By Philip Arestis, Malcolm Sawyer (eds.)
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Extra resources for 21st Century Keynesian Economics
It may be that these cohorts of economists will take 34 Financial Systems and Economic Development in the 21st Century some confidence from the actions and statements of contemporary political leaders (such as those in Latin America, China, and India) who rightly see in the current crisis proof of the bankruptcy of neoliberalism and support for the case that the challenges of these times demand new strategies that build on and extend the key tenets of Keynesianism. Notes 1 This section draws heavily on Grabel (1995, 1996a,b, 2000, 2003a,b, 2004, 2007, 2008), Epstein and Grabel (2006) and Chang and Grabel (2004).
The credibility thesis can be reduced to a simple set of propositions: (1) An economic policy will garner credibility only to the degree that it is likely to survive; (2) An economic policy is likely to survive only to the degree that it attains its stated objectives; (3) An economic policy 18 Financial Systems and Economic Development in the 21st Century is likely to attain its stated objectives only to the degree that it reflects and operationalizes the true theory of market economies; (4) A policy reflects the true theory of market economies only to the degree that it is neoclassical.
This view explains why neoclassical economists approach the task of financial reform as if it merely involves grafting the liberalized financial model that predominates in the USA and the UK onto the economies of the developing world. But the matter of financial reform is not nearly as uncomplicated as neoclassical theory suggests. From the perspective of Keynesian economics and other heterodox traditions, it is critically important to foreground the concepts of social embeddedness, institutional resilience/stickiness and path dependence as key attributes of all economies, and hence as critical factors that must be taken account of by those considering structural reform programs.
21st Century Keynesian Economics by Philip Arestis, Malcolm Sawyer (eds.)