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Rebalancing Keynes's contribution

Author

Listed:
  • Bradley Bordiss

    (PhD candidate, School of Economic and Business Sciences, University of the Witwatersrand, Johannesburg, South Africa)

  • Vishnu Padayachee

    (Distinguished Professor and Derek Schrier and Cecily Cameron Chair in Development Economics, School of Economic and Business Sciences, University of the Witwatersrand, Johannesburg, South Africa)

Abstract

We argue in this paper that Keynes's focus shifted from an interest primarily in the world economy up until The Economic Consequences of the Peace (1919), to one focused on the national economy in the 1920s and 1930s, as the world monetary and trade system was unable to deliver full employment to the various countries participating in it. Temin and Vines (2016) argue forcefully that Keynes was interested primarily in the world economy, and we seek in this article to present a view that emphasises Keynes's contribution to national economic policy. Keynes shifted his attention away from the international economic system when it failed to work effectively in the 1920s and 1930s, and towards this economic system in the period 1941–1944, when the time was right to rebuild it. Given the difficulties experienced by the current monetary system, particularly in Europe, we seek to show the value of Keynes's writing on the national economy in the 1920s and 1930s.

Suggested Citation

  • Bradley Bordiss & Vishnu Padayachee, 2018. "Rebalancing Keynes's contribution," Review of Keynesian Economics, Edward Elgar Publishing, vol. 6(2), pages 255-263, April.
    • Handle: RePEc:elg:rokejn:v:6:y:2018:i:2:p255-263
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    More about this item

    Keywords

    Keynes; Temin and Vines; tract on monetary reform; national economy; mercantilism;
    All these keywords.

    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • F0 - International Economics - - General
    • N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-
    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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