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Presentation Title

Globalization and Recessions: New Economic Challenges

Student Presenter(s) and Advisor

Lucas Pielechaty '13Follow

Location

Young 111

Abstract

The 2007 U.S. financial collapse and the global economic recession that followed underscore the limitations of traditional economic models as guides to policymaking. The conventional wisdom says the Keynesian economic policies of the 1930s were the correct response to the Great Depression. These policies are not appropriate for the economic challenges facing the United States (and other advanced economies) today, however. Globalization and economic integration have weakened the effectiveness of Keynesian-based policies such as the 2009 American Recovery and Reinvestment Act, which sought to lessen the effect of the 2007 recession through a combination of government spending and tax cuts. A modified Keynesian approach is required, one that is mindful of the new economic realities that constrain the efforts of policymakers to counter economic recessions through deficit spending.

Presentation Type

Individual Presentation

Start Date

4-9-2013 10:40 AM

End Date

4-9-2013 11:00 AM

Panel

Panel: Economics and Politics

Panel Moderator

Rand Smith

Field of Study for Presentation

Economics

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Apr 9th, 10:40 AM Apr 9th, 11:00 AM

Globalization and Recessions: New Economic Challenges

Young 111

The 2007 U.S. financial collapse and the global economic recession that followed underscore the limitations of traditional economic models as guides to policymaking. The conventional wisdom says the Keynesian economic policies of the 1930s were the correct response to the Great Depression. These policies are not appropriate for the economic challenges facing the United States (and other advanced economies) today, however. Globalization and economic integration have weakened the effectiveness of Keynesian-based policies such as the 2009 American Recovery and Reinvestment Act, which sought to lessen the effect of the 2007 recession through a combination of government spending and tax cuts. A modified Keynesian approach is required, one that is mindful of the new economic realities that constrain the efforts of policymakers to counter economic recessions through deficit spending.