That’s quite a stretch in economic theory there.
I just posted that the Kennedy administration started off by applying tax cutting measures across the board in the early sixties. Hardly a glowing example of Keynesian economics there. Furthermore, you or Skidelsky attempt to apply larger world historical forces to support an argument for the local US economy.
The post world war two era was the culmination of some would argue a 50 year struggle which involved both world wars.
In either case, looking at the specifics of these theories, in nations where these policies were directed specifically at economic growth, they fail miserably. (ie Japan in the 90’s and Soviet Era Russia)
Skidelsky: “During the ‘Keynesian’ era from the end of WW 2 to the early 70s, the economic performance of the world was superior to what followed… There were no global recessions in the Bretton Woods age (45-71), whereas there were 5 recessions in the Washington Consensus period.” (shorthand for the era of the belief in globalisation, self-regulating markets, monetarism, extreme free market doctrines & the relegation of full employment as a goal of economic policy.)
My last word on economics – Japan and the Soviet Union are not fair comparisons with our economy or economic policies. Apples and oranges. The cultures and ways of government are way too different.
Lots of people saw the economic collapse coming, you didn’t have to have a lot of letters behind your name. The real estate crash was obvious, and should have been seen by those on the right, left and center. But along with finance, everyone on top was too busy feeding from the trougth, drunk from the huge profits that were being made, and giddy with the glory and grandeur of more, more, more. The rest of us were trying to get ours, by at least selling our products to them, and so it goes. What we cannot do is go back to those policies and those days. It is still more than possible to get and stay rich in this country. What is necessary is making it possible for the rest of us to benefit as well, and for policies and programs to be sustainable for the long term well being of the national and global economy.
Some of the things included in the article I posted are subjects near and dear to our hearts: popcorn, hotel mini-bars and wine.
Arkady,
That’s quite a stretch in economic theory there.
I just posted that the Kennedy administration started off by applying tax cutting measures across the board in the early sixties. Hardly a glowing example of Keynesian economics there. Furthermore, you or Skidelsky attempt to apply larger world historical forces to support an argument for the local US economy.
The post world war two era was the culmination of some would argue a 50 year struggle which involved both world wars.
In either case, looking at the specifics of these theories, in nations where these policies were directed specifically at economic growth, they fail miserably. (ie Japan in the 90’s and Soviet Era Russia)
“There were no global recessions in the Bretton Woods age (45-71)”
A complete fabrication.
Some interesting lunchtime reading:
America’s Biggest Rip-offs
http://tinyurl.com/ygr5s5v
ET,
Did you post already about what you ended up doing with the five kids this weekend?
“Keen Asians.”
Slutty Asians?
“ET, do you get your tank filled each time like I do???”
Yes, but I hate when they overfill the tank. There’s always spillage.
Skidelsky: “During the ‘Keynesian’ era from the end of WW 2 to the early 70s, the economic performance of the world was superior to what followed… There were no global recessions in the Bretton Woods age (45-71), whereas there were 5 recessions in the Washington Consensus period.” (shorthand for the era of the belief in globalisation, self-regulating markets, monetarism, extreme free market doctrines & the relegation of full employment as a goal of economic policy.)
My last word on economics – Japan and the Soviet Union are not fair comparisons with our economy or economic policies. Apples and oranges. The cultures and ways of government are way too different.
Lots of people saw the economic collapse coming, you didn’t have to have a lot of letters behind your name. The real estate crash was obvious, and should have been seen by those on the right, left and center. But along with finance, everyone on top was too busy feeding from the trougth, drunk from the huge profits that were being made, and giddy with the glory and grandeur of more, more, more. The rest of us were trying to get ours, by at least selling our products to them, and so it goes. What we cannot do is go back to those policies and those days. It is still more than possible to get and stay rich in this country. What is necessary is making it possible for the rest of us to benefit as well, and for policies and programs to be sustainable for the long term well being of the national and global economy.
No more, please!