General Thoughts on Capitalism
Elsenhans contextualises his economic views with particular reference to John Maynard Keynes, Karl Marx, neoclassical economics and World Systems Theory. For some, he is a theorist of turbo-capitalism, given his trust in markets to produce equitable and efficient results, but for others he is a far leftist, given his support for raising incomes and redistribution. He sees himself as closest to Keynes, particularly in demand-side economics, albeit with a more international perspective on national economic development, and distinguishes himself from contemporary ‘monetary Keynesians’, who only seek solutions in altering the money supply. He reconciles his socialist beliefs with the capitalist solutions he proposes by arguing the self-regulating mechanisms of capitalism are most fitting for achieving prosperity, albeit within a redis-tributive state mechanism that socialises risks. On more general thoughts, he explains why capital accumulation does not play a role in today’s capitalism of widening gaps between rich and poor, reflects why he is against the free-trade agreement between Europe and the USA [the Transatlantic Trade and Investment Partnership (TTIP)], and talks about our destructive fetish with property.
KeywordsReal Wage Capital Accumulation Output Ratio Full Employment Neoclassical Economic
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