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Uscire dalla crisi finanziaria statunitense: la politica domina l’economia nella Nuova Economia Politica

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  • Jan Kregel

    () (Levy Economics Institute of Bard College)

Abstract

Most economists expected that the Great Recession produced by the financial meltdown of 2008 would usher in a resurgence of traditional Keynesian economics and a decline of what has come to be called “market fundamentalism”. By contrast, also due to the inadequate size of the 2009 stimulus package, the resurgence of support for Keynesian expenditure policies has been extremely short lived. However, the negative popular and political reaction should not have come as a surprise, at least for three reasons: the design of the Obama stimulus plan and its difference from the expenditure policies of the Roosevelt Administration; the political environment that has eviscerated fiscal policy and placed monetary policy at the centre of economic policy and produced “debt driven” growth; the difference between policies appropriate to treating an income deflation and a debt deflation.

Suggested Citation

  • Jan Kregel, 2011. "Uscire dalla crisi finanziaria statunitense: la politica domina l’economia nella Nuova Economia Politica," Moneta e Credito, Economia civile, vol. 64(253), pages 15-30.
  • Handle: RePEc:psl:moneta:2011:3
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    References listed on IDEAS

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    1. James Meade., "undated". "Agathotopia," Hume Papers 16, David Hume Institute.
    2. Meade, James E, 1974. "Labour-Managed Firms in Conditions of Imperfect Competition," Economic Journal, Royal Economic Society, vol. 84(336), pages 817-824, December.
    3. Bruno Jossa, 2010. "Sulla transizione dal capitalismo all'autogestione," Moneta e Credito, Economia civile, vol. 63(250), pages 119-155.
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    Cited by:

    1. Alessandro Roncaglia, 2011. "Macroeconomics in crisis and macroeconomics in recovery," PSL Quarterly Review, Economia civile, vol. 64(257), pages 167-185.
    2. Antonio Bianco, 2015. "Shadow banking, relationship banking, and the economics of depression," PSL Quarterly Review, Economia civile, vol. 68(275), pages 297-326.
    3. Lettieri, Antonio, 2012. "Diseguaglianza, conflitto sociale e sindacati in America
      [Inequality, social conflict and unions in America]
      ," MPRA Paper 41492, University Library of Munich, Germany.
    4. Alessandro Roncaglia, 2011. "Macroeconomie in crisi e macroeconomie in ripresa," Moneta e Credito, Economia civile, vol. 64(254), pages 115-133.

    More about this item

    Keywords

    political economy; financial crisis; Keynesian policies; USA;

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
    • N12 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - U.S.; Canada: 1913-
    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management

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