The Keynesian Revolution and its Economic Consequences is a study of John Maynard Keynes as a publicist, expert and theorist and of the economic doctrines associated with his name. It examines the Keynesian revolution in economic theory and policy and shows how Keynesianism as a school of thought departed from the substance of Keynes's own thinking and policy prescription.
Peter Clarke places the `historical' Keynes in the context of his own times and examines the subsequent institutionalization of Keynes. The author presents an historical account of Keynes's own thinking and influences, and offers a reassessment and a non-technical explanation of Keynesian policies, notably budget deficits. The author explores Keynes's major works and ideas within a political context, concluding that greater emphasis should be placed on his ideas about uncertainty and confidence, his thoughts on the complementary roles of public opinion and expertise, his commitment to the politics of persuasion and his challenge to entrenched vested interests.
The Keynesian Revolution and its Economic Consequences will be of interest to historians and scholars of economic thought and economic policy as well as economic historians.
Peter Clarke, formerly Master of Trinity Hall, University of Cambridge, UK
Contents: Introduction 1. The Historical Keynes and the History of Keynesianism 2. J.M. Keynes, 1883-1946: `The best of both worlds' 3. The Politics of Keynesian Economics, 1924-31 4. Keynes's General Theory: A Problem for Historians 5. Hobson and Keynes as Economic Heretics 6. Keynes in History 7. The Treasury's Analytical Model of the British Economy Between the Wars 8. The Twentieth-Century Revolution in Government: the Case of the British Treasury 9. Keynes, Buchanan and the Balanced Budget Doctrine 10. The Keynesian Consensus and its Enemies: the Argument Over Macroeconomic Policy in Britain since the Second World War