Capitalism, Macroeconomics and Reality
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Capitalism, Macroeconomics and Reality

Understanding Globalization, Financialization, Competition and Crisis

James Crotty

The essays comprising this collection analyze the deep flaws in the methodological foundation of mainstream economic theory, and explain how these flaws make mainstream economics more ideology than sound social science. James Crotty develops alternative theories built on realistic assumptions that can explain most of the disastrous economic and financial developments of the past four decades. His work contributes to the collective creation of a solid theoretical foundation on which to build an understanding of the ‘laws of motion’ of capitalism in the post WWII era.
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Chapter 12: Was Keynes a Corporatist?: Keynes’s Radical Views on Industrial Policy and Macro Policy in the 1920s

James Crotty

Extract

Keynes’s main purpose in writing The Economic Consequences of the Peace (1971a) was to issue a dire warning that if the provisions of the Treaty of Versailles were implemented, the world would face the prospect of economic stagnation, financial crisis, social and political unrest, and, in some countries, possible revolution. But he also used the book to express his belief that Europe stood between two epochs of economic history. World War I accelerated the dissolution of the old order to be sure, and the Treaty threatened to make a peaceful and smooth transition to a new socioeconomic regime impossible, but Keynes believed that the old order was destined to crumble anyway.

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