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    John Maynard Keynes

    Starting in 2008, there has been a resurgence of interest in Keynesian economics among variouspolicy makers from the world's industrialized economies. This has included discussions and

    implementation of some economic policies in accordance with the recommendations made byJohnMaynard Keynes in response to the Great Depressionsuch as fiscal stimulus and expansionary monetarypolicy.[1][2][3][4]

    From the end of the Great Depression until the early 1970s, Keynesian economics provided the maininspiration for economic policy makers in western industrialized countries. The influence of Keynes'stheories waned in the 1970s, due to stagflation and critiques from Milton Friedman, Robert Lucas, Jr.,Friedrich Hayek and other economists who were less optimistic about the ability of interventionist

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    government policy to positively regulate the economy. The advent of the global financial crisis in 2008prompted a resurgence of interest in Keynesian economics among policy makers. Paralleling this change,there has also been some rethinking of the relevance of Keynes' ideas among academics, however, the

    revival of Keynesian economics in academia has been more controversial and muted.

    Contents

    [hide

    ]

    1 Backgroundo 1.1 Competing views on macroeconomic policy

    o 1.2 The Keynesian ascendancy: 19411979

    o 1.3 Displacement by monetarism: 19791984

    o

    1.4 The era of pragmatism: 19842007 2 The Keynesian revival of 20082009

    o 2.1 In the United States and Britain

    o 2.2 In various nations

    o 2.3 Effectiveness

    o 2.4 Criticism

    3 The Keynesian resurgence in academia 4 See also 5 Notes and references

    6 External links

    o 6.1 Further reading

    [edit] Background

    [edit] Competing views on macroeconomic policy

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    Macroeconomic policy focuses on high level government decisions which affect overall national economiesrather than lower level decisions concerning markets for particular goods and services. The Keynesianresurgence can be understood in the context of various competing perspectives from which policy

    recommendations originate. A key issue of contention is the optimal level of government intervention ineconomic affairs. For an overview on the different perspectives, see Liberal, Realist & Marxist. For moredetail on specific systems of thought relevant to debate on this fiscal policy see Keynesian economics,Monetarism, Austrianism, New Classical economics, Real business cycle theory, and New Keynesianeconomics.Over the last sixty years, most strikingly in the Anglo American economies but to a large extent worldwide,the two competing views receiving the most attention at policy-making level have been Keynesianism andMonetarism. Commentators such as Sunday Times economics editor David Smith have gone as far to saythe "entire economics debate could be characterized as a struggle between Monetarists and Keynesians".[5]

    Monetarists advise minimal government intervention in the economy, apart from tightly controlling themoney supply and publicizing targets for future modest expansion, thus setting expectations so as toreduce inflation. Monetarists also tend to favor free market policies such as clamping down on powerfullabor unions, fairly light regulation, and generally small government although not typically to theextremes favored by other economic liberals such as Austrian school economists and Libertarians.Keynesians, in contrast to Monetarists, tend to place greater importance on the role of fiscal policy overmonetary policy in the ups and downs of the economic cycle; they advise government intervention,especially in a recession where the standard recommendation is for increased government spending -especially on capital projects such as infrastructure - and tax reductions in order to stimulate aggregatedemand. In a boom they often suggest measures to dampen demand such as raising taxes and interest

    rates, and throughout the business cycle they prefer regulation of economic activity.Keynesian Economics evolved from the Keynesian Revolution. In contrast to the recent resurgence ofKeynesian policy making the revolution comprised primarily a shift change in theory. [6] There had beenseveral experiments in policy making that can be seen as precursors for Keynes ideas, most notablyFranklin D. Roosevelt's famous "New Deal" (Roosevelt was US president from 1933 to 1945). Theseexperiments however had been influenced more by morals, geopolitics and political ideology than by newdevelopments in economics, although it is notable that Keynes had found some support in the US for his

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    ideas about counter-cyclical public-works policy as early as 1931.[7] According to Gordon Fletcher, Keynes'General Theoryprovided a conceptual justification for 'New Deal'-type policies which was lacking in theestablished economics of the day - immensely significant as in the absence of a proper theoretical

    underpinning there was a danger that ad hoc policies of moderate intervention would be overtaken byextremist solutions, as had already happened in much of Europe.[6] Keynes did not however agree with allaspects of the New Deal; he considered that the almost immediate revival of business activity after theprogram's launch could only be accounted for by psychological factors, which are dangerous to rely on,[8]

    such as the boost to confidence by Roosevelt's inspiring oratory.Since the 1940s the influence of Keynesian Economics on government policy makers has both waxed andwaned under pressure from free market economics, and now appears to be waxing once again.

    [edit] The Keynesian ascendancy: 19411979

    Clement Attlee, British Prime Minister from 1945 to 1951, based his government's economic policy on Keynes' ideas.See also: Golden Age of Capitalism

    While working on his General Theory, Keynes wrote to George Bernard Shaw saying "I believe myself to bewriting a book on economic theory which will largely revolutionize, not I suppose at once but in the courseof the next ten years the way the world thinks about economic problems I don't merely hope what I

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    say, in my own mind I'm quite sure".[9] Professor Keith Shaw wrote that this degree of self confidence wasquite amazing especially considering it took more than fifty years for the Newtonian revolution to gainuniversal recognition; but also that Keynes's confidence was fully justified. [10] Keynes provided the main

    inspiration for European and American economic policy makers from about 1941 1979. The fifties andsixties, where Keynes's influence was at its peak, appears in retrospect as a golden age. [11] In late 1965Time magazine ran a cover article with the title inspired by Milton Friedman's statement, later associatedwith Nixon, that "We Are All Keynesians Now". The article described the exceptionally favourable economicconditions then prevailing, and reported that "Washington's economic managers scaled these heights bytheir adherence to Keynes's central theme: the modern capitalist economy does not automatically work attop efficiency, but can be raised to that level by the intervention and influence of the government." Thearticle also states that Keynes was one of the three most important economists ever, and that his GeneralTheorywas more influential than the magna opera of his rivals - Smith'sThe Wealth of Nations and Marx'sDas Kapital. [12]

    [edit] Displacement by monetarism: 19791984

    Main article: Post-war displacement of Keynesianism

    The stagflation of the 1970s, including Richard Nixon's imposition ofwage and price controls on August 15,1971 and in 1972 unilaterally canceling the Bretton Woods system and ceasing the direct convertibility ofthe United States dollar to gold, as well as the 1973 oil crisis and the recession that followed, unleashed aswelling tide of criticism for Keynesian economics, most notably from Milton Friedman, a leading figure ofMonetarism, and the Austrian School's Friedrich von Hayek.[13][14] In 1976, Robert Lucas of the Chicagoschool of economics introduced the Lucas critique, which called into question the logic behind Keynesian

    macroeconomic policy making.[15] By 1979, the election ofMargaret Thatcher as UK prime minister broughtmonetarism to British economic policy. In the US, the Federal Reserve under Paul Volker adopted similarpolicies of monetary tightening in order to squeeze inflation out of the system.[16]

    The monetarist experiments in the UK in the early 1980s succeeded in bringing down inflation, but at thecost of unemployment rates in excess of 10%. Contrary to monetarist predictions, the relationshipbetween the money supply and the price level proved unreliable in the short- to medium-term. The US

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    Federal Reserve officially discarded monetarism in 1984[17] and the Bank of England likewise abandoned itssterling M3 money targeting in October 1985.

    [edit] The era of pragmatism: 19842007

    The early 90s saw some instances of fiscal intervention by policymakers in the US and UK, and suchKeynesian remedies were never wholly dropped in Europe and other parts of the world. This period hasbeen described as a time of pragmatism[18], when, rather than following any one economic doctrine,policymakers chose whatever solution seemed to suit the particular circumstances they faced best. Yetfree-market influences broadly sympathetic to Monetarism remained very strong at government level inpowerful normative institutions like the World Bank, IMF and US Treasury, and in prominent opinion-forming media such as the Financial Times and the Economist.[19]

    [edit] The Keynesian revival of 20082009

    In the wake of the Financial crisis of 20072009 the free market consensus began to attract negativecomment even by mainstream opinion formers from the economic right.

    [edit] In the United States and Britain

    In March 2008, free-market guru Martin Wolf, chief economics commentator at the Financial Times,announced the death of the dream of global free-market capitalism, and quotedJosef Ackermann, chief

    executive ofDeutsche Bank, as saying "I no longer believe in the market's self-healing power."[20]

    Shortlyafterward economist Robert Shiller began advocating robust government intervention to tackle thefinancial crisis, specifically citing Keynes.[21][22] Macro economistJames K. Galbraith used the 25th AnnualMilton Friedman Distinguished Lecture to launch a sweeping attack against the consensus for monetaristeconomics and argued that Keynesian economics were far more relevant for tackling the emerging crises.[23]

    A series of major bailouts followed, starting on September 7 with the announcement that the U.S.government was to nationalize the two firms which oversaw most of the U.S. mortgage marketFannie

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    Mae and Freddie Mac. In October, the British Chancellor of the Exchequer referred to Keynes as heannounced plans for substantial fiscal stimuli to head off the worst effects of recession, in accordance withKeynesian economic thought.[24] Similar policies have been announced in other European countries, by the

    U.S., and by China. [25] This is in stark contrast to the scope given to Indonesia during its financial crisis of1997, when the IMF forced it to close 16 banks simultaneously, prompting a bank run.[26]

    Prominent Keynesian economists included Paul Krugman, Robert Reich andJoseph Stiglitz [citation needed] . GregMankiw argued that Keynes was the economist who provided the greatest single insight into the crisis,[27]

    but later encouraged skepticism about a fiscal stimulus.[28]

    The works on Keynes ofHyman Minsky,[29]Robert Skidelsky,[30] and Donald Markwell[31] were widely cited.Much discussion reflected Keynes's advocacy of international coordination of fiscal or monetary stimulus,and of international economic institutions such as the International Monetary Fund and World Bank, whichhe had helped to create at Bretton Woods in 1944, and which many argued should be reformed at a "newBretton Woods".[32] This was evident at the G20 and APEC meetings in Washington, D.C., and Lima, Peru, in

    November 2008, and in coordinated reductions of interest rates by many countries in November andDecember 2008. IMF and United Nations economists and political leaders such as British Prime MinisterGordon Brown advocated a coordinated international approach to fiscal stimulus.[33] The President of theWorld Bank, Robert Zoellick, advocated that all developed country pledge 0.7 percent of its stimuluspackage to a vulnerability fund for assisting developing countries.[34] It was argued (e.g. by DonaldMarkwell) that the absence of an international approach in the spirit of Keynes, or its failure, risked theeconomic causes of international political conflict which Keynes had identified (e.g. in the 1930s) cominginto play again.[35][8]In a speech on January 8, 2009, President Barack Obama unveiled a plan for extensive domestic spendingto combat recession, further reflecting Keynesian thinking. The plan was signed by the President on

    February 17, 2009. There had been extensive debate in Congress concerning the necessity, adequacy, andlikely effects of the package, which saw it being cut from $819 to $787 billion during its passage throughthe Senate.[36][37]

    Wikinews has related news:Asian countries call for global currency

    Critics on the left question whether government policy has become sufficiently Keynesian in their viewObama's economic team is disappointingly centrist, with its inclusion of economists who have previously

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    been associated with support for the neoliberal or pro free market agenda, such asJason Furman and LarrySummers.[38][39]

    [edit] In various nations

    A renewed interest in Keynesian ideas was not limited to western countries. In a speech delivered in March2009 entitled Reform the International Monetary System, Zhou Xiaochuan, the governor of the People'sBank of China revived Keynes's idea of a centrally managed global reserve currency. Dr Zhou argued thatit was unfortunate that Keynes's Bancor proposal was not accepted at Bretton Woods in the 1940s. Heargued that national currencies were unsuitable for use as global reserve currencies as a result of the

    Triffin dilemma - the difficulty faced by reserve currency issuers in trying to simultaneously achieve theirdomestic monetary policy goals and meet other countries' demand for reserve currency. Dr Zhou proposeda gradual move towards adopting IMF Special Drawing Rights (SDRs) as a centrally managed global

    reserve currency.[40][41]

    [edit] Effectiveness

    China was one of the first nations to launch a substantial fiscal stimulus package , estimated at $586billion spread over two years [42] , and in February 2009 the Financial Times reported that both governmentofficials and private investors were seeing signs of recovery, such as rises in commodity prices, a 13% risein the Chinese stock market over a period of 10 days, and a big increase in lendingreflecting thegovernment's success in using state owned banks to inject liquidity into the real economy [43].As late as April, central bankers and finance ministers remained cautious about the overall global

    economy, but in May 2009 the Financial Times was able to report that according to a package of leadingindicators there are signs that recovery is now imminent in Europe to, after a trough in March. The US wasone of the last major economies to implement a major stimulus plan, and the slowdown there looks set tocontinue for at least a few more months [44]. There has also been a rise in business and consumerconfidence across most of Europe, especially in the emerging economies such as Brazil, Russia and India.[45] In June, OECD reported improvements to the global economic outlook, with overall growth now forecastfor 2010 instead of a small contraction. OECD specifically credited stimulus plans, which they warned

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    should not be rolled back too swiftly.[46] The IMF also reported a better than expected global economicoutlook in July, though warning the recovery is likely to be slow. Again they credited the "unprecedented"global policy response and echoing the OECD in urging leaders to avoid complacency and not to unwind

    recession fighting fiscal and monetary policy too soon.[47]

    [48]

    [edit] Criticism

    Keynesian ideas have also attracted considerable criticism. While there has been broad consensus amonginternational leaders concerning the need for co-ordinated stimulus, the German administration initiallystood out in their reluctance to wholeheartedly embrace Keynesian policy.[49]

    Critics focus on arguing that Keynesian policy will be counter-productive reasons given include assertionsthat it will be inflationary, create more income disparity and cause consumers to rein in their spendingeven more as they anticipate future tax rises.[50][51][52] In 2009 more than 300 professional economists, led

    by three Nobel Laureates in economics -James M. Buchanan, Edward Prescott and Vernon Smith, signed astatement against more government spending arguing that "Lower tax rates and a reduction in the burdenof government are the best ways of using fiscal policy to boost growth."[53]Robert Barro, an economicsprofessor at Harvard University, has argued that stimulus spending may be unwise, claiming one of thefactors the US stimulus package depends on for its effectiveness, the multiplier effect is in practice closeto zero - not 1.5 as he says the Obama team were assuming- which means the extra employmentgenerated by the stimulus will be cancelled out by less output and investment in the private sector. [54][55]

    Edward Prescott [56] and fellow economist Eugene Fama[57] have also argued that the stimulus plans areunlikely to have a net positive effect on employment, and may even harm it.

    There have also been arguments that the late 2000s crisis was caused not by excessively free markets but

    by the remnants of Keynesian policy.[58]Luigi Zingales ofUniversity of Chicago argues that "Keynesianismis just a convenient ideology to hide corruption and political patronage".[59] In February 2009, AlanReynolds, senior fellow at the Cato Insitute, acknowledged the resurgence , then proceeded to argue thatevidence from various studies suggest Keynesian remedies will be ineffective and that Keynesianadvocates appear to be driven by blind faith. [60]Austrian school economic historianThomas Woodspublished a book, Meltdown, in 2009 which places the blame for the crises on government intervention,and blames the Federal Reserve as the primary culprit behind the financial calamity.[61]

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    [edit] The Keynesian resurgence in academia

    With a few notable exceptions (such as Robert Shiller,James Galbraith and Paul Krugman among others),the Keynesian resurgence has been largely driven by policy makers rather than academic economists.Until very recently mainstream economists have not generally favoured robust counter-cyclical fiscalpolicies. While the school of thought known as New Keynesian economics has dominated the teaching ofmacroeconomics at universities, New Keynesians largely believed that monetary policy was enough tostabilize the economy, and largely rejected interventionist fiscal policy (as advocated by Keynes) asunnecessary. Some economists (primarily post-Keynesians) have accused the New Keynesian system ofbeing so integrated with pro-free market neo-classical influences that the label 'Keynesian' may beconsidered a misnomer. [62]

    Yet there has been a shift in thinking amongst many mainstream economists, paralleling the resurgence ofKeynesianism among policy makers. The New York Times reported that in the 2008 annual meeting of theAmerican Economic Association mainstream economists remained hostile or at least sceptical about thegovernments role in enhancing the market sector or mitigating recession with fiscal stimulus - but in the2009 meeting virtually everyone voiced their support for such measures.[63] However a substantial shift inopinion is less obvious in the academic literature. Speaking in March 2009, Galbraith has stated that hehas not detected any changes among academic economists, nor a re-examination of orthodox opinion inthe journals. [64]

    The 2008 financial crisis has led some in the economic profession to pay greater attention to Keynessoriginal theories. In February 2009, Robert Shiller and George Akerlofargued in their bookAnimal Spiritsthat the current US stimulus package was too small, as it does not take into account loss of confidence or

    do enough to restore the availability of credit. In a September 2009 article for the New York Times, on thelessons economists should learn from the crisis, Paul Krugman urged economists to move away fromneoclassical models and employ Keynesian analysis: [65]

    So here's what I think economists have to do. First, they have to face up to the inconvenient reality that financial marketsfall far short of perfection, that they are subject to extraordinary delusions and the madness of crowds. Second, they haveto admit ... that Keynesian economics remains the best framework we have for making sense of recessions anddepressions. Third, they'll have to do their best to incorporate the realities of finance into macroeconomics.

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    [edit] See also

    Financial crisis of 20072009 Late-2000s recession Keynesian economics Neo-Keynesian economics New Keynesian economics

    Post-Keynesian economics Post-capitalism

    [edit] Notes and references

    1. ^ Chris Giles in London, Ralph Atkins in Frankfurt and,Krishna Guha in Washington. "The undeniable shift to Keynes". TheFinancial Times. http://www.ft.com/cms/s/0/c4cf37f4-d611-11dd-a9cc-000077b07658.html. Retrieved 2009-01-23.

    2. ^ Sudeep Reddy. "The New Old Big Thing in Economics: J.M. Keynes". The Wall street Journal. Archived from the originalon 2009-06-10. http://www.webcitation.org/5hQqFOiTV. Retrieved 2009-03-12.

    3. ^ Sumita Kale. "A global Keynesian revival". livemint.com in partnership with The Wall Street Journal.http://www.livemint.com/2008/02/21000738/A-global-Keynesian-revival.html. Retrieved 2009-01-23.

    4. ^ Quinn Bowman. "Keynes' Economic Theories Re-emerge in Government Intervention Policies". Online NewsHour PBS.http://www.pbs.org/newshour/updates/business/jan-june09/keynes_02-23.html. Retrieved 2009-09-19.

    5. ^ Smith, David (2003). "12".Free Lunch. pp. 202.6. ^ ab Fletcher, Gordon (1989). "Introduction". The Keynesian Revolution and Its Critics: Issues of Theory and Policy for the

    Monetary Production Economy.7. ^ Skidelsky, Robert (2003). "29". John Maynard Keynes: 1883-1946: Economist,Philosopher, Statesman.8. ^ Skidelsky, Robert (2003). "29". John Maynard Keynes: 1883-1946: Economist, Philosopher, Statesman.9. ^ Keynes, J.M (1973). Donald Moggeridge. ed. The Collected Writings of J. M. Keynes. XIV. pp. 492493.10. ^ Shaw, Keith (1988). "9".Keynesian Economics: The Permanent Revolution . pp. 142.11. ^ Fletcher, Gordon (1989). "Introduction". The Keynesian Revolution and Its Critics: Issues of Theory and Policy for the

    Monetary Production Economy. pp. xx.

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    12. ^ ""We Are All Keynesians Now"". Time magazine.http://www.time.com/time/magazine/article/0,9171,842353-5,00.htm.Retrieved 2008-11-13.

    13. ^ Peter Dorey.Policy making in Britain. SAGE. 2005. ISBN 9780761949046 p. 16

    14. ^ Kenneth R. Hoover.Economics as ideology: Keynes, Laski, Hayek, and the creation of contemporary politics. Rowman &Littlefield. 2003. p. 2-3

    15. ^ Lucas, Robert (1976). "Econometric Policy Evaluation: A Critique". in Brunner, K.; Meltzer, A.. The Phillips Curve andLabor Markets. Carnegie-Rochester Conference Series on Public Policy. 1. New York: American Elsevier. pp. 1946. ISBN0444110070.

    16. ^ Fletcher, Gordon (1989). "Introduction". The Keynesian Revolution and Its Critics: Issues of Theory and Policy for theMonetary Production Economy. pp. xxi.

    17. ^ "The End of the Age of Milton Friedman". Time magazine.http://www.huffingtonpost.com/jeff-madrick/the-end-of-the-age-of-mil_b_94228.html. Retrieved 2008-11-13.

    18. ^ Smith, David (2003). "12".Free Lunch. pp. 215.

    19. ^ Hunter-Wade, Robert (2005). "11". in John Ravenhill. Global Political Economy. pp. p293.20. ^ "The rescue of Bear Stearns marks liberalization's limit". Financial Times. http://www.ft.com/cms/s/0/8ced5202-fa94-11dc-

    aa46-000077b07658.html?nclick_check=1. Retrieved 2008-11-13.21. ^ "Robert Shiller: The sub prime solution". Google Video.http://video.google.com/videoplay?docid=-

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    60. ^ Alan_Reynolds. "Faith-Based Economics". Cato Institute andNational Review. Archived from the original on 2009-10-04.http://www.webcitation.org/5kHjqkMlK. Retrieved 2009-10-04.

    61. ^ Woods, Tom (2009). Meltdown: A Free-Market Look at Why the Stock Market Collapsed, the Economy Tanked, andGovernment Bailouts Will Make Things Worse.

    62. ^ Rotheim, Roy (1998). "passim, esp forward".New Keynesian Economics/post Keynesian Alternatives. Routledge. pp. viii.63. ^ LOUIS UCHITELLE. "Economists Warm to Government Spending but Debate Its Form". New York Times.

    http://www.nytimes.com/2009/01/07/business/economy/07spend.html?_r=2&ref=economy. Retrieved 2009-03-11.

    http://en.wikipedia.org/wiki/#cite_ref-46http://www.ft.com/cms/s/0/4e8677f0-6bc2-11de-9320-00144feabdc0.htmlhttp://www.ft.com/cms/s/0/4e8677f0-6bc2-11de-9320-00144feabdc0.htmlhttp://en.wikipedia.org/wiki/The_Financial_Timeshttp://en.wikipedia.org/wiki/The_Financial_Timeshttp://www.ft.com/cms/s/0/4e8677f0-6bc2-11de-9320-00144feabdc0.htmlhttp://en.wikipedia.org/wiki/#cite_ref-47http://www.webcitation.org/5iVbjRYDihttp://en.wikipedia.org/wiki/IMFhttp://www.imf.org/external/pubs/ft/survey/so/2009/RES070809A.htmhttp://www.webcitation.org/5iVbjRYDihttp://en.wikipedia.org/wiki/#cite_ref-48http://www.ft.com/cms/s/0/42660b7a-e111-11dd-b0e8-000077b07658.htmlhttp://www.ft.com/cms/s/0/42660b7a-e111-11dd-b0e8-000077b07658.htmlhttp://www.ft.com/cms/s/0/42660b7a-e111-11dd-b0e8-000077b07658.htmlhttp://en.wikipedia.org/wiki/#cite_ref-49http://www.worldnetdaily.com/index.php?pageId=86474http://www.worldnetdaily.com/index.php?pageId=86474http://en.wikipedia.org/wiki/#cite_ref-50http://www.adamsmith.org/think-piece/economy/how-to-promote-the-free-market-in-2009-200901122748/http://www.adamsmith.org/think-piece/economy/how-to-promote-the-free-market-in-2009-200901122748/http://www.adamsmith.org/think-piece/economy/how-to-promote-the-free-market-in-2009-200901122748/http://www.adamsmith.org/think-piece/economy/how-to-promote-the-free-market-in-2009-200901122748/http://en.wikipedia.org/wiki/#cite_ref-51http://www.webcitation.org/5hQqEyFR1http://www.campaignforliberty.com/article.php?view=15http://www.webcitation.org/5hQqEyFR1http://en.wikipedia.org/wiki/#cite_ref-52http://www.webcitation.org/5k5PAndsnhttp://www.cato.org/special/stimulus09/alternate_version.htmlhttp://www.cato.org/special/stimulus09/alternate_version.htmlhttp://www.webcitation.org/5k5PAndsnhttp://www.webcitation.org/5k5PAndsnhttp://en.wikipedia.org/wiki/#cite_ref-53http://en.wikipedia.org/wiki/Robert_J._Barrohttp://www.webcitation.org/5k5PBDPlXhttp://en.wikipedia.org/wiki/The_Wall_Street_Journalhttp://online.wsj.com/article/SB123258618204604599.htmlhttp://www.webcitation.org/5k5PBDPlXhttp://en.wikipedia.org/wiki/#cite_ref-54http://www.bepress.com/ev/vol6/iss2/art5http://www.webcitation.org/5k5PBbuM0http://en.wikipedia.org/wiki/#cite_ref-55http://www.theweek.com/article/index/93473/The_selfdefeating_stimulushttp://www.theweek.com/article/index/93473/The_selfdefeating_stimulushttp://en.wikipedia.org/wiki/#cite_ref-56http://www.dimensional.com/famafrench/2009/01/bailouts-and-stimulus-plans.htmlhttp://www.dimensional.com/famafrench/2009/01/bailouts-and-stimulus-plans.htmlhttp://www.dimensional.com/famafrench/2009/01/bailouts-and-stimulus-plans.htmlhttp://en.wikipedia.org/wiki/#cite_ref-57http://www.webcitation.org/5iVbifEH5http://www.hawaiireporter.com/story.aspx?e6d31da4-0cd9-4587-a557-f4d3eb52292dhttp://www.webcitation.org/5iVbifEH5http://www.webcitation.org/5iVbifEH5http://en.wikipedia.org/wiki/#cite_ref-TheEconomist_58-0http://www.economist.com/debate/days/view/283http://en.wikipedia.org/wiki/Wikipedia:Dead_external_linkshttp://en.wikipedia.org/wiki/Wikipedia:Dead_external_linkshttp://en.wikipedia.org/wiki/#cite_ref-59http://www.webcitation.org/5kHjqkMlKhttp://en.wikipedia.org/wiki/National_Reviewhttp://www.cato.org/pub_display.php?pub_id=9915http://www.webcitation.org/5kHjqkMlKhttp://en.wikipedia.org/wiki/#cite_ref-60http://en.wikipedia.org/wiki/#cite_ref-61http://en.wikipedia.org/wiki/#cite_ref-62http://www.nytimes.com/2009/01/07/business/economy/07spend.html?_r=2&ref=economyhttp://www.nytimes.com/2009/01/07/business/economy/07spend.html?_r=2&ref=economyhttp://en.wikipedia.org/wiki/#cite_ref-46http://www.ft.com/cms/s/0/4e8677f0-6bc2-11de-9320-00144feabdc0.htmlhttp://www.ft.com/cms/s/0/4e8677f0-6bc2-11de-9320-00144feabdc0.htmlhttp://en.wikipedia.org/wiki/The_Financial_Timeshttp://www.ft.com/cms/s/0/4e8677f0-6bc2-11de-9320-00144feabdc0.htmlhttp://en.wikipedia.org/wiki/#cite_ref-47http://www.webcitation.org/5iVbjRYDihttp://en.wikipedia.org/wiki/IMFhttp://www.imf.org/external/pubs/ft/survey/so/2009/RES070809A.htmhttp://www.webcitation.org/5iVbjRYDihttp://en.wikipedia.org/wiki/#cite_ref-48http://www.ft.com/cms/s/0/42660b7a-e111-11dd-b0e8-000077b07658.htmlhttp://www.ft.com/cms/s/0/42660b7a-e111-11dd-b0e8-000077b07658.htmlhttp://www.ft.com/cms/s/0/42660b7a-e111-11dd-b0e8-000077b07658.htmlhttp://en.wikipedia.org/wiki/#cite_ref-49http://www.worldnetdaily.com/index.php?pageId=86474http://www.worldnetdaily.com/index.php?pageId=86474http://en.wikipedia.org/wiki/#cite_ref-50http://www.adamsmith.org/think-piece/economy/how-to-promote-the-free-market-in-2009-200901122748/http://www.adamsmith.org/think-piece/economy/how-to-promote-the-free-market-in-2009-200901122748/http://www.adamsmith.org/think-piece/economy/how-to-promote-the-free-market-in-2009-200901122748/http://en.wikipedia.org/wiki/#cite_ref-51http://www.webcitation.org/5hQqEyFR1http://www.campaignforliberty.com/article.php?view=15http://www.webcitation.org/5hQqEyFR1http://en.wikipedia.org/wiki/#cite_ref-52http://www.webcitation.org/5k5PAndsnhttp://www.cato.org/special/stimulus09/alternate_version.htmlhttp://www.webcitation.org/5k5PAndsnhttp://en.wikipedia.org/wiki/#cite_ref-53http://en.wikipedia.org/wiki/Robert_J._Barrohttp://www.webcitation.org/5k5PBDPlXhttp://en.wikipedia.org/wiki/The_Wall_Street_Journalhttp://online.wsj.com/article/SB123258618204604599.htmlhttp://www.webcitation.org/5k5PBDPlXhttp://en.wikipedia.org/wiki/#cite_ref-54http://www.bepress.com/ev/vol6/iss2/art5http://www.webcitation.org/5k5PBbuM0http://en.wikipedia.org/wiki/#cite_ref-55http://www.theweek.com/article/index/93473/The_selfdefeating_stimulushttp://www.theweek.com/article/index/93473/The_selfdefeating_stimulushttp://en.wikipedia.org/wiki/#cite_ref-56http://www.dimensional.com/famafrench/2009/01/bailouts-and-stimulus-plans.htmlhttp://www.dimensional.com/famafrench/2009/01/bailouts-and-stimulus-plans.htmlhttp://en.wikipedia.org/wiki/#cite_ref-57http://www.webcitation.org/5iVbifEH5http://www.hawaiireporter.com/story.aspx?e6d31da4-0cd9-4587-a557-f4d3eb52292dhttp://www.webcitation.org/5iVbifEH5http://en.wikipedia.org/wiki/#cite_ref-TheEconomist_58-0http://www.economist.com/debate/days/view/283http://en.wikipedia.org/wiki/Wikipedia:Dead_external_linkshttp://en.wikipedia.org/wiki/#cite_ref-59http://www.webcitation.org/5kHjqkMlKhttp://en.wikipedia.org/wiki/National_Reviewhttp://www.cato.org/pub_display.php?pub_id=9915http://www.webcitation.org/5kHjqkMlKhttp://en.wikipedia.org/wiki/#cite_ref-60http://en.wikipedia.org/wiki/#cite_ref-61http://en.wikipedia.org/wiki/#cite_ref-62http://www.nytimes.com/2009/01/07/business/economy/07spend.html?_r=2&ref=economyhttp://www.nytimes.com/2009/01/07/business/economy/07spend.html?_r=2&ref=economy
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    64. ^ PATRICIA COHEN. "Ivory Tower Unswayed by Crashing Economy". New York Times.http://www.nytimes.com/2009/03/05/books/05deba.html?ref=books. Retrieved 2009-03-14.

    65. ^ PAUL KRUGMAN (2009-09-02). "How Did Economists Get It So Wrong?". New York Times.

    http://www.nytimes.com/2009/09/06/magazine/06Economic-t.html?_r=3&pagewanted=all. Retrieved 2009-09-11.

    [edit] External links

    A global survey of stimulus plans Donald Markwell,Keynes and International Economic and Political Relations, Trinity Paper No. 33, Trinity College,

    University of Melbourne, 2009 [9]

    [edit] Further reading

    Robert Skidelsky (2009).Keynes: The Return of the Master.Allen Lane. ISBN 184614258X.

    [hide]vde

    Financial crisis of 20072009

    Late 2000s recession 2008 G-20 Washington summit APEC Peru 2008 2009 G-20 London summit 2009 G-20 Pittsburghsummit

    Specific issues

    United States housing market correction World food price crisis Energy crisis (Central Asia) Subprime mortgage crisis (timeline, List of writedowns) Automotive industry crisis Future ofnewspapers List of entities involved (Bankrupt or acquired banks,Bankrupt retailers) Effectsupon museums Banking revelations in IrelandResurgence of Keynesianism

    By country (or region)Belgium Iceland Ireland Latvia Russia Spain Ukraine (EuropeAfrica Americas Asia Australasia)

    http://en.wikipedia.org/wiki/#cite_ref-63http://www.nytimes.com/2009/03/05/books/05deba.html?ref=bookshttp://www.nytimes.com/2009/03/05/books/05deba.html?ref=bookshttp://en.wikipedia.org/wiki/#cite_ref-64http://www.nytimes.com/2009/09/06/magazine/06Economic-t.html?_r=3&pagewanted=allhttp://www.nytimes.com/2009/09/06/magazine/06Economic-t.html?_r=3&pagewanted=allhttp://en.wikipedia.org/w/index.php?title=2008%E2%80%932009_Keynesian_resurgence&action=edit&section=14http://www.voxeu.org/index.php?q=node/3156http://en.wikipedia.org/wiki/Donald_Markwellhttp://www.trinity.unimelb.edu.au/publications/trinity_papers/paper33http://www.trinity.unimelb.edu.au/publications/trinity_papers/paper33http://en.wikipedia.org/w/index.php?title=2008%E2%80%932009_Keynesian_resurgence&action=edit&section=15http://en.wikipedia.org/wiki/Keynes:_The_Return_of_the_Masterhttp://en.wikipedia.org/wiki/Keynes:_The_Return_of_the_Masterhttp://en.wikipedia.org/wiki/Allen_Lanehttp://en.wikipedia.org/wiki/Special:BookSources/184614258Xhttp://en.wikipedia.org/wiki/Template:2008_economic_crisishttp://en.wikipedia.org/wiki/Template_talk:2008_economic_crisishttp://en.wikipedia.org/wiki/Template_talk:2008_economic_crisishttp://en.wikipedia.org/wiki/Template_talk:2008_economic_crisishttp://en.wikipedia.org/w/index.php?title=Template:2008_economic_crisis&action=edithttp://en.wikipedia.org/wiki/Financial_crisis_of_2007%E2%80%932009http://en.wikipedia.org/wiki/Late-2000s_recessionhttp://en.wikipedia.org/wiki/2008_G-20_Washington_summithttp://en.wikipedia.org/wiki/APEC_Peru_2008http://en.wikipedia.org/wiki/APEC_Peru_2008http://en.wikipedia.org/wiki/2009_G-20_London_summithttp://en.wikipedia.org/wiki/2009_G-20_Pittsburgh_summithttp://en.wikipedia.org/wiki/2009_G-20_Pittsburgh_summithttp://en.wikipedia.org/wiki/United_States_housing_market_correctionhttp://en.wikipedia.org/wiki/2007%E2%80%932008_world_food_price_crisishttp://en.wikipedia.org/wiki/2000s_energy_crisishttp://en.wikipedia.org/wiki/2000s_energy_crisishttp://en.wikipedia.org/wiki/2008_Central_Asia_energy_crisishttp://en.wikipedia.org/wiki/Subprime_mortgage_crisishttp://en.wikipedia.org/wiki/Subprime_crisis_impact_timelinehttp://en.wikipedia.org/wiki/List_of_writedowns_due_to_subprime_crisishttp://en.wikipedia.org/wiki/Automotive_industry_crisis_of_2008-2009http://en.wikipedia.org/wiki/Automotive_industry_crisis_of_2008-2009http://en.wikipedia.org/wiki/Future_of_newspapershttp://en.wikipedia.org/wiki/Future_of_newspapershttp://en.wikipedia.org/wiki/Future_of_newspapershttp://en.wikipedia.org/wiki/List_of_entities_involved_in_2007%E2%80%932008_financial_criseshttp://en.wikipedia.org/wiki/List_of_entities_involved_in_2007%E2%80%932008_financial_criseshttp://en.wikipedia.org/wiki/List_of_acquired_or_bankrupt_banks_in_the_late_2000s_financial_crisishttp://en.wikipedia.org/wiki/List_of_bankrupt_retailers_during_the_financial_crisis_of_2007-2008http://en.wikipedia.org/wiki/List_of_bankrupt_retailers_during_the_financial_crisis_of_2007-2008http://en.wikipedia.org/wiki/Effects_of_the_financial_crisis_of_2007%E2%80%932009_on_museumshttp://en.wikipedia.org/wiki/Effects_of_the_financial_crisis_of_2007%E2%80%932009_on_museumshttp://en.wikipedia.org/wiki/2008%E2%80%932009_Irish_banking_crisishttp://en.wikipedia.org/wiki/2008%E2%80%932009_Irish_banking_crisishttp://en.wikipedia.org/wiki/2008%E2%80%932009_Belgian_financial_crisishttp://en.wikipedia.org/wiki/2008%E2%80%932009_Icelandic_financial_crisishttp://en.wikipedia.org/wiki/2008%E2%80%932009_Irish_financial_crisishttp://en.wikipedia.org/wiki/2008%E2%80%932009_Latvian_financial_crisishttp://en.wikipedia.org/wiki/2008%E2%80%932009_Russian_financial_crisishttp://en.wikipedia.org/wiki/2008%E2%80%932009_Spanish_financial_crisishttp://en.wikipedia.org/wiki/2008%E2%80%932009_Ukrainian_financial_crisishttp://en.wikipedia.org/wiki/Late_2000s_recession_in_Europehttp://en.wikipedia.org/wiki/Late_2000s_recession_in_Europehttp://en.wikipedia.org/wiki/Late_2000s_recession_in_Africahttp://en.wikipedia.org/wiki/Late_2000s_recession_in_the_Americashttp://en.wikipedia.org/wiki/Late_2000s_recession_in_Asiahttp://en.wikipedia.org/wiki/Late_2000s_recession_in_Australasiahttp://en.wikipedia.org/wiki/#cite_ref-63http://www.nytimes.com/2009/03/05/books/05deba.html?ref=bookshttp://www.nytimes.com/2009/03/05/books/05deba.html?ref=bookshttp://en.wikipedia.org/wiki/#cite_ref-64http://www.nytimes.com/2009/09/06/magazine/06Economic-t.html?_r=3&pagewanted=allhttp://www.nytimes.com/2009/09/06/magazine/06Economic-t.html?_r=3&pagewanted=allhttp://en.wikipedia.org/w/index.php?title=2008%E2%80%932009_Keynesian_resurgence&action=edit&section=14http://www.voxeu.org/index.php?q=node/3156http://en.wikipedia.org/wiki/Donald_Markwellhttp://www.trinity.unimelb.edu.au/publications/trinity_papers/paper33http://en.wikipedia.org/w/index.php?title=2008%E2%80%932009_Keynesian_resurgence&action=edit&section=15http://en.wikipedia.org/wiki/Keynes:_The_Return_of_the_Masterhttp://en.wikipedia.org/wiki/Allen_Lanehttp://en.wikipedia.org/wiki/Special:BookSources/184614258Xhttp://en.wikipedia.org/wiki/Template:2008_economic_crisishttp://en.wikipedia.org/wiki/Template_talk:2008_economic_crisishttp://en.wikipedia.org/w/index.php?title=Template:2008_economic_crisis&action=edithttp://en.wikipedia.org/wiki/Financial_crisis_of_2007%E2%80%932009http://en.wikipedia.org/wiki/Late-2000s_recessionhttp://en.wikipedia.org/wiki/2008_G-20_Washington_summithttp://en.wikipedia.org/wiki/APEC_Peru_2008http://en.wikipedia.org/wiki/2009_G-20_London_summithttp://en.wikipedia.org/wiki/2009_G-20_Pittsburgh_summithttp://en.wikipedia.org/wiki/2009_G-20_Pittsburgh_summithttp://en.wikipedia.org/wiki/United_States_housing_market_correctionhttp://en.wikipedia.org/wiki/2007%E2%80%932008_world_food_price_crisishttp://en.wikipedia.org/wiki/2000s_energy_crisishttp://en.wikipedia.org/wiki/2008_Central_Asia_energy_crisishttp://en.wikipedia.org/wiki/Subprime_mortgage_crisishttp://en.wikipedia.org/wiki/Subprime_crisis_impact_timelinehttp://en.wikipedia.org/wiki/List_of_writedowns_due_to_subprime_crisishttp://en.wikipedia.org/wiki/Automotive_industry_crisis_of_2008-2009http://en.wikipedia.org/wiki/Future_of_newspapershttp://en.wikipedia.org/wiki/Future_of_newspapershttp://en.wikipedia.org/wiki/List_of_entities_involved_in_2007%E2%80%932008_financial_criseshttp://en.wikipedia.org/wiki/List_of_acquired_or_bankrupt_banks_in_the_late_2000s_financial_crisishttp://en.wikipedia.org/wiki/List_of_bankrupt_retailers_during_the_financial_crisis_of_2007-2008http://en.wikipedia.org/wiki/Effects_of_the_financial_crisis_of_2007%E2%80%932009_on_museumshttp://en.wikipedia.org/wiki/Effects_of_the_financial_crisis_of_2007%E2%80%932009_on_museumshttp://en.wikipedia.org/wiki/2008%E2%80%932009_Irish_banking_crisishttp://en.wikipedia.org/wiki/2008%E2%80%932009_Belgian_financial_crisishttp://en.wikipedia.org/wiki/2008%E2%80%932009_Icelandic_financial_crisishttp://en.wikipedia.org/wiki/2008%E2%80%932009_Irish_financial_crisishttp://en.wikipedia.org/wiki/2008%E2%80%932009_Latvian_financial_crisishttp://en.wikipedia.org/wiki/2008%E2%80%932009_Russian_financial_crisishttp://en.wikipedia.org/wiki/2008%E2%80%932009_Spanish_financial_crisishttp://en.wikipedia.org/wiki/2008%E2%80%932009_Ukrainian_financial_crisishttp://en.wikipedia.org/wiki/Late_2000s_recession_in_Europehttp://en.wikipedia.org/wiki/Late_2000s_recession_in_Africahttp://en.wikipedia.org/wiki/Late_2000s_recession_in_the_Americashttp://en.wikipedia.org/wiki/Late_2000s_recession_in_Asiahttp://en.wikipedia.org/wiki/Late_2000s_recession_in_Australasia
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    Legislation and policy responses

    Banking and finance

    stability and reform

    Banking (Special Provisions) Act 2008 Commercial Paper Funding Facility Emergency Economic

    Stabilization Act of 2008 Troubled Assets Relief ProgramTerm Asset-Backed Securities LoanFacility Temporary Liquidity Guarantee Program 2008 United Kingdom bank rescue package 2008 East Asian meetingsAnglo Irish Bank Corporation Bill 2009 2009 G-20 London summit Irish emergency budget, 2009 National Asset Management Agency

    Stimulus and recovery