If neoliberalism is the spirit of the age, then what if we have landed in a new age? Burgin recounts how the reaction from both left and right after the financial crisis predicted an upsurge in Keynesiasm or at least greater state activism.
At this moment, the U.S. economy is probably most properly described as a classic example of "crony capitalism." And if we are going anywhere new as an economy, we are in danger of heading to something even worse -- "vulture capitalism."
Tom Friedman's column today calls for re-thinking American capitalism by striking a series of "grand bargains," and as usual his analysis of what stands in the way of such grand bargains bears no relationship to the realities of American politics.
Writing about someone like Keynes who personally wrote so much, so well, must be a daunting task. Backhouse and Bateman more than keep up, not by competing with Keynes, but by letting him speak, in all his many voices.
Keynesianism was dealt a serious blow. What's left in the ruins? Who knows? But what occurs on a debate stage or a presidential podium is really not what defines modern economics. Or at least it shouldn't.
House Democrats and Nancy Pelosi--You are all that stands between the American people and unconditional surrender to the darkest forces in American society and the mass suicide of the liberal Democratic project.
Cuts will not produce growth. Cuts will more likely tip us into a double-dip recession, which the Republicans will blame on the Obama Administration's failure to cut more! It is surely better to stand firm and to call the Republicans' bluff.
To people across the country who live in states in crisis, and who were sheltered from the full impact of economic downturn in the last two years, the stimulus should be looking pretty good right about now.