ABSTRACT. Despite the present world context, originating in the financial implosion in the United States of America, we believe that the time has come to, at least partly, invert Joan Robinson’s dictum. We propose instead mildly, ‘where finance leads, enterprise follows’. Critiquing the neoclassical orthodoxy, we propose the Kalecki-Kaldorian synthesis, a Post-Keyensian alternative, in the tradition of sectoral distinction between agriculture and industry, production and foreign exchange bottlenecks with an added emphasis on the public sector in development strategy to address present day policy concerns for financial stability, growth and income distribution. pp. 101–111
JEL Codes: B22; E02; E44

Keywords: financial globalization; economic downturn; stability

How to cite: Rao, Tripati D. (2014), “Macroeconomic Policy Redressal for Financial Stability,” Economics, Management, and Financial Markets 9(1): 101–111.

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Indian Institute of Management Lucknow

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