Crisis and Revolution in Economic Theory and Policy: A Debate

The following is the transcript of a debate, entitled ‘Pensare un’alternativa’ (Thinking of an Alternative), between Olivier Blanchard, former Chief Economist of the International Monetary Fund and a leading exponent of mainstream macroeconomics, and Emiliano Brancaccio, author of the book Anti-Blanchard and advocate of ‘The Economists’ Warning’ against European deflationary policies. The debate examines, from two different theoretical perspectives, the global great recession, the Eurozone crisis, the effects of austerity and deflation, increased social inequality, and political conflict. It took place at the Giangiacomo Feltrinelli Foundation in Milan, Italy, on 19 December 2018, and was moderated by the journalist Pietro Raitano.