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Dont Call it a Comeback: Keynesianism, Crisis and Opportunity - Essay Example

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This essay "Don’t Call it a Comeback: Keynesianism, Crisis and Opportunity" discusses how the real estate market collapsed, banks that were “too big to fail” did, and the entire financial system was remade in a period of weeks. …
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Dont Call it a Comeback: Keynesianism, Crisis and Opportunity
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Download file to see previous pages The credibility of neoliberalism as the ruling ideology of contemporary capitalism was undermined by the US government’s response to Wall Street’s dramatic collapse. In the print media and television, journalists and politicians struggled to piece together explanations for the failure of the “free market” and the need of a large taxpayer bailout of the banking system Disgust at this hypocrisy led large numbers of people to question the wisdom of corporate rule and the sincerity of those calling for markets free of “government intervention.” (Griffiths 2008).
While the current crisis has helped to discredit neoliberal ideology in general and neoliberal attitudes toward employment and unemployment in particular, political obstacles remain to the serious debate around, much less, implementation of, Keynesian policies that might promote full employment. While Marxist critiques of the Keynesian route to full employment argue that equilibrium is inherently structurally unstable, in terms of historical examples, national economies and the global division of labor, Keynes theories and approaches are nevertheless the most politically feasible route to government policy that will result in higher rates of employment and a reduction of inequality. Ultimately, historical examples of Keynesian policies—along with international examples of more radical alternatives—suggest a capitalist, but the moderate, approach is the “least bad” alternative for workers, even though it may not result in permanent full employment.
Keynesianism, particularly with regard to his push for full employment hasn’t always been viewed as an “alternative” to mainstream government policy and economic theory. ...Download file to see next pagesRead More
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