research project, Leeds City Lab, that brought together partner organizations to explore the meanings and practices of co-production in the context of urban change. Our intention is to offer a response to the crisis in urban governance by combining the growing academic and practitioner debates on co-production and urban laboratories in order to explore radically different institutional personae that can respond to defici…
The challenge of creating a more diverse economics
This paper reflects on the experience of the 1999–2002 minority pipeline program (MPP) at the University of California, Riverside. With support from the American Economic Association, the MPP identified students of color interested in economics, let them explore economic issues affecting minority communities, and encouraged them to consider postgraduate work in economics. The MPP’s successes and failures can be traced to the shifting balance in C…
Reclaiming the analysis of market power and competition in crisis-prone capitalism
Crises of Global Economy and the Future of Capitalism
Recent events in the global financial markets and macro economies have served as a strong reminder for a need of a coherent theory of capitalist crisis and analysis. This book helps to fill the gap with well-grounded alternative articulations of the forces which move today's economic dynamics, how they interact and how ideas of foundational figures in economic theory can be used to make sense of the current predicament. The book presents a compre…
Race, Gender, Power, and the US Subprime Mortgage and Foreclosure Crisis
This study addresses two largely unanswered questions about the United States subprime crisis: why were minority applicants, who had been excluded from equal access to mortgage credit prior to the spread of subprime loans, superincluded in subprime mortgage lending? And why didn't the flood of mortgage credit in the 2000s housing boom – an oversupply of credit suggesting supercompetition – reduce the proportion of minority and women borrowers bur…
The Logic and Impossibility of Austerity
This paper reviews the intellectual basis of austerity macroeconomics. We show that mainstream macroeconomics, because of its insistence on viewing the macroeconomy through the lens of general equilibrium methods, entails an analytical precommitment to austerity policy. This leaves economists who work within this framework without a robust basis for developing models and arguments that contest austerity policies. And since this approach has been …
Unsustainable employment portfolios
This Debates and Controversies contribution introduces the notion of an employment portfolio to explore how economies create combinations of employment. It is not simply the number of jobs but the factor share distributed to labour and the sectoral mix and composition that matter. Three case studies of employment portfolio (Australia, California and the UK) are used to show how previous attempts at structural reform failed to deliver sustainable …
Confronting the quadruple global crisis
Global Banking and Financial Services to Immigrants in Canada and the US
The global financial customer and the spatiality of exclusion after the 'end of geography
This paper evaluates O'Brien's assertion that freer global financial flows and movement will eliminate the significance of geography for financial processes because enhanced global choice will create the global financial customer. We argue here, contra O'Brien, that expanded global choice in finance has contributed to the widening global income/wealth divide, both in the global North and the global South. Financial globalization has not made geog…
Racial Exclusion and the Political Economy of the Subprime Crisis
This paper develops a political economic explanation of the 2007–9 US subprime crisis which focuses on one of its central causes: the transformation of racial exclusion in US mortgage-markets. Until the early 1990s, racial minorities were systematically excluded from mortgage-finance due to bank-redlining and discrimination. But, then, racial exclusion in credit-markets was transformed: racial minorities were increasingly given access to housing-…
An Expression of Appreciation
Financing Community Development in the US
This paper first analyzes the role of finance in community development, and then contrasts 1990s development-financing policies with those undertaken decades earlier in the context of the federal “War on Poverty.” It is shown that the Clinton-Bush era programs in support of community development were less extensive than War on Poverty programs. Further, they were weighted toward large banks and large commercial real-estate projects, and did not t…
Afterword
This afterword develops one argument about, and then engages in two dialogues with, this symposium on the subprime crisis and the mortgage market. First, it argues that these articles have a unifying theme: they all insist that any understanding of the evolution of the subprime crisis must take into account the role of the complex, racialized dynamics of social inequality in urban space. This perspective, which we term the 'urban problematic', is…
Money as a positional good and global power asymmetries
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La crise des banques coréennes après la crise
Cet article défend l’idée selon laquelle une vague de fusions et d’acquisitions bancaires menées par des banques étrangères n’élève pas le niveau de bien-être de la population. L’origine de la crise coréenne ne réside pas dans ses structures bancaires inefficaces ni dans la course à la rente des intermédiaires, mais dans la crise financière structurelle régionale qui secoua l’Asie orientale à partir de 1990. La majorité des modifications structur…
Racial Exclusion and the Political Economy of the Subprime Crisis
This paper develops a political economic explanation of the 2007–9 US subprime crisis which focuses on one of its central causes: the transformation of racial exclusion in US mortgage-markets. Until the early 1990s, racial minorities were systematically excluded from mortgage-finance due to bank-redlining and discrimination. But, then, racial exclusion in credit-markets was transformed: racial minorities were increasingly given access to housing-…
Financial Transformation and the Metropolis
In this paper the implications of the two eras of financial transformation in the 20th century-that of the 1930s and that of the 1980s and 1990s-for urban growth and inequality in Southern California are examined. It is argued that financial structures have profound effects on the pace and distributional consequences of urban growth, in large part because urban development is characterized by widespread spatial spillover effects. The contemporary…
Race, Gender, Power, and the US Subprime Mortgage and Foreclosure Crisis
This study addresses two largely unanswered questions about the United States subprime crisis: why were minority applicants, who had been excluded from equal access to mortgage credit prior to the spread of subprime loans, superincluded in subprime mortgage lending? And why didn't the flood of mortgage credit in the 2000s housing boom – an oversupply of credit suggesting supercompetition – reduce the proportion of minority and women borrowers bur…
Chinese-American Banking and Community Development in Los Angeles County
Given the rapid increase of immigrant populations and ethnic communities in the U.S., it is surprising that so little attention has been paid to the role of ethnically owned banks in community development. Analyses of banking usually focus on developments such as mergers and consolidations within the mainstream financial sector. The academic literature on financial geography and the ethnic economy has established that the discriminatory and exclu…
On Krugman's model of economic geography
Afterword
This afterword develops one argument about, and then engages in two dialogues with, this symposium on the subprime crisis and the mortgage market. First, it argues that these articles have a unifying theme: they all insist that any understanding of the evolution of the subprime crisis must take into account the role of the complex, racialized dynamics of social inequality in urban space. This perspective, which we term the 'urban problematic', is…
Financial Crisis, Gender, and Power
Targets of opportunity in two landscapes of financial globalization
Banking on Social Capital in the Era of Globalization
Global migration is transforming not just urban populations, but the nature and economic roles of ethnic banks-that is, banking institutions owned and operated by minorities. Academic research on ethnic banks has until now focused on the circumstances of African-American-owned banks. This paper explores the rise of a new set of ethnic banks-the Chinese American banks of Los Angeles County. These older and newer ethnic banking communities occupy v…
Recasting Urban Governance through Leeds City Lab
This article reports on a research project, Leeds City Lab, that brought together partner organizations to explore the meanings and practices of co-production in the context of urban change. Our intention is to offer a response to the crisis in urban governance by combining the growing academic and practitioner debates on co-production and urban laboratories in order to explore radically different institutional personae that can respond to defici…
Too-Big-To-Fail
More than ten years after the global financial crisis, what has happened to the ‘too-big-to-fail’ (TBTF) banks whose reckless behavior was among its preconditions, but which received public support and guarantees in the midst of that crisis? Insofar as this too-big-to-fail status helped create the crisis and then imposed costs on the rest of society, we would expect these banks to have shrunk. We investigate the evolution of 31 global-TBTF banks …
Will Brexit reverse the centralizing momentum of global finance
The Theory of Bank Redlining and Discrimination
This article addresses a gap in the economic literature on race and credit markets: the theoretical basis of lending discrimination and redlining. It provides a unified model for exploring why discrimination and redlining exist in credit markets. This model is first used to examine three explanations offered by other authors—bigotry, differential risk, and market segmentation. The article then suggests several new explanations of race effects. Th…
Confronting the quadruple global crisis
Financial Globalization and Cross-Border Comovements of Money and Population
Studies of migration and financial globalization focus on either the movement of money, with people staying put, or on the movement of people, with little attention to the impact of the money that moves with them. This paper uses in-depth interviews with executives at ethnic-Chinese foreign-bank offices in Los Angeles to consider the comovement of people and money. We find that understanding the causes and consequences of this comovement requires…
Unsustainable employment portfolios
This Debates and Controversies contribution introduces the notion of an employment portfolio to explore how economies create combinations of employment. It is not simply the number of jobs but the factor share distributed to labour and the sectoral mix and composition that matter. Three case studies of employment portfolio (Australia, California and the UK) are used to show how previous attempts at structural reform failed to deliver sustainable …
The global financial customer and the spatiality of exclusion after the 'end of geography
This paper evaluates O'Brien's assertion that freer global financial flows and movement will eliminate the significance of geography for financial processes because enhanced global choice will create the global financial customer. We argue here, contra O'Brien, that expanded global choice in finance has contributed to the widening global income/wealth divide, both in the global North and the global South. Financial globalization has not made geog…
The Taxonomy of Primary Exploitation
and economic life generally: the Marxian and the Neoclassical. Marxists have asserted the centrality of exploitation, based on the dual ideas of capitalist domination over the workplace and society and the capability of capitalist extraction of surplus labor from labor power so that workers get back in wages less than the value of what they create. Neoclassicists have denied exploitation's existence, partly by omission (that is, the social conten…
Seeing Covid-19 Through a Subprime Crisis lens
This special issue aims to use historical examples to gain insight into the socio-economic impact of, and possibilities of recovery from, the Covid-19 pandemic for Black communities. We approach this question by comparing the impact of the pandemic on Black Britons in the United Kingdom with that of the 2008 subprime crisis on Black Americans. We find that, in both cases, a pattern of racially asymmetric losses and race-neutral policy responses t…
The Logic and Impossibility of Austerity
This paper reviews the intellectual basis of austerity macroeconomics. We show that mainstream macroeconomics, because of its insistence on viewing the macroeconomy through the lens of general equilibrium methods, entails an analytical precommitment to austerity policy. This leaves economists who work within this framework without a robust basis for developing models and arguments that contest austerity policies. And since this approach has been …
Business Strategy and Access to Capital in Inner-City Revitalization
Debt Crisis and Class Conflict in Latin America
Financing Community Development in the US
This paper first analyzes the role of finance in community development, and then contrasts 1990s development-financing policies with those undertaken decades earlier in the context of the federal “War on Poverty.” It is shown that the Clinton-Bush era programs in support of community development were less extensive than War on Poverty programs. Further, they were weighted toward large banks and large commercial real-estate projects, and did not t…
Immigration, Finance, and Urban Evolution
Roemer versus Marx
One of the central conclusions in John Roemer's "general" theory is that exploitation is a redundant concept in Marxian theory. This paper reexamines Marx's writings on exploitation, and argues, contra Roemer, that exploitation is a central and non-redundant concept in Marx's understanding of capitalism.
The Taxonomy of Primary Exploitation
and economic life generally: the Marxian and the Neoclassical. Marxists have asserted the centrality of exploitation, based on the dual ideas of capitalist domination over the workplace and society and the capability of capitalist extraction of surplus labor from labor power so that workers get back in wages less than the value of what they create. Neoclassicists have denied exploitation's existence, partly by omission (that is, the social conten…
Money and Credit in Radical Political Economy
This article reviews radical political economic (RPE) analyses written since 1970 in which money or credit relations are centrally important. Contemporary authors within RPE differ on how important money and credit are in economic dynamics because they have very different ideas about whether money and credit perform essential economic functions. This paper argues that these essential functions arise only if financing constraints, uncertainty, and…
Roemer's “General” Theory of Exploitation Is a Special Case
In a series of recent writings, John Roemer (1982a, 1982b, 1985, 1988) has made a provocative claim: exploitation and class are merely second-order concepts within Marxian theory, because both phenomena derive directly from differential ownership of productive assets (DOPA); indeed, exploitation remains a consistent index of economic injustice only if a “property relations” conception of exploitation replaces the common “labor-value” view. In sum…
Debt Crisis and Class Conflict in Latin America
The Theory of Bank Redlining and Discrimination
This article addresses a gap in the economic literature on race and credit markets: the theoretical basis of lending discrimination and redlining. It provides a unified model for exploring why discrimination and redlining exist in credit markets. This model is first used to examine three explanations offered by other authors—bigotry, differential risk, and market segmentation. The article then suggests several new explanations of race effects. Th…
Business Strategy and Access to Capital in Inner-City Revitalization
On Krugman's model of economic geography
Financial Transformation and the Metropolis
In this paper the implications of the two eras of financial transformation in the 20th century-that of the 1930s and that of the 1980s and 1990s-for urban growth and inequality in Southern California are examined. It is argued that financial structures have profound effects on the pace and distributional consequences of urban growth, in large part because urban development is characterized by widespread spatial spillover effects. The contemporary…
Globalization and Progressive Economic Policy
The authors of this book challenge mainstream thinking about the nature of globalization. While not hostile to markets per se, they believe that capitalist market processes, left to operate freely, tend to generate injustice, insecurity, instability, and inefficiency. Taking account of the new realities of globalization, this volume explores an unusually wide range of subjects, including trade integration, multinational corporations, labor market…
Illegal-Seizure and Market-Disadvantage Approaches to Restitution
Financial Crisis, Gender, and Power
Banking on Social Capital in the Era of Globalization
Global migration is transforming not just urban populations, but the nature and economic roles of ethnic banks-that is, banking institutions owned and operated by minorities. Academic research on ethnic banks has until now focused on the circumstances of African-American-owned banks. This paper explores the rise of a new set of ethnic banks-the Chinese American banks of Los Angeles County. These older and newer ethnic banking communities occupy v…
Rhonda M. Williams
As the United States approaches the twenty-first century ... in an information-based, transnational and managerial economy, it is becoming increasingly apparent that if we do not better negotiate race and ethnicity in our society, we will not adequately solve the problems of economic inequality and discrimination. Racial and/or ethnic divisions and competition shape our efforts to understand and challenge hierarchy and inequity. As long as we ign…
Chinese-American Banking and Community Development in Los Angeles County
Given the rapid increase of immigrant populations and ethnic communities in the U.S., it is surprising that so little attention has been paid to the role of ethnically owned banks in community development. Analyses of banking usually focus on developments such as mergers and consolidations within the mainstream financial sector. The academic literature on financial geography and the ethnic economy has established that the discriminatory and exclu…
The Macrostructure of Financial Exclusion
Macrostructures de l'exclusion financière : banques grand public et banques marginales dans l'espace financier de Los Angeles. L'exclusion financière devient un problème social lorsque des individus se voient systématiquement refuser un accès égal, voire tout accès aux services financiers essentiels pour conduire des opérations bancaires et assurer leur future sécurité financière. Les « droits à la ville » signifieraient ici des droits financiers…
Immigration, Finance, and Urban Evolution
Financial Globalization and Cross-Border Comovements of Money and Population
Studies of migration and financial globalization focus on either the movement of money, with people staying put, or on the movement of people, with little attention to the impact of the money that moves with them. This paper uses in-depth interviews with executives at ethnic-Chinese foreign-bank offices in Los Angeles to consider the comovement of people and money. We find that understanding the causes and consequences of this comovement requires…
Money as a positional good and global power asymmetries
aaa
La crise des banques coréennes après la crise
Cet article défend l’idée selon laquelle une vague de fusions et d’acquisitions bancaires menées par des banques étrangères n’élève pas le niveau de bien-être de la population. L’origine de la crise coréenne ne réside pas dans ses structures bancaires inefficaces ni dans la course à la rente des intermédiaires, mais dans la crise financière structurelle régionale qui secoua l’Asie orientale à partir de 1990. La majorité des modifications structur…
Money and Credit in Heterodox Theory
Targets of opportunity in two landscapes of financial globalization
La crise des banques coréennes après la crise
Gary A. Dymski - Korea's Post-Crisis Banking Crisis. This paper develops the argument that a foreign-bank-led wave of bank mergers and acquisitions will not yield universally higher welfare levels. Korea's banking crisis is not the result of the inefficiency or rent-seeking of its intermediaries, but of a regional structural financial crisis in East Asia after 1990. Most bank mergers and other structural changes in banking in Korea in recent year…
Global Banking and Financial Services to Immigrants in Canada and the US
The global financial customer and the spatiality of exclusion after the 'end of geography
This paper evaluates O'Brien's assertion that freer global financial flows and movement will eliminate the significance of geography for financial processes because enhanced global choice will create the global financial customer. We argue here, contra O'Brien, that expanded global choice in finance has contributed to the widening global income/wealth divide, both in the global North and the global South. Financial globalization has not made geog…
Economics (41 works) · Political science (34 works) · Business (16 works) · Sociology (16 works) · Law (15 works) · Finance (14 works) · Economic Theory and Policy (13 works) · Market economy (13 works) · Financial crisis (12 works) · Housing, Finance, and Neoliberalism (11 works)