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You Can’t Always Get What You Want: Why Europe is Not Keynesian-able While the US New Economy is Driven by Financial Keynesianism

In: Euroland and the World Economy

Author

Listed:
  • Riccardo Bellofiore
  • Joseph Halevi

Abstract

The argument put forward in this chapter makes two rather unconventional points.1 Our first point is that the European Union (EU) of today is not a ‘Keynesian-able’ entity, and that for much of its post-Second World War history economic policies in the EU have not been properly Keynesian either. Our second point is that the US ‘new economy’ of today, paradoxically as it may seem at first, is thoroughly ‘Keynesian’, namely through a peculiar financial mechanism nurtured by active economic policies. We will support our argument in what follows by a historical, political, and economic narrative, which will also take into account the new role of Asia, especially of China.

Suggested Citation

  • Riccardo Bellofiore & Joseph Halevi, 2007. "You Can’t Always Get What You Want: Why Europe is Not Keynesian-able While the US New Economy is Driven by Financial Keynesianism," Palgrave Macmillan Books, in: Jörg Bibow & Andrea Terzi (ed.), Euroland and the World Economy, chapter 10, pages 215-232, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-37755-4_11
    DOI: 10.1057/9780230377554_11
    as

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