Keynes, Russian Economic Thought, and Contemporary Policy

32 Pages Posted: 23 Oct 2020 Last revised: 31 Mar 2021

See all articles by Marianne Johnson

Marianne Johnson

University of Wisconsin - Oshkosh - Department of Economics

Alexander Kovzik

University of Wisconsin - Oshkosh

Date Written: January 29, 2021

Abstract

This paper extends a long tradition of Western analyses of Russian economic thought on Keynes, updating the story through the period that followed the global financial crisis of 2007-2008. We survey contemporary views of Keynesianism by mainstream and traditionalist economists and consider the theoretical and ideological motivations for a domesticated variant of Keynesianism as a “third way,” bridging Western economics and Soviet political economy. As such, this paper provides a survey of the shift in political economy that underpins recent pivot from market liberalism to targeted government management as a solution to Russian economic stagnation. We conclude that it would be an exaggeration to declare that the latest transformation of Russian economic policy ‘Keynesian.’

Shortened version forthcoming in The Independent Review, Fall/Winter 2021.

Keywords: Soviet Union, Russia, John Maynard Keynes, Transition, Economic Policy, Political Economy

JEL Classification: P20, P30, B22, B24

Suggested Citation

Johnson, Marianne and Kovzik, Alexander, Keynes, Russian Economic Thought, and Contemporary Policy (January 29, 2021). Available at SSRN: https://ssrn.com/abstract=3686886 or http://dx.doi.org/10.2139/ssrn.3686886

Marianne Johnson (Contact Author)

University of Wisconsin - Oshkosh - Department of Economics ( email )

800 Algoma Blvd.
Oshkosh, WI 54901
United States
920-424-2230 (Phone)
920-424-1734 (Fax)

Alexander Kovzik

University of Wisconsin - Oshkosh ( email )

800 Algoma Blvd
Oshkosh, WI WI 54901
United States

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