Does history repeat: The multiple faces of keynesianism, monetarism and the global financial crisis
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2010
Authors
Thorne, K.
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Journal article
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Administrative Theory and Praxis, 2010; 32(3):304-326
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The global financial crisis (GFC) should be considered the reassertion of a physical economics that cannot be fluxed indefinitely by criminogenic elites. This article distinguishes the late twentieth-century domination of a dephysicalized, post- Keynesian, neoliberal monetarist New World Order economics and contextualizes the reemergence of interventionist, Keynesian economics to counter the GFC. This article critically examines the post-GFC return to Keynesian public administration. This critique develops a distinction between a capturable Keynes easily assimilated to neoliberal agendas and an uncapturable Keynes not so easily subverted to such agendas or diverted by calls for more transparency within the economic and financial system. This article warns about the dangers inherent in economic fundamentalism, not only the self-destructive market fundamentalism evident in the GFC, but also any unthinking adoption of Keynesian thought.
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Copyright 2010 Public Administration Theory Network