A groundbreaking debunking of moderate attempts to resolve financial
crises In the ruins of the 2007-2008 financial crisis, self-proclaimed
progressives the world over clamored to resurrect the economic theory of
John Maynard Keynes. The crisis seemed to expose the disaster of
small-state, free-market liberalization and deregulation. Keynesian
political economy, in contrast, could put the state back at the heart of
the economy and arm it with the knowledge needed to rescue us.
But what it was supposed to rescue us from was not so clear. Was it the
end of capitalism or the end of the world? For Keynesianism, the answer
is both. Keynesians are not and never have been out to save capitalism,
but rather to save civilization from itself.
It is political
economy, they promise, for the world in which we actually live: a world
in which prices are "sticky," information is "asymmetrical," and
uncertainty inescapable. In this world, things will definitely not take
care of themselves in the long run. Poverty is ineradicable, markets
fail, and revolutions lead to tyranny.
Keynesianism is thus
modern liberalism's most persuasive internal critique, meeting two
centuries of crisis with a proposal for capital without capitalism and
revolution without revolutionaries. If our current crises have renewed
Keynesianism for so many, it is less because the present is worth
saving, than because the future seems out of control. In that situation,
Keynesianism is a perfect fit: a faith for the faithless.
In the Long Run We Are All Dead : Keynesianism, Political Economy, and Revolution - Geoff Mann
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