Walter Mead

Recent Articles

Altered States

The globalized economy disarms the nation-state. We need a blend of familiar Keynesian insights and new institutions.

K eynes's economic thought recast the Anglo-American political economy in the light of the evolution from the ruthless but dynamic Victorian economy of the nineteenth century to the more accommodating but flaccid administrative economy of his own era. Keynes believed that the slowdown in growth that afflicted most Western countries between the world wars was a return from the aberrant dynamism of the Victorian period to a normal condition of slack economic growth. In modern British history he saw a persistent economic bias toward stagnation and deflation offset only by relatively short periods of growth; Keynesian economic policy was an attempt to overcome the deflationary tendencies of capitalism and to accelerate the progress of technology and living standards. As Keynes so famously said, "In the long run, we are all dead." In the half century since Keynes attained that long run, the world has changed considerably. Whatever the truth of Keynes's beliefs about long-term economic...