If I have any quibble with “The Price of Peace,” it is with Carter’s critique of “neoliberal” economists and policymakers who strayed from the true Keynesian path over the past 40 years by embracing globalization, deregulation and fiscal austerity. Keynes would have surely understood that the job of each generation is to adjust to changing circumstances and technologies, preserving whatever arrangements deliver broadly shared prosperity and fixing those that don’t. And by the early 1980s, there was a lot about the old Keynesian consensus that needed fixing.
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