Keynes Against Capitalism: His Economic Case for Liberal Socialism

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Routledge, Apr 29, 2019 - Business & Economics - 410 pages
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Keynes is one of the most important and influential economists who ever lived. It is almost universally believed that Keynes wrote his magnum opus, The General Theory of Employment, Interest and Money, to save capitalism from the socialist, communist, and fascist forces that were rising up during the Great Depression era. This book argues that this was not the case with respect to socialism.

Tracing the evolution of Keynes’s views on policy from WWI until his death in 1946, Crotty argues that virtually all post-WWII "Keynesian" economists misinterpreted crucial parts of Keynes’s economic theory, misunderstood many of his policy views, and failed to realize that his overarching political objective was not to save British capitalism, but rather to replace it with Liberal Socialism. This book shows how Keynes’s Liberal Socialism began to take shape in his mind in the mid-1920s, evolved into a more concrete institutional form over the next decade or so, and was laid out in detail in his work on postwar economic planning at Britain’s Treasury during WWII. Finally, it explains how The General Theory provided the rigorous economic theoretical foundation needed to support his case against capitalism in support of Liberal Socialism.

Offering an original and highly informative exposition of Keynes’s work, this book should be of great interest to teachers and students of economics. It should also appeal to a general audience interested in the role the most important economist of the 20th century played in developing the case against capitalism and in support of Liberal Socialism. Keynes Against Capitalism is especially relevant in the context of today’s global economic and political crises.


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Part I
the real
deflation social justice
Three important essays in persuasion on the proper
Destructive competition corporatism industrial policy
Britains Industrial Future and the Board of National
The priority of highunemployment longrun
Keynes on secular stagnation
Keynes versus the classicists on the effects of wage
Keynes versus the classicists on disequilibrium
the insane stock
The theory of the business cycle in chapter
Keyness radical policy views in The General Theory
Part III

Keynes on insane financial markets and
Part II
Keynes and government postwar economic planning
Thoughts on the relevance of Keyness work

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About the author (2019)

James Crotty is Emeritus Professor of Economics at the University of Massachusetts Amherst and Senior Research Associate at the Political Economy Research Institute. His research in theory and policy attempts to integrate the complementary analytical strengths of the Marxian and Keynesian traditions.

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