Some Comments on the Politics of Full Employment.

Steindl, Josef

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Document type:: Works

Collection:: Josef Steindl Collection

Title:: Some Comments on the Politics of Full Employment.

Author:: Steindl, Josef

Scope:: Typoskript, 13 Blätter

Year of publication:: ohne Datum

Language:: English

Subject:: Keynesianismus Monetarismus Wirtschaftspolitik Budgetdefizit Vollbeschäftigung Wirtschaftsentwicklung Kapitalismus Sozialismus

Note:: Seitenzahlen handschriftlich notiert. - Erstmalig publiziert auf Italienisch (Salvatore Biasco, Alessandro Roncaglia und Michele Salvati (Hrsg.): Instituzioni e mercati nello sviluppo economico: Saggi in onore di Sylos Labini, Roma-Bari, 1990).

Related work:: Steindl, Josef: Some Comments on the Politics of Full Employment. In: Biasco, Salvatore; Roncaglia, Alessandro; Salvati, Michele (Hrsg.): Market and Institutions in Economic Development. Essays in Honour of Paulo Sylos Labini. London: Macmillan, 1993, S. 183-191

Topic:: Economic policy

JEL Classification:: E60 [Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General] E65 [Studies of Particular Policy Episodes] P16 [Capitalist Systems: Political Economy] P31 [Socialist Enterprises and Their Transitions]

Shelfmark:: S/M.51.3

Access:: Free access

saving rate increased and in consequence growth slowed ( Steindl 1982 ); in 1980 to 1982 there was a deep recession. In addition to these influences from the demand side there were, moreover, large tax reductions in the 80s without any reduction in expenditure which was boosted by the demands of the military sector; the implication of this was that even a high level of employment would not have sufficed to eliminate the budget deficit. The paradoxon was that the business community which had denounced relatively small deficits in the past now accepted monstrous ones without serious resistence since they were caused by current tax cuts. Apres nous le deluge! What made this debt policy so unKeynesian and so dangerous was its coincidence with a high real rate of interest in the 80s. In view of the large role which interest policy played and of the fact that it is a function of power of pressure groups in society we may ask whether there may not be a sequence of action and reaction, of alternating policy modes here,too. There exists evidently an opposition of interests of creditor and debtor in our economy. Formerly the debtors were prominently represented by industry and their interests were opposed by the banks which allied themselves to the rentier. One can find examples in history when there was an alternation of the preponderance of one or the other of those groups ( Bhaduri-Steindl 1985 ). Finance came to dominate with the imperial ascent of Britain and home industry was relatively neglected; in the 30s industry gained renewed importance by means of protection while after world war II the influence of the banks gradually increased up to a climax in the era of monetarism. Today the distinction between the interests of industry and finance has been blurred since many large industrial concerns have

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