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Regarding David Leonhardt’s “The Big Fix”. How is it possible to discuss fixing the US economy without discussing its place in the global economy?
This is now a global crisis. As Obama said (if not yet fully acted on) - a global crisis needs a global solution.
Keynes would have agreed. But commentators like Leonhardt ignore this. More international political leaders (e.g. Gordon Brown and now even Angela Merkel) have picked up the importance of international cooperation in economic policy (which Markwell’s account shows was crucial to Keynes) than US economists have.
Maybe this reflects the elimination of genuine understanding of Keynes among US economists since the 1970s?