By Philip Arestis, Malcolm Sawyer (eds.)
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Extra info for 21st Century Keynesian Economics
Embeddedness, resilience, path dependence and the failure of financial liberalization From the perspective of Keynesian (and other heterodox approaches to) economics, there are a number of related factors that help to explain the failures of financial liberalization in the developing world. The neoclassical Ilene Grabel 19 approach refuses the idea that financial arrangements and financial actors are embedded in a constellation of historically-contingent political and social relationships that may enable development along all sorts of non-neoliberal paths.
Agents can respond to new information in a manner that is either market stabilizing or destabilizing In the Keynesian view, the idea that predictors and events are independent of one another does not make sense. By making agents aware of fragilities in the economy, predictors may induce market-stabilizing or destabilizing changes in behavior. This is because, from a Keynesian perspective, predictors and crises (as events) are entirely dependent on one another. Given endogenous expectations and the inherent instability of liquid, liberalized, internationally integrated financial markets, rational economic actors are just as likely to engage in destabilizing 26 Financial Systems and Economic Development in the 21st Century herd behavior in response to new information as they are to engage in market-stabilizing behavior.
1984), ‘On the efficiency of the financial system’, Lloyds Bank Review, 153, pp. 1–15. United Nations Development Program (UNDP) (various years) Human Development Report, Oxford: Oxford University Press. , Kraev, E. and Chen, J. (2001), ‘The scorecard on globalization 1980–2000’, Center for Economic Policy Research, September, www. htm. Weller, C. ’, Journal of Development Studies, 38(1), pp. 98–127. Weller, C. and Hersh, A. (2004), ‘The long and short of it: Global liberalization, poverty and inequality’, Journal of Post Keynesian Economics, 26(3), pp.
21st Century Keynesian Economics by Philip Arestis, Malcolm Sawyer (eds.)