The great depression and john maynard keynes the great economic thinker of our time

If he were not a syren, we need not fear the whirlpools. The love of money as a possession — as distinguished from the love of money as a means to the enjoyments and realities of life — will be recognised for what it is, a somewhat disgusting morbidity, one of those semi-criminal, semi-pathological propensities which one hands over with a shudder to the specialists in mental disease … But beware!

The great depression and john maynard keynes the great economic thinker of our time

Chapter VII, p. By Keynes had published his first professional economics article in The Economic Journal, about the effect of a recent global economic downturn on India.

The Great Depression started in the United States, not in war-torn Europe, and in the most lightly regulated, most self-contained, and least unionised, market economy of the world.

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Nevertheless, Keynes had many meetings with government officials, Wall Street investors, business leaders, and university economists.

This would make economies more stable. When effective demand is up, businesses are profitable and employment is high. It involved the radical writing down of war debts, which would have had the possible effect of increasing international trade all round, but at the same time thrown the entire cost of European reconstruction on the United States.

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Nevertheless, after six months of negotiations, the Conference adopted a regime of reparations and territorial concessions designed to punish Germany by making her bear most of the costs of the war.

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John Maynard Keynes: The Man Who Transformed the Economic World