Keynes and Myself

The heart of the Keynesian message is the need for demand management by monetary and fiscal means to counteract seriously deficient demand. The unemployment of the 1980s had at its heart union monopoly and was accompanied initially by double digit inflation. Keynesian demand management would have made no sense. The situation is now totally different when the credit crunch has brought on genuine demand deficiency. But Keynes left unsolved the role, if any of the budget balance. It is not good enough to say that ‘growth’ will take care of that too.     

The Clash of Civilizations Revisited

Going through a protracted period of transition since the end of the Cold War, the world order in the making is neither what was nor what it is yet to become. It is in “the middle of the future.” To get our bearings in this uncertain transition, we explore the two grand post‐Cold War narratives—“The End of History” as posited by Francis Fukuyama and “The Clash of Civilizations” posited by the late Samuel Huntington. Mikhail Gorbachev looks back at his policies that brought the old order to collapse. The British philosopher John Gray critiques the supposed “universality” of liberalism and, with Homi Bhabha, sees a world of hybrid identities and localized cultures. The Singaporean theorist Kishore Mahbubani peels away the “veneer” of Western dominance. Amartya Sen, the economist and Nobel laureate, assesses whether democratic India or autocratic China is better at building “human capacity” in their societies.