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Keynes and the Complexity of International Economic Relations in the Aftermath of World War I

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  • Anna Carabelli
  • Mario Cedrini

Abstract

In the attempt to deepen the understanding of Keynes' thought as an international macroeconomist, we explore the hypothesis of consistency between his general methodological approach to the economic material and his way of reasoning about international economic relations. As a first step toward this direction, we investigate the methodology of The Economic Consequences of the Peace and find that it reflects Keynes' attempt to cope with the attributes of the complexity characterizing the European settlement for the post-war period, e.g., 1) organic interdependence among variables at play, 2) irreducible dilemmas and situations of conflict, as well as 3) the need for external, public assistance to overcome the impasse and promote a "shared responsibilities" approach to the imbalances. Striking similarities appearing with the method of Keynes' economic diplomacy in the 1940s are shown to substantiate the current rediscovery of his plans for Bretton Woods.

Suggested Citation

  • Anna Carabelli & Mario Cedrini, 2010. "Keynes and the Complexity of International Economic Relations in the Aftermath of World War I," Journal of Economic Issues, Taylor & Francis Journals, vol. 44(4), pages 1009-1028.
  • Handle: RePEc:mes:jeciss:v:44:y:2010:i:4:p:1009-1028
    DOI: 10.2753/JEI0021-3624440408
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    File URL: http://hdl.handle.net/10.2753/JEI0021-3624440408
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    References listed on IDEAS

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    1. Cedrini Mario, 2007. "Consensus vs. freedom of consensus upon freedom? From Washington disorder to the rediscovery of Keynes," CESMEP Working Papers 200708, University of Turin.
    2. Anna Maria Carabelli & Mario Aldo Cedrini, 2007. "Current Global Imbalances: Might Keynes Be of Help?," Working Papers 113, SEMEQ Department - Faculty of Economics - University of Eastern Piedmont.
    3. de Cecco, Marcello, 1979. "Origins of the Post-War Payments System," Cambridge Journal of Economics, Oxford University Press, vol. 3(1), pages 49-61, March.
    4. Marchionatti Roberto, 2002. "Dealing with complexity Marshall and Keynes on the nature of economic thinking," CESMEP Working Papers 200201, University of Turin.
    5. Markwell, Donald, 2006. "John Maynard Keynes and International Relations: Economic Paths to War and Peace," OUP Catalogue, Oxford University Press, number 9780198292364.
    6. Mario Cedrini, 2008. "Consensus versus freedom or consensus upon freedom? from Washington disorder to the rediscovery of Keynes," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 30(4), pages 499-522, July.
    7. J. B. Davis, 1990. "Keynes and Organicism," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 12(2), pages 308-315, January.
    8. Anna Carabelli, 1998. "Keynes on Probability, Uncertainty and Tragic Choices," Cahiers d'Économie Politique, Programme National Persée, vol. 30(1), pages 187-226.
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    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Are Microfoundations Necessary?
      by JW Mason in The Slack Wire on 2011-01-21 09:27:00
    2. A Quick Point on Models
      by JW Mason in The Slack Wire on 2015-03-21 19:18:00

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    Cited by:

    1. Anna M. Carabelli & Mario A. Cedrini, 2010. "“Veiling The Controversies with Dubious Moral Attitudes”? Creditors and Debtors in Keynes’s Ethics of International Economic Relations," Working Papers 127, SEMEQ Department - Faculty of Economics - University of Eastern Piedmont.
    2. Anna M. Carabelli & Mario A. Cedrini, 2014. "Keynes's General Theory , Treatise on Money and Tract on Monetary Reform : different theories, same methodological approach?," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 21(6), pages 1060-1084, December.
    3. Carabelli, Anna M. & Cedrini, Mario, 2013. "Globalization and Keynes’s Ideal of a “Sounder Political Economy between all Nations," Department of Economics and Statistics Cognetti de Martiis. Working Papers 201349, University of Turin.
    4. repec:sae:reorpe:v:49:y:2017:i:4:p:633-649 is not listed on IDEAS
    5. Carabelli, Anna & Cedrini, mario, 2014. "Not Beautiful, not Just, not Virtuous; 'And It Doesn't Deliver the Goods'. Capitalism and “Fear of Goods” in Keynes's Thought," CESMEP Working Papers 201405, University of Turin.
    6. Mario A. Cedrini & Roberto Marchionatti, 2017. "On the Theoretical and Practical Relevance of the Concept of Gift to the Development of a Non-imperialist Economics," Review of Radical Political Economics, Union for Radical Political Economics, vol. 49(4), pages 633-649, December.
    7. Carabelli, Anna & Cedrini, Mario, 2013. "A Methodological Reading of "The Economic Consequences of the Peace"," CESMEP Working Papers 201304, University of Turin.

    More about this item

    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • F02 - International Economics - - General - - - International Economic Order and Integration
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

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