Keynes Re-engaged
Arindam Banerjee
KEYNESIAN REFLECTIONS: EFFECTIVE DEMAND, MONEY, FINANCE AND POLICIES IN THE CRISIS by Toshiaki Hirai, Maria Marcuzzo and Perry Mehrling Oxford University Press, New Delhi, 2014, 320 pp., 850
January 2014, volume 38, No 1

The global financial crisis of 2008 has dealt a double blow at the fundamentals of the world economic system, which the latter is still grappling with. The first blow was to three decades of unchallenged hegemony of international finance capital. However, there is an intense ongoing effort on the part of the global financial elites to reinstate the near-complete hegemony that it enjoyed till the 2008 crash. The ardent push for austerity in the Euro zone and the more recent militancy of the Republicans, blocking the US budget, in order to bargain for greater fiscal conservatism, are cases in point.

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