Keynes’s Relevance Today by Fausto Vicarelli
By Fausto Vicarelli
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Extra resources for Keynes’s Relevance Today
This response to the demands for economic security was doomed to failure at the first downturn in economic activity, just as it was bound to produce massive deficits in such conditions. Instead of acting to ensure aggregate stability, the policy of guaranteeing individual or group incomes has failed for precisely the same reasons that perfectly competitive free enterprise based on individual initiative fails to produce full employment, because it is incapable of recognising the 'technically social' problems of the economy.
I suggest, therefore, that progress lies in the growth and the recognition of semi-autonomous bodies within the State-bodies whose criterion of action within their own field is solely the public Keynes's Post- War Policy Proposals 37 good. . I propose a return ... towards medieval conceptions of separate autonomies .... It is easy to give examples ... the universities, the Bank of England, the Port of London Authority ... the trend of joint stock institutions ... to approximate to the status of public corporations rather than that of individualistic private enterprise.
A Labour Standard expresses the value of money in terms of labour, just as the Gold Standard expressed it in terms of gold. But the old Gold Standard did not just express it; it fixed it, for it had a mechanism for fixing it. Central banks stood ready to exchange money for gold, so long as their gold reserves lasted. When the reserves gave out, of course it would break down; but in normal times, so long as suitable measures were taken, one could be confident that this would not happen. The weakness of a Labour Standard is that it has no reserves.