An observation from the perspective of global keynesianism. There are many
varieties of keynesianism (as there are of other -isms and religions). Watching
the current international scene, one could say that a kind of _global
keynesianism light_ is being practiced, at least in the core of the world
system. Numerous countries are working on stimulus packages and are showering
their national financial institutions with public money (USA, Canada, the ECB
and various European countries) and the IMF has extended credits to bail out
various countries (Iceland, Hungary, other).
We do not know yet how successful those activities are going to be. But it is
clear that they constitute a light, rather than a thorough, version of
international or global keynesianism, since those measures fail to address
three requirements of a thorough global keynesianism, namely (1) structural
changes of the world financial system (Keynes' ideas at the time of Bretton
Woods were more far-reaching with respect to creating a global currency), (2)
reversing global income inequality, (3) global restructuring for environmental
sustainability. That is a mistake (three mistakes, to be precise).
Gernot
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