21st Century Keynesian Economics by Philip Arestis, Malcolm Sawyer (eds.)

By Philip Arestis, Malcolm Sawyer (eds.)

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Extra resources for 21st Century Keynesian Economics

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That policy coherence must entail liberalization has been contradicted by historical and cross-country experience (see Chang 2002). Chang and Grabel (2004) and Rodrik (2007) (among others) demonstrate that there exist multiple paths to development, and that high levels of economic growth that are feasible, sustainable and stable can be achieved via an array of heterogeneous strategies. While any one country’s policies must exhibit a degree of internal coherence in order to succeed, the evidence is clear that the alternative policy regimes need not cohere around liberalization.

Therefore, it comes as no surprise that predictors developed after each crisis failed to predict the next one. 5. Refining existing neoclassical predictors will not end the pattern of recurrent crisis in developing economies. The problem lies with the regime: regimes of neoliberal finance are inherently prone to crisis, particularly in the developing economy context The search for predictors by neoclassical economists assumes that crises are a consequence of informational inadequacy rather than a fundamental, structural feature of the economic environment of regimes of neoliberal finance.

This takes us back to the work of Keynes, whose ideas are ever more relevant as we seek to understand the economic challenges of the 21st century. It is obviously too early to say whether current circumstances will leave a lasting intellectual imprint on the economics profession. Were these matters to be decided by an unbiased community of scholars with no reputational or professional stake in the outcome – were the community to deliberate about these matters behind a veil of ignorance – we would have good reason to expect a rapid and dramatic restoration of Keynesianism in the field of finance and development.

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