On Thu, 19 Nov 1998, joshua william mason wrote:
> Greg Nowell raises a couple of important points: that analyzing a crisis in
> terms of overproduction suggests the possibility of a Keynesian solution,
> and that it makes no sense to say, as Brenner does, that such a solution
> won't work because it just keeps old, inefficient capitals in business.
Quite the opposite. Brenner is arguing that terminating Keynesian stabilization may well work to revive growth. Brenner is blaming Keynesian stabilization for "insufficient adjustment to manufacturing overcapacity, market by insufficient exit and too much entry." Of course on the other hand, Brenner blames Clinton's anti Keynesian budget balancing for deepening the global recession by weakening effective demand. But of course there may be no violation of the principle of non-contradiction here. We could have a global depression with or without Keynesianism.
best, rakesh