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Abstract
This essay critically examines a statement made by former chief economist of the International Monetary Fund, Olivier Blanchard, before and during a debate with one of the authors. Blanchard argued that a Keynesian “revolution” is needed to avert a future “catastrophe.” But analyzing the historical process this essay names the law of capital’s reproduction and tendency toward centralization leads to a grim prediction: the tendency of free capital to centralize and thereby jeopardize all other freedoms threatens today’s liberal-democratic hegemonic institutions. In the face of this prospect, neither Keynesian policy nor a universal basic income seem adequate. The only revolution able to avert catastrophe is the redefinition of the most powerful tool in the history of political struggles: collective planning, subversively regarded as a factor for developing free social individuality and a newly liberated human being.
Acknowledgments
We thank the editors of this journal and two anonymous referees for their comments and suggestions. We also thank Salvatore Biasco, Gerardo Canfora, Francesca Coin, Lilia Costabile, Massimo De Carolis, Elsa Fornero, Claudio Gnesutta, Antonella Picchio, Cesare Salvi, Massimo Squillante, Antonella Stirati, Giovanni Tria, and Pasquale Tridico, as well as Gad Lerner and Moni Ovadia, for their comments on a previous version. The usual disclaimers apply.
Correction Statement
This article has been corrected with minor changes. These changes do not impact the academic content of the article.
Notes
1 On this point, see some recent IMF evidence: Georgieva et al. (Citation2021) and Akçiğit et al. (Citation2021).
2 On this point, see the debate between Acemoğlu and Brancaccio (Citation2021).
3 On the relationship between tendency and biopolitics, see Negri (Citation2012); see also Di Pierro (Citation2018).