John Maynard Keynes

1. Front Matter

   Pages i-xiv

   PDF

2. An Introduction to Keynes and His Revolutionary Views

   • Paul Davidson

   Pages 1-6

3. How the Great War and Its Aftermath Affected Keynes’s Thinking

   • Paul Davidson

   Pages 7-12

4. Keynes’s Middle Way: Liberalism is Truly a New Way

   • Paul Davidson

   Pages 13-17

5. The Before and After of Keynes’s General Theory

   • Paul Davidson

   Pages 18-37

6. The Conceptual Difference between Keynes’s General Theory and Classical Theory — Savings and Liquidity

   • Paul Davidson

   Pages 38-57

7. Further Differentiating Keynes’s Aggregate Demand Function

   • Paul Davidson

   Pages 58-74

8. The Importance of Money, Contracts, and Liquid Financial Markets

   • Paul Davidson

   Pages 75-115

9. World War II and the Postwar Open Economies System

   • Paul Davidson

   Pages 116-125

10. Classical Trade Theory versus Keynes’s General Theory of International Trade and International Payments

    • Paul Davidson

    Pages 126-144

11. Reforming the World’s Money

    • Paul Davidson

    Pages 145-159

12. Inflation

    • Paul Davidson

    Pages 160-168

13. Keynes’s Revolution: The Evidence Showing Who Killed Cock Robin

    • Paul Davidson

    Pages 169-189

14. Back Matter

    Pages 190-222

    PDF

This book looks at the life of Keynes leading up to the writing of his seminal General Theory , examines the General Theory in detail, and explores how it differs from classical theory. The impact of Keynes's work on the economy postwar and up to the present day is also assessed.

• financial markets
• Inflation
• international trade
• John Maynard Keynes
• Keynes
• money
• trade
• trade theory

'Davidson convincingly shows how Keynes's radical assault on classical economic theory was undermined by mainstream interpreters anxious to make his doctrines politically acceptable. Keynes's own 'general theory' is compellingly explained; its obfuscators attacked with Davidson's familiar panache.' - Lord Skidelsky, author of John Maynard Keynes 1883-1946: Economist, Philosopher, Statesman

'This could be the best one-volume treatment of Keynes's economics since Keynes himself. Clear, logical and faithful, Paul Davidson introduces the real Keynes to a new generation. And do we ever need him.' - James K. Galbraith, The University of Texas at Austin and Levy Economic Institute

'Global imbalances, the unshackling of capital, the precarious state of modern capitalism: rarely has the world of economics been in more need of the thoughts of John Maynard Keynes. Although Keynes is no longer with us, this book is the next best thing. Paul Davidson is the leading expert on Keynes and Keynesianism and his book should be read by anybody who wants to understand the world as it is, rather than as the economic text books say it ought to be.' - Larry Elliott, Economics Editor, The Guardian

'Paul Davidson's fascinating, encyclopaedic book captures the drama of the appearance of the General Theory, illuminates the controversies still surrounding it, and passionately defends Keynes's radical innovations in economic theory and policy. It is high time for economists and policymakers to go back to Keynes's own words, whose power Davidson so effectively articulates.' - Peter L. Bernstein, President of Peter L. Bernstein, Inc., and author of Against the Gods: The Remarkable Story of Risk and Capital Ideas Evolving

'The publication of the first installments in Palgrave Macmillan's new series, "Great Thinkers in Economics," should be a major event for historians of economics.' - Roger Blackhouse, University of Birmingham

PAUL DAVIDSON is Visiting Scholar at the New School for Social Research, Bernard Schwartz Center For Economic Policy Analysis, USA. He has previously held Professorships at the University of Pennsylvania, Rutgers University and the University of Tennessee. He is Editor of the Journal of Post Keynesian Economics, a former member of Brookings Economics Panel, and is the author, co-author or editor of twenty-two books and more than 200 articles. His books include Money and the Real World, Post Keynesian Macroeconomic Theory, International Money and the Real World: Economics for a Civilized Society, and Financial Markets, Money and the Real World.

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