Keynesianism, if you add its flexible, muscular form during the Depression to its more rigid postwar version, lasted forty-five years. Our own Globalization, with its technocratic and technological determinism and market idolatry, had thirty years. And now, too, is dead.
This quote poignantly examines the cyclical nature of dominant economic paradigms and their inevitable decline. Keynesian economics, which once provided a flexible and powerful framework for managing economic fluctuations, transitioned through different phases, eventually becoming more rigid in the postwar era before waning in influence. The reflection extends to contemporary globalization, characterized by technocratic governance, technological determinism, and an overarching market idolization. These forces, which dominated for several decades, are now declared dead, suggesting a paradigm shift in how we approach economic policy and global interconnectedness. The author invites us to consider that no economic system or ideology remains eternal; all are subject to the social, technological, and political currents of change. This recognition urges policymakers, scholars, and citizens alike to remain adaptable and open-minded. As history shows, what is revered today can quickly become obsolete tomorrow, requiring innovative approaches and fresh perspectives to address future challenges. The metaphor of these grand economic stories ending signals a time of transition, potentially opening avenues for new theories and strategies that better align with current realities and future uncertainties. Understanding this fluidity helps prevent blind allegiance to any single doctrine, emphasizing the importance of critical thinking and resilience in an ever-evolving global landscape.