ABSTRACT
This chapter looks at the contradictions of Keynesianism and monetarism in this regard, and then at the newer policy agendas of international competitiveness which have arisen since the 1980s. Insofar as the new agendas take up the post-war successes of social democratic industry policy, this chapter also addresses the social democratic agenda in the era of internationally-integrated accumulation. The shift from the post-war version of bastard Keynesianism to monetarism as the guiding theory was based on theoretical critique, supported by evidence of financial crisis. Keynesianism and monetarism, as the two premier post-war doctrines of macroeconomic management, each played out historically their incompatibility with comprehensive international capital mobility. Despite their important differences, they both start conceptually with the assumed ontological primacy of national units. Within a nationalist policy focus, the focus on money was confirmed by balance of payments developments, expressed in the dominance of international financial movements over 'real' resource movements.
