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Keynes and Capitalism.
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- Author(s): Backhouse, Roger E.1 ; Bateman, Bradley W.2
- Source:
History of Political Economy. Winter2009, Vol. 41 Issue 4, p645-671. 27p.- Subject Terms:
- Source:
- Additional Information
- Subject Terms:
- Abstract: The article presents economics history research on John Maynard Keynes. It is noted that Keynes presented no finished work dealing exclusively with capitalism, although in the 1920s he completed a book outline on the topic. His "Collected Writings" are examined to consider Keynes' definition of capitalism, his belief in its fragility, and his thoughts on capitalism's morality. Keynes believed that capitalism consisted of institutions which had evolved throughout recorded human history, rather than as a theoretical ideal system. This in turn fostered Keynes core belief that capitalism's structures and the economic policies based on them could be altered by society as warranted by circumstances.
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