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dc.contributor.authorHein, Eckharden_US
dc.contributor.authorTruger, Achimen_US
dc.description.abstractWe analyse the long-run imbalances of finance-dominated capitalism underlying the present crisis - which began in 2007 - with a focus on developments in the US and Germany. We argue that beyond inefficient regulation of the financial sector, the severeness of the present crisis has been mainly caused by increasing inequalities of income distribution and rising imbalances in the world economy associated with finance-dominated capitalism. From this it follows that in the near and not so near future, the US will no longer be able to act as the driving force for world demand. In order to avoid a period of deflationary stagnation in major parts of the world economy, we finally propose the policy package of a Global Keynesian New Deal which should consist of: 1. re-regulation of the financial sector, 2. re-orientation of macroeconomic policies along (Post-)Keynesian lines, and 3. re-construction of international macroeconomic policy coordination, in particular on the European level, and a new world financial order.en_US
dc.publisherInst. for International Political Economy Berlinen_US
dc.relation.ispartofseriesWorking Paper, Institute for International Political Economy Berlin 06/2010en_US
dc.subject.keywordFinance-dominated capitalismen_US
dc.subject.keywordfinancial crisisen_US
dc.subject.keywordmacroeconomic policiesen_US
dc.subject.keywordGlobal Keynesian New Dealen_US
dc.titleFinance-dominated capitalism in crisis: The case for a Global Keynesian New Dealen_US
dc.typeWorking Paperen_US
Appears in Collections:IPE Working Papers, Institute for International Political Economy, HWR Berlin

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