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Keynes against capitalism : his economic case for liberal socialism

Author: James Crotty
Publisher: New York : Routledge, 2019.
Series: Economics as social theory
Edition/Format:   eBook : Document : English : 1 EditionView all editions and formats
Summary:
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  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Crotty, James, 1940- author.
Keynes against capitalism
New York : Routledge, 2019
(DLC) 2018059994
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: James Crotty
ISBN: 9780429464911 0429464916 9780429877049 0429877048 9780429877063 0429877064 9780429877056 0429877056
OCLC Number: 1083177413
Description: 1 online resource.
Contents: Introduction: was Keynes trying to save capitalism or create "liberal socialism"? --
From the economic consequences of the peace to the general theory --
The economic consequences of the peace: 1919 --
Making sense of chaos: 1919-23 --
Public investment and state planning in 1924: the real keynesian revolution begins --
The return to gold 1925: deflation, social justice and class struggle --
Three important "essays in persuasion" on the proper economic role of the state: 1925-1926 --
Destructive competition, corporatism, industrial policy and the new economic role of the state : 1927-28 --
Britain's industrial future and the board of national investment : a detailed analysis of the institutions to be used by the state to regulate capital accumulation in pursuit of full employment under liberal socialism --
On the edge of the great depression : Keynes continues his efforts to gain political support for the radical policies in Britain's industrial future --
Keynes on "insane" financial markets and the emergence of stagnation in the US in the early 1930s --
National self-sufficiency : 1933 --
The general theory: the ultimate defense in theory of Keynes's radical policy agenda --
Methodology and ideology : Keynes versus the classicists --
The priority of high-unemployment long-run equilibrium or "secular stagnation" in the general theory --
Upon further reflection : Keynes on secular stagnation in 1937 --
Keynes versus the classicists on the effects of wage and price deflation --
Keynes versus the classicists on disequilibrium processes in the bond market --
Chapter 12 of the general theory : the "insane" stock market, capital investment and instability --
The theory of the business cycle in chapter 22 : integrating the profit rate and the bond and stock markets in a theory of financial and economic instability --
Are the "models" Keynes created in the general theory compatible with the is/lm interpretation of the book : a digression --
Keynes's radical policy views in the general theory --
State planning, public investment and liberal socialism after the general theory --
From the general theory until britain entered WWII : 1936-1939 --
Keynes and government post-war economic planning for "liberal socialism" during the war : 1939-1945 --
Thoughts on the relevance of Keynes's work to solving today's economic problems : the society-economy nexis, methodology, theory, and policy --
References --
Index.
Series Title: Economics as social theory
Responsibility: James Crotty.

Abstract:

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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"A huge value of the book is that it differentiates the messages of Keynes's original work from modern-day "Keynesians." Crotty shows that the IS-LM incarnation of Keynes captured very little of Read more...

 
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