[OPE] Is Larry Elliott right?

Ian,

I agree, but this issue relates to a previous discussion we had on OPE-L in April 2008 (e.g. http://archives.econ.utah.edu/archives/ope-l/2008m04/msg00247.htm ) about the prospects of a resurgent "Keynesianism" in government economic policy in response to financial crises. This was mooted by Chris Harman and Hillel Ticktin, but as I said I find that difficult to believe for various reasons.

In its latest report, UNCTAD notes for example that "a non-recessionary correction of global imbalances would require stronger stimulation of domestic spending and imports in the major surplus economies, especially in Germany and Japan, as well as a measured appreciation of the Chinese currency. As UNCTAD economists see "a strong likelihood of a sharp and prolonged downturn of the world economy," they deplore that policymakers are unable to tackle this challenge". http://www.unctad.org/Templates/webflyer.asp?docid=10444&intItemID=1528&lang=1

I am not really sure though what Larry Elliott means exactly by a "crisis of the Left".

Jurriaan

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Received on Fri Sep 12 18:41:06 2008