rarely works well when confined only to one country, leading to beggar my neighbour policies with regard to demand and exchange rates.
First, it must be acknowledged that Keynesianism
as a system to manage capitalism emerged out of capital's compromise with only one particular sector of the global working class: industrial, unionized, located in the global north, and generally white and male.
After monetarism, Keynesianism
, "post" versions of each, macroeconomics settled down for a time to aim at one target, inflation, with one gun, the short-term interest rate.
Another point to note is that the Keynesianism
of that time considered price movements as a cost plus markup phenomenon, a tradition carried over to the large scale econometric models of forty years later.
In short 'New Keynesianism
throws bucket fulls of grit into the smooth-running neoclassical paradigms' (Leslie, 1993).
When the onset of stagflation in the 1970s undermined Keynesianism
, social democrats had no alternatives to hand.
The old Keynesian tradition that was so popular in Britain might be called "extreme Keynesianism
," as it takes some of Keynes's most provocative assertions, particularly the ineffectiveness of monetary policy, and places them right in the core of the model.
I call this pseudointellectual mishmash "vulgar Keynesianism
The smaller states could not do Keynesianism
in a hand basin.
On the one hand the book is an exploration of the competing value assumptions underlying a pair of taxation policies in Saskatchewan in a period when neo-liberalism displaced Keynesianism
as the dominant economic paradigm.
Since the nadir of Keynesianism
in the late 1970s and early 1980s, there has been a great revival of interest in the economics of the free market and especially in that school that, prior to Keynes and the almost mystical hold he had on the minds of so many people, was very widely accepted, the Austrian School of Economics.
The literature on the spread of Keynesianism
from England to the United States is full and rich, dividing the glory or blame among individuals (such as Alvin Hansen), circumstances (the Depression), and the receptivity of the young (students) searching for a faith.