Abstract
John Maynard Keynes keeps returning, like an ageing diva giving farewell performances. What does this tell us? First, that in economics there are no final victories or defeats; rather, there are ebbs and flows obedient to changes in consciousness and the world. Second, it tells us that the world changes and so do the structures of power. The rise and fall of different schools of economics is related, undoubtedly, as was said this morning, to shifts in the balance of social and economic power. Marx understood that. I want to consider the passage of Keynes’ ideas from acceptance to rejection to the modest revival of 2008–2009.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Notes
- 1.
Palley (2012).
Reference
Palley, T. (2012). From financial crisis to stagnation. Cambridge: Cambridge University Press.
Author information
Authors and Affiliations
Editor information
Editors and Affiliations
Copyright information
© 2016 The Author(s)
About this chapter
Cite this chapter
Skidelsky, R., Backhouse, R. (2016). The Keynesian Revolution and the Theory of Countervailing Powers. In: Skidelsky, R., Craig, N. (eds) Who Runs the Economy?. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-137-58017-7_5
Download citation
DOI: https://doi.org/10.1057/978-1-137-58017-7_5
Published:
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-137-58018-4
Online ISBN: 978-1-137-58017-7
eBook Packages: Economics and FinanceEconomics and Finance (R0)