Reviving Growth Keynesianism

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Reviving Growth Keynesianism

Reviving Growth Keynesianism is an attempt to organize a conversation.

Since the Global Financial Crisis, scholars, policymakers, and citizens have been rethinking the way our capitalist world works.  The conversations today about fundamental ideas in political economy are more open and varied than they have been for generations. 

Within the academy, sociologists, political theorists, historians, and others, in addition to economists, are giving renewed attention to ideas associated with John Maynard Keynes on the relationship between inequality, growth, and aggregate demand—most notably, the argument that an equitable income distribution is critical for macroeconomic stability.

At the same time, ambitious policy proposals, from the Green New Deal to a Universal Basic Income, draw on Keynesian logic—sometimes without realizing it—as they describe how we can meet today’s biggest challenges while simultaneously growing the economy and fostering economic justice. 

We’ve entered a new period in the history of capitalism, one that is definitively after both the Keynesian “Golden Age” of the mid-20th Century and the neoliberal age that began around 1980. Succeeding in this new era will require recovering from the amnesia of the past forty years and remembering that the United States pioneered progressive intervention in the economy.

But we can’t simply return to the past: we must live in our own moment, and think thoughts appropriate for our own time. We are trying to revive a living tradition of political economy in America. The result will be a Young Keynesianism for the 21st Century.

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