Doesn't this speech have the merit of seeing the world's financial system as a global system?
In the 60's and 70's Keynesian policies were applied to the individual economies of advanced capitalist countries, until that left them too vulnerable to competition from Japan and the little tigers. So to apply them potentially on a world scale is more than just another flavour, I would suggest, Jim. While a slaughter of fictitious capital is going on, the fact that the world is a real global economic system is shown in the ominous rise in prices of wheat, rice, and oil. Presumably, as with the environment, Strauss-Kahn is preparing the debate for the reality that there will be no solution that is not acceptable to China and India. Sounds good to me. Chris Burford (I may have missed out on previous discussions of fictitious capital, but presumably that is what these ingenious credit-expanding devices were. Only to vanish like the dew in the hot sun of a capitalist crisis.) ----- Original Message ----- From: "Jim Devine" <[EMAIL PROTECTED]> To: "Progressive Economics" <[email protected]> Sent: Saturday, March 01, 2008 4:14 PM Subject: Re: [Pen-l] IMF changes direction | Gernot Koehler wrote: | > The new chief of the IMF, former French finance minister Strauss-Kahn, | > advocates more active fiscal policies. (IMF neoliberalism out, IMF | > Keynesianism back in.) See, his recent speech: | | I like the phrase "IMF Keynesianism." It differs from other flavors of | Keynesianism. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
