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时间:2016-04-09 17:01来源 作者:英国论文网 点击联系客服: 客服:Damien
全球经济和金融危机已经打上了以下悖论。一个更严重的抑郁症比2008 - 09年全球经济下滑的银行救助和财政刺激措施的形式被阻止决定的国家干预。然而,明显成功的凯恩斯主义的这一回合一直跟着一转而言让人联想到库房查看反对凯恩斯在1930年代无情的政治合理的财政紧缩政策。本文探讨了这一政策转变的来源。其中考虑的因素是新自由主义的意识形态,银行的经济和政治力量,金融的个别经济体的相对权重。金融化的大背景下也被认为。达到的结论是令人鼓舞的资产泡沫的发展和紧缩政策laxer一阵阵之间的振荡可以内置于新自由主义的经济政策体系。言下之意是,替代财政紧缩必须接受广泛的机构变革。The global economic and financial crisis has been marked by the following paradox. A much more severe depression than the global slump of 2008–09 was prevented by determined state intervention in the form of bank bailouts and fiscal stimuli. Yet this bout of apparently successful Keynesianism has been followed by a turn to fiscal austerity justified in terms reminiscent of the Treasury View against which Keynes relentlessly polemicised in the 1930s. This article explores the sources of this policy shift. Among the factors considered are the ideology of neoliberalism, the economic and political power of the banks, and the relative weight of finance in individual economies. The broader context of financialisation is also considered. The conclusion is reached that an oscillation between bouts of austerity and laxer policies encouraging the development of asset bubbles may be built into neoliberalism as an economic policy regime. The implication is that alternatives to austerity must embrace broad institutional transformation.

1. Introduction 介绍

Debate about economic policy after the 2008 financial crash and the global slump it precipitated must confront a puzzle. The traditional Keynesian narrative of the Great Depression of the 1930s portrays political elites as prisoners of a laissez-faire ‘Treasury View’ that prevented them from compensating for the collapse in effective demand with higher public expenditure and indeed led them to deepen the crisis by cutting spending in order to balance the budget (e.g. Skidelsky, 1970). The most influential alternative interpretation from a free-market perspective rejects this diagnosis, but nevertheless also identifies policy mistakes—most famously on the part of Milton Friedman and Anna Schwartz, the Federal Reserve Board’s failure to prevent the stock of money in the USA falling by a third between 1929 and 1933—as a critical factor in causing so severe and protracted an economic slump (Friedman and Schwartz, 1963, ch. 7). Manuscript received 22 June 2011; final version received 13 October 2011. Address for correspondence: Alex Callinicos, Department of European and International Studies, King’s College London, Strand, London WC2R 2LS, UK; email: * King’s College London. I am grateful to Sam Ashman and three anonymous reviewers for their comments on an earlier draft. . The Author 2012. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved. (责任编辑:anne)

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