Rescuing the Rentier — Neoliberalism, Social Imbalance, and the Current Economic Crisis: A Synthesis of Keynes, Galbraith, and Minsky

John Watkins ()

Journal of Economic Issues, 2010, vol. 44, issue 2, 471-478

Abstract: The current crisis reveals the inadequacy of laissez faire policies of the last 30 years, and the neoliberal theories upon which they rest. The policies directed toward averting depression have largely benefited the corporate rentier and the financial sector they served. Keynes, Minsky, and Galbraith advocated policies to rescue the economy, NOT the rentier. Keynes hoped to make capital sufficiently abundant so as to euthanize the rentier. Minsky attributes their endurance to the public's effort to emulate their consumptive habits. Galbraith points to the use of corporate power to stimulate consumer spending and influence the political process.

Date: 2010
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DOI: 10.2753/JEI0021-3624440219

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