How Germany’s anti-Keynesianism has brought Europe to its knees

Jörg Bibow

International Review of Applied Economics, 2018, vol. 32, issue 5, 569-588

Abstract: This paper investigates the (lack of any lasting) impact of John Maynard Keynes’s General Theory on economic policy-making in Germany. The analysis highlights the interplay between economic history and the history of ideas in shaping policy-making in postwar (West) Germany. The paper argues that Germany learned the wrong lessons from its own history and misread the true sources of its postwar success. Monetary mythology and the Bundesbank, with its distinctive anti-inflationary bias, feature prominently in this collective odyssey. The analysis shows that the crisis of the euro today is largely the consequence of Germany’s peculiar anti-Keynesianism.

Date: 2018
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DOI: 10.1080/02692171.2017.1369938

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