[Marxism] Keynesian Boosts Have Not Always Worked. The Modern Clas sical Perspective Explains Why.

Jim Farmelant farmelantj at juno.com
Fri May 4 16:36:25 MDT 2018

 Shaikh probably could add China, following the 2008 downturn, as another example where Keynesian stimulus policies did work and for the same reasons that he gives to explain the successes of such policies in Nazi Germany in the 1930's and the US during WW II. While China nowadays has a largely capitalistic economy, it is one where the state still plays a dominant role, through its ownership and control over the major banks, among other things, as well as the ubiquitous state-private partnerships in many economic sectors. 

Jim Farmelant
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---------- Original Message ----------
From: Louis Proyect via Marxism <marxism at lists.csbs.utah.edu>
Subject: [Marxism] Keynesian Boosts Have Not Always Worked. The Modern Classical Perspective Explains Why.
Date: Fri, 4 May 2018 18:22:22 -0400

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Keynesian policies – providing deficit-financed stimuli to the economy – 
seemed to work under Hitler in the 1930s and under Roosevelt during 
World War II. Why did it fail globally during the seventies and, more 
recently, under Lula in Brazil? Economics professor Anwar Shaikh argues 
the answer lies not in neoclassical or post-Keynesian theory. “There is 
a third way”. The 'modern classical perspective' looks at profit and 
wage shares.


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