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2021 | OriginalPaper | Buchkapitel

8. International Relations: Complexity, Interdependence and Multilateralism—A Tragic Dilemma

verfasst von : Anna M. Carabelli

Erschienen in: Keynes on Uncertainty and Tragic Happiness

Verlag: Springer International Publishing

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Abstract

This chapter retraces Keynes’s way of reasoning on measure and on the role of tragic irreducible conflicts and dilemmas in his approach to international relations. The chapter shows how Keynes’s approach is a constant from his early Indian Currency and Finance (1913) to the General Theory and on to his Plan for Bretton Woods, the Clearing Union and his 1945 Memorandum. It also devotes great attention to the concept of the ‘fear of goods’ (a concept which stands for the love of money); a concept that Keynes borrows from mercantilism and he uses against mercantilist practices. This chapter again shows Keynes’s anti-utilitarian attitude and his dislike for the hoarding of money. Keynes is a moral scientist, a promoter of happiness scathingly critical of the love of money. The final part of the chapter is devoted to the current discussion on global imbalances and the euro-zone and to what Keynes would have proposed to overcome these global imbalances and the conditions for their reduction, had he been alive today.

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Vorheriges Kapitel Moral and Rational Conflicts and Dilemmas

Nächstes Kapitel Conclusions

In Carabelli and Cedrini (2010a, b, c, d, 2010‐2011, 2013a, b, 2014a, b, c, 2015), we tested in detail the hypothesis of consistency between Keynes’s general treatment of the economic material and the method he worked out to analyse the complex nature of international economic relations from 1913 to 1945.

For a detailed analysis of the ‘fear of goods’ in Keynes’s analysis of capitalism, see Carabelli and Cedrini (2015).

See also Carabelli and Cedrini (2010a, c, d, 2010‐2011, 2013a, b, 2014a, b, c, 2015).

Keynes famously suffered no little frustration over the fact that his ‘bancor’ idea was swept aside by the all-powerful American delegation during the negotiations, way back in 1944. In any case, Bretton Woods greatly helped in the reconstruction of war-torn countries and, above all, in establishing a stable global monetary system up to 1971.

Carabelli, A.M., and M.A. Cedrini. 2010a. Keynes and the Complexity of International Economic Relations in the Aftermath of World War I. Journal of Economic Issues 44 (4): 1009–1027.

Carabelli, A.M., and M.A. Cedrini. 2010b. Current Global Imbalances: Might Keynes Be of Help? In The Return to Keynes, ed. M.C. Marcuzzo, T. Hirai, and B. Bateman, 257–274. Cambridge: Harvard University Press (Chinese edition, China Financial Publishing House, 2011).

Carabelli, A.M., and M.A. Cedrini. 2010c. ‘Global Imbalances, Monetary Disorder, and Shrinking Policy Space: Keynes’s Legacy for Our Troubled World’, Intervention. European Journal of Economics and Economic Policies 7 (2) (December): 303–323. Now also in Post-Keynesian Economics (The International Library of Critical Writings in Economics series), ed. by Louis-Philippe Rochon and Sergio Rossi, Cheltenham (UK), Edward Elgar, Volume III: Employment, Distribution, Growth, Development, Asset Bubbles and Financial Crises.

Carabelli, A.M., and M.A. Cedrini. 2010d. Veiling the Controversies with Dubious Moral Attitudes? Creditors and Debtors in Keynes’s Ethics of International Economic Relations. Paper presented at the 2010 ESHET Conference, Amsterdam, now in SEMeQ Working Paper 127/2010, University of Piemonte Orientale.

Carabelli, A.M., and M.A. Cedrini. 2010–2011. Indian Currency and Beyond. The Legacy of the Early Economics of Keynes in the Times of Bretton Woods II. Journal of Post Keynesian Economics 33 (2): 255–280.

Carabelli, A.M., and M.A. Cedrini. 2013a. The Relevance of Keynes’s International Economics to Today’s World’. In For the Keynes Society Japan, Why Is Keynes Needed Now?, ed. T. Hirai. Tokyo: Sakuhinsha (in Japanese).

Carabelli, A.M., and M.A. Cedrini. 2013b. Some Foreseeable Disasters of the Global Economy: The High Cost of Neglecting Keynes’s Approach. In Keynesian Reflections. Effective Demand, Money, Finance and Policies in the Crisis, ed. M.C. Marcuzzo, T. Hirai, and P. Mehrling, 286–307. New Delhi: Oxford University Press India.

Carabelli, A.M., and M.A. Cedrini. 2014a. A Methodological Reading of The Economic Consequences of the Peace. In Keynes’s Economic Consequences of the Peace. A Reappraisal, ed. J. Hölscher and M. Klaes, 97–115. London: Pickering&Chatto.

Carabelli, A.M., and M.A. Cedrini. 2014b. Secondo Keynes. Il disordine del neoliberismo e le speranze di una nuova Bretton Woods (‘According to Keynes’, or ‘Keynes II’. ‘The Disorder of Neoliberalism and the Hopes for a New Bretton Woods’. Roma: Castelvecchi.

Carabelli, A.M., and M.A. Cedrini. 2014c. Keynes, the Great Depression, and International Economic Relations. History of Economic Ideas 22 (3): 105–135.

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Titel: International Relations: Complexity, Interdependence and Multilateralism—A Tragic Dilemma
verfasst von: Anna M. Carabelli
Verlag: Springer International Publishing
Buch: Keynes on Uncertainty and Tragic Happiness
Print ISBN: 978-3-030-75664-2

Electronic ISBN: 978-3-030-75665-9

Copyright-Jahr: 2021
DOI: https://doi.org/10.1007/978-3-030-75665-9_8