The Institutional Features of Post-war Keynesianism

Massimo Angelis
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Massimo Angelis: University of East London

Chapter 7 in Keynesianism, Social Conflict and Political Economy, 2000, pp 75-96 from Palgrave Macmillan

Abstract: Abstract It is now a matter of common sense to recognize a shift in the object, finalities, and tools of orthodox economic discourse after the Second World War. On a formal level, it is widely recognized that this shift has occurred in different areas, as is schematically illustrated in Table 7.1. In Chapter 6 it was shown that the war gave momentum to and legitimized the practices of state planning in the economy, especially demand management policies. After the war the “Keynesian Revolution” acquired a formal recognition through the official acknowledgment of government responsibility for a policy of full employment. This came in Britain with the publication of the White Paper on Employment policy in 1944 by the coalition government and in the United States with the Employment Act of 1946. These two pieces of legislation, although criticized by both the left- and right- wing,1 represented the state’s formal acceptance of a new era of economic policy.

Keywords: Political Economy; Monetary Policy; Wage Increase; Full Employment; Capitalist Relation (search for similar items in EconPapers)
Date: 2000
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-333-97749-1_7

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DOI: 10.1057/9780333977491_7

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