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posted on 03 August 2016

Documentary Of The Week: The Alternative To Neoliberalism

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This talk was presented at the European Parliament to the conference "Peripheral debts: Causes, consequences and solutions: 2 July 2015". Keen argues that progressive politicians need a complete alternative to Neoliberal economics, which is basically a First Year Economics textbook re-written as a political manifesto.

stevekeenstripphoto380

This is a call for a complete revision of economic policy pursued by both the political left and right today. Keen says that what needs to be recognized in public policy is:

"Stable growth is inconsistent with the manner in which investment is determined in an economy in which debt-financed ownership of capital assets exists, and the extent to which such debt financing can be carried forward is determined.

It follows that the fundamental instability of a capitalist economy is upward.

The tendency to transform doing well into a speculative investment boom is the basic instability in a capitalist economy."

Source: YouTube

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