How Germany's Anti-Keynesianism Has Brought Europe to Its Knees

Jörg Bibow

Economics Working Paper Archive from Levy Economics Institute

Abstract: This paper investigates the (lack of any lasting) impact of John Maynard Keynes's General Theory on economic policymaking in Germany. The analysis highlights the interplay between economic history and the history of ideas in shaping policymaking 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.

Keywords: John Maynard Keynes; Mercantilism; Economic and Monetary Union; Euro Crisis (search for similar items in EconPapers)
JEL-codes: B31 E30 E58 E65 N14 (search for similar items in EconPapers)
Date: 2017-03
New Economics Papers: this item is included in nep-eec, nep-his, nep-hpe, nep-mac and nep-pke
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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Journal Article: How Germany’s anti-Keynesianism has brought Europe to its knees (2018)
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Persistent link: https://EconPapers.repec.org/RePEc:lev:wrkpap:wp_886

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