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Friday, September 20, 2019
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The Keynes solution for preventing global imbalances
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The Keynes solution for preventing global imbalances

21 Seiten · 3,22 EUR
(April 2013)

 
Ich bin mit den AGB, insbesondere Punkt 10 (ausschließlich private Nutzung, keine Weitergabe an Dritte), einverstanden und erkenne an, dass meine Bestellung nicht widerrufen werden kann.
 
 

From the Introduction:

It is time to revive Keynes's analysis of the perverse problems raised by the current system of international trade and payments, of using bank credit to buy foreign assets, of outsourcing, and of a blind desire for free trade at all costs. We must make central bankers and government policy decision makers aware of the Keynes's Solution for preventing international global payment imbalances while pursuing policies that assure global economic prosperity. For if policy makers such as Chancellor Merkel, Banker Trichet and President Obama continue to urge policies based on the classical theory’s long-run solution, then as Keynes said "[i]n the long run, we will all be dead" (Keynes 1923: 65) and the long run will not be very far away.

We must instead pursue policies that bring producer and consumer of products and services within the same scope of national economic and financial institutions to assure full employment. To do this we must reform the world's monetary payment system to prevent stimulus policies in any one nation creating import-export imbalance problems with its trading partners as the domestic stimulus policy induces 'multiplier' employment in the trading partners. For if the latter occurs, then the only solution for the nation with a significant deficit international payments problem will be 'austerity' which by itself will be inadequate to rebalance international payments among nations.


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the author
Prof. Paul Davidson
Paul Davidson

New School, New York. is Professor Emeritus at the University of Tennessee, Knoxville Tennessee. Editor Journal of Post Keynesian Economics

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