Re: [OPE] Prabhat Patnaik, "Excessive Liquidity Preference"

From: Patrick Bond <>
Date: Wed Apr 22 2009 - 03:53:45 EDT

> ... the need for a long-run analysis to comprehend how it was that the
> crisis
> developed. It would also be an analysis not only of the financial
> sector, but of
> the industrial sector and distribution. It should also try to
> contextualize the
> crisis in term of the international capitalist economy rather than
> just one
> economy in isolation. It would have to analyze the actual role of the
> state before
> and during the crisis and what limitations there are on state policy.
> It would
> analyze the impact of the crisis on different classes and communities and
> what forms of resistance have emerged to the crisis and the limitations of
> alternative strategies. It would explain what would be required for
> capital to
> overcome the crisis on its own terms and what that means from a
> working class
> perspective. It would also situate the emergence of Keynesianism
> historically
> and compare that to what existed previously (laissez faire) and more
> recently
> (e.g. supply-side theory). It would evaluate Keynesianism from both a
> class
> perspective and in its own terms (e.g. are there any 'internal
> contraditions'
> in Keynesian theory? ... are there any logical flaws and fallacies?
> et al). Those
> are only some of the questions which would have to be addressed.
> How would *you* start, Patrick?
That's a great checklist. There's also the eco-socialist orientation
that would depart from Keynesianist productivist 'solutions'.

We have a little riff on the nature of the crisis that I'm going to
update in the next couple of weeks, so any comments on this brand of
marxism would be appreciated:,68,3,1688

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Received on Wed Apr 22 03:56:36 2009

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