Ann Pettifor


Political economist, author and public speaker

Bring back cool reasonable voice of Keynes… in the FT

Tuesday 30th September, 2008.

Sir, Your editorial “In praise of free markets” (September 27/28) conflates regulation of trade markets with that of financial markets.

This is a flawed analysis, one at the core of most economic orthodoxy – that money, like land, oil, soya beans, diamonds or gold, is a commodity, and therefore that trade and markets in money are no different from markets in, say, soya beans.

Read more…


1 thought on “Bring back cool reasonable voice of Keynes… in the FT”

  1. I am not an economist. I heard that there was a flaw with Keynes theory: stagflation. I’ve been

    reading about Austrian economics (such as “Economics in One Lesson”). It has a lot of appeal and makes much sense to me. I personally like the idea

    of a safety net though that isn’t reliant on charity/philanthropy.

    A return to a gold standard has some appeal. It would mean that money

    was a commodity and could operate like other commodites as you say. Another reasonable alternative is to have a fixed amount of fiat money

    (including debt – broad money I think).

    I look forward to the talk of reform that this crisis will bring. Let’s hope the depression isn’t

    long and deep.

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