Full text: What is New Since Keynes?

What are the distinctive new features 
of our times, the features which did not exist in the 
interwar period, in the time of Keynes? iUtf' 
There is first of all an unprecedented openness of the 
system, or rather the systems represented by the various ^ 
countries. One measure of this is the large increase in 
jbhe import quotas^ of practically all countries. 
To this corresponds a considerable increase in the specialisation 
of industry in most countries, in other 
words, in the dependence of these countries on export 
markets: j£h-»y—coni d a^r dump^ these goods on the^ home 
market, especially not .smallcountries which have become 
thus specialised. 
At the same time the international capital streams, 
the payments, are much more free and uncontrolled, 
and are much larger than ever before. J & 0 
To this contributes powerfully the existence and growth of u^ykil 
the multinational companies, and even more so, the 
internationalisation of banking; an expression of this is 
the Euro-market as well as the off-shore banking facilities 
sjxc3£ in the Car^ibic, in Luxemburg etc. Hand in hand with 
the internationalisation went a tremendous increase in 
prosperity and power of the banks which, it is true, 
is now somewhat darkened by the exposure of the banks 
to the increasing risk of illiquidity and insolvency. 
While the world has become in this way linked and 
interdependent to an unprecedented degree, there is not 
a corresponding amount of international understanding 
cooperation and organisation which would be the guarantee 
of a healthy working of this system. 
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