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A rare example of a post-concept in economics
Roger E. Backhouse

Introduction For John King, author of A History of Post Keynesian Economics since 1936 , post-Keynesian economics is ‘a dissident school of thought in macroeconomics’. 1 His book traced post-Keynesian economics back to 1936, the year when The General Theory of Employment, Interest and Money , by John Maynard Keynes, was published. This was important to establish the legitimacy of the dissenting tradition he represented, demonstrating that the economists who formed the subject of his book were

in Post-everything
Bill Dunn

Introduction Keynesian scholarship is enormous and diverse. It is impossible to know, much less to present, this contradictory richness in a single chapter. Rather than feigning an overview of the literature, the chapter sketches three broad trajectories to make an argument that each of these strands of the Keynesian critique remain limited by an ambiguous and unsatisfactory break with neo-classical economics. The problem can perhaps be couched in terms of the analogy with physics mentioned in the Introduction. Keynes saw his theory as general in the same

in Keynes and Marx
Bill Dunn

Introduction Blaug writes, ‘[t]here were two Keynesian revolutions: the revolution in economic policy and the revolution in theoretical opinion within the economics profession’ ( 1994 : 1212). This chapter focusses on the policy and practice, the remarkable post-WWII boom and its unravelling in the 1970s. The next chapter looks at the theory. It is in the sense of policy reorientation that the quarter-century from the end of WWII until the 1970s is most often understood as a Keynesian age. Indeed, for many accounts, it is this period of managed capitalism

in Keynes and Marx
Bill Dunn

anti-Keynesian. The second section argues, however, that structural shifts have weakened national bases of economic organisation, potentially limiting the scope and efficacy, and crucially also the institutional supports, of Keynesian intervention. The growth of finance and of financial power alongside industrial ‘globalisation’ pull in an anti-Keynesian direction. There is a vast, if contested, literature which suggests this restructuring also means that any future return towards Keynes becomes more difficult. There are, at least, powerful vested interests in

in Keynes and Marx
Abstract only
Towards a critical but constructive appraisal of Keynes’s thought
Bill Dunn

There are good reasons to revisit Keynes. The global financial and economic crisis of the 2000s punctured some of the hubris around unrestrained markets. The coronavirus crisis again confirmed that governments could mobilise resources to counter both the disease and economic contraction. Keynesian ideas regained credibility and found new audiences. Much of what Keynes said in the 1930s seems to fit: against austerity, about economic uncertainty, about money and financial assets, about income inequality and effective demand, about the need for balance in the

in Keynes and Marx
The crisis of British social democratic political economy
Noel Thompson

associated with the left, and repudiated by the right . . . The fact that the political battle today is waged mainly on ground chosen by the left is remarkable evidence of the change in national ideology . . . (C. A. R. Crosland, The Future of Socialism, 1956: 28–9, 61) While it may be read in other ways, The Future of Socialism can be seen as a paean to the ascendancy of Keynesian social democracy. In Crosland’s view of things, demand management had delivered full or near-full employment; affluence was on offer to a growing proportion of the working population with class

in In search of social democracy
Why anger and confusion reign in an economy paralysed by myth
Author: Jack Mosse

For a number of decades our economy has failed to work for ordinary citizens. Stagnant wages have been combined with underemployment and rising costs of basic goods like healthcare, education and housing. At the same time, a small minority of the population make obscene profits, while in the background we continue to hurtle headlong into an environmental emergency. However, despite there being no shortage of anger and anti-elite sentiment expressed in what is often referred to as the ‘culture wars’, no significant challenge to the dominant economic model has broken into the mainstream. The pound and the fury argues that behind this failure of imagination are a set of taken-for-granted myths about how the economy works – myths that stifle debate and block change. The book analyses these myths, explores their origin, how they circulate and how they might be dispelled at a time when, away from the public gaze, economic theory is opening up new possibilities of economic action. Possibilities that, as we emerge from the chaos of Covid-19, could lead to the radical structural changes we desperately need.

Kieran Allen

bring confidence to the markets and MUP_CoulterNagle_Printer3.indd 73 24/04/2015 16:36 74 The political economy of crisis in Ireland i­nvestment will resume. This has drawn on a prestigious international literature which purported to challenge the need for state spending during a downturn. The key text that tackled earlier Keynesian notions of a need for a stimulus to help economies out of recession came from Rheinhart and Rogdoff.23 Here it was suggested 90 percent of GDP was the threshold beyond which levels of sovereign debt would precipitate decline and so

in Ireland under austerity
Why social democrats fail in the context of the great economic crisis
Fabien Escalona and Mathieu Vieira

capitalism is making a huge impact. Quite the opposite is true, to the extent 20 European social democracy under global economic crisis that social democracy is apparently wavering between a continuing adjustment to the constraints of neo-liberal globalisation and the search for an improbable continent-wide ‘green high-tech Keynesianism’. The purpose of this chapter is therefore to explain the reasons for this situation, focusing on the relationship social democracy has forged with the capitalist economy and the European institutions. Our discussion kicks off by looking

in European social democracy during the global economic crisis
Valentina Vitali

from Keynesianism to neoliberalism The term ‘embedded liberalism’ is generally used to describe the economic policies that most industrialised countries adopted between the end of World War Two and 1970.7 It involved a compromise between two 16 CAPITAL AND POPULAR CINEMA ­ esirable but partially conflicting objectives. The first was to revive free d trade. Prior to World War One, international trade formed a large portion of global gross domestic product (GDP), but the classical liberal order that supported it had been damaged by war and by the Great Depression of

in Capital and popular cinema