Keynes, civilisation and the long run

« Behind the fear of revolution is the bourgeois prejudice that to give power to ‘the masses’ means the end of culture, scientific progress and civilised behaviour.  Yet it was the struggle of working people over the last 200 years (and before) that got all those gains of civilisation that the bourgeois is so proud of.  Despite Robespierre and the revolution’s ‘devouring of its own children’ (a term used by pro-aristocrat Mallet du Pan and adopted by the British conservative bourgeois, Edmund Burke), the French revolution opened up the expansion of science, technology in Europe. It ended feudalism, religious superstition and inquisition and introduced Napoleonic laws.  If it had not taken place, France would have suffered more generations of feudal profligacy and decline.

As we note that it is 100 years this month since the start of the Russian revolution, we can consider the counterfactual.  If the Russian revolution had not taken place, then Russian capitalism may have industrialised a little, but would have become a client state of British, French and German capital and many millions more would have been killed in a pointless and disastrous world war that Russia would have continued to participate in. Education of the masses and the development of science and technology would have been held back; as they were in China, which remained in the grip of imperialism for another generation or more. If the Chinese revolution had not taken place in 1949, China would have remained a client comprador ‘failed state’, controlled by Japan and the imperialist powers and ravaged by Chinese war lords, with extreme poverty and backwardness. »

Michael Roberts Blog

Keynesian economics dominates on the left in the labour movement.  Keynes is the economic hero of those wanting to change the world; to end poverty, inequality and continual losses of incomes and jobs in recurrent crises.  And yet anybody who has read the posts on my blog knows that Keynesian economic analysis is faulty, empirically doubtful and its policy prescriptions to right the wrongs of capitalism have proved to be failures.

In the US, the great gurus of opposition to the neoliberal theories of Chicago school of economics and the policies of Republican politicians are Keynesians Paul Krugman, Larry Summers and Joseph Stiglitz or slightly more radical Dean Baker or James Galbraith. In the UK, the leftish leaders of the Labour party around Jeremy Corbyn and John McDonnell, self-proclaimed socialists, look to Keynesian economists like Martin Wolf, Ann Pettifor or Simon Wren Lewis for their policy ideas and analysis. …

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