The global Keynesian stimulus push lasted barely a year before backsliding

Evidence

The results were immediate and dramatic. Countries as diverse as Brazil, China, and the United States lined up to stimulate their economies and stymie the contraction of economic activity. China led with a whopping 13 percent of GDP; Spain promised 7 percent; and the United States committed around 5.5 percent of GDP. Even Germany stimulated to the tune of just under 3 percent of GDP. Whether this money was actually spent was another matter entirely, but that it was promised for its intended purpose was significant. As Keynes’s biographer Lord Skidelsky put it in a book celebrating the 2009 rediscovery of Keynes, we had witnessed “the Return of the Master.” The only problem was that by the time the master returned, some very important folks had already left the building: the Germans, followed by the British and the Canadians. The global return of Keynes was to last only a year from start to finish. — Mark Blyth, Austerity, 160

Categorization

• XREF: Concrete stimulus figures (China 13%, US 5.5%, Germany 3%) are factual anchors that connect to Mattei’s account of the austerity turn and who defected first (Germany, UK, Canada). — connects to: The June 2010 G20 marked the global policy shift from Keynesian stimulus to austerity — Mark Blyth, Austerity: The History of a Dangerous…, 13; The 2008 crisis briefly revived Keynesian fiscal stimulus across academia and institutions — Mark Blyth, Austerity: The History of a Dangerous…, 159; European officials pushed austerity during the G20 and ended global Keynesianism — Mark Blyth, Austerity: The History of a Dangerous…, 173 (+3 more)
• DEFINE: Establishes the precise temporal window of the Keynesian moment (roughly 2008-2009) that subsequent chapters will depend on.

Broader Connections

• European officials pushed austerity during the G20 and ended global Keynesianism #expands (0.85) — Mark Blyth, Austerity, 173
• Neoliberal ideas were displaced by Keynesianism only briefly #corroborates (0.80) — Mark Blyth, Austerity, 157
• 1970s stagflation discredited Keynesian demand management and empowered monetarism #expands (0.75) — Donald MacKenzie, An Engine, Not a Camera, 47
• The 1973 oil crisis triggered a resounding defeat of Keynesian economics #exemplifies (0.75) — Aris Komporozos-Athanasiou, Speculative Communities, 107