Crotty J.R.. Keynes Against Capitalism: His Economic Case for Liberal Socialism. London: Routledge,2018. — 410 p. 2018
Keynes is one of the most important and influential economists who ever lived. It is almost universally believed that Keynes wrote his magnum opus, The General Theory of Employment, Interest and Money, to save capitalism from the socialist, communist, and fascist forces that were rising up during the Great Depression era. This book argues that this was not the case with respect to socialism.
Introduction
Was Keynes trying to save capitalism or create “Liberal Socialism?”
Part I From The Economic Consequences of the Peace to The General Theory
Public investment and state planning in 1924
The return to gold in 1925
Britain's Industrial Future and the Board of National Investment
On the edge of the Great Depression
Keynes on “insane” financial markets and the emergence of stagnation in the USA in the early 1930s
Part II The General Theory
The ultimate defense in theory of Keynes's radical policy agenda
Methodology and ideology
Keynes versus the classicists
The priority of high-unemployment long-run equilibrium or “secular stagnation” in The General Theory
Upon further reflection
Keynes versus the classicists on disequilibrium processes in the bond market
Chapter 12 of The General Theory
The “insane” stock market, capital investment,and instability
The theory of the business cycle in chapter22
Are the “models” Keynes created in The General Theory compatible with the IS/LM interpretation of the book?
Part III State planning, public investment, and Liberal Socialism after The
General Theory
Thoughts on the relevance of Keynes's work to solving today's economic problems
The society-economy nexus, methodology, theory, and policy
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