In the midst of our current economic crisis, we peer
anxiously over the precipice into an uncertain future,
and try to put things in perspective by looking to the
past. One name above all keeps on cropping up; often
there is a grainy picture of a tall man with thinning
hair and a heavy moustache, a half-familiar figure from
a former era of worldwide economic depression - an era
that closed when the Second World War peremptorily
intervened. The name of John Maynard Keynes first came
to public attention on both sides of the Atlantic in the
early 1920s, when the depression in Britain engaged his
attention, with the argument that unemployment needed a
radical remedy. This was a direct attack on the
orthodoxy of the free-market doctrines of the day, with
their reliance on the self-acting mechanisms of the Gold
Standard and Free Trade to do the trick - in the long
run. No, said Keynes, coining one of his most famous
phrases: 'In the long run we are all dead.'It is a
measure of Keynes's apotheosis that it was President
Nixon who said in 1971 that 'we are all Keynesians now',
but slowly the name of Keynes lost its gilt; his
thinking was dismissed as 'depression economics',
irrelevant in a booming economic world. And then came
the great meltdown of 2008. Incomprehensibly the market
forces, on which the rising generation had been taught
to rely, failed to deliver the goods, failed to offer
self-correction and failed to cope with a self-inflicted
crisis of confidence. For thirty years Keynes's
reputation had languished; in thirty days the defunct
economist was rediscovered and rehabilitated. Engaging
and authoratitive, Keynes explores the often
misunderstood man in the context of his own life and
times - the impact of his homosexuality and his later
marriage to ballerina Lydia Lopokova - and questions the
relevence and significance of his groundbreaking ideas
today. |
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