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What is the American Model Really About? Soft Budgets and the Keynesian Devolution

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  • James K. Galbraith

Abstract

The "American Model" serves as a point of reference in discussions of economic policy around the world especially in Europe; many claim that the American version of the free market represents an ideal type-it is the highest form of capitalism. The author argues, however, that the United States has relied heavily on government intervention in housing, health care, pensions, and education. Not only have these programs been largely successful and popular, they also provide a Keynesian stimulus to spending that help account for the strength of the U.S. economy. Now that the U.S. is in a weak, jobless recovery, the key to restoring growth may lie in the kinds of governmental programs that have helped to sustain and stabilize the U.S. economy in the past.

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  • James K. Galbraith, "undated". "What is the American Model Really About? Soft Budgets and the Keynesian Devolution ," Economics Public Policy Brief Archive ppb_72, Levy Economics Institute.
    • Handle: RePEc:lev:levppb:ppb_72
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    1. Dimitri B. Papadimitriou & Anwar Shaikh & Claudio H. dos Santos & Gennaro Zezza, 2002. "Is Personal Debt Sustainable?," Economics Strategic Analysis Archive 02-11, Levy Economics Institute.
    2. János Kornai, 1986. "Contradictions and Dilemmas: Studies on the Socialist Economy and Society," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262111071, April.
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    Cited by:

    1. Alcino Ferreira Câmara Neto & Matías Vernengo, 2007. "Lula’s Social Policies: New Wine in Old Bottles?," Palgrave Macmillan Books, in: Philip Arestis & Alfredo Saad-Filho (ed.), Political Economy of Brazil, chapter 6, pages 73-93, Palgrave Macmillan.
    2. Siepel, Josh & Nightingale, Paul, 2014. "Anglo-Saxon governance: Similarities, difference and outcomes in a financialised world," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 25(1), pages 27-35.
    3. James K. Galbraith, 2006. "Maastricht 2042 and the Fate of Europe: Toward Convergence and Full Employment," Economics Public Policy Brief Archive ppb_87, Levy Economics Institute.

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