La politica macroeconomica batte in ritirata

BERKELEY – Un aspetto sconcertante dello studio della storia economica è la modalità in cui ciò che si verifica nel presente riesce a cambiare il passato, o per lo meno la nostra interpretazione del passato. Per decenni, ho parlato ai miei studenti , con convinzione, del numero sempre più alto di governi che si assumono la responsabilità dello stato della propria economia. Ciò nonostante, la reazione politica alla Grande Recessione ha cambiato il modo in cui abbiamo da sempre percepito quest’elemento.

I governi antecedenti alla Prima Guerra Mondiale, e ancor di più quelli antecedenti alla Seconda Guerra Mondiale, non hanno mai minimizzato il livello di disoccupazione durante le fasi di flessione economica per tre ragioni fondamentali che sono andate scomparendo dopo la fine della Seconda Guerra Mondiale.

In primo luogo, esisteva un’influente lobby sulla moneta forte: un numero sostanziale di ricchi, socialmente influenti e potenti da un punto di vista politico, che investivano in modo significativo in obbligazioni. Non si mettevano in gioco da un punto di vista personale in termini di capacità di utilizzazione e basso livello di disoccupazione, ma lo facevano in termini di stabilità dei prezzi mettendo al primo posto la moneta forte.

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