Theory and Policy in Response to ‘Leaden Age’ Financial Instability: Comment on Felix
Author(s)
Pollin, Robert
Abstract
Highly speculative world financial markets have emerged in conjunction with the transition from the ‘Golden’ to ‘Leaden’ Age growth phase in the post-World War II era. This paper poses two questions: First, to what extent is the explosion of speculative finance cause or consequence of the Leaden Age? Second, do domestic policy initiatives to restore Golden Age growth depend on prior international cooperation for their success? The paper argues that policies necessary for restoring Golden Age growth can be effectively initiated at the level of domestic economies.
