A Modern Guide to State Intervention
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A Modern Guide to State Intervention

Economic Policies for Growth and Sustainability

Edited by Nikolaos Karagiannis and John E. King

A Modern Guide to State Intervention investigates the impact of the changing role of the state, offering an alternative political economy for the third decade of the twenty-first century. Building on important factors including history, the role of institutions, society and economic structures, this Modern Guide considers economic and administrative interventions towards changing the destabilized status quo of modern societies.
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Chapter 9: Principles underlying classical–Keynesian employment and distribution policies

Heinrich Bortis

Abstract

Bortis discusses the principles underlying neoclassical and classical-Keynesian analyses, and singles out two important employment mechanisms which are inherent in the latter: the internal and the external employment mechanisms. The external mechanism is then used to analyse the presently existing situation at a global level, which is conflict-ridden, leads to growing inequalities, and stands in contradiction with the internal employment mechanism. In contradistinction, on the basis of the internal employment mechanism, sensible distribution and employment policy principles along classical-Keynesian lines may be formulated. However, to implement these principles successfully requires a new world economic and financial order grounded on Keynes’s Bancor.

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