Two Presidents, Two Central Bankers, Two Crises

The present crisis has prompted lively debate on the limitations and responsibilities of the economic theory that has held sway over the last few decades. Essentially, it is the virtually blind faith in the markets’ self-regulating capacities that is now under fire. Deriving from this extraordinary confidence, as a corollary, is the idea that there can be no problems of aggregate demand thanks to the rebalancing mechanism of prices, and diffidence with regard to state intervention. The aim of this Note is to reappraise interpretation of the crisis in the light of theoretical approaches that have lapsed into oblivion in the last few years, but which constituted the core of Nando Vianello’s teaching.