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The Intellectual Origins of the Global Financial Crisis$
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Roger Berkowitz and Taun N. Toay

Print publication date: 2012

Print ISBN-13: 9780823249602

Published to Fordham Scholarship Online: January 2013

DOI: 10.5422/fordham/9780823249602.001.0001

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Where Keynes Went Wrong

Where Keynes Went Wrong

Chapter:
(p.111) Eleven Where Keynes Went Wrong
Source:
The Intellectual Origins of the Global Financial Crisis
Author(s):

Hunter Lewis

Publisher:
Fordham University Press
DOI:10.5422/fordham/9780823249602.003.0012

Part historical narrative and part a critique Keynesianism, this chapter argues that the bi-partisan consensus on Keynsian responses to the financial crisis is mistaken. Hunter Lewis illuminates some of the apparent contradictions in Keynes’ writings and highlights current policy-makers who echo these logical mistakes. Lewis contends Keynesian policies, especially through low interest rates, may be fostering greater inequality and setting the stage for the next bubble. The focus on near-zero interest rates has done nothing to address the causes of the last crisis. The author concluded that without immediately embarking on saving and investing, rather than borrowing and spending, we will repeat the Victorian vice of debt and face an inevitable crash.

Keywords:   John Maynard Keynes, Where Keynes Went Wrong, Keynesian Economics, Ludwig von Mises, Friedrich Hayek, General Theory of Employment, Interests, and Money, Kenneth Rogoff, Alan Greenspan, Ben Bernanke, Paul Krugman, International Monetary Fund, Natioanl Recovery Act, Franco Modigliani

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