Fernando Cardim de Carvalho is Professor emeritus for economics at the Federal University of Rio de Janeiro. His research interests include monetary economics and economic policies. He was a consultant for the National Social and Development Bank of Brazil and for the Economic Commission for...

Much of the criticism directed at austerity programs implemented after the 2007/2008 financial crisis, more forcefully in the eurozone, have relied on the same arguments Keynes and others raised against the (British) Treasury View developed in the 1920s and 1930s. Austerity, however, has been...