Letter from the Editor

摘要

Is it over, asks Tom Petterson. As Donald Trump blackened Washington on his way out of town, pundits lauded the end of Trumpism's hold on the Republican Party. What they failed to see is that Trumpism is merely a reckless version of what Republicanism has been for some time. In the twenty-first century, the goals of mankind are evolving from raising near-term prosperity to unlimited term sustainable survival of mankind in an acceptable state. This is bound to lead to a scientific revolution-a paradigm shift. A return to the generalized ideas of Keynes must be an integral part of that shift. Vladmir Masch proposes that the Keynes's approach to economics must be complemented by impos- ing (Pigovian) taxes on negative externalities. The resulting "Balanced Keynesianism" (BK) in international trade is "Compensated Free Trade" (CFT), which should be unilaterally imposed by the US government on each of its mercantilist trading partners. It easily wins in comparison with other proposed methods of cutting the trade deficit. Under CFT, a limit is imposed on export revenues of each trading partner. As we shall see, it is the only methodology that allows large-scale and fast US deficits cutting, while automatic- ally preventing trade wars and repercussions. CFT allows having the nation-state, democracy, and globalization at the same time.