The Keynesian Critique of Laissez-faire
Great theoreticians are not masters of the destiny of their work. Marx used to say that he was not a ‘Marxist’, and Keynes that he was not a ‘Keynesian’, but we never know precisely which interpretation of their works they had in mind when they issued their warnings. As for economic policy, today one often hears the term ‘Keynesian State’ which might be a reference to Roosevelt’s New Deal in the United States in the 1930s, or to the social democrat nations of Northern Europe, or even post-Second World War Great Britain or France with their widespread government intervention.
KeywordsNineteenth Century Monetary Policy Full Employment International Position Effective Demand
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- 4.It is from this point of view that I have tried to develop a critique of Keynes’s ideas, cf. ‘Crise capitaliste et politique économique’ in N. Poulantzas (ed.) La crise de l’Etat, (Presses Universitaires de France, 1976) pp. 133–51, and in The State, Capital and Economic Policy (Pluto Press, London, 1978), originally published in France as Etat et Capital (Presses Universitaires de Grenoble and F. Maspéro, 1976).Google Scholar