Tag Archives: Keynes
IV The Power of Global Finance
Under present arrangements, finance too often acts as a malevolent force, rewarding private sectional interests at the expense of the public interest. This is because the globalisation of markets has run ahead of our power to control them. Properly harnessed, global finance could be, again, an enormously powerful force for good. Designing such a harness…
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Thatcher, Volcker, Keynes and the power of ideas
The death of Margaret Thatcher reminds us all of the power of ideas, when allied to guts and leadership, to change the world. She identified one area of national life after another where restrictions and old ways of doing things were holding back innovation and the spirit of enterprise that lay dormant in the British…
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Keynes, Mundell and The Money Trap
Most economic commentary, such as that of Roubini, falls into this category (see Diary of 21/11/12). The “analysis” amounts to saying: “Oh, what a mess we are in!” We knew that already. Some vary their message by claiming to detect chinks of light in the gloom. Others conclude by saying things like, “If only the…
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Volcker, Lagarde, Rees-Mogg and the Ikon
Lord Rees-Mogg, former editor of The Times, London and doyen of British commentators, has called for a reform of the global financial system (GFS). Rees-Mogg quotes Paul Volcker, who in a recent interview described the present period as one of the most difficult in history: “This is a recession on top of a complete financial…
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