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Tamás Szentes
Tamás Szentes
Corvinus University of Budapest Department of World Economy, Faculty of Economics Hungary
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Keynesian policy was quite successful in the post-war decades in Western Europe, but by the late 1960s lost its efficiency due to changes in conditions rather than its mistaken logic. The lesson from the first global crisis erupting in early 1970s and also from the subsequent several crises since then is that the increasing crisis propensity of the world economy is rooted in its inherent disequilibria stemming from deep inequalities, asymmetrical interdependencies and disintegrated socio-economic structures. In view of the failure of the prevailing methods of crisis management, particularly those undifferentiated, antisocial austerity measures corresponding to a neo-liberal monetarist concept which neglects this lesson, many economists prefer the Keynesian recipe. However, since global crises need global solution, and the spread of conspicuous consumption modify the demand constraint, its application must be adjusted to reality, and requires some global governance which may pave the way for a global oeco-social market economy.
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Amin, S. (1973): Le développement inégal. Paris: Edition de Minuit
Amin S. , '', in Le développement inégal , (1973 ) -.
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Commission on Global Governance (1995): Our Global Neighbourhood. Oxford: Oxford University Press.
'', in Our Global Neighbourhood , (1995 ) -.
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Emmerij, L. (1976): Employment, Growth and Basic Needs — A One-World Problem. Geneva: ILO.
Emmerij L. , '', in Employment, Growth and Basic Needs — A One-World Problem , (1976 ) -.
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Emmerij, L. — Jolly, R. — Weiss, T. G. (2001): Ahead of the Curve? UN Ideas and Global Challenges. Bloomington: Indiana University Press.
Weiss T. G. , '', in Ahead of the Curve? UN Ideas and Global Challenges , (2001 ) -.
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Jolly, R. — Emmerij, L. — Weiss, T. G. (2005): The Power of UN Ideas. Lessons from the first 60 years: A summary of the books and findings from the United Nations Intellectual History Project. New York: UNIHP.
Weiss T. G. , '', in The Power of UN Ideas. Lessons from the first 60 years: A summary of the books and findings from the United Nations Intellectual History Project , (2005 ) -.
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Jolly, R. — Cornia, G. A. — Elson, D. — Fortin, C. — Griffith-Jones, S. — Helleiner, G. — van der Hoeven, R. — Kaplinsky, R. — Morgan, R. — Ortiz, I. — Pearson, R. — Stewart, F. (2012): Be Outraged. There Are Alternatives. Published by Richard Jolly.
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Keynes, J. M. (1936): The General Theory of Employment, Interest and Money. London: Macmillan.
Keynes J. M. , '', in The General Theory of Employment, Interest and Money , (1936 ) -.
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Krugman, P. R. (2009): “Making Mathematical Beauty for Economic Truth — Appeal to Students”. New York Times, September 2.
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Pronk, J. (1991): Towards a System of Responsible Global Governance for Development. The Hague: Development Cooperation Information Department of the Ministry of Foreign Affairs.
Pronk J. , '', in Towards a System of Responsible Global Governance for Development , (1991 ) -.
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Rao, V. K. R. V. (1964): Essays in Economic Development. Delhi - London: Asia Publishing House.
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Streeten, P. — Burkij, S. J. — ul Haq, M. — Stewart, F. (1981): First Things First: Meeting Basic Human Needs in the Developing Countries. New York: Oxford University Press.
Stewart F. , '', in First Things First: Meeting Basic Human Needs in the Developing Countries , (1981 ) -.
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Szentes, T. (1971): The Political Economy of Underdevelopment. Budapest: Akadémiai Kiadó.
Szentes T. , '', in The Political Economy of Underdevelopment , (1971 ) -.
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Szentes, T. (1990): Changes and Transformation in Eastern and Middle Europe: International Implications and Effects on the South and the East-South Relations. A Study for the South Commission. Geneva: South Commission.
Szentes T. , '', in Changes and Transformation in Eastern and Middle Europe: International Implications and Effects on the South and the East-South Relations. A Study for the South Commission , (1990 ) -.
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Szentes, T. (2002): World Economics I. Comparative Theories and Methods of International and Development Economics. Budapest: Akadémiai Kiadó.
Szentes T. , '', in World Economics I. Comparative Theories and Methods of International and Development Economics , (2002 ) -.
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Szentes, T. (2003): World Economics II. The Political Economy of Development, Globalisation and System Transformation. Budapest: Akadémiai Kiadó.
Szentes T. , '', in World Economics II. The Political Economy of Development, Globalisation and System Transformation , (2003 ) -.
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Szentes, T. (2009): Ki, mi és miért van válságban [Who, what and why is in crisis?]. Budapest: Napvilág Kiadó.
Szentes T. , '', in Ki, mi és miért van válságban [Who, what and why is in crisis?] , (2009 ) -.
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Szentes, T. (2011): “Concept, Measurement and Ideology of ‘National Competitiveness’”, Köz-Gazdaság. Economic Theory and Policy 6(4): 9–59. Reprinted in: International Development Economics Associates, http://www.networkideas.org/featart/jun2012/National_Competitiveness_Szentes.pdf , 2012
Szentes T. , 'Concept, Measurement and Ideology of ‘National Competitiveness’ ' (2011 ) 6 Köz-Gazdaság. Economic Theory and Policy : 9 -59 .
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Thakur, R. — Weiss, T. G. (2007): The UN and Global Governance: An Idea and Its Prospects. Bloomington: Indiana University Press.
Weiss T. G. , '', in The UN and Global Governance: An Idea and Its Prospects , (2007 ) -.
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Weiner, R. R. (1985): “Pluralism and Neo-corporatism: The Legacy of the New Deal and the ‘Social Contract’”. XIII. World Congress of Political Science. Paris: IPSA.
Weiner R. R. , '', in XIII. World Congress of Political Science , (1985 ) -.
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