Post-Haunting Reflections: financial crisis effects on Richard Posner and the limits of his Keynesian stance

Abstract

The paper discuss the positions of the American jurist Richard Posner of the market regulation before the 2008 crisis, when he demonstrated to believe in the efficiency of the free market, and after the crisis, that led him to advocate a Keynesian posture. From the proposal to David Harvey, it made a critique to the limitations of this view for understanding the crisis of capitalism. Although the monetary capacity to stimulate growth can be unlimited, there are potentially limiting aspects of material activity (production, exchange and consumption of goods) that are concrete barriers to capital accumulation. These barriers arise concerning the expansion of capital and ultimately generate crises in the system. And even when a barrier is overcome, new barrier will suggest. Posner's suggestion that efficient regulation and appropriate monetary policy can prevent further crises is not therefore sufficient to prevent further crises.