Bortis, H. 2024, Luigi Pasinetti and the Making of Classical-Keynesian Political Economy. From Structural Analysis to Macroeconomic Theory, in Structural Change and Economic Dynamics (SCED), SCED special issue in honour of Professor Luigi Pasinetti.

Bortis, H. 2023, Two Faculty Conflicts at Cambridge: 1975-1995 and 1885-1903, a Review Article, in: History of Economic Ideas, vol. XXXI, no 2, pp. 195-204. Reviewing Cambridge Economics in the Post-Keynesian Era: The Eclipse of Heterodox Traditions by Ashwani Saith.

Bortis, H. 2022, Moving Towards a Sustainable Economy - A Social Liberal View, in Nikolaos Karagiannis, John E. King (eds): Visions and Stategies for a Sustainable Economy - Theoretical and Policy Alternatives, Cham: Palgrave Macmillan, pp. 187-207.

Bortis, H. 2022, Classical-Keynesian Political Economy, not Neoclassical Economics, is the Economic Theory of the Future, Review of Political Economy, online on May 31, 2022.

Bortis, H. 2021, The history of economic theories, in: Louis-Philippe Rochon and Sergio Rossi (eds): An Introduction to Macroeconomics - A heterodox approach to economic analysis, 2nd edition, Cheltenham, UK and Northampton, MA, USA: Edward Elgar, pp. 80-121; 1st edition 2016. 

Bortis, H. 2019, Principles underlying classical-Keynesian employment and distribution policies, in: Nikolaos Karagiannis and John E. King (editors): A Modern Guide to State Intervention, Cheltenham, UK, and Northampton, MA, USA: Edward Elgar, pp. 191-208.

Bortis, H. 2019, John Neville Keynes, in: The Elgar Companion to John Maynard Keynes, edited by Robert W. Dimand and Harald Hagemann, Cheltenham, UK, and Northampton, MA, USA: Edward Elgar, pp. 10-16.

Bortis, H. 2018, Staatsschulden und Austeritätspolitik in klassisch-keynesianischer Sicht, in: Keynes, Geld und Finanzen, herausgegeben von Harald Hagemann, Jürgen Kromphardt und Markus Marterbauer, Marburg: Metropolis-Verlag, pp. 407 - 36.

Bortis, H. 2017, Zurück zur Politischen Ökonomie – 250 Jahre bewegte Geschichte der Wirtschaftstheorie, Abschiedsvorlesung am Freitag, 2. Oktober 2015, an der Universität Fribourg Schweiz, herausgegeben von Barbara Hallensleben, Guido Vergauwen und Nikolaus Wyrwoll, Münster: Aschendorff Verlag.

Bortis, H. 2017, Review of Mauro Baranzini and Amalia Mirante: A Compendium of Italian Economists at Oxbridge - Contributions to the Evolution of Economic Thinking, London, Palgrave Macmillan, 2016, in: History of Economic Thought and Policy, no 2 (2017), pp. 125-28.

Bortis, H. 2017, Phyllis Deane (1918-2012), in: Robert A. Cord (editor): The Palgrave Companion to Cambridge Economics, volume 2, London: Palgrave Macmillan, pp. 871-92.

Bortis, H. 2016, The history of economic theories, in: Louis-Philippe Rochon and Sergio Rossi (eds): An Introduction to Macroeconomics - A heterodox approach to economic analysis, Cheltenham, UK and Northampton, MA, USA: Edward Elgar, pp. 42-75.

Bortis, H. 2015, Keynes and the Classics - Notes on the Monetary Theory of Production (Bortis 2003) - Übersetzung ins Russische von Elena Pervukhina, Sewastopol, in: P. I. Stetsyuk (ed.): Institutional and Technological Changes in Countries with Market and Transitional Economies [orig. russisch], Ukraine: Kyiv-Mohyla Academy Publishing House, pp. 10-89.

Bortis, H. 2015, Capital mobility and natural resources dynamics: a classical-Keynesian perspective, in: Mauro Baranzini, Claudia Rotondi and Roberto Scazzieri (eds.): Resources, Production and Structural Dynamics, Cambridge: Cambridge University Press, pp. 155-173.

Bortis, H. 2014, Europe and Economic Theory, in: Uniéco - Triméstériel Economique, no 06 - Mai-Juillet 2014, Université de Fribourg, pp. 4-6. download PDF

Bortis, H. 2013, Die Entstehung der klassisch-keynesianischen politischen Ökonomie - Vom Marktparadigma zur monetären Theorie der Produktion, in: Weiterentwicklung der Keynes'schen Theorie und empirische Analysen, Schriften der Keynes-Gesellschaft, Band 7, Jürgen Kromphardt (Hrsg.), Marburg: Metropolis, S. 1-28.

Bortis, H. 2013, Piero Sraffa and Shackle’s 'Years of High Theory' - Sraffa’s Significance in the History of Economic Theories, in: Sraffa and the Reconstruction of Economic Theory, 3 volumes, edited by Enrico Sergio Levrero, Antonella Palumbo and Antonella Stirati; volume 3, edited by Antonella Stirati: Sraffa’s Legacy: Interpretations and Historical Perspectives, London: Palgrave–Macmillan, pp. 55 - 83.

Bortis, H. 2013, Post-Keynesian Principles and Economic Policies, in: Oxford Handbook of Post-Keynesian Economics, edited by Geoffrey Harcourt and Peter Kriesler, volume II: Critiques and Methodology, chapter 16, New York and Oxford: Oxford University Press USA, pp. 326-365.

Bortis, H. 2012, The Pyrrhic victory of capital, in: Social Scientist, Vol. 40, Nos. 1-2, pp. 81-90.

Bortis, H. 2012, Toward a Synthesis in Post-Keynesian Economics in Luigi Pasinetti's Contribution, in: Structural Dynamics and Economic Growth, edited by Richard Arena and Pier Luigi Porta, Cambridge: Cambridge University Press, pp. 145-180.

Bortis, H. 2011, Notes on Sraffa and Keynes, in: Sraffa and Modern Economics, Volume II, eds. Roberto Ciccone, Christian Gehrke, Gary Mongiovi, London, New York: Routledge, pp. 97-111.

Bortis, H. 2010, Political Economy and Economic Science: The Work of Phyllis Deane, Journal of Economic Analysis, Vol. I, Issue I, 2010, pp. 49-77.

Bortis, H. 2010, The Real and the Financial Sector of a Monetary Production Economy in a Classical-Keynesian Perspective - Some Considerations of Principles, in: Getting Out of the Current Economic Crisis in the Light of Alternative Development Paradigms, eds. Joanilio Rodolpho Teixeira and Ricardo Azevedo Araujo, Paris: Vera & Francilia, pp. 27-52.

Bortis, H. 2009, Compte rendu, Finance servante ou finance trompeuse? Rapport de l'observatoire de la finance de Paul Dembinski. Revue économique et sociale, numéro 4, décembre 2009, pp. 117-21.

Bortis, H. 2009, Krise, Krisentheorie und Krise der Theorie, in: Bulletin der Vereinigung der Schweizerischen Hochschuldozierenden 35, 2009 Nr. 2, S.9-15. download PDF

Bortis, H. 2009, Secteur réel et secteur financier chez les néoclassiques et les keynésiens. Quelques considérations de principe du point de vue classico-keynésien, in: Mélanges en hommage à Jean-Claude Dischamps, ed. Ion Cucui, Maria Negreponti-Delivanis, Ion Stegaroiu. Targoviste: Bibliotheca: 43-58.

Bortis, H. 2009, Poland and the Introduction of the Euro 2012, in: The Pros and Cons of Adopting the Euro Currency - Poland 2012, ed. Magdalena Grajny. Krakow: The Kosciuszko Institute.

Bortis, H. 2008. The Multiplier Relation as the Pure Theory of Output and Employment in a Monetary Production Economy, in: The Keynesian Multiplier, ed. Claude Gnos, Louis-Philippe Rochon. New York: Routledge: 58-84.

Bortis, H. 2007, Kashmir, the State and the International Order: Some Remarks on Principles, in: Kashmir Affairs, Vol. 2, No. 4: 23-39.

Bortis, H. 2004, Review Article, Money and Inflation - A New Macroeconomic Analysis by Sergio Rossi, Journal of Economic Studies 29, vol. 31, no. 2, June 2004, pp. 158-164.

Bortis, H. 2003, Classical-Keynesian Political Economy as an Alternative to Neoclassical Economics, in: Proceedings of the IV International Colloquium ‚Globalisation, New Technologies and Economic Relations', ed. Joanilio Rodolpho Teixeira, Department of Economics, University of Brasilia (UnB). Brasilia, DF - Brazil: December 2003: 83-102.

Bortis, H. 2003, Thomas Mun and David Ricardo - The Origin of Two Approaches in the Theory of International Trade, in: L'espace économique mondial et régional en mutation - Hommage au Professeur Gaston Gaudard, sous la direction der Philippe Gugler et Remigio Ratti: Zürich, Genève, Bâle: Schulthess Médias Juridiques SA: 61-80.

Bortis, H. 2003, Keynes and the Classics - Notes on the Monetary Theory of Production, in: Modern Theories of Money: The Nature and Role of Money in Capitalist Economies, ed. L.-P. Rochon, Sergio Rossi. Cheltenham (UK) and Northampton (USA): Edward Elgar: 411-475.

Bortis, H. 2003, Marshall, the Keynesian Revolution and Sraffa's significance, in: Journal of Economic Studies 30, No.1: 77-97.

Bortis, H. 2002, Piero Sraffa and the revival of classical political economy, in: Journal of Economic Studies 29, No.1: 74-89.

Bortis, H. 2001, Notes on Institutions, Political Economy and Economics, in: Knowledge, Social Institutions and the Division of Labour, eds. P. L. Porta, R. Scazzieri, A. Skinner. Cheltenham: Edward Elgar: 249-264.

Bortis, H. 2001, Als letzter Geisshirt von Ernen, in: Erner Schriften, Band 4: Geissbuben, Professoren und Kardinäle. Brig: Gemeinde Ernen und Rotten Verlag: 56-111.

Bortis, H. 2000, Some considerations on structure and change, in: Structural Change and Economic Dynamics. Vol. 11 (2000), pp. 185-195.

Bortis, H.1999, Political Economy, Economics and Social Science, in: The Current State of Economic Science, ed. S. B. Dahiya. Rohtak (India): Spellbound Publications, five volumes; volume I, 17-42.

Bortis, H. 1999, A Note on Keynesian Long-Period Theory, in: History of Economic Ideas 5: 7-33.

Bortis, H. 1997, Notes on the Surplus Approach in Political Economy, in: Capital Controversy, Post-Keynesian Economics and the History of Economic Thought: Essays in Honour of G. C. Harcourt, vol. 1, eds. Ph. Arestis, G. Palma and M. Sawyer. London: Routledge, 11-23.

Bortis, H. 1996, Structural Economic Dynamics and Technical Progress in a Pure Labour Economy, in: Structural Change and Economic Dynamics 7: 135-46.

Bortis, H. 1993, Notes on the Cambridge Equation, in: Journal of Post Keynesian Economics 16: 105-26.

Bortis, H. 1993, Reflections on the Significance of the Labour Theory of Value in Pasinetti's Natural System, in: The Dynamics of the Wealth of Nations: Growth, Distribution and Structural Change (Essays in Honour of Luigi Pasinetti), eds. M. Baranzini and G. C. Harcourt. London: Macmillan, 351-383.

Bortis, H. 1990, Structure and change within the circular theory of production, in: M. Baranzini and R. Scazzieri (eds): The Economic Theory of Structure and Change. Cambridge (Cambridge University Press), pp. 64-92.

Bortis H. 1990, Die Verbindung von Theorie und Geschichte als methodisches Problem in der Volkswirtschaftslehre, in: Les sciences économiques et sociales - Evolution et perspectives - Mélanges de la Faculté des sciences économiques et sociales à l'occasion du centenaire de l'Université de Fribourg et de la fondation de la Faculté. Fribourg/Suisse (Editions Universitaires), pp. 107-16.

Bortis, H. 1984, Employment in a Capitalist Economy, in: Journal of Post Keynesian Economics 6: 590-604.

Bortis, H. 1982, Dr Wood on Profits and Growth: A Note, in: Advances in Economic Theory, ed. M. Baranzini. Oxford: Basil Blackwell: 262-270.

Bortis, H. 1978, Die 'Renaissance' klassischer Ideen in der theoretischen Volkswirtschaftslehre, in: Caroni, P., B. Dafflon and G. Enderle (eds): Nur Oekonomie ist keine Oekonomie (Festschrift für B.M. Biucchi). Bern (Haupt), pp. 49-78.

Bortis, H. 1976, On the Determination of the Level of Employment in a Growing Capitalist Economy, in: Schweizerische Zeitschrift fuer Volkswirtschaft und Statistik 112: 67-93.

A Note on Financialization: Two types of wealth management

The two types of wealth management are active and passive wealth management. The first type of wealth management is not familiar, the second is familiar. 

1. Active wealth management is related to normal bank activities. 

On the liabilities side of the bank balance sheet are wealth items, for example company capital (share capital for joint stock companies), bonds (borrowed by the bank), saving deposits.

On the asset side there are, for example, investment credits to firms, small and big. Hence investment credits go into the productive sector where values are created. Productive investments may be risky. Profits and losses on productive investment increase or reduce company capital. Money circulates in the real (productive) sector.

2. With passive wealth management investment goes into already existing investment objects (gold, real estate, land, shares (transactions at the stock exchange), objects of art). It is not production which dominates, but transactions; there is no risk for the banks, although there is risk for the wealth owners, for example with speculation at the stock exchange. 

Money circulates in the financial sector; no values are created.

3. The interaction of the two types of wealth management together with money creation by the banks brings about the process of financialization. The consequence is that the financial sector increasingly dominates the productive sector: 

Banks refrain from financing risky investments in the productive sector, above all investment projects of small and medium-sized enterprises and prefer to move financial resources to the no-risk financial sector (passive wealth management). Investment credits for the productive sector are mainly provided to large enterprises, enjoying dominating market positions, because risk is small or non-existent. This leads on to an increasing polarisation in the productive sector, and also in society, because the middle class (Mittelstand) is gradually weakened.

These themes are taken up mainly in Bortis (2015): 

Bortis, H. 2015, Capital mobility, [financialization] and natural resources dynamics: a classical-Keynesian perspective, in: Mauro Baranzini, Claudia Rotondi and Roberto Scazzieri (eds.): Resources, Production and Structural Dynamics, Cambridge: Cambridge University Press, pp.155-173. 

This paper illustrates the crucially important distinction between active and passive wealth management. See also: Bortis (2013), Post-Keynesian Principles and Economic Policies, vol. 2, pp. 346-52.