ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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Tackling the Current Global Economic and Financial Crisis: Beyond Demand Management

This paper highlights the depth of the crisis confronting the global economy. It presents the various ways of understanding demand deficiency, which was the underlying feature of the earlier downturns in capitalist economies. A resolution of the problems faced then was possible with demand management using Keynesian tools. But the current economic crisis is different from the past ones and the lessons learnt from the past may not be applicable to solving the crisis of 2009. The arguments presented here imply that demand management alone will not work because capitalism faces a basic crisis. One implication is that we need redistribution, but that is not on anyone's agenda today.

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