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Home / Tag Archives: Macroeconomic policy

Tag Archives: Macroeconomic policy

Neoliberalism: Political Success, Economic Failure

Lambert here: Well, except for those who can build bunkers in New Zealand or escape to Mars. By Robert Kuttner, The American Prospect. Reposted from Alternet. Since the late 1970s, we’ve had a grand experiment to test the claim that free markets really do work best. This resurrection occurred despite the practical failure of laissez-faire in the 1930s, the resulting humiliation of free-market theory, and the contrasting success of managed capitalism during the three-decade postwar boom. Yet...

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Syriza, R.I.P.

Mark Ames e-mailed me earlier this month: “Seems you should write an obit on Syriza’s failure, seeing as you were the only one on the left calling out their failure from early on (and taking so much heat for it).” For those of you new to the site, we posted intensively on the 2015 Greek bailout negotiations. We were early and alone in predicting that the negotiations would fail, as they did. This was an exceptionally unpopular assessment. It offended those who admired the new government...

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Michael Hudson: U.S. Economic Warfare and Likely Foreign Defenses

By Michael Hudson, a research professor of Economics at University of Missouri, Kansas City, and a research associate at the Levy Economics Institute of Bard College. His latest book is “and forgive them their debts”: Lending, Foreclosure and Redemption from Bronze Age Finance to the Jubilee Year    Keynote paper delivered at the 14th Forum of the World Association for Political Economy, July 21, 2019 Today’s world is at war on many fronts. The rules of international law and order put in...

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The ‘New Right’ Is Not a Reaction to Neoliberalism, but Its Offspring

By Lars Cornelissen, who holds a PhD in the Humanities and works as a researcher and editor for the Independent Social Research Foundation. Originally published at openDemocracy The ongoing and increasingly intense conservative backlash currently taking place across Europe is often understood as a populist reaction to neoliberal policy. The neoliberal assault on the welfare state, as for instance Chantal Mouffe has argued, has eroded post-war social security even as it destroyed people’s...

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Taxes for Revenue Are Obsolete

UserFriendly chided me for not having reproduced this classic, as I did for Michal Kalecki’s 1943 essay on the obstacles to reaching full employment. Apparently this classic article by Beardsley Ruml on why what we would now call a sovereign currency issuer doesn’t need taxes in order to spend doesn’t show up well on the Internet (for instance, links to full versions don’t have a preview, which is an impediment to sharing it on Twitter). So to encourage you to read and share it, we’re...

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Martin Wolf v. Trumponomics Whiffs Due to Fealty to Orthodoxy

There’s a lot not to like about what passes for Trump’s economic policy. But theFinancial Times Martin Wolf’s critique of it, in Donald Trump’s boom will prove to be hot air, leaves a lot to be desired. The fact that “boom” appears in the headline is a big tell. It’s a reasonable surmise that Trump will be re-elected unless the economy falls out of bed. Despite his long and ever-growing list of offenses and crappy policies, Trump is a master at keeping the spotlight turned on him. Democratic...

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The Myth of Expansionary Austerity

By Christian Breuer, Junior Professor, Chemnitz University of Technology and Head of Wirtschaftsdienst and Intereconomics, zbw – the Leibniz Information Centre for Economics. Originally published at the Institute for New Economic Thinking website Many critics have sharply attacked orthodox economics, the International Monetary Fund, the European Central Bank, and policymakers for their emphasis on austerity as a cure for lagging economic growth. A group of prominent economists responded by...

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Michael Hudson Discusses the IMF and World Bank: Partners In Backwardness

Yves here. Get a cup of coffee. This interview with Michael Hudson on the role of the IMF and World Bank has lots of juicy detail. From Guns and Butter, produced by Bonnie Faulkner, Yarrow Mahko and Tony Rango. Visit them at gunsandbutter.orgto listen to past programs, comment on shows, or join their email list to receive a newsletter that includes recent shows and updates. Email us at [email protected] Follow us on Twitter at #gandbradio This is Guns and Butter, June 26, 2019....

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Richard Murphy: For MMT (Long and Wonkish)

Yves here. Even though Richard Murphy is debunking some UK-based complaints (they don’t rise to the level of being critiques) about MMT, similar arguments come up in the US, so I thought his piece would be instructive on this side of the pond too. By Richard Murphy, a chartered accountant and a political economist. He has been described by the Guardian newspaper as an “anti-poverty campaigner and tax expert”. He is Professor of Practice in International Political Economy at City University,...

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Does Japan Do MMT?

Yves here. Randy Wray has an important post on how, contrary to the views of some pundits, Japan isn’t following MMT principles, particularly with Prime Minister Abe raising the sales tax when Japan has a negative policy interest rate. However, and I hope people who are more current on Japan would pipe in, it’s not clear that it is all that easy to do what MMT proponents advocate, which is to stimulate consumption. Japan has been trying to do that since the mid 1980s with not much success....

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