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Economic Policies in a Historical Context

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Economic policies as we understand them today, emerged in the 1930s with the Keynesian contributions. In the 1940s and after World War II, Keynesian macroeconomic policies were implemented until the end of the 1960s. Beginning of the 1970s, economic policies were directed to inflation, which was mostly due to oil price increases, thereby the emerged inflation was due to supply-side impact. The relevant economic policies changed from the previous demand management economic policies. Limited government intervention type of policies was implemented until the Global Financial Crisis (GFC), after of which more Keynesian type economic policies, fiscal and monetary policies, as well as financial stability policies were introduced. The purpose of this contribution is to discuss these policies, emphasizing the current state of economic policies and any changes that might be better for a healthier economic outcome. The more recent economic policies are discussed in terms of the European Monetary Union (EMU) economic policies.



Journal Title

Development Macroeconomics Bulletin

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Structuralist Development Macroeconomics Research Group

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