Abstract
Over the past decade, Keynesian policies have been subjected to severe attack and there can be no doubt that Keynesianism has lost much ground—if ground can be measured by political and academic support. Today, when Keynesians are thus fighting a defensive action, it must be hard for members of a younger generation to appreciate the immense excitement that followed the publication of The General Theory of Employment, Interest and Money in 1936. It was a time of hope—hope that was to pervade the war-time discussion of post-war policies and was to remain strong for many years thereafter. It is true that, by 1936, a recovery from the worst depths of the Depression had taken place and this recovery owed little to expansionary fiscal policies of a Keynesian type; but it was also an incomplete recovery. Unemployment was still high and, even in 1937, the United States had barely regained its 1929 level of GNP when another downturn took place.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
Notes
Reprinted in T. W. Hutchison, Keynes v. the Keynesians? (Institute of Economic Affairs, 1977).
We may note in passing that his analysis at this point was very similar to earlier theories of forced savings, notably that developed by D. H. Robertson in ‘Industrial Fluctuation and the Natural Rate of Interest’, Economic Journal (1934)
reprinted in Essays in Monetary Theory (London: P. S. King and Son, 1940)
see also T. Wilson, ‘Robertson, Money and Monetarism’, Journal of Economic Literature (Dec. 1980).
See W. H. Hancock and M. M. Gowing, British War Economy (London: HMSO, 1949) pp. 46 et seq.
See José Harris, William Beveridge (Oxford: Oxford University Press, 1978).
D. Winch, Economics and Policy (London: Fontana, 1967) pp. 281–2.
See D. Robertson, Banking Policy and the Price Level (London: P.S. King and Son,1926)
See J. C. R. Dow, Management of the British Economy 1945–60 (Cambridge: Cambridge University Press, 1964).
See T. W. Hutchison, op. cit., which contains Keynes’s articles from The Times of 1937, and
also comments by Kahn and Hutchison. See also the interesting article by G. C. Peden, ‘Keynes, The Treasury and Unemployment’, Oxford Economic Papers (March 1980).
Editor information
Editors and Affiliations
Copyright information
© 1982 Keynes College
About this chapter
Cite this chapter
Wilson, T. (1982). Policy in War and Peace: The Recommendations of J. M. Keynes. In: Thirlwall, A.P. (eds) Keynes as a Policy Adviser. Keynes Seminars. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-06139-6_5
Download citation
DOI: https://doi.org/10.1007/978-1-349-06139-6_5
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-06141-9
Online ISBN: 978-1-349-06139-6
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)