Professor Steve Keen from Kingston University says that the 'left' made a huge mistake by thinking that by getting on board the neoliberalist train, which he describes as "a train going nowhere," because the basic neoliberal economic model does not work. The fact that both the left and the right have been unable to solve fundamental problems created by deregulated capitalism and massive increase in debt levels — which has led to a resurgence in confidence in the right — is proof of this.
Professor Keen explains how Keynsiansism was introduced to try and prevent the negative consequences of the cyclical nature of capitalism, but failed. He explains how monetarism was then introduced, by the right and to some extent by the left, and how this heralded a return to traditional, flawed, capitalism. Many people, however, still believe that the left supports progressive neoliberal causes, which may be true. But the left, according to Professor Keen, having being disenfranchised by failed economic policies, is no longer able to pursue such policies and people are now wondering why it was fooled into thinking that neoliberalism would supply the answer in the first place. New alternative systems are needed.
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