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Bill Dunn

finance. First, states are shaped by institutional power within their borders. Modern states are capitalist states in relation to their domestic economies. Marx and Engels’s famous formulation of the state as the executive of the whole bourgeoisie needs to be handled with care; it can be conducive to determinist and teleological interpretations in which everything states do turns out to be for the capitalist best in the best of all capitalist worlds. State policy is contested, with different social interests fighting for different monetary practices, but that states

in Keynes and Marx
Abstract only
Bill Dunn

upon to disseminate enlightened thinking’ (Brittan 2006 : 182). ‘He was and would always remain convinced that only an intellectual elite, of which he undoubtedly considered himself a gifted member, could understand the complex mechanisms of economics and politics’ (Dostaler 2007 : 89). What Hall characterises as a ‘trickle-up model’ ( 1989a : 8) means that Keynes believes he could win round his opponents and to alter state policy. ‘He believed in the supreme value of intellectual leadership, in the wisdom of the chosen few’ (Harrod 1951 : 331–2). Enlightened

in Keynes and Marx
Abstract only
Bill Dunn

future. All this has devastating consequences for mainstream approaches and mathematical formalism. Amongst other things, it also raises awkward questions, taken up in subsequent chapters, about how social action can be justified and how either economic theorists or state policy-makers avoid falling into the same epistemological holes towards which Keynes points. Moore’s philosophy Keynes’s philosophy owed most to Moore, who is now little known and therefore needs some introduction. Moore was ten years Keynes’s senior, already a prominent philosopher and

in Keynes and Marx
Bill Dunn

that association with similar policies under the Nazis had discredited more obviously Keynesian policies. In Japan, state policy direction became a vital feature of a distinctive ‘model’ of capitalism alongside the close collaboration between major firms and state agencies (Coates 2005 , Johnson 1982 ). One institution, the Economic Planning Agency, responsible for national income statistics and for developing economic plans, was avowedly Keynesian (Hadley 1989 ). Finance could be directed towards strategic industries by the Ministry of Finance, the Bank of Japan

in Keynes and Marx
Open Access (free)
Crisis, reform and recovery
Shalendra D. Sharma

governing body. The MPR met quinquennially, within a few months after a parliamentary election, to elect the president and vice-president and establish the broad outlines of state policy for the next five-year term. The president holds a mandate from the assembly to carry out the program. Below the assembly is the parliament or DPR (Dewan Perwakilan Rakyat), which meets annually. Parliament is responsible for 176 Indonesia: crisis, reform and recovery 52 53 54 55 56 57 58 59 60 61 legislation and must approve the budget submitted to it each year by the government

in The Asian financial crisis