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Keynes and the Distribution of Uncertainty: Lessons from the Lancashire Cotton Spinning Industry and the General Theory

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  • John Cameron
  • Tidings Ndhlovu

Abstract

This paper attempts to demonstrate that Keynes's practical writings on the crisis in the Lancashire cotton spinning industry in the 1920s were consistent with the 1930s theoretical conceptualisation of user costs in the General Theory. It is suggested that the key (common) link between these analyses is Keynes's concern with how uncertainty is distributed, in specific historical circumstances, between institutions at the levels of the firm, industry, the industry-financial institution interface, and the local and global economies. It is this concern which still has important, if not more, research and policy relevance today.

Suggested Citation

  • John Cameron & Tidings Ndhlovu, 1999. "Keynes and the Distribution of Uncertainty: Lessons from the Lancashire Cotton Spinning Industry and the General Theory," Review of Social Economy, Taylor & Francis Journals, vol. 57(1), pages 99-123.
    • Handle: RePEc:taf:rsocec:v:57:y:1999:i:1:p:99-123
    DOI: 10.1080/00346769900000028
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    References listed on IDEAS

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    1. J. L. Ford, 1987. "Economic Choice Under Uncertainty," Books, Edward Elgar Publishing, number 170.
    2. Millward,Robert & Singleton,John (ed.), 1995. "The Political Economy of Nationalisation in Britain, 1920–1950," Cambridge Books, Cambridge University Press, number 9780521450966.
    3. Paul Davidson, 1978. "Money and the Real World," Palgrave Macmillan Books, Palgrave Macmillan, edition 0, number 978-1-349-15865-2.
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    Cited by:

    1. Michael ?llinger & Friedrich L. Sell, 2019. "European Economies in Light of the Keynesian cum Kaldorian Macroeconomic Distribution Theory: A Theoretical and Empirical Investigation," Review of Economics & Finance, Better Advances Press, Canada, vol. 16, pages 59-75, May.

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