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Debtor Nations Need a Financial System That Allows Them to Work Their Way to Prosperity

In: Interpreting Keynes for the 21st Century

Author

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  • Paul Davidson

Abstract

The global economy is at a crossroads. We can try to muddle through with the existing defective international financial system, while hoping that minor tinkering will quarantine the devastating depressionary forces experienced by developing nations and avoid contagion spilling over to developed nations. Or we can produce a new financial architecture that not only protects all nations from experiencing the devastation of currency crises but also eliminates the persistent global depressionary pressures of the current system and therefore makes possible the potential of global full employment.

Suggested Citation

  • Paul Davidson, 2007. "Debtor Nations Need a Financial System That Allows Them to Work Their Way to Prosperity," Palgrave Macmillan Books, in: Interpreting Keynes for the 21st Century, chapter 15, pages 164-166, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-28655-9_15
    DOI: 10.1057/9780230286559_15
    as

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