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Keynes and Capitalism

  • Roger E. Backhouse
  • Bradley W. Bateman

We analyze Keynes's thoughts on capitalism by focusing on what he wrote on the topic, using the Collected Writings, taken as a whole, together with some unpublished material to tackle three issues: what Keynes meant by capitalism; the fragility of capitalism; and the morality of capitalism. In doing this, we juxtapose materials written at different stages of his career. While the context and the theoretical framework within which Keynes developed his economic thinking changed substantially, our argument is that beneath these many changes in his circumstances and analytical frame lay a remarkably consistent attitude toward capitalism, an attitude in which morality was central. This view of capitalism is linked with the personal values that animated his life, especially the values that he shared with the other members of Bloomsbury.

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Article provided by Duke University Press in its journal History of Political Economy.

Volume (Year): 41 (2009)
Issue (Month): 4 (Winter)
Pages: 645-671

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Handle: RePEc:hop:hopeec:v:41:y:2009:i:4:p:645-671
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  1. Sen, Amartya, 1970. "The Impossibility of a Paretian Liberal," Journal of Political Economy, University of Chicago Press, vol. 78(1), pages 152-57, Jan.-Feb..
  2. Fitzgibbons, Athol, 1988. "Keynes's Vision: A New Political Economy," OUP Catalogue, Oxford University Press, number 9780198286417, March.
  3. Sen, Amartya Kumar, 1970. "The Impossibility of a Paretian Liberal," Scholarly Articles 3612779, Harvard University Department of Economics.
  4. Goodwin, Craufurd D., 2000. "Economic Man in the Garden of Eden," Journal of the History of Economic Thought, Cambridge University Press, vol. 22(04), pages 405-432, December.
  5. Rod O'Donnell, 1992. "The Unwritten Books and Papers of J. M. Keynes," History of Political Economy, Duke University Press, vol. 24(4), pages 767-817, Winter.
  6. repec:cup:cbooks:9780521641739 is not listed on IDEAS
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