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Keynesian Spiritus Animales Approach and the Transformation of the Capitalist System

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  • Hasan ALPAGU

    (Ýstanbul Sabahattin Zaim University, Turkey.)

Abstract

Economic crises have radical consequences. They are major challenges for national and international social policy. The crises are also the cause of reform and of re-definition of theories. The Keynesian approach also emerged from an economic crisis and it has reformed the capitalist system. However, the Keynesian theory itself now needs to be reformed. This paper aims to bring light into the Keynesian theory and the transformation process of capital system. Finally, as lessons for the future two conclusions arise: Firstly, policy makers shall continue to have the assumption that economic crises do not have a simple and permanent solution, which is valid at any time. Secondly, it needs not only traditional economic policies, but especially institutional reforms and new innovative perspectives. In this respect, the Keynesian definition “animal spirit of capitalism” can be useful in predicting the next policy of the liberal economy in the age of globalism.

Suggested Citation

  • Hasan ALPAGU, 2016. "Keynesian Spiritus Animales Approach and the Transformation of the Capitalist System," Turkish Economic Review, KSP Journals, vol. 3(2), pages 367-372, June.
    • Handle: RePEc:ksp:journ2:v:3:y:2016:i:2:p:367-372
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    References listed on IDEAS

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    1. Alpagu, Hasan, 2014. "The Contradictions of Free Market System and The Impacts of FDI and Foreign Trade on Economy," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 1(1), pages 7-15.
    2. Hasan ALPAGU, 2014. "The Contradictions of Free Market System and The Impacts of FDI and Foreign Trade on Economy," Turkish Economic Review, KSP Journals, vol. 1(1), pages 7-15, December.
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      Keywords

      Keynes; Capitalism; EU; Economic Transformation; Globalization.;
      All these keywords.

      JEL classification:

      • A14 - General Economics and Teaching - - General Economics - - - Sociology of Economics
      • B20 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - General
      • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
      • F01 - International Economics - - General - - - Global Outlook

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