Economía marxista para el Siglo XXI


Michael Roberts Blog

In June 2013, I poured cold water on the positive views expressed by the likes of Paul Krugman on PM Shinzo Abe’s plans to turn the Japanese economy round through a mixture of Keynesian monetary and fiscal stimulus and neoliberal ‘supply-side measures – the so-called three arrows of reform in ‘Abenomics’ (http://thenextrecession.wordpress.com/2013/06/11/abenomics-a-keynesian-neoliberal/). I reckoned that Keynesian policies did not work in the 1990s to restore the rate of 1980s average growth after Japan’s credit bubble burst and they would not work this time either.  I finished that post with the phrase: ‘watch this space’.

Well, over one year later, it looks as though Abenomics is failing, at least the Japanese people.  The Bank of Japan has expanded its balance sheet by ‘printing money’ (or more accurately, increasing commercial bank reserves) to 50% of GDP, more than twice the level of the Federal Reserve and the Bank of England after their ‘quantitative easing’…

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