Today, the shock therapist have retreated, given the havoc that many feel they wreaked in Russia,but not only in Russia (see Solzenjicin). Bagwaty (2004) reminds us on Keynes work in 1933 of the danger of haste, citing the ironically enough the example of Russia moving towards socialism..." The...

In this paper we read Keynes’s General Theory of Employment, Interest and Money from the point of view of the main causes of the economic crisis in general and particularly the present world economic crisis. We compare Keynes’s approach to the crisis with the work of contemporary...

Bosnia&Herzegovina is in the process of transformation from a previously self-managed economy to a modern market economy. The process has begun immediately after the Dayton Peace Accord was signed. The transition package was based on the "rules of the game "of the Washington Consensus. We...

In this paper we read Keynes’s “General Theory of Employment, Interest and Money” from the point of view of the main causes of the economic crisis in general and particularly the present world economic crisis. We compare Keynes’s approach to the crisis with the work of contemporary...

This paper examines the validity of economic thoughts of Karl Marx and John Maynard Keynes for the present time. The paper compares Marx and Keynes, and aims to show that the difference in treatment of the major economic issues between them is not as significant as one may expect. Marx and...

In this paper we wish to suggest that: "obsession" with competitiveness and trade openness, together with "hands off" type of economic policy, may hardly lead a country towards "real income" convergence on her long-run development path. Moreover, such an obsession may have deflationary impact...

Long term prospect and perspective of well-being of the enlarged Europe depends to great extent form the efficiency of convergence process between wealthy and more or less (relatively speaking) poor members of the EU. Mainstream economic dogma speaks in favor of trade liberalization and...

Until two years ago the majority of the world and the EU distinguished economists were convinced that the EU may proceed more quickly and efficiently forward into a brighter future abolishing Keynesian macroeconomic management and the welfare state and bringing back "flexible markets" following...