Understanding Globalization, Financialization, Competition and Crisis
Chapter 12: Was Keynes a Corporatist?: Keynes’s Radical Views on Industrial Policy and Macro Policy in the 1920s
Keynes’s main purpose in writing The Economic Consequences of the Peace (1971a) was to issue a dire warning that if the provisions of the Treaty of Versailles were implemented, the world would face the prospect of economic stagnation, financial crisis, social and political unrest, and, in some countries, possible revolution. But he also used the book to express his belief that Europe stood between two epochs of economic history. World War I accelerated the dissolution of the old order to be sure, and the Treaty threatened to make a peaceful and smooth transition to a new socioeconomic regime impossible, but Keynes believed that the old order was destined to crumble anyway.
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