Few
now doubt that the turbulent international
situation has exacerbated and economic
slowdown already underway across the advanced
economies.
The threat of recession has also led some
to suggest that the pendulum might be
ready to swing back from the monetarist
and neoliberal consensus of the late twentieth
century to a modernised and internationalist
Keynesianism for the twenty-first.
John Grieve Smith takes stock of these
shifts, arguing that while the US has shown
encouraging signs, EU and UK policymakers
are still too wedded to the deflationary
bias of the past.
Furthermore, the paper argues, the mood
for "re-ordering the world"
should prompt us to move forward with
renewed urgency the project of "a
new Bretton Woods" first raised in
the aftermath of the Asian financial crisis
of 1997. Our increasing global interdependence
means that we depend on the stability
of other economies no less than they depend
on our own continued growth.
John Grieve
Smith is a Fellow of Robinson College,
Cambridge with wide experience of government
and industry. His most recent book is
There is a Better Way: A New Economic
Agenda, Anthem Press 2001. He is a member
of Catalyst's Editorial Board.
January 08, 2002.
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