The Keynesian Revival: a Marxian Critique
Abstract: The global economic crisis, unfolding since late 2007, has begun to undermine the hegemony of neoclassical economics and neo-liberalism generally, thereby provoking a widespread resurgence of Keynesian economics in various forms. The historical adequacy of Keynesian economics to modify, reverse or prevent capitalist crisis is criticized systematically. Capitalism is shown to have exhibited repeated oscillations between private and state-interventionist forms for centuries, since neither proved capable of preventing recurring crises. An alternative to both neoclassical and Keynesian responses to crises—a new kind of Marxian response—is developed. It stresses micro-level transformations, adding them to balance the one-sided macro-focus of the traditional interpretations of Marxism, socialism, and communism.
Keywords: economic crisis, Keynesian economics, Marxian economics, Marxian critique
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