keynesian economics

First it was personal debt. Then public debt too became demonized: balanced budgets and hatred of deficits became items of faith. The development of our deficit hysteria has a long history.

The embrace of austerity at the 2010 Toronto summit was a dramatic reversal of the stimulus spending that the world's rich nations had quite effectively adopted to counter the 2008 financial crash.

However misguided or disproven, the doctrine of austerity prevails in Ottawa. For pursuing this austerity agenda, Europe and the U.S. are paying the price in stagnation and unemployment.

How do we reform the international political system? One new radical solution that has emerged as a response to traditional Keynesianism is a multipolar anti-imperialist framework.