CB: > Seems to me one of the shortcomings of Keynesian politics is that > it would not counsel cutting military spending in recessions, as > military spending is stimulus , too. Marxist analysis advocates > welfare spending as strengthening the working class, but cutting > military spending. This issue demonstrates an important difference > between the two theories.
as Robert N said (in effect) "Keynesian politics" is not a complete view of politics. It's only a technical theory of how a capitalist economy operates. Filling out the incomplete theory could be be done with Marxian, socialist, and/or social-democratic content, for example by saying "OK, we want to cut military spending and we have high unemployment, we have to find a substitute source of demand, e.g., increased welfare spending (transfer payments), assuming (of course) that we can't replace capitalism with socialism in the near future." Alternatively, you could fill out the theory with fascist views: "we need war, so let's not cut military spending at all. Instead, let's increase it, giving all those unemployed folks military jobs and nice uniforms, putting them to work bayoneting images of unwanted ethnic groups." Etc. There are several different options. Many Marxists would reject the Keynesian theory of how a capitalist economy operates. But that's a different question. -- Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own way and let people talk.) -- Karl, paraphrasing Dante. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
