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on Post Keynesian Economics |
| By: | Clavin, P.; Corsetti, G.; Obstfeld, M.; Tooze, A. |
| Abstract: | Just over a century old, John Maynard Keynes’s The Economic Consequences of the Peace (1919) remains a seminal document of the twentieth century. At the time, the book was a prescient analysis of political events to come. In the decades that followed, this still controversial text became an essential ingredient in the unfolding of history. In this essay, we review the arc of experience since 1919 from the perspective of Keynes’s influence and his changing understanding of economics, politics, and geopolitics. We identify how he, his ideas, and this text became key reference points during times of turbulence as actors sought to manage a range of shocks. Near the end of his life, Keynes would play a central role in planning the world economy’s reconstruction after World War II. We argue that the “global order†that evolved since then, marked by increasingly polarized societies, leaves the community of nations ill prepared to provide key global public goods or to counter critical collective threats. |
| Keywords: | Keynes, World War I, Versailles, interwar period, League of Nations, World War II, Bretton Woods, Cold War, multilateralism, global order |
| JEL: | B30 E10 E30 F30 F40 N10 N20 |
| Date: | 2021–10–05 |
| URL: | http://d.repec.org/n?u=RePEc:cam:camjip:2108&r= |
| By: | Palma, J. G. |
| Abstract: | This paper analyses events in financial markets since the 2008 financial crisis in both the developed and the developing worlds, giving especial attention to the processes of ‘financialisation’; that is, to the combined effect of the growing size and dominance of the financial sector relative to the non-financial sector, and the diversification towards financial activities in non-financial corporations. The main conclusion is that we are paying the price (and a huge one) for two related phenomena; one belongs to the realm of ideology and knowledge, the other to ‘power play’. |
| Keywords: | manias, panics, financialisation, QE, excess liquidity, ‘disconnect’ between the financial and the real worlds, emerging markets, Latin America, Asia, Keynes, Kindleberger, Minsky, Buchanan |
| JEL: | E22 D70 D81 E51 F02 F21 F32 F40 F63 G15 G20 G30 L51 N20 O16 |
| Date: | 2022–02–11 |
| URL: | http://d.repec.org/n?u=RePEc:cam:camdae:2211&r= |
| By: | Cuong, Nghiem Phu Kien; Khiem, Bui Quang |
| Abstract: | Over a hundred years after the first socialist revolution broke the global monopoly of capitalism, a new class of socialist-oriented socioeconomic development is coming to the fore. Capitalism is still dominant worldwide, although its hegemony is no longer undisputed, and humankind is now faced with a key existential challenge. This book proposes an alternative path to overcoming the worldwide crisis of globalized capitalism. It offers a novel, balanced, and historically rooted interpretation of the successes and failures of socialist economic construction throughout the last century. |
| Date: | 2022–01–10 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:h958d&r= |