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Which clippings match 'John Maynard Keynes' keyword pg.1 of 1
31 JANUARY 2012

David Harvey: The Crises of Capitalism

"Radical sociologist David Harvey asks: is it time to look beyond capitalism towards a new social order that would allow us to live within a system that really could be responsible, just, and humane?"

(Royal Society for the encouragement of Arts, Manufactures and Commerce)



banking system • banks • beyond capitalism • capitalismconsumerismcredit crunchcrises of capitalism • crisis of capitalism • David Harvey • deregulation • economic crisiseconomic regulation • effective demand • enigma of capital • financial crisisfinancial innovation • free market • Friedrich Hayek • G20global financial crisis • greed • house ownership • housing market • humane • IMF • investor • John Maynard Keynes • just • Karl Marx • Lehman Brothers • mode of thinking • mortgage • neoliberalismnew social ordernew thinking • radical sociologist • responsibility • RSA (UK) • RSA AnimatestocksWorld Bank


Simon Perkins
25 FEBRUARY 2009

Kevin Rudd: The Global Financial Crisis

"Not for the first time in history, the international challenge for social democrats is to save capitalism from itself: to recognise the great strengths of open, competitive markets while rejecting the extreme capitalism and unrestrained greed that have perverted so much of the global financial system in recent times. It fell to Franklin Delano Roosevelt to rebuild American capitalism after the Depression. It fell also to the American Democrats, strongly influenced by John Maynard Keynes, to rebuild postwar domestic demand, to engineer the Marshall Plan to rebuild Europe and to set in place the Bretton Woods system to govern international economic engagement. And so it now falls to President Obama's administration – and to those who will provide international support for his leadership – to support a global financial system that properly balances private incentive with public responsibility in response to the grave challenges presented by the current crisis. The common thread uniting all three of these episodes is a reliance on the agency of the state to reconstitute properly regulated markets and to rebuild domestic and global demand.

The second challenge for social democrats is not to throw the baby out with the bathwater. As the global financial crisis unfolds and the hard impact on jobs is felt by families across the world, the pressure will be great to retreat to some model of an all–providing state and to abandon altogether the cause of open, competitive markets both at home and abroad. Protectionism has already begun to make itself felt, albeit in softer and more subtle forms than the crudity of the Smoot–Hawley Tariff Act of 1930. Soft or hard, protectionism is a sure–fire way of turning recession into depression, as it exacerbates the collapse in global demand. The intellectual challenge for social democrats is not just to repudiate the neo–liberal extremism that has landed us in this mess, but to advance the case that the social–democratic state offers the best guarantee of preserving the productive capacity of properly regulated competitive markets, while ensuring that government is the regulator, that government is the funder or provider of public goods and that government offsets the inevitable inequalities of the market with a commitment to fairness for all. Social democracy's continuing philosophical claim to political legitimacy is its capacity to balance the private and the public, profit and wages, the market and the state. That philosophy once again speaks with clarity and cogency to the challenges of our time."
(Kevin Rudd, February 2009, No. 42, The Monthly)



AustraliaAustralian Labor PartyBarack Obama • Bretton Woods • capitalismcrisisdemocracydepressioneconomic recessionFranklin D. Rooseveltglobal financial crisisglobal financial systemGovernmentJohn Maynard KeynesKevin Rudd • market compensation • Marshall Plan • neo-liberal extremism • political legitimacyPrime Ministerprotectionism • Smoot-Hawley Tariff Act • social democrats • state


Simon Perkins
18 JANUARY 2009

smaller firms catering to increasingly segmented markets

"The recent era of turbulent technology, heralded by the microchip/computer revolution has been market–friendly in a way the older technologies were not. What seems to have happened is that the new technologies, combined with the recession of the early 1980s, have removed 'barriers to entry' in a number of occupations by reducing the advantages of 'economies of scale'. The newspaper industry is a notable example: the new computer–operated photo–composition methods should reduce the relative advantage of large circulation papers, making possible a proliferation of new titles. Another notable effect of the new technology has been felt in financial markets. Data, especially for this country, are very hard to obtain, but the idea that we are moving from a 'Fordist' or mass production/mass consumption era into one in which smaller firms will cater to increasingly segmented markets appears to have some substance. Not only have large firms been decentralising their operations and dispersing their plant so that most workers now work in units of under 200 employees, but there has been a striking growth in the number of small manufacturing and service establishments, together with an increase of over one million in the number of self–employed persons between 1979 and 1988. The British economy is becoming more miniaturised, spacially dispersed, and organisationally decentralised; on the other hand, the very largest companies seem to be getting bigger, because more international. Much more research is needed into this whole question. What is apparent is that the old pluralist and corporatist view, which took for granted the need for bargained relationships between large blocs of economic power, may need to be drastically revised."
(Robert Skidelsky, 1989)

[Part of a broader discussion on the emergence of the 'social market economy'.]


arriers to entry • changedecentralisedeconomic recessioneconomicseconomies of scaleeconomyFordismGermanyJohn Maynard Keynesmarket segmentationsocial change • social market economy • soziale marktwirtschaft • transformationUK


Simon Perkins
01 DECEMBER 2008

The failure of market failure

"The market failure argument is frequently deployed by policymakers to justify (or not) cases of state intervention into the market, in many cases, to help rectify social ills. However, many economists' understanding of government intervention or public activity which is not organised along market principles is that it is most likely to be hopeless or ineffective simply because it is prompted by government and not by markets. Whilst acknowledging that Intervention may be good in that it promotes the public or citizen interest or social solidarity, they do not see that it is justifiable or desired and the eventual outcome is likely to be self–defeating.

In this provocation, Will Hutton & Philippe Schneider challenge this view on three grounds; that government is not so ineffective on a priori grounds as has been portrayed, that inequalities created by markets are economically inefficient, need to be corrected and the only agency is the state, and that public and social values do have intrinsic worth whose pursuit by governments is perfectly reasonable even if it were true that they are always inefficient – which they are not."

(The failure of market failure: Towards a 21st century Keynesianism)


added valuearts fundingcommercialismcreative capitalcreative entrepreneurshipeconomyfundinginnovationJohn Maynard Keynes • Keynes • market failuremarkets • mixed economy • NESTApatron • Philippe Schneider • policyprovocationsocial gainsponsorship • stagflation • state activism • value of art • Will Hutton


David Rogerson

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