Debtor Nations Need a Financial System That Allows Them to Work Their Way to Prosperity

Paul Davidson

Chapter 15 in Interpreting Keynes for the 21st Century, 2007, pp 164-166 from Palgrave Macmillan

Abstract: Abstract The global economy is at a crossroads. We can try to muddle through with the existing defective international financial system, while hoping that minor tinkering will quarantine the devastating depressionary forces experienced by developing nations and avoid contagion spilling over to developed nations. Or we can produce a new financial architecture that not only protects all nations from experiencing the devastation of currency crises but also eliminates the persistent global depressionary pressures of the current system and therefore makes possible the potential of global full employment.

Keywords: Century Direct Foreign Investment; Global Economy; Export Industry; Foreign Reserve; International Debt (search for similar items in EconPapers)
Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-28655-9_15

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DOI: 10.1057/9780230286559_15

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