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What Remains of the Theory of Demand Management in a Globalising World?

Author

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  • Amit Bhaduri

Abstract

The paper explains a curious redirection of economic policies that uses the policy framework of Kalecki and Keynes only to undermine it. It does not negate their theory of demand management, but reformulates it to serve the powerful interests of finance in the era of financial globalisation. As a result accountability to finance rather than to the citizens becomes more important for democratic governments and credit rating dominates democratic performance.

Suggested Citation

  • Amit Bhaduri, 2013. "What Remains of the Theory of Demand Management in a Globalising World?," wiiw Policy Notes 12, The Vienna Institute for International Economic Studies, wiiw.
    • Handle: RePEc:wii:pnotes:pn:12
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    File URL: https://wiiw.ac.at/what-remains-of-the-theory-of-demand-management-in-a-globalising-world--dlp-3090.pdf
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    More about this item

    Keywords

    aggregate demand; real and money wage; income distribution; trade war; shadow banks; endogenous money; credit rating;
    All these keywords.

    JEL classification:

    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F51 - International Economics - - International Relations, National Security, and International Political Economy - - - International Conflicts; Negotiations; Sanctions
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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