Electoral support for social democracy in Western Europe is in free fall. The implosion of social democracy is largely self- inflicted, because 'Third Way' social democracy alienated its traditional supporters by (a) a deliberate move to the non- reformist, status-quo oriented macroeconomics of...

This paper argues that John Maynard Keynes had a targeted (as contrasted with aggregate) demand approach to full employment. Modern policies, which aim to close the demand gap,ʺ are inconsistent with the Keynesian approach on both theoretical and methodological grounds. Aggregate demand tends...

Unemployment was singled out by John Maynard Keynes as one of the principle faults of capitalism; the other is excessive inequality. Obviously, there is some link between these two faults: because: since most people living in capitalist economies must work for wages as a major source of their...