What Remains of the Theory of Demand Management in a Globalising World?

By: Bhaduri, Amit.

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BookSeries: wiiw Policy Notes and Reports: 12Publisher: Wien : Wiener Institut für Internationale Wirtschaftsvergleiche (wiiw), 2013Description: 8 S., 30cm.Subject(s): aggregate demand | real and money wage | income distribution | trade war | shadow banks | endogenous money | credit ratingCountries covered: non specificwiiw Research Areas: Macroeconomic Analysis and Policy | International Trade, Competitiveness and FDIClassification: E21 | E42 | E44 | E62 | F21 | F51 | G12 | G15 Online resources: Click here to access online Summary: The paper explains a curious redirection of economic policies that uses the policy framework of Kalecki and Keynes only to undermine it. It does not negate their theory of demand management, but reformulates it to serve the powerful interests of finance in the era of financial globalisation. As a result accountability to finance rather than to the citizens becomes more important for democratic governments and credit rating dominates democratic performance.

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The paper explains a curious redirection of economic policies that uses the policy framework of Kalecki and Keynes only to undermine it. It does not negate their theory of demand management, but reformulates it to serve the powerful interests of finance in the era of financial globalisation. As a result accountability to finance rather than to the citizens becomes more important for democratic governments and credit rating dominates democratic performance.

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