New Directions in Modern Economics series
Edited by Riccardo Bellofiore and Giovanna Vertova
Chapter 9: The true rules of a good management of public finance. An explanation of the fatal Eurozone crisis
Contrary to the dictatorial ideology of the new European order in which the Euro is enshrined, running a permanent deficit, even a growing one (and thereby piling up debt), can be the proof that the State is well managed. One should raise the question: what is the existence condition of a well-managed State and thereby of a genuine sound public finance? The answer is straightforward: through its fiscal policy the State must be the anchor of a true long-run growth bestowing a rising welfare on society as a whole. Since true increasing welfare requires true full employment, which means the inexistence of income rationing for the majority of the people, the sine qua non of true sound fiscal policy is that it generates permanently that true full employment.
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