The Price of Peace: Money, Democracy, and the Life of John Maynard Keynes
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- Author：Zachary D. Carter
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Summary
NEW YORK TIMES BESTSELLER - An "outstanding new intellectual biography of John Maynard Keynes [that moves] swiftly along currents of lucidity and wit" （The New York Times）， illuminating the world of the influential economist and his transformative ideas
"A timely， lucid and compelling portrait of a man whose enduring relevance is always heightened when crisis strikes。"--The Wall Street Journal
FINALIST FOR THE NATIONAL BOOK CRITICS CIRCLE AWARD FOR BIOGRAPHY - NAMED ONE OF THE TEN BEST BOOKS OF THE YEAR BY PUBLISHERS WEEKLY AND ONE OF THE BEST BOOKS OF THE YEAR BY Jennifer Szalai， The New York Times - The Economist - Bloomberg - Mother Jones
At the dawn of World War I， a young academic named John Maynard Keynes hastily folded his long legs into the sidecar of his brother-in-law's motorcycle for an odd， frantic journey that would change the course of history。 Swept away from his placid home at Cambridge University by the currents of the conflict， Keynes found himself thrust into the halls of European treasuries to arrange emergency loans and packed off to America to negotiate the terms of economic combat。 The terror and anxiety unleashed by the war would transform him from a comfortable obscurity into the most influential and controversial intellectual of his day--a man whose ideas still retain the power to shock in our own time。
Keynes was not only an economist but the preeminent anti-authoritarian thinker of the twentieth century， one who devoted his life to the belief that art and ideas could conquer war and deprivation。 As a moral philosopher， political theorist， and statesman， Keynes led an extraordinary life that took him from intimate turn-of-the-century parties in London's riotous Bloomsbury art scene to the fevered negotiations in Paris that shaped the Treaty of Versailles， from stock market crashes on two continents to diplomatic breakthroughs in the mountains of New Hampshire to wartime ballet openings at London's extravagant Covent Garden。
Along the way， Keynes reinvented Enlightenment liberalism to meet the harrowing crises of the twentieth century。 In the United States， his ideas became the foundation of a burgeoning economics profession， but they also became a flash point in the broader political struggle of the Cold War， as Keynesian acolytes faced off against conservatives in an intellectual battle for the future of the country--and the world。 Though many Keynesian ideas survived the struggle， much of the project to which he devoted his life was lost。
In this riveting biography， veteran journalist Zachary D。 Carter unearths the lost legacy of one of history's most fascinating minds。 The Price of Peace revives a forgotten set of ideas about democracy， money， and the good life with transformative implications for today's debates over inequality and the power politics that shape the global order。
"A timely， lucid and compelling portrait of a man whose enduring relevance is always heightened when crisis strikes。"--The Wall Street Journal
FINALIST FOR THE NATIONAL BOOK CRITICS CIRCLE AWARD FOR BIOGRAPHY - NAMED ONE OF THE TEN BEST BOOKS OF THE YEAR BY PUBLISHERS WEEKLY AND ONE OF THE BEST BOOKS OF THE YEAR BY Jennifer Szalai， The New York Times - The Economist - Bloomberg - Mother Jones
At the dawn of World War I， a young academic named John Maynard Keynes hastily folded his long legs into the sidecar of his brother-in-law's motorcycle for an odd， frantic journey that would change the course of history。 Swept away from his placid home at Cambridge University by the currents of the conflict， Keynes found himself thrust into the halls of European treasuries to arrange emergency loans and packed off to America to negotiate the terms of economic combat。 The terror and anxiety unleashed by the war would transform him from a comfortable obscurity into the most influential and controversial intellectual of his day--a man whose ideas still retain the power to shock in our own time。
Keynes was not only an economist but the preeminent anti-authoritarian thinker of the twentieth century， one who devoted his life to the belief that art and ideas could conquer war and deprivation。 As a moral philosopher， political theorist， and statesman， Keynes led an extraordinary life that took him from intimate turn-of-the-century parties in London's riotous Bloomsbury art scene to the fevered negotiations in Paris that shaped the Treaty of Versailles， from stock market crashes on two continents to diplomatic breakthroughs in the mountains of New Hampshire to wartime ballet openings at London's extravagant Covent Garden。
Along the way， Keynes reinvented Enlightenment liberalism to meet the harrowing crises of the twentieth century。 In the United States， his ideas became the foundation of a burgeoning economics profession， but they also became a flash point in the broader political struggle of the Cold War， as Keynesian acolytes faced off against conservatives in an intellectual battle for the future of the country--and the world。 Though many Keynesian ideas survived the struggle， much of the project to which he devoted his life was lost。
In this riveting biography， veteran journalist Zachary D。 Carter unearths the lost legacy of one of history's most fascinating minds。 The Price of Peace revives a forgotten set of ideas about democracy， money， and the good life with transformative implications for today's debates over inequality and the power politics that shape the global order。
Reviews
Ehengel
，
Page tuner that started w a great foundation of the man， then the idea and finally where politicians have gotten it wrong。
Reanin Mcroberts
，
Look i hate economics and I'm hardly fascinated by 20th century European literary elite culture so it's not surprising that i found this book a little boring。 I wanted to understand what the heck "keynesian" means because you hear that all over。 The book seemed well-researched and written， i definitely learned some interesting stuff， I just couldn't get into it。 Look i hate economics and I'm hardly fascinated by 20th century European literary elite culture so it's not surprising that i found this book a little boring。 I wanted to understand what the heck "keynesian" means because you hear that all over。 The book seemed well-researched and written， i definitely learned some interesting stuff， I just couldn't get into it。 。。。more
Jovany Agathe
，
John Maynard Keynes opposed the creation of the London Marathon。 He thought we'd all die in the long run。 John Maynard Keynes opposed the creation of the London Marathon。 He thought we'd all die in the long run。 。。。more
Josh
，
It might be more truthful to call this book a biography of Keynesian economics than 'merely' Keynes himself。 It does both masterfully， puncturing misconceptions in the man's views than have become commonplace。 It follows what were ultimately incomplete triumphs Keynes brought about in his lifetime， as well as the perversion of his theories in America during the Cold War， leading to the abandonment of even the last vestiges of bastardized Keynesianism and its replacement by neoliberalism。 This is It might be more truthful to call this book a biography of Keynesian economics than 'merely' Keynes himself。 It does both masterfully， puncturing misconceptions in the man's views than have become commonplace。 It follows what were ultimately incomplete triumphs Keynes brought about in his lifetime， as well as the perversion of his theories in America during the Cold War， leading to the abandonment of even the last vestiges of bastardized Keynesianism and its replacement by neoliberalism。 This is ultimately a story of opportunities missed over the last 80 years， and it's impossible not to know that means untold millions need not have been immiserated if our forebears had listened and learned from Keynes。 。。。more
Haley Nichols
，
So much to take in， I need to re-read。 I think there is a lot of great information here and my biggest takeaway is that economies change so that hard and fast rules that worked for one situation may not work for another。
Elizabeth
，
The May 2021 selection for the University of Chicago Alumni and Friends Baltimore Book Club。
Dan Sherrell
，
Masterful。 Have never felt more motivated or justified in wanting to rid the Democratic Party of Hayekian free market mysticism， which seems fundamentally based in not just an acceptance of but a desire for inequality。 Because what’s the fun of being rich if other people aren’t poor？ And what better fuel for growth than desperation and anguish？ Keynes wasn’t perfect， but he seems to have been mostly right。
Hans Peter
，
I did my M。Sc。 in economics in the period 1970 to 1977 and remember vividly how the concurrence of inflation and unemployment took the establishment by surprise。 For me， this book offered a journey down memory lane but it also provided a great overview of the ideological and political battles fought。 Without the ceteris paribus assumption economics is not really a science。And even then is the science of economists affected by their political agenda。Great book。 Highly recommended。
Brian
，
The Price of Peace follows the life of John Maynard Keynes and his disciples （primarily Galbraith） as he sets about to determine a new economic order during the great depression and beyond。 In full disclosure I have degrees in economics and history and have always been more closely aligned with the Chicago school but came very much to appreciate Keynes and his philosophy through this book。 While I was aware of his influence in the depression years and post World War II; I had not been aware of h The Price of Peace follows the life of John Maynard Keynes and his disciples （primarily Galbraith） as he sets about to determine a new economic order during the great depression and beyond。 In full disclosure I have degrees in economics and history and have always been more closely aligned with the Chicago school but came very much to appreciate Keynes and his philosophy through this book。 While I was aware of his influence in the depression years and post World War II; I had not been aware of how influential he was at the end of World War I and the Bloomsbury group he was associated with。 This book packs a punch and covers a long stretch of time in tremendous detail and while you don’t have to be an economist to appreciate all of it the nuances are clearer for those who have the background。 This book does a fabulous job of showing the evolution of Keynes ideas and how they were received vis a vis his rivalry with Hayek and eventually Milton Friedman。 The interplay between these economic titans was well documented here and does a great job showing the core differences and how they played out in US Policy from the 1950’s to the Clinton years。 The conclusion runs up through the Wall Street Bailout and early Obama years but most of the focus is on the 1960’s to Clinton in the American section of the book。 Lots of time on the New Deal and the British economic recovery and the Brenton Woods system。 Overall very enjoyable and one that is well worth the time if you are interested in economic history。 。。。more
David
，
I don't agree with all of the author's conclusions， but I've never read a clearer explication of the Keynesian project in its many manifestations。 If you don't have the time or patience to read "The General Theory" （who does？）， you could do a lot worse than read this biography of Keynes and his big idea。 You'll come away with a good understanding of how Keynes's thinking evolved as he grappled with a series of economic crises， from the declining British balance of payments during the Great War t I don't agree with all of the author's conclusions， but I've never read a clearer explication of the Keynesian project in its many manifestations。 If you don't have the time or patience to read "The General Theory" （who does？）， you could do a lot worse than read this biography of Keynes and his big idea。 You'll come away with a good understanding of how Keynes's thinking evolved as he grappled with a series of economic crises， from the declining British balance of payments during the Great War through the origins of the Bretton Woods system。 The final third of the book deals with Keynesianism after Keynes， and follows the careers of economists like Galbraith and Samuelson as they contended with neo-liberals for power and influence in postwar Washington， D。C。 Principal shortcoming？ The author never comes to terms with the fact that policymakers have only ever embraced one half of the Keynesian prescription （deficit spending）。 They seem to have forgotten his admonition that in good economic times， governments should at least minimize deficits （if not run surpluses）。 $28 trillion later， we're facing what appears to be an increasingly unsustainable national debt， made all the more burdensome by the acknowledged need to increase spending in order to fight COVID-19。 I learned much from this finely written book （thus the five-star rating）。 。。。more
Daniel Kukwa
，
A very strange book。。。it's not exactly a biography of Keynes。。。nothing about his birth and childhood， precious little about his last days。。。and a post-WW2 section that all but abandons the story of Keynes himself， to concentrate on the battle of left vs right on the economic front， primarily in the United States。 That wasn't the book I was hoping to read。。。but the first half， about life with the Bloomsberries， and the transition from the Gilded Age to the prosaic darkness of the interwar years w A very strange book。。。it's not exactly a biography of Keynes。。。nothing about his birth and childhood， precious little about his last days。。。and a post-WW2 section that all but abandons the story of Keynes himself， to concentrate on the battle of left vs right on the economic front， primarily in the United States。 That wasn't the book I was hoping to read。。。but the first half， about life with the Bloomsberries， and the transition from the Gilded Age to the prosaic darkness of the interwar years was addictive， top flight storytelling。 Ultimately， this book is goes on for far too long， and loses its focus。 。。。more
Jeff Kaye
，
As an economics graduate， Keynes was for me， studying in a university that was dominated by the monetarism of Milton Friedman， an old-fashioned economist。 It was only years later that I came to admire his work。 Far more than the economics of certainty， of mathemtatical formulae， of natural equilibrium that was taught to me， Keynes knew that the future is uncertain and that the study of economics， that he thought of as political economics， was far too important to be represented by mere numbers a As an economics graduate， Keynes was for me， studying in a university that was dominated by the monetarism of Milton Friedman， an old-fashioned economist。 It was only years later that I came to admire his work。 Far more than the economics of certainty， of mathemtatical formulae， of natural equilibrium that was taught to me， Keynes knew that the future is uncertain and that the study of economics， that he thought of as political economics， was far too important to be represented by mere numbers and algebra。Zacary D Carter has written an excellent， well-researched and timely bio that tells the story of Keynes but also of Keynesianism in the post-Keynes world。 Keynes was an optimist， called naive as a result， buut as Carter says， it is important to be optimistic even about a future that is so unclear， when democracy is at risk and the top 0。1% are vaccuuming up the spoils of wealth throughout the world。Keynsianism needs its resurgence as a mindset as much as a social science。 Keynsianism was based on Keynes' view of the world beyond pure work， into science and arts， painting a world where we could be freed from the torment of hunger and poor housing。 As the Covid pandemic shows， the use of Keynes methodologies have been crucial in remedying our immediate problems。 However， the book balancers will work to smash this revival of Keynes's ideas as Sunak is proposing in the UK where bank balances are understood but the aims of MMT less so。 Green New Dealers may be the new Keynsians but they have a fight on their hands。 Perhaps this book will help in understanding how they can wage that battle。* 。。。more
Ross Beaulaurier
，
A Masterpiece。
Aaron
，
How can I describe and， unintentionally， undermine such a foundational and important book such as this one in a few paragraphs？The vivid detail Carter goes into with empirical and historical evidence in Keynes life， is astonishing and such a delight to read。 As someone who has been studying economics for years in undergraduate， I can say the points and fundamental information in the history of Keynes， his impactful policy and foundational social implications and of course behavioral economics， o How can I describe and， unintentionally， undermine such a foundational and important book such as this one in a few paragraphs？The vivid detail Carter goes into with empirical and historical evidence in Keynes life， is astonishing and such a delight to read。 As someone who has been studying economics for years in undergraduate， I can say the points and fundamental information in the history of Keynes， his impactful policy and foundational social implications and of course behavioral economics， of The General Theory of Britain and the US （as well as The Economic Consequences of the Peace）， to the globalized market of today， is important I believe for everyone to know。 I can also say， this is something that is not touched upon in my college courses （until higher levels of macro）， at the UNC school system， not just at the Bryan School of business， but even the Kenan-Flagler Business School （according to a couple of colleges studying there）， which is SAD to say the least about it。The effects that he had， after his death， prompts Carter to go into detail， about how the US effectively stunts innovation and economic mobility in the decades that follows up to the housing crisis in 2008。 I can see how others may view his writing beyond Keynes life and the legacy he left， as maybe sewed， even polemical， being very critical of presidencies and said cabinet members， as well as the Councils of Economic Advisors to the presidents。 The critical spiel on NAFTA was certainly welcome， as I had no prior knowledge to extensive affects to other nations in the world， creating disastrous problems in Mexico， and Thailand as well as southeast Asia in general。Also Milton Friedman can suck my ass。 Important points he has made， but what a shitty moral he carries。。。 。。。more
Greg Fanoe
，
I enjoyed the 375 page biography of Keynes a lot。 I enjoyed the very surface level and reductive 150 page commentary on the decline of Keynsian economics in favor of neoliberal economics which followed a lot less。
Dan Stoyell
，
Keynes had a surprisingly interesting life， and it was fascinating to learn about his moral and social philosophy， which I didn't know anything about prior to this book。 I also enjoyed the chronological overview that blended his life with the large events of the day， which Keynes generally played a large role in。 Learning about the Bloomsbury society， Keynes' writings on Versailles， and his growth as an economist and human was fascinating。 The book sometimes felt like a cheerleader rather than n Keynes had a surprisingly interesting life， and it was fascinating to learn about his moral and social philosophy， which I didn't know anything about prior to this book。 I also enjoyed the chronological overview that blended his life with the large events of the day， which Keynes generally played a large role in。 Learning about the Bloomsbury society， Keynes' writings on Versailles， and his growth as an economist and human was fascinating。 The book sometimes felt like a cheerleader rather than neutral narrator for Keynes' life， but they were willing to mostly not pull punches when it came to detailing his worse traits like anti-semitism or apathy towards British colonialism， which I appreciated。I was surprised to see the book continue for some time after Keynes' death。 It felt kind of like an overview of American economic history， with Keynes as the protagonist。 It wasn't without insight but probably could have been condensed。 The parts contrasting Keynesianism with Hayek and neoliberal theory was interesting， and I thought the idea that Keynesianism has been reduced to a set of monetary levers rather than a socioeconomic philosophy was interesting。As somewhat of an aside， I think it’s funny that a lot of the more recent books I’m reading really feel like their narrative has to tie into the recent rise of rightwing populism。 It seems like a pretty easy claim to make about pretty much anything - give your philosophy on how to make the world better， explain that it hasn't happened， then blame Trumpism/populism on the disaffected people who lost out。 It might even be true here！ But it did feel a little tacked onto the end。 。。。more
Tony61
，
Borrowed hardcover and audiobook from the library。 3。2 stars。I wanted to like this book。 The author really doesn't cover the economic principles very well and the soap opera feel of Keynes's social life is fatiguing。 The gem within this book is the outline of Keynes's contribution to world economic policy。 Perhaps if Keynes had been heeded more seriously the Treaty of Versailles would have been less destructive toward Germany and more amenable to a lasting peace。 The post-World War 1 poverty bro Borrowed hardcover and audiobook from the library。 3。2 stars。I wanted to like this book。 The author really doesn't cover the economic principles very well and the soap opera feel of Keynes's social life is fatiguing。 The gem within this book is the outline of Keynes's contribution to world economic policy。 Perhaps if Keynes had been heeded more seriously the Treaty of Versailles would have been less destructive toward Germany and more amenable to a lasting peace。 The post-World War 1 poverty brought on by the treaty arguably led to German nationalism and Hitler's rise to power。 Carter is an excellent writer who has provided an exhaustive recounting of Keynes's life and times。 As I've gotten older， however， my patience for long， detailed biographies has waned。 Cut to the chase。 I'd rather a longish essay on Keynes's career in the diplomatic corps during the world wars and interregnum。 Leave out the sturm and drang of Virginia Woolf and the sordid Bloomsbury misanthropes。 Who cares？If the author could explain monetary policy and economic principles with more skill， this might have garnered another star。 。。。more
Matt
，
Really engaging and well-written。 I learned a ton about Keynes and about economic thought。 I was impressed with the way Carter pulled together all the strands of the story 。。。 incredibly instructive and a good way to learn not just about the economics of WWI， WWII， and the interwar period （and some about the post-WWII era） but also about fascinating topics like Bloomsbury。 I relate to the way Keynes is looking for how to have dramatic change that is somehow also moderate 。。。 tensions I wrestle w Really engaging and well-written。 I learned a ton about Keynes and about economic thought。 I was impressed with the way Carter pulled together all the strands of the story 。。。 incredibly instructive and a good way to learn not just about the economics of WWI， WWII， and the interwar period （and some about the post-WWII era） but also about fascinating topics like Bloomsbury。 I relate to the way Keynes is looking for how to have dramatic change that is somehow also moderate 。。。 tensions I wrestle with a lot as I think through issues。 。。。more
Eric
，
Sometimes "economic policy" can be presented as matter of what works and doesn't work。 This book argues that the assumptions one makes about the preferable goals， how broad and how long-term， are matters that can be heavily influenced by political agendas。 For example， the 2007 book "The Forgotten Man: A New History of the Great Depression" by Amity Shlaes argues from a free market perspective that the Hoover administration exacerbating the Depression through government intervention and criticiz Sometimes "economic policy" can be presented as matter of what works and doesn't work。 This book argues that the assumptions one makes about the preferable goals， how broad and how long-term， are matters that can be heavily influenced by political agendas。 For example， the 2007 book "The Forgotten Man: A New History of the Great Depression" by Amity Shlaes argues from a free market perspective that the Hoover administration exacerbating the Depression through government intervention and criticizes FDR for erratic policies that froze investment and for failing to take the steps needed to stop the Depression。 Shlaes criticizes the New Deal for extending the length of the Depression and for its effects on individuals。 "The Price of Peace" would argue differently and assert there are times when it is crucial that government intervene both to support the welfare of the broad population and also to make it less likely that relatively far-right demagoguery is given huge political power。 。。。more
Andrew
，
Should be read by many。 A great book that should serve to remind us to ask "what is the economy for if it isn't to make people's lives better？" Brilliant intellectual history and biography。 Should be read by many。 A great book that should serve to remind us to ask "what is the economy for if it isn't to make people's lives better？" Brilliant intellectual history and biography。 。。。more
Christopher
，
One of the best biographies I have read since Chernow's Hamilton。 We've got WWI， The decline of the British Empire and the rise of the American， the Great Depression and the New Deal， WWII， debates over the gold standard， international trade policy， colonization， art， literature， and avant garde hippies， philosophy and statesmanship， in addition to the most influential theoretical economist of the 20th century。 Ever wonder why stimulus checks are a thing both republican and democrats signed into One of the best biographies I have read since Chernow's Hamilton。 We've got WWI， The decline of the British Empire and the rise of the American， the Great Depression and the New Deal， WWII， debates over the gold standard， international trade policy， colonization， art， literature， and avant garde hippies， philosophy and statesmanship， in addition to the most influential theoretical economist of the 20th century。 Ever wonder why stimulus checks are a thing both republican and democrats signed into during the pandemic？ Why do people want a gold standard， but why don't economists？ （Hey。。。economists are people， too。） How to save capitalism and democracy from authoritarian fascists and communists？ Then look no further than this accessible and exciting biology of Lord John Maynard Keynes。The first two thirds cover Keynes' life in fascinating anecdotes and nuanced exploration of the evolution of his ideas and place in Bloomsbury social life。 His intimate friends were artists， yet， he had no talent for it。 Fortunately for them， his eventual fame and fortune helped finance their careers， this launching Virginia Woolf， and to an extent， E。 M。 Forster。Keynes was involved in the treasury during WWI， brokering deals with America and present at the negotiations at Versailles。 Unhappy with the punitive attitude， he predicted it would lead to depression and the return of an opportunist authoritarian。 A decade latter， desiring to speak not to policy makers but to academic economists， he authored the General Theory of Money， Interest， and Employment。 Launching academic macroeconomics as a field and as a bureaucratic profession in government。 Proving their worth in public bureaucracy， today， economists are highly sought in private corporate bureaucracy。The last third of the book follows his legacy via United States politics。 Not as balanced or even handed as the first two thirds， it still yielded a lot I didn't know， such as the roll of McCarthyism， John Kenneth Galbraith， and Joan Robinson in Keynesian identity and public debates。 。。。more
Tim Badmington
，
This was really， really tremendous。 Very accessible， given the subject matter， and really makes you feel invested in JMK。 It's a big book that took me a while but I enjoyed it thoroughly。 Can't stop talking about it to people， which I acknowledge is partly performative because reading a Keynes book is Smartness Signaling。 This was really， really tremendous。 Very accessible， given the subject matter， and really makes you feel invested in JMK。 It's a big book that took me a while but I enjoyed it thoroughly。 Can't stop talking about it to people， which I acknowledge is partly performative because reading a Keynes book is Smartness Signaling。 。。。more
Pat
，
Alternative title: A Detailed Description of US Monetary Policy From WW1 to the 2008 Recession。Definitely out of my wheelhouse。
Jamie Hoagland
，
Wonderful。 The explanation of economics as tools for ethics， and not the other way around， in Keynes’ conception of his role is worth the read alone。
Ian
，
It would be hard to overstate Carter’s achievement in this book。 His prose is strong and fluid， and he exhibits an almost-novelistic ability to capture the texture of the times in vivid detail and precise anecdote， or to suddenly switch tone or setting。 But it is not so much the execution as the very concept of this book that sets it apart。 Shedding much of the traditional baggage of biography， the book begins with Keynes--"Maynard" to his friends--already in his early 30s， an admittedly brillia It would be hard to overstate Carter’s achievement in this book。 His prose is strong and fluid， and he exhibits an almost-novelistic ability to capture the texture of the times in vivid detail and precise anecdote， or to suddenly switch tone or setting。 But it is not so much the execution as the very concept of this book that sets it apart。 Shedding much of the traditional baggage of biography， the book begins with Keynes--"Maynard" to his friends--already in his early 30s， an admittedly brilliant mathematician with few accomplishments to his name， suddenly whisked away from his academic perch in Cambridge to salvage the gold standard at the onset of the Great War。 Carter gives us enough of Keynes to remind us he was an embodied human， and not merely a brilliant mind floating from crisis to crisis。 But overwhelmingly， this is a biography narrowly interested in Keynes' political and intellectual career and legacy。 Continuing on for nearly 200 pages and 70 years after its subject dies， Carter delivers a crash course in 20th Century US Economic history， with an eye toward how Keynesianism's influence on public policy， initially controlling， was immediately contested， over time diluted and distorted， and eventually， nearly overthrown。In laying out this sweeping historical narrative， Carter challenges the lay understanding that Keynesianism， as a political program， can be reduced to stimulating aggregate demand through government spending。 First， government spending-- on what？ Kennedy， Johnson， Reagan and Bush pursued what Carter terms a "reactionary Keynesianism，" wherein demand is stimulated， not through government investment in public works， but through a sickly combination of war and tax cuts for the wealthy。 Although undoubtedly inspired by the formulae of Keynes' General Theory， nothing could be further from his moral vision of political economy as a tool to eradicate inequality。How did this distortion come about， and how could it possibly have started in a liberal Democratic administration？ I think by far Carter's best contribution comes here， where he skillfully maps Keynes' fractured legacy in America。 The Second Red Scare forced Keynesians to go on the defensive。 Conservatives， long stymied by Roosevelt's personal popularity， wasted no time going on the offensive once the war was over。 The business elite set to work hiring propagandists like Rose Wilder Lane （Laura Ingalls Wilder's daughter） to discredit the New Deal philosophy on every level。 Nearly every tactic of the modern conservative moment was on display in this vicious counter-revolution against progress， from think tanks to corporate-organized letter-writing campaigns of "concerned citizens" to remove Keynesian academics and textbooks from universities。 This led to a shrinking of the liberal imagination， as those economists who survived the purges tamed Keynesianism for an age of anti-Communism。Meanwhile， an entirely a-ideological development plagued the heirs of both Keynes and his Austrian detractors （Friedrich Hayek， Ludwig von Mises）。 Driven in part by unprecedented reams of new government-provided data and the demands of policymakers， economics took a sharply quantitative turn。 What good was the profession if it couldn't accurately predict the future？ The problem: one of Keynesian theory's key premises is that no one can know what's coming。 In the face of the "animal spirits" of the investor class and the twists and turns of global politics （among other factors）， there is simply nothing anyone can say。 All the government could do was react to circumstances as they unfolded。Paul Samuelson and Robert Solow chose to ignore this lesson。 Inventing something known as "The Phillips Curve，" which posited an ironclad tradeoff between inflation and unemployment， they laid the foundation for Keynesianism to be discredited by "stagflation" in the '70s。My question is: Can one blame them？ The human drive is towards mastery， control。 We wish to conquer this black uncertainty Keynes identified， not bow down to it in an act of spiritual discipline。 It is unsurprising that those few luminaries whom Carter considers to have safeguarded the great man's TRUE legacy 。。。 are academics。So there is a tension between the two narratives of Keynesian decline Carter offers here。 On the one hand， there are the ideological transgressions of Kennedy， Carter， and Clinton， the slow decline of liberal ambition in the face of prolonged backlash to the New Deal and the Great Society。 On the other， there was the 20th century tendency for economics -- for all social sciences -- to become predictive， to position themselves as mere impartial prognosticators， to mask the naked politics behind the choices government--society--confronts。My sense is that these two trends are surely intertwined。 Yet Carter devotes little attention to fleshing out that relationship。 Instead， as his whistle-stop tour of the postwar era picks up speed and sheds nuance， he eventually has to resort to a wooly indictment of that essentializing abstraction， "neoliberalism。" It is in keeping with Keynes' own spirit， both as a famed polemicist and a theorist who insisted on the political nature of markets and currency， but it will probably fail to convince the unconverted。And yet， I find it refreshing to a read a biography by an author who doesn't pretend to be anything other than a champion of his subject。 Keynes is anything but a dismal subject， and his vision of the good life and the inescapability of politics provides a vital blueprint for today's worldwide progressive movement。 。。。more
chienyu
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In the long run， we are all dead。—JOHN MAYNARD KEYNES， December 1923In the long run almost anything is possible。—JOHN MAYNARD KEYNES， April 1942The Price of Peace - Zachary D。 Carter’s new biography of Keynes begins and ends with the above quotes that elegantly illustrate the great economist’s analytical prowess and boundless optimism in human progress。 What “Keynesianism” meant for me before this book was an approach to macroeconomics that implied the heavy hand of the state。 Carter describes K In the long run， we are all dead。—JOHN MAYNARD KEYNES， December 1923In the long run almost anything is possible。—JOHN MAYNARD KEYNES， April 1942The Price of Peace - Zachary D。 Carter’s new biography of Keynes begins and ends with the above quotes that elegantly illustrate the great economist’s analytical prowess and boundless optimism in human progress。 What “Keynesianism” meant for me before this book was an approach to macroeconomics that implied the heavy hand of the state。 Carter describes Keynes’ intellectual legacy as more of a liberal， philosophical doctrine。 The Bloomsbury group of artists and intellectuals including Virginia Woolf， Lytton Strachey， and Keynes himself in early 20th century had radical attitudes towards feminism， pacifism， and sexuality。 All of which would influence Keynes’ later ideas on economics which was not merely an attempt at describing the mechanical motions of the market in pseudo-Newtonian fashion， but encompassed a total theory of human psychology， conflict， and flourishing。 Though Keynesianism would remain relevant right up to our current time （Janet Yellen， the Treasury Secretary nominee is a self-described Keynesian） it resurfaced in ways that would be unrecognizable to Keynes himself。 Keynes believed an economic order required some measure of management to avoid foreign militarism and civil unrest。 In what may be the most galling appropriation of Keynesian thought the US during WWII would organize its economy around the war and continue to profit off of conflict thereafter， what Eisenhower would later call the “military-industrial complex”。 We will likely continue to hear echos of Keynes in the near future。 The question is which “Keynes”？ As Carter describes， will it be Keynes the “philosopher of war and peace”？ or Keynes the “fiscal therapist”？ 。。。more
Christopher Mitchell
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When I started this book， I knew I didn't know much about Keynes。 His ideas seemed interesting and I vaguely understand the wisdom of counter-cyclical government investment to deal with an economy in decline。 I never would have picked it up absent a strong recommendation from a trusted source and wow， I was quickly reminded how little I know about really interesting people and times。 The book is masterful at putting Keynes in context - from his trials as a younger lad to decades after his death When I started this book， I knew I didn't know much about Keynes。 His ideas seemed interesting and I vaguely understand the wisdom of counter-cyclical government investment to deal with an economy in decline。 I never would have picked it up absent a strong recommendation from a trusted source and wow， I was quickly reminded how little I know about really interesting people and times。 The book is masterful at putting Keynes in context - from his trials as a younger lad to decades after his death as his legacy was twisted in enough ways that the author had to step in with this immensely clarifying work。 The discussion about the economics around World War I and World War II drew me in quickly in ways that others may find less interesting because they were more exposed to it。 Nothing teaches you how little you know about an era than a book that richly explores the various tensions and arguments just enough to give you a sense of how much more there must be - but not so much as to ever lose your interest。 Books about past figures are inevitably shaped by the present and the transition in the past 12 years in the U。S。 where Republicans have all but screamed that they only care about deficits to derail Democratic Party programs， offers a great canvas on which to discuss Keynes' insight （or driving passion） that decisions about government spending need to be focused more on what kind of life we want to lead collectively and how we treat the marginalized among us much more than on some God-given need to balance a budget。 It isn't that we should ignore how to balance interests （both temporal and ethically） but that we need to be much more cognizant of that balancing rather than hiding behind an almost bogey-man representation of the horrors of deficits。 Given my interests， I would have enjoyed more discussion about his feelings about concentrated economic and political power， though this is something I had to highlight:Economists enraptured by the promise of rational market progress argued that larger firms with more diverse lines of business would be more stable， better able to hedge against risks and compensate for losses in isolated lines of business。 They did not worry about the management difficulties posed by overseeing firms with hundreds of billions of dollars in assets across dozens of different lines of business or the prospect of an unforeseen shock in one sector taking down an entire conglomerate。 His focus on equity was prescient and this book brought Keynes to life in ways that I had no idea I would be so interested in。 。。。more
Mostafa Shalash
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قراءة في الكتاب قدمتها على صفحات الأخبار اللبنانية https://al-akhbar。com/Kalimat/297278 قراءة في الكتاب قدمتها على صفحات الأخبار اللبنانية https://al-akhbar。com/Kalimat/297278 。。。more
Shay Routh
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4 and a 1/2 to be more precise。
Bill
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