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In Europe, where the financial crisis was transformed into national debt crises in several countries, the current phase of the denial cycle marked by an official policy approach predicated on the assumption that normal restored through a mix of austerity, privatization and less state involvement came through (anti-Keynes). The other view is this. Governmental investments – and financial decision-making to regulate the effective demand in national economies is based on the basic principles introduced by John Maynard Keynes in his ‘General Theory of Employment, Interest and Money (1936). The solution of the temporary crisis of the democratic capitalism might be linked to Keynes by his successors the neo-Keynesians. However, the representative democracy has become weak and fragmented, and under control of international powerful multinationals. The citizens not any longer look upon their national government as their representatives but as representatives for interest of foreign states and international organizations. Poor public politics and policy of austerity generating a crisis of combination are what come out of it.
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This work (article) is licensed under a Creative Commons Attribution 4.0 International License.
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