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The Relevance of Keynesian Policies in Semi-Industrialised Countries: Theoretical Issues and an Empirical Illustration

In: The Relevance of Keynesian Economic Policies Today

Author

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  • Amitava Krishna Dutt

Abstract

In country after country in the developing world the state is being rolled back. At the insistence of the Bretton Woods institutions and with the blessings of most academic economists, government budgets are being slashed, monetary growth is being curbed, state enterprises are being privatised, and government controls on the private sector are being dismantled. This experience of the Third World is no different from that of the first and second worlds and seems to reflect global consensus on the role of the state in the economy. It would appear that, according to this consensus, Keynesian policies featuring the use of government fiscal and monetary instruments for economic expansion, and the ‘socialization of investment’, have no place in the Third World.

Suggested Citation

  • Amitava Krishna Dutt, 1997. "The Relevance of Keynesian Policies in Semi-Industrialised Countries: Theoretical Issues and an Empirical Illustration," Palgrave Macmillan Books, in: Philip Arestis & Malcolm Sawyer (ed.), The Relevance of Keynesian Economic Policies Today, chapter 10, pages 163-185, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-25425-5_10
    DOI: 10.1007/978-1-349-25425-5_10
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