The way out from WWII was the Marshal plan-
EugenR; The way out from WWII was the Marshal plan, that channeled the financial resources to Europe, where the potential yields on investments were the highest by far. The same should be done now. Where the yields are the highest? Not in over-invested Western Europe, Japan or USA, but the undernourished previously East block countries, East Asian countries, Africa and South America etc. Of course these potentially high yield places need a stable and trustful governments and some of them even have them. In any case additional investment in consumption in US-Europe-Japan, is not the way out from the recession.
For Europe i have the same recipe;
EugenR; I wonder was my response really untactful? As to your claim;
…The important dynamic of cold war was winning hearts and minds. My theory is that Marx played a big role here…
I agree. While the Communistic threat existed it helped to restrain the financial and economic barons in the West, and they did not oppose a policy of more evenly distribution of the wealth and income. It did not help very much for the people who were living under the spell of the Marxism and USSR suppression.
Pitifully it also did not caused long term behavioral change of Western plutocracy. The bankers and corporate managers unrestrained lust for wealth and power, definitely increased to new heights since the collapse of USSR. They ceased to restrain themselves and started without any blush plunder the general public. If to look at the roots of the last economic crisis, it is a direct consequence of these corporate barons behavior.