ALLE RADICI DELLA GRANDE CRISI. GIORGIO LUNGHINI E JOHN MAYNARD KEYNES

Abstract

The notes in memory of Giorgio Lunghini deal with his approach to economic theory and in particular with his investigation of the causes of the great economic crisis of the 2007-2013 years. He identifies four main causes of the crisis: 1) the financialization of the world economy; 2) the growing debt of the private and public sectors; 3) the global trade and capital movement imbalances (in USA, Asia, South America and Europe); the existence of countries which are in a structural trade deficit and surplus; the sharp division between debtor and creditor countries; 4) the role of economic theory e in particular the return to the laissez-faire doctrine and liberalism (monetarism; the critiques to “bastard” Keynesians rather than Keynes who, in Lunghini’s view, is not a Keynesian); the return to the “Treasury view”, the “Washington consensus” and “Bruxelles consensus”. In the Notes, these four causes are analysed in detail.