Council on Foreign Relations New Page 1 War on Society Jews sans frontieres JohnPilger.com - the films and journalism of John Pilger Neither advocate nor oppose - Communist Party of Great Britain Marshall Plan: was it bourgeois internationalism? In his recent two-part article on Keynesianism, Mike Macnair argues that (a) Keynesianism is inherently nationalistic, (b) it is internally incoherent, (c) it did not actually work during the post-war boom, (d) the conditions causing the post-war boom are not reproducible, and so (e) Keynesian policies cannot work today. [ 1] He concludes that Marxists should not support Keynesian solutions. Instead, he argues the need for the adoption of a set of minimum demands, and the rebuilding of working class organisations on a European-wide basis. Inflation and wages Mike says Keynes emphasised his agreement with the marginalists on the necessity to reduce real wages. In the depression, prices fell significantly. However, this does not necessarily mean a reduction in real wages. And, if we look at the experience of where Keynes’s ideas were applied during the 1930s - in the US, during the ‘new deal’ - we see something very much like that. Failure?
New Politics Left Foot Forward | Evidence-based political blogging New Left Review - NLR 75, May-June 2012 Johann Hari Three Score Years And Ten