The New Economics at High Noon

Author(s):  
John Kenneth Galbraith ◽  
James K. Galbraith

This chapter examines the New Economics that emerged in the years following World War II. In 1947, Seymour Harris of Harvard University, an avowed Keynesian evangelist, edited a series of essays on Keynesian ideas and entitled his volume The New Economics. Under the New Economics, employment increased more rapidly than the labor force. As a result, unemployment declined steadily and prices were held stable. The chapter considers four serious flaws of the New Economics. The first was the reliance on prediction and foresight—on taking action before need. The three other flaws all limited, even negated, the ability of the government to deal effectively with inflation. The first of these flaws was in the machinery for dealing with the now familiar problem of market power. The next flaw was the fatal inelasticity of the Keynesian system. The final flaw was the revival of faith in monetary policy.

Author(s):  
Paul Dalziel ◽  
J. W. Nevile

There was much in common in the development of post-Keynesian economics in Australia and New Zealand, but there were also many differences. Both countries shared a common heritage in higher education. In the first twenty-five years after World War II, both countries adopted broadly Keynesian policies and experienced very low levels of unemployment. Increasingly over these years more theorizing about macroeconomic policy had what now would be called a post-Keynesian content, but this label was not used till after the event. In both countries, apart from one important factor, the experience of actual monetary policy and theorizing about it were similar. Keynesian ideas were more rapidly adopted in Australia than in many other countries. Not surprisingly for a couple of decades after 1936, analysis of policy and its application was Keynesian rather than post-Keynesian, with fiscal policy playing the major role. The conduct of both monetary and fiscal policy depends on the theory of inflation. This chapter examines post-Keynesian economics in Australasia, focusing on aggregate demand, economic growth, and income distribution policy.


Author(s):  
MILAN KOLJANIN ◽  
DRAGICA KOLJANIN

There are various doubts and ambiguities regarding the dispatch of the memorandum by the Government of the Independent State of Croatia (ISC) to the Western Allies asking for military intervention in early May 1945, giving rise to different interpretations in historiography. These varying interpretations are related to the circumstances of the dispatch of the memorandum, its text, the actions of prominent representatives of the Ustasha government, relations between the new Yugoslav authorities and Western allies, especially the British and the role of Archbishop Stepinac and the Holy See in the ISC. In order to understand the memorandum, it is necessary to consider the most important political and military circumstances at the end of World War II in Yugoslavia, especially the politics of the new Yugoslavia and the Western powers, primarily the British. The representatives of the Holy See in the ISC and the Archbishop of Zagreb, Alojzije Stepinac, played an important role in efforts to preserve the Ustasha state. This paper was written based on unpublished and published archival sources and relevant historiographical literature.


2013 ◽  
Vol 25 ◽  
pp. 55-79 ◽  
Author(s):  
Niklas Foxeus

The achievement of independence in 1948 was in many ways a watershed in Burma’s history. At this time, a variety of Buddhist movements emerged that were part not only of a ‘Burmese Buddhist revival’, in which even the government was involved, but also a general re-enchantment of Asia. In the period following World War II, projects of nation-building and further modernization were implemented in many newly independent Asian nation states. The theories of modernization adopted by the rulers had presupposed that a new, rationalized and secularized order that had set them on the path of ‘progress’ would entail a decline of religion. However, instead there was a widespread resurgence of religion, and a variety of new, eclectic religious movements emerged in Southeast Asia. In the thriving religious field of postcolonial Burma, two lay Buddhist movements associated with two different meditation techniques emerged, viz.; the insight meditation movement and the concentration meditation movement. The latter consisted of a variety of esoteric congregations combining concentration meditation with esoteric lore, and some of these were characterized by fundamentalist trends. At the same time, the supermundane form of Buddhism became increasingly influential in the entire field of religion. The aim of the present article is to discuss how this supermundane dimension has reshaped the complex religious field in Burma, with particular emphasis on the esoteric congregations; to present the Burmese form of esoteric Theravāda Buddhism, and to situate the fundamentalist trends which are present in these contexts.


2018 ◽  
pp. 130-138
Author(s):  
Volodymyr Chornyi

The article analyses one of the most grievous chapters in the history of Ukrainian nation – the Great Famine (Holodomor) of 1932–1933. It is referred to the massive famine that was deliberately organized by the Soviet authorities, which led to many millions hu-man losses in the rural area in the territory of the Ukrainian SSR and Kuban. Planned confiscation of grain crops and other food products from villagers by the representatives of the Soviet authorities led to a multimillion hunger massacre of people in rural area. At the same time, the Soviet government had significant reserves of grain in warehouses and exported it abroad, since without collectivization and Ukrainian bread it was impossible to launch the industrialization that demanded Ukrainian grain to be contributed to foreigners in return for their assistance. Ukrainian grain turned into currency. The authorities of that time refused to accept foreign assistance for starving people and simultaneously banned and blocked their leaving outside the Ukrainian SSR. The so-called “barrier troops” were organized in order to prevent hungry people from flee to the freedom and not let anyone enter the starving area. The situation is characterized by the fact that the idea and practice of barrier troops tested on Ukrainians were lately used on the battlefields of the World War II. Among three Holodomors, the government did not conceal only the first one (1921–1922), as it could be blamed on the tsarist regime that brought the villagers to the poverty, and post-war devastation. The famine of 1946–1947 was silenced, but the population generally perceived it as a clear consequence of two horrendous misfortunes – the World War II and dreadful drought. Especially rigid was position of the government regarding the very fact of genocide in 1933–1933 not only its scale. The author emphasizes that the Great Famine is refused to be admitted not because it was unreal but to avoid the assessment of its special direction against Ukraine and Ukrainian nation, saying instead that it affected the fate of all nations. The article describes the renovation of internal passports system and the obligatory registration at a certain address that took place in the USSR in 1932. Decree of the Council of People’s Commissars of the USSR stipulated the fact that people living in rural areas should not obtain passports. Therefore, collective farmers of the Ukrainian SSR actually did not obtain passports. The villagers were forbidden to leave collective farms without signed agreement with the employer, that deprived them of the right to free movement. Even after the introduction of labour books the collective farmers did not obtain them either. The author describes the destruction of the collective farms system that his parents dedicated their entire labour life to. Instead of preserving productive forces, material and technical base and introducing new forms of agrarian sector management and the whole society to the development path, this system has been thoughtlessly destroying and plundering. Keywords: Holodomor, Ukrainian villagers, collectivization, genocide, confiscation, barrier troops.


Author(s):  
John Kenneth Galbraith ◽  
James K. Galbraith

This chapter examines the lessons of World War II with respect to money and monetary policy. World War I exposed the fragility of the monetary structure that had gold as its foundation, the great boom of the 1920s showed how futile monetary policy was as an instrument of restraint, and the Great Depression highlighted the ineffectuality of monetary policy for rescuing the country from a slump—for breaking out of the underemployment equilibrium once this had been fully and firmly established. On the part of John Maynard Keynes, the lesson was that only fiscal policy ensured not just that money was available to be borrowed but that it would be borrowed and would be spent. The chapter considers the experiences of Britain, Germany, and the United States with a lesson of World War II: that general measures for restraining demand do not prevent inflation in an economy that is operating at or near capacity.


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