You Can’t Always Get What You Want: Why Europe is Not Keynesian-able While the US New Economy is Driven by Financial Keynesianism

Riccardo Bellofiore and Joseph Halevi

Chapter 10 in Euroland and the World Economy, 2007, pp 215-232 from Palgrave Macmillan

Abstract: Abstract The argument put forward in this chapter makes two rather unconventional points.1 Our first point is that the European Union (EU) of today is not a ‘Keynesian-able’ entity, and that for much of its post-Second World War history economic policies in the EU have not been properly Keynesian either. Our second point is that the US ‘new economy’ of today, paradoxically as it may seem at first, is thoroughly ‘Keynesian’, namely through a peculiar financial mechanism nurtured by active economic policies. We will support our argument in what follows by a historical, political, and economic narrative, which will also take into account the new role of Asia, especially of China.

Keywords: European Union; Public Debt; European Economic Community; Military Spending; Current Account Surplus (search for similar items in EconPapers)
Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-37755-4_11

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DOI: 10.1057/9780230377554_11

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