At 19/05/01 07:42 -0700, you wrote:
>Back in the late 1970s I would have agreed with Keaney that the IMF's
>advice to Britain was counterproductive. But the fact that Mitterand and
>Carter both tried a "Keynesian" expansionary approach, and that their
>policies crashed and burned, has to make you think again. In retrospect,
>the IMF's fear--and not just the IMF's fear, the U.S. Treasury's fear, and
>the fear of strong currents of thought both outside and inside the British
>Labour Party--that an aggressive policy of expansion would bring much
>higher inflation with little or no reduction in unemployment--seems well
>founded.
Yes, for the governments of individual countries.
But what if there is an aggressive policy of expansion on a world scale.....
Chris Burford
London
