The financial crisis was not a crisis of capitalism or globalisation. Instead it is a crisis of the “deep Keynesian project”, according to which the aim of economic policy should be the maximum smoothing out of fluctuations in the real economy (as long as consumer price inflation is kept under reasonable control). While the tools of this policy approach were very different in the boom years preceding the crisis from traditional Keynesian ones, relying more on monetary than on fiscal policy, the fundamental aim was quintessentially Keynesian. The crisis is the logical outcome of the success of this policy for almost 20 years.
此次金融危機并不是一次資本主義危機或全球化危機，而是一場“深奧凱恩斯方案”(deep Keynesian project)的危機。根據該計劃，經濟政策的目標應該是最大限度地抹平實體經濟中的波動（只要消費者價格通脹被控制在合理范圍內）。盡管在本輪危機之前的繁榮時期，這種政策方式所采用的工具與傳統的凱恩斯主義方式截然不同——更多地依賴于貨幣政策，而非財政手段，但根本目標符合凱恩斯主義的神髓。此項政策成功地實施了近20年，而這場危機是其合乎邏輯的結果。