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The Fall and Rise of Keynesian Economics$
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John Eatwell and Murray Milgate

Print publication date: 2011

Print ISBN-13: 9780199777693

Published to Oxford Scholarship Online: April 2015

DOI: 10.1093/acprof:osobl/9780199777693.001.0001

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Unemployment on a World Scale

Unemployment on a World Scale

(p.93) 6 Unemployment on a World Scale
The Fall and Rise of Keynesian Economics

John Eatwell

Murray Milgate

Oxford University Press

This chapter talks about international unemployment. The common sources of increased unemployment include the pace of labor-saving technological change, structural changes in world trading relationships, changes in the international financial environment, and consequential changes in the macroeconomic polities of the G7 countries. The problem of international unemployment is rooted in the developments in the international trading and financial system since 1973. The pressure to liberalize goods and financial markets has created a deflationary climate that infected the worldwide economy.

Keywords:   international unemployment, labor-saving technological change, world trading relationships, international financial environment, macroeconomic polities, G7 countries, deflationary climate, worldwide economy

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