For a while, it looked as if Keynes might become one of the “defunct economists” he once quipped about. But the 21st century has restored his reputation
of John Maynard Keynes must labour in the shadow of Robert Skidelsky’s magisterial three volumes about the great economist. Zachary Carter, a journalist at the, has tackled the problem in an ingenious way, by focusing on the development of Keynes’s ideas and how they fared after his death in 1946. The result is an entertaining summary of 20th-century economic history that will appeal to the general reader.
The idyll was destroyed by the first world war and, in part, Keynes’s life was a bid to restore the better parts of that lost world. He first made his name by raging against the terms of the Versailles peace treaty; his economic views were shaped by the experience of Britain in the 1920s, which was marked by deflation and high unemployment.
Given Keynes’s standing today, it is easy to forget how often his advice was ignored during his lifetime. In spite of his opposition, Britain’s Conservatives restored the gold standard in 1925. He backed Lloyd George’s Liberals in the election of 1929, just as the party was descending into irrelevance. While some elements of Franklin Roosevelt’s new deal were Keynesian, the president regarded the economist as an indecipherable mystic.
Instead, Keynesianism was defined by his colleagues, such as Joan Robinson and John Hicks, and intellectuals like J.K. Galbraith. That philosophy was in turn attacked in the 1960s and 1970s by Milton Friedman, Friedrich Hayek and others, who argued that Keynesianism had resulted in government playing too big a role in the economy and a chronic tendency towards inflation.
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