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By Tenn.) International Post Keynesian Workshop 2000 (Knoxville, Paul Davidson

This ebook explores key fiscal difficulties and new rules for the worldwide economic climate of the twenty first century. The members speak about to what quantity earlier coverage blunders have been because of the incompetence of policymakers, and spotlight difficulties together with: foreign funds imbalances and forex crises, unstable defense markets, inflation, attaining complete employment, source of revenue distribution and assuaging members and international locations of poverty. particularly, themes explored comprise: • the advance challenge skilled by way of Brazil in the past 20 years • the will of such a lot constructing countries to accomplish an export-led progress method • the constraint of balance-of-payments on Mexico’s long term financial progress • the connection among crew department and degrees of financial improvement • lowering financial development within the usa • the distinction of powerful call for, and structural and technological switch • the connection among unemployment and profitability. The publication offers a demanding set of arguments, and illustrates the numerous difficulties confronted via choice makers of their try out at coverage making within the new international economic system. it is going to be of detailed curiosity to economists, important bankers, executive policymakers and people concerned about monetary markets.

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Bresser-Pereira, Luiz Carlos (2001), ‘Reflections on changing institutions in a democratic state’, in Ben Ross Schneider and Blanca Heredia (eds), Reinventing Leviathan, Miami: North-South Center Press. Cairncross, Alec (1996), Economic Ideas and Economic Policy, London: Routledge. Canitrot, Adolfo (1975), ‘La experiencia populista de redistribución de Ingresso’, Buenos Aires: Desarrollo Económico, 15, October, 331–351. Cohen, Joshua (1989), ‘Deliberation and democratic legitimacy’, in James Bohman and William Rehg (eds), Essays on Reason and Politics: Deliberative Democracy, Cambridge, MA: MIT Press (paper originally published in 1989).

In many cases the two causes 20 A Post Keynesian Perspective on 21st Century Economic Problems may come together. But my contention is that, in relation to the damaging policies just surveyed, the main reason why they were adopted was incompetence. In some cases the policies were severe, imposing sacrifices on the population and elites. Thus, they were not the result either of populism or pressure group action. They were the consequence of ignorance, fear, arrogance or a mixture of all these. As Whitehead (1997: 11) observes, over the past 20 years governments in Latin America have confronted extremely complex economic dilemmas, while ‘one of the features of both apolitical técnicos and the more politically empowered technocrats or technobureaucrats is that they tend to apply with great authority and self confidence, ideas they have derived at second-hand and without drawing on strong local tradition of theoretical elaboration and debate’.

They involved ignorance of the complexities of economic theory or unqualified application of abstract economic theory to Latin American economic problems. In saying that, I am not returning to the old argument that economic theory does not apply to developing countries. It does, as it applies to the developed countries. But it applies provided, in one case as in the other, that the theory is not applied automatically, is not transformed into a series of clichés, but is proficiently defined and implemented.

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