by This is an extract from an article written for The Times Literary Supplement From TLSThe international and financial dimensions of Keynes’ work are today neglected in favour of the laissez-faire economics that Keynes had so vigorously contested. His profession is dominated by economists concerned overwhelmingly with the activities of individuals, households and firms. Management of the macroeconomy and of financial globalization is left largely to investors and speculators in capital markets, with central bankers playing a supportive, interventionist role. This has led to a form of financial anarchy, backed and guaranteed by public institutions and their taxpayers. Worse, it has led to increasingly frequent financial crises. These began first on the fringes of the global economy (in the
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This is an extract from an article written for The Times Literary Supplement
The international and financial dimensions of Keynes’ work are today neglected in favour of the laissez-faire economics that Keynes had so vigorously contested. His profession is dominated by economists concerned overwhelmingly with the activities of individuals, households and firms. Management of the macroeconomy and of financial globalization is left largely to investors and speculators in capital markets, with central bankers playing a supportive, interventionist role. This has led to a form of financial anarchy, backed and guaranteed by public institutions and their taxpayers. Worse, it has led to increasingly frequent financial crises. These began first on the fringes of the global economy (in the 1970s and 80s), but in 2007–9 moved to its core, the US and Europe.