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John Maynard Keynes

1883 – 1946 British Economist and Treasury adviser

The economist who warned that the gold standard and harsh reparations would bring ruin.

Affiliations
Leading critic of the gold standard and of the 1919 reparations settlement; member of the Bloomsbury Group.

John Maynard Keynes was the most influential economist of the era and a persistent critic of the interwar monetary orthodoxy. In 1919 he warned that the Versailles reparations would destabilize Europe, and in 1925 he attacked Churchill's return to gold. His later work argued for active government management of demand to fight unemployment. His ideas shaped the postwar economic order.

Connections

  • rival of Friedrich Hayek — Their 1930s clash over the Depression became the great economics debate of the century.
  • rival of Friedrich Hayek — Their Depression-era clash framed the intervention versus market-cycle debate.
  • rival of Harry Dexter White — Led the American side that outmanoeuvred Keynes's plan at Bretton Woods.
  • rival of Harry Dexter White — White led the US design that prevailed over Keynes at Bretton Woods.
  • influenced John Hicks — Hicks formalized one influential interpretation of Keynes in IS-LM.
  • rival of Lionel Robbins — Opposed Keynes in the 1930s, though the two later worked together on wartime policy.
  • connected to Marriner Eccles — Independently reached similar views on public spending to fight the Depression.
  • connected to Michal Kalecki — Kalecki developed a parallel demand-led macroeconomics.
  • rival of Milton Friedman — Friedman became the central monetarist challenger to Keynesian stabilization policy.
  • rival of Montagu Norman — Opposed the Bank of England's defense of the gold standard.
  • influenced N. Gregory Mankiw — New Keynesian economics rebuilt parts of the Keynesian tradition in modern form.
  • influenced Paul Samuelson — Samuelson mainstreamed a textbook synthesis built partly around Keynesian macroeconomics.
  • associate of Richard Kahn — Kahn was part of the Cambridge circle and supplied the multiplier mechanism.
  • rival of Winston Churchill — Keynes publicly attacked his gold-standard decision.
  • rival of Winston Churchill — Publicly attacked Churchill's 1925 decision to return Britain to gold.

In the timeline

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