Keynes, Russian Economic Thought, and Contemporary Policy
32 Pages Posted: 23 Oct 2020 Last revised: 31 Mar 2021
Date Written: January 29, 2021
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: Suggested Citation