Global imbalances, monetary disorder, and shrinking policy space: Keynes's legacy for our troubled world
AbstractThe paper aims at showing that revisiting Keynes's early writings on international economic relations and some less well-known episodes of his economic diplomacy, with special attention being paid to the methodological issues involved, may disclose useful insights in understanding the features of his desired new global order. We contrast the three main pillars of Keynes's vision as detected in this revisitation (coordinated multilateral responses to global imbalances, a rational international monetary regime, and enhanced policy space) with the major shortcomings of the current non-system, and show the continuing relevance not only of Keynes's specific proposals for global reform, but also, and most importantly, the legacy of his way of reasoning about international economic relations.
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Bibliographic InfoArticle provided by Edward Elgar in its journal Intervention.
Volume (Year): 7 (2010)
Issue (Month): 2 ()
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Web page: http://www.elgaronline.com/ejeep
John Maynard Keynes; international economic order; Bretton Woods II;
Find related papers by JEL classification:
- B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
- F02 - International Economics - - General - - - International Economic Order; Noneconomic International Organizations;; Economic Integration and Globalization: General
- B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
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