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We need a Marx, Keynes, or a Krugman to articulate an alternative paradigm for Europe and a political movement to make it happen.

That's a 30-year process right there.

We're living through the beginning of a crisis analogous to the Great Depression or the 1970's Stagflation. Both ended with a substantially different political economy than they started with. In the case of Stagflation, the new political economy was the Reagan/Thatcher revolution, and Friedmanite market-worshipping Neoliberalism. The thing is, Friedman had been active long enough (and notorious enough) for the elder Galbraith to heap ridicule on him in The New Industrial State for being a starry-eyed market romantic 150 years out of date. Which means the ideology of 1980-2010 was already there in the 1960's.

If there's going to be a transition to a progressive political economy at the end of the tunnel we're now just entering, the ideas must already be in place. But, of course, being ridiculed by the establishment we may not be aware of how important they will become. It is also entirely possible that the political economy of the post-crisis system will be an authoritarian dystopia because there actually isn's a strong enough progressive ideology waiting in the wings (not just that we're not able to see its importance).

Economics is politics by other means

by Carrie (migeru at eurotrib dot com) on Mon May 9th, 2011 at 01:50:25 AM EST
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