IDEAS home Printed from https://ideas.repec.org/p/nbb/reswpp/200705-02.html
   My bibliography  Save this paper

The spread of Keynesian economics : a comparison of the Belgian and Italian experiences

Author

Listed:
  • Ivo Maes

    () (National Bank of Belgium, Research Department)

Abstract

Keynesian economics dominated economic thought and macroeconomic policy-making in the 1950s and 1960s. However, the diffusion of Keynesian economics has been uneven. In this paper, we compare the spread of Keynesian economics in two continental European countries: Belgium and Italy. We focus on the post-World War II period, taking as the main message of Keynesian economics that the market is inherently unstable and that the government has a key role in economic life in steering effective demand. We further follow Coddington's distinction between "hydraulic", "disequilibrium" and "fundamentalist" Keynesianism. The study shows that Belgium and Italy were two countries were Keynesian economics gained ground only relatively late. The breakthrough of (hydraulic) Keynesianism came in areas which were close to the policy-making process: setting up national income accounts, the construction of macroeconomic models and correcting regional imbalances. The main difference between the two countries was the strong position of fundamentalist Keynesianism in the academic world in Italy, while in Belgium, disequilibrium Keynesianism was more influential.

Suggested Citation

  • Ivo Maes, 2007. "The spread of Keynesian economics : a comparison of the Belgian and Italian experiences," Working Paper Research 113, National Bank of Belgium.
  • Handle: RePEc:nbb:reswpp:200705-02
    as

    Download full text from publisher

    File URL: https://www.nbb.be/doc/oc/repec/reswpp/wp113en.pdf
    Download Restriction: no

    References listed on IDEAS

    as
    1. Jean-Paul Abraham, 2003. "Monetary and Financial Thinking in Europe - Evidence from Four Decades of SUERF," SUERF Studies, SUERF - The European Money and Finance Forum, number 2003/3 edited by Morten Balling, March.
    2. Ivo Maes & Erik Buyst, 2005. "Migration and Americanization: The special case of Belgian economics," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 12(1), pages 73-88.
    3. Erik Buyst & Ivo Maes & Henk W. Plasmeijer & Evert Schoorl, 2005. "Comparing the Development of Economics during the Twentieth Century in Belgium and the Netherlands," History of Political Economy, Duke University Press, vol. 37(1), pages 61-78, Spring.
    4. Jean-Paul Abraham, 2003. "Monetary and Financial Thinking in Europe - Evidence from Four Decades of SUERF," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum.
    5. Ivo Maes & Lucia Quaglia, 2003. "The process of European monetary integration : a comparison of the Belgian and Italian approaches," Working Paper Research 40, National Bank of Belgium.
    6. Ivo Maes & Lucia Quaglia, 2003. "The process of european monetary integration: a comparison of the belgian and italian approaches," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 56(227), pages 299-335.
    7. Ivo Maes & Lucia Quaglia, 2003. "The process of european monetary integration: a comparison of the belgian and italian approaches," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 56(227), pages 299-335.
    8. Coddington, Alan, 1976. "Keynesian Economics: The Search for First Principles," Journal of Economic Literature, American Economic Association, vol. 14(4), pages 1258-1273, December.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Lepore, Amedeo, 2012. "L’andamento della spesa per l’intervento straordinario nel Mezzogiorno d’Italia, dalla golden age alla fine del XX secolo. (The trends in the expenditures of the extraordinary intervention in southern," De Computis "Revista Española de Historia de la Contabilidad". De Computis "Spanish Journal of Accounting History"., Asociación Española de Contabilidad y Administración de Empresas (AECA). Spanish Accounting and Business Administration Association., pages 76-119.

    More about this item

    Keywords

    Keynesian economics; Belgium; Italy; macroeconomic policy-making;

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:nbb:reswpp:200705-02. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (). General contact details of provider: http://edirc.repec.org/data/bnbgvbe.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.