Edited by Robert W. Dimand and Harald Hagemann
Chapter 88: Keynesianism in the United Kingdom
The chapter contests the conventional wisdom that Keynes’s impact on the world began only after his death, when policy-makers and economists alike finally saw the state could be a force for macroeconomic advantage. The reality is that Keynes’s call for monetary reform was felt from 21 September 1931 when Britain left the gold standard. The moment of his death was probably the high point of his influence. The vast scale of his influence on economic thinking, policies and outcomes in Britain is restored, with global monetary architecture as necessary context. The chapter concentrates on the period from his first contributions to the high point. His residual influence from his death is then traced more briefly: through the golden age and the complete undoing of his contributions from the 1970s under financial “liberalisation” to the present practical and intellectual catastrophe. An appendix contains relevant annual and decade average macroeconomic statistics.
You are not authenticated to view the full text of this chapter or article.
Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.
Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.
Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.