After the war started he roundly criticised the Left for losing their nerve to confront Hitler :. The intelligentsia of the Left were the loudest in demanding that the Nazi aggression should be resisted at all costs.
When it comes to a showdown, scarce four weeks have passed before they remember that they are pacifists and write defeatist letters to your columns, leaving the defence of freedom and civilisation to Colonel Blimp and the Old School Tie, for whom Three Cheers. Keynes has been characterised as being indifferent or even positive about mild inflation.
However, Keynes was also aware of the dangers of inflation. Lenin is said to have declared that the best way to destroy the Capitalist System was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency.
The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose. One of Keynes most oft quoted phrases " In the long term we are all dead " came from his response critiquing the long term positive benefits to workers, propounded by some economists, with respect to people who had lost their jobs due to factories that had been closed down.
He was the principal author of a proposal — the so-called Keynes Plan — for an International Clearing Union. The two governing principles of the plan were that the problem of settling outstanding balances should be solved by "creating" additional "international money", and that debtor and creditor should be treated almost alike as disturbers of equilibrium. In the event, though, the plans were rejected, in part because "American opinion was naturally reluctant to accept the principle of equality of treatment so novel in debtor-creditor relationships".
The new system is not founded on free-trade liberalisation  of foreign trade  but rather on the regulation of international trade, in order to eliminate trade imbalances: the nations with a surplus would have an incentive to reduce it, and in doing so they would automatically clear other nations deficits.
Every country would have an overdraft facility in its bancor account at the International Clearing Union. He pointed out that surpluses lead to weak global aggregate demand — countries running surpluses exert a "negative externality" on trading partners, and posed, far more than those in deficit, a threat to global prosperity.
In his Yale Review article "National Self-Sufficiency,"   he already highlighted the problems created by free trade. His view, supported by many economists and commentators at the time, was that creditor nations may be just as responsible as debtor nations for disequilibrium in exchanges and that both should be under an obligation to bring trade back into a state of balance.
Failure for them to do so could have serious consequences. In the words of Geoffrey Crowther , then editor of The Economist , "If the economic relationships between nations are not, by one means or another, brought fairly close to balance, then there is no set of financial arrangements that can rescue the world from the impoverishing results of chaos.
These ideas were informed by events prior to the Great Depression when — in the opinion of Keynes and others — international lending, primarily by the U. Influenced by Keynes, economics texts in the immediate post-war period put a significant emphasis on balance in trade. For example, the second edition of the popular introductory textbook, An Outline of Money ,  devoted the last three of its ten chapters to questions of foreign exchange management and in particular the "problem of balance". However, in more recent years, since the end of the Bretton Woods system in , with the increasing influence of Monetarist schools of thought in the s, and particularly in the face of large sustained trade imbalances, these concerns — and particularly concerns about the destabilising effects of large trade surpluses — have largely disappeared from mainstream economics discourse  and Keynes' insights have slipped from view.
Keynes's early romantic and sexual relationships were exclusively with men. Attitudes in the Bloomsbury Group , in which Keynes was avidly involved, were relaxed about homosexuality. Keynes, together with writer Lytton Strachey , had reshaped the Victorian attitudes of the Cambridge Apostles : "since [their] time, homosexual relations among the members were for a time common", wrote Bertrand Russell. Keynes was also involved with Lytton Strachey,  though they were for the most part love rivals, not lovers.
Keynes had won the affections of Arthur Hobhouse ,  and as with Grant, fell out with a jealous Strachey for it. Political opponents have used Keynes's sexuality to attack his academic work. Keynes's friends in the Bloomsbury Group were initially surprised when, in his later years, he began pursuing affairs with women,  demonstrating himself to be bisexual.
In , Keynes wrote that he had fallen "very much in love" with Lydia Lopokova , a well-known Russian ballerina and one of the stars of Sergei Diaghilev 's Ballets Russes. Keynes later commented to Strachey that beauty and intelligence were rarely found in the same person, and that only in Duncan Grant had he found the combination. Forster would later write in contrition about "Lydia Keynes, every whose word should be recorded":  "How we all used to underestimate her". Keynes thought that the pursuit of money for its own sake was a pathological condition, and that the proper aim of work is to provide leisure.
He wanted shorter working hours and longer holidays for all. Keynes was interested in literature in general and drama in particular and supported the Cambridge Arts Theatre financially, which allowed the institution to become one of the major British stages outside London. During the war , as a member of CEMA Council for the Encouragement of Music and the Arts , Keynes helped secure government funds to maintain both companies while their venues were shut.
Following the war, Keynes was instrumental in establishing the Arts Council of Great Britain and was its founding chairman in From the start, the two organisations that received the largest grants from the new body were the Royal Opera House and Sadler's Wells. Like several other notable British authors of his time, Keynes was a member of the Bloomsbury Group. Eliot discussed religion at a dinner party, in the context of their struggle against Victorian era morality. Keynes was ultimately a successful investor, building up a private fortune.
His assets were nearly wiped out following the Wall Street Crash of , which he did not foresee, but he soon recouped. The sum had been amassed despite lavish support for various good causes and his personal ethic which made him reluctant to sell on a falling market, in cases where he saw such behaviour as likely to deepen a slump.
In part on the basis of these papers, Keynes wrote of Newton as "the last of the magicians. Keynes was a lifelong member of the Liberal Party , which until the s had been one of the two main political parties in the United Kingdom, and as late as had often been the dominant power in government. Keynes had helped campaign for the Liberals at elections from about , yet he always refused to run for office himself, despite being asked to do so on three separate occasions in From , when Lloyd George became leader of the Liberals, Keynes took a major role in defining the party's economic policy, but by then the Liberals had been displaced into third party status by the Labour Party.
A by-election for the seat was to be held due to the illness of an elderly Tory , and the master of Magdalene College had obtained agreement that none of the major parties would field a candidate if Keynes chose to stand. Keynes declined the invitation as he felt he would wield greater influence on events if he remained a free agent. Keynes was a proponent of eugenics. He served as director of the British Eugenics Society from to As late as , shortly before his death, Keynes declared eugenics to be "the most important, significant and, I would add, genuine branch of sociology which exists.
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Keynes once remarked that "the youth had no religion save communism and this was worse than nothing. In Keynes had the following to say on Marxism: . How can I accept the Communist doctrine, which sets up as its bible, above and beyond criticism, an obsolete textbook which I know not only to be scientifically erroneous but without interest or application to the modern world? How can I adopt a creed which, preferring the mud to the fish, exalts the boorish proletariat above the bourgeoisie and the intelligentsia , who with all their faults, are the quality of life and surely carry the seeds of all human achievement?
Even if we need a religion, how can we find it in the turbid rubbish of the red bookshop? It is hard for an educated, decent, intelligent son of Western Europe to find his ideals here, unless he has first suffered some strange and horrid process of conversion which has changed all his values. Keynes was a firm supporter of women's rights and in became vice-chairman of the Marie Stopes Society which provided birth control education. He also campaigned against job discrimination against women and unequal pay. He was an outspoken campaigner for reform of the laws against homosexuality.
Throughout his life, Keynes worked energetically for the benefit both of the public and his friends; even when his health was poor, he laboured to sort out the finances of his old college. In , Keynes suffered a series of heart attacks , which ultimately proved fatal. They began during negotiations for the Anglo-American loan in Savannah, Georgia , where he was trying to secure favourable terms for the United Kingdom from the United States, a process he described as "absolute hell".
Both of Keynes's parents outlived him: his father John Neville Keynes — by three years, and his mother Florence Ada Keynes — by twelve. Keynes's brother Sir Geoffrey Keynes — was a distinguished surgeon, scholar, and bibliophile. His nephews include Richard Keynes — , a physiologist, and Quentin Keynes — , an adventurer and bibliophile.
Keynes had no children; his widow, Lydia Lopokova , died in From Wikipedia, the free encyclopedia. For other uses, see Keynes disambiguation. For his father, see John Neville Keynes. English economist. The Right Honourable. CB FBA. Cambridge , Cambridgeshire , England. Tilton, near Firle , Sussex , England. Political economy Probability. King's College, Cambridge. Index Outline Category.
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Glossary of economics. Main article: Heavenly Twins Sumner and Cunliffe. Main article: Keynesian Revolution. Main article: Neo-Keynesian economics. Main article: Post-war displacement of Keynesianism. Main article: —09 Keynesian resurgence. The Return to Keynes. Harvard University Press. Oxford Dictionary of National Biography online ed. Oxford University Press. Subscription or UK public library membership required.
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Keynes: The Return of the Master. Cambridge: Public affairs. In in one of the decisive intellectual achievements of postwar economics, Friedman not only showed why the apparent tradeoff embodied in the idea of the Phillips curve was wrong; he also predicted the emergence of combined inflation and high unemployment Retrieved 13 November Financial Times. Retrieved 23 January Retrieved 18 June The Economist. Retrieved 2 October The Bloomsbury Group. Retrieved 26 May Pan MacMillan Ltd. St Faith's School Website.
Archived from the original on 30 May Retrieved 28 April Deane, Phyllis The Life and Times of J. Neville Keynes: A Beacon in the Tempest. Edward Elgar Publishing. Skidelsky, Robert Felix, David Keynes: A Critical Life. Greenwood Press. Harrod, Roy The life of John Maynard Keynes. Harcourt, Brace. Moggridge, Donald Maynard Keynes: An Economist's Biography. MacMillan Ltd. Dostaler, Gilles Keynes and His Battles. Retrieved 25 January Supermac: The Life of Harold Macmillan.
Oxford: Routledge. Essays on John Maynard Keynes. Cambridge University Press. Humanism: A Beginner's Guide. Oneworld Publications. Archived from the original on 16 June Retrieved 29 May John Maynard Keynes: Critical Assessments , pp. Routeledge and Google Books. The London Gazette. John Maynard Keynes , chapter 1. The Growth of Economic Thought. The London Gazette Supplement. Versailles and After, second ed. The Journal of Modern History.
For nearly forty years, historians of twentieth-century diplomacy have argued that the Versailles treaty was more reasonable than its reputation suggests and that it did not of itself cause the Depression, the rise of Hitler, or World War II" p. Marks also claims that the book is a "brilliant but warped polemic" p.
Ten Great Economists. Simon Publications. Fifty Major Economists. The New Yorker. Economic Careers: Economics and Economists in Britain, — London: Routledge. The critics of Keynesian Economics. Irvington-on-Hudson, N. Kessinger Publishing. Picture Post. Palgrave Macmillan UK. Brad Delong, Berkeley university.
Retrieved 14 June M Donald Moggridge ed. London: Macmillan. Edward American Media.
The Bank of England, —, Volume 1. Commanding Heights, see chapter 6 video or transcript TV documentary. US: PBS. Political Economy: A Comparative Approach.
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Greenwood Publishing Group. Modern liberalism was the dominant ideology in Western nations from the end of World War II until the early s. Its appeal stemmed from not only the success of Keynesian economics in maintaining prosperity during that period, but also from the postwar revulsion towards any pure form of ideology. The Future of Liberalism. Alfred A. If Adam Smith is the quintessential classical liberal, the twentieth-century British economist John Maynard Keynes, whose ideas paved the way for massive public works projects and countercyclical economic policies meant to soften the ups and downs of the business cycle, best represents the modern version.
The New School. Retrieved 5 April Martin's Press. Time magazine. Retrieved 3 July The Bodley Head Ltd. American Economic Review. Princeton University. Retrieved 27 June The Huffington Post. The American Prospect. Retrieved 23 November Keynes for Beginners. In John Ravenhill ed. Global Political Economy. The Hindu. Retrieved 8 October The University of Texas. Carol J Frost Phd. A Boy from Wollochet. The Care Giver. Childhood in Malabar-Mod Class. Ranjit Singh. Professor Jonathan Derrick. Philo of Alexandria An Intellectual Biography.
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