wpc at clyder.gn.apc.org
Wed Aug 23 21:49:25 MDT 1995
irrational? I do not think so. In the 60's we were told by many of
Keynesians that the business cycle had been mastered. In the 70's we
much of the death of Kenesian
theory. In the 80's we in the U.S. experenced a boom in which "good"
left the country.
In the 90's we find the two major parties debating about how quickly the
deficit can be cut.
For me, these are signs that there is something going on in the economy
which traditional theory fails to find.
One should bear in mind that Keynesian economics as generally
practiced did not go as far as some of Keynes' suggestions with
respect to the slow euthanasia of the rentiers as a class, or
with respect to the social control of investment.
Keynesian demand management resolved the contradictions of
underconsumption that had been so severe before 39. But everything
contains contradictions, so too with this regime.
The immediate resolution of the contradictions of demand
keynesianism, were implicit in the above proposals, which
amount to a transition to state capitalism. This would in
turn resolve the contradictions of the previous dispensation,
whilst positing new ones which would in turn lead to a new
Each restructuring crisis has progressive and regressive outcomes
as possibilities - the last two ( demand keynesianism, and
soviet socialisms crises ) have had regressive outcomes.
This is inevitable in the absence of a movement whose
political economy posits a progressive restructuring.
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