[Pen-l] global keynesianism light

[Gernot Koehler <gko15@xxxxxxxxxxx>]

An observation from the perspective of global keynesianism. There are many varieties of keynesianism (as there are of other -isms and religions). Watching the current international scene, one could say that a kind of _global keynesianism light_ is being practiced, at least in the core of the world system. Numerous countries are working on stimulus packages and are showering their national financial institutions with public money (USA, Canada, the ECB and various European countries) and the IMF has extended credits to bail out various countries (Iceland, Hungary, other).

We do not know yet how successful those activities are going to be. But it is clear that they constitute a light, rather than a thorough, version of international or global keynesianism, since those measures fail to address three requirements of a thorough global keynesianism, namely (1) structural changes of the world financial system (Keynes' ideas at the time of Bretton Woods were more far-reaching with respect to creating a global currency), (2) reversing global income inequality, (3) global restructuring for environmental sustainability. That is a mistake (three mistakes, to be precise).

Gernot

---

Win a trip with your 3 best buddies. Enter today.

_______________________________________________
pen-l mailing list
pen-l@xxxxxxxxxxxxxxxxxx
https://lists.csuchico.edu/mailman/listinfo/pen-l