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Reforming the international financial and monetary system: from Keynes to Davidson and Stiglitz

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  • CLAUDE GNOS
  • LOUIS-PHILIPPE ROCHON

Abstract

With the usual debates trumpeting the usual merits of fixed versus flexible exchange rates, or some various incarnations thereof, the authors draw attention to Keynes's original plan for an international clearing union. The paper takes a close look at Joseph Stiglitz's recent suggestions to deal with financial crises along with Paul Davidson's Keynes-Post Keynesian clearinghouse. In the former case, the analysis is left wanting: the author offers nothing more than simple solutions to a system in need of dramatic changes. On the other hand, Davidson's analysis of the current state of affairs requires more than mere "plumbing" and addresses the root causes of the crises. Finally, with reference to the way Keynes once defended his proposal against criticisms, the authors of this paper conclude that the current Keynes-Post Keynesian proposal is not only relevant but also possible today. They conclude by claiming that it remains the best solution to the current international financial mess.

Suggested Citation

  • Claude Gnos & Louis-Philippe Rochon, 2004. "Reforming the international financial and monetary system: from Keynes to Davidson and Stiglitz," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 26(4), pages 613-629.
    • Handle: RePEc:mes:postke:v:26:y:2004:i:4:p:613-629
    DOI: 10.1080/01603477.2004.11051412
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    Cited by:

    1. Jean-François Ponsot, 2009. "New financial architecture and regional monetary integration in Latin America," Post-Print halshs-00390436, HAL.
    2. Cedrini Mario, 2007. "Consensus vs. freedom of consensus upon freedom? From Washington disorder to the rediscovery of Keynes," CESMEP Working Papers 200708, University of Turin.
    3. Jean-François Ponsot, 2009. "How could the Bank of the South promote sustainable development and regional monetary integration in Latin America ?," Post-Print halshs-00402260, HAL.
    4. Anastasia Nesvetailova, 2012. "Liquidity Illusions in the Global Financial Architecture," Chapters, in: Kern Alexander & Rahul Dhumale (ed.), Research Handbook on International Financial Regulation, chapter 15, Edward Elgar Publishing.

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