The much-exaggerated death of Keynesian economics

2020 ◽  
Vol 8 (1) ◽  
pp. 36-45
Author(s):  
Robert W. Dimand
Keyword(s):  
Financial Crisis ◽  
General Theory ◽  
Great Recession ◽  
Global Financial Crisis ◽  
The Great Recession ◽  
Keynesian Economics ◽  
Economic Instability ◽  
Price Flexibility ◽  
Fundamental Uncertainty ◽  
The Global Financial Crisis

The supposed death of Keynesian economics has long been debated. This paper revisits the four central Keynesian propositions identified by Tobin's 1977 paper, ‘How dead is Keynes?’, to argue, in the light of the global financial crisis and the Great Recession, that Keynesian economics remains alive and relevant as useful economics for understanding the economy in a world of fundamental uncertainty, with particular reference to chapter 19 of Keynes's General Theory concerning economic instability and wage and price flexibility.

scholarly journals A Study of Global Recession Recovery Strategies in Highly Ranked GDP EU Countries

ECONOMICS ◽  
2021 ◽  
Vol 9 (1) ◽  
pp. 85-105
Author(s):  
Mythili Kolluru ◽  
Denis Hyams-Ssekasi ◽  
K.V.Ch.Madhu Sudhana Rao
Keyword(s):  
Financial Crisis ◽  
Great Recession ◽  
Global Financial Crisis ◽  
Developmental Model ◽  
Eu Countries ◽  
The Great Recession ◽  
Global Recession ◽  
Recovery Strategies ◽  
The World ◽  
The Global Financial Crisis

Abstract The Global financial crisis of 2008-2009 severely impacted the developed economies of the world. It occurred at a time when most countries had started gaining economic growth, stability, and vibrance. Each country experienced a jolt to its economy, causing financial fragility, shocks, tragedy, and struggle. Attempts have been made to understand the root causes, economic instability, and the lessons learned from the great recession. Given the current situation of the COVID-19 pandemic, this research paper seeks to examine the global recession, its effect on the economy and finances. Our research is based on the qualitative analysis of comparing the impact of the global financial crisis and strategic recovery recession plans of the top five GDP countries in the European Union-particularly Germany, the UK, France, Spain, and Italy to draw some similarities between a recession and COVID-19 pandemic in terms of the economy. The findings indicate that the great recession had a devastating impact on the entire economy, and the world can learn valuable lessons. It notes that out of the selected five EU countries, Germany was the first to recover and bounce back by 2011, but Italy and Spain were severely hit and took longer to recover only partially. The recession recovery strategies demonstrate some similarities in economic and employment measures and differences concerning tax reforms and financial support packages initiated by all five countries. There needs to be a mechanism in which each country must prepare for untimely recessions. Thus, a developmental model has been created to enable countries to be more prepared when faced with recessions in the future years.

Ambiguity, Equivocation, and Economics

2020 ◽  
pp. 9-12
Author(s):  
Kaushik Basu
Keyword(s):  
Financial Crisis ◽  
Great Recession ◽  
Global Financial Crisis ◽  
Philosophical Approach ◽  
The Great Recession ◽  
The World ◽  
The Global Financial Crisis ◽  
Policy Failures

This brief chapter, written in the backdrop of the global financial crisis and the start of the Great Recession, lays out a broad philosophical approach to dealing with policy failures and the need for economists as a profession to introspect. It emphasizes the need for scepticism, in all our contemplation about the world, a philosophical approach that underlies a lot of what follow in this book.

scholarly journals Transnational representation of a gendered recession in corporate dramas

2020 ◽  
pp. 136754942091986
Author(s):  
Elena Oliete-Aldea
Keyword(s):  
Financial Crisis ◽  
Great Recession ◽  
Global Financial Crisis ◽  
Female Characters ◽  
Wall Street ◽  
The Great Recession ◽  
Lehman Brothers ◽  
The One ◽  
The Global Financial Crisis ◽  
Special Relevance

The cinematic depiction of the financial crisis has centred on the explanation of the causes and consequences of the global recessionary scenario in which gender acquires special relevance. My aim in this article is to carry out a hitherto unaddressed transnational analysis of corporate dramas. More specifically, I elicit the commonalities as well as local specificities that different Western cinematographies show when tackling gendered recessionary discourses on ‘mancession’ and ‘austerity’. Films such as The Last Days of Lehman Brothers (Samuels, 2009, BBC), Money Never Sleeps (Stone, 2010), The Company Men (J. Wells, 2010) and The Big Short (McKay, 2015) have, on the one hand, aligned with nostalgic and retro-sexist discourses by focusing on male suffering to confront the recession while relegating female characters as emotional companions of the male hero. On the other hand, the representation of female characters in these films has also put to the test the inconsistencies of neoliberal discourses when analysed from the perspective of genre. To illustrate the transnational dimension of the ‘narrated’ impact of the ‘Global Financial Crisis’ in different scenarios, I compare a US Wall Street film and a Spanish corporate drama of the Great Recession: Margin Call (J Chandor, 2011, USA) and The Tip of the Iceberg (La punta del iceberg, D Cánovas, 2016, Spain).

scholarly journals A Critical Analysis of the Macroeconomic Policies in Brazil from Lula da Silva to Dilma Rousseff (2003-2014)

2015 ◽  
Vol 1 (2) ◽  
pp. 218-227
Author(s):  
Luiz Fernando De Paula ◽  
Fernando Ferrari
Keyword(s):  
Financial Crisis ◽  
Great Recession ◽  
Critical Analysis ◽  
Global Financial Crisis ◽  
Macroeconomic Policies ◽  
Short Article ◽  
Main Hypothesis ◽  
The Great Recession ◽  
Economic Framework ◽  
The Global Financial Crisis

In this short article, we aim at presenting a critical analysis of the macroeconomic policies implemented by the Lula da Silva and Dilma Rousseff governments in Brazil. The main hypothesis is that the economic framework of the ‘leftist’ governments has been managed pragmatically, mainly due to the global financial crisis (GFC) and the Great Recession (GR), and is still conservative, and cannot be considered as genuine Keynesian policies.

The Great Recession and Electoral Politics, 2007–2016

2020 ◽  
pp. 32-62
Author(s):  
Timothy Hellwig ◽  
Yesola Kweon ◽  
Jack Vowles
Keyword(s):  
Great Recession ◽  
Global Financial Crisis ◽  
Cross Sectional ◽  
National Elections ◽  
Individual Level ◽  
The Great Recession ◽  
Political Outcomes ◽  
The Global Financial Crisis ◽  
The Comparative Study ◽  
The Impact

This chapter reviews the political and economic context of the global financial crisis (GFC). We first examine the origins and immediate effects of the GFC and the ‘Great Recession’ that it spawned. Ranging beyond the European focus of the research so far, we examine the impact of the crisis across the member countries of the OECD and the ways in which that variation is shaping the contexts of individual-level behaviour. We then examine patterns of electoral volatility and the changing nature of party systems before turning to consider the reasons why some governments were defeated and why others survived. Across these outcomes, analyses show that the impact of economic factors on political outcomes varied depending on their timing: before, during, or after the GFC. The chapter concludes by introducing our main sources of data: cross-sectional individual-level survey data from twenty-five national elections in OECD democracies from 2011 to 2016 sourced from Module 4 of the Comparative Study of Electoral Systems (CSES); macro-data for thirty-five OECD democracies from 1990 to 2016; and a pooled set of 113 post-election surveys from twenty-four OECD countries between 1996 and 2017.

scholarly journals Can We Rebuild the Economic Consensus?

2020 ◽  
Vol 1 (1) ◽  
Author(s):  
Linda Yueh
Keyword(s):  
Economic System ◽  
Great Depression ◽  
21St Century ◽  
Great Recession ◽  
Global Financial Crisis ◽  
The Great Recession ◽  
The Great Depression ◽  
The Global Financial Crisis ◽  
Great Crash ◽  
The 19Th Century

There are times in history when the consensus about our economic system breaks down. It happened after the Long Depression, also known as the Great Depression of the 19th century, and again in the 20th century around the Great Depression of 1929-1933, as well as after the Great Recession of 2008-2009 that followed the global financial crisis. The Covid-19 great crash, which carries the risk of a deep downturn, has led governments to take extraordinary measures in all areas of our lives. This has further fuelled the need to discuss how to rebuild the consensus about the most appropriate economic system for the 21st century as the great question of our time. This is a reflection piece invited for the Dahrendorf Symposium.

Banking in Australia and New Zealand—Geographic Proximity, Market Concentration, and Banking Integration

2019 ◽  
pp. 1189-1213
Author(s):  
Fariborz Moshirian ◽  
Eliza Wu
Keyword(s):  
New Zealand ◽  
Financial Crisis ◽  
Great Recession ◽  
Global Financial Crisis ◽  
Banking Industry ◽  
Banking System ◽  
Geographic Proximity ◽  
The Great Recession ◽  
The Past ◽  
Global Banks

This chapter focuses on the Australian and New Zealand (NZ) banking industry. Australian and New Zealand banks have undergone significant growth and challenges in the past decade. Australian banks weathered the Great Recession from 2008 and still recorded strong profits and minimal losses while other global banks failed internationally. To understand why this might be, we examine the composition of the closely integrated banking sectors in Australia and NZ, their respective performance, capital levels, and some defining regulatory reforms that have particularly shaped the Australian banking system since the 2008 Global Financial Crisis.

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