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In the "red s", many young economists favoured Marxist views, even in Cambridge, [25] and while Keynes was engaging principally with the right to try to persuade them of the merits of more progressive policy, the most vociferous criticism against him came from the left, who saw him as a supporter of capitalism. From the s and onwards, most of the attacks against Keynes have again been from the right.

What we need therefore, in my opinion, is not a change in our economic programmes, which would only lead in practice to disillusion with the results of your philosophy; but perhaps even the contrary, namely, an enlargement of them. Your greatest danger is the probable practical failure of the application of your philosophy in the United States. On the pressing issue of the time, whether deficit spending could lift a country from depression, Keynes replied to Hayek's criticism [] in the following way:.

I should I should say that what we want is not no planning, or even less planning, indeed I should say we almost certainly want more. But the planning should take place in a community in which as many people as possible, both leaders and followers wholly share your own moral position. Moderate planning will be safe enough if those carrying it out are rightly oriented in their own minds and hearts to the moral issue. Asked why Keynes expressed "moral and philosophical" agreement with Hayek's Road to Serfdom , Hayek stated: [].

Because he believed that he was fundamentally still a classical English liberal and wasn't quite aware of how far he had moved away from it. His basic ideas were still those of individual freedom.

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He did not think systematically enough to see the conflicts. He was, in a sense, corrupted by political necessity. According to some observers, [ who? While Milton Friedman described The General Theory as "a great book", he argues that its implicit separation of nominal from real magnitudes is neither possible nor desirable. Macroeconomic policy, Friedman argues, can reliably influence only the nominal. More to Friedman's taste was the Tract on Monetary Reform , which he regarded as Keynes's best work because of its focus on maintaining domestic price stability.

Joseph Schumpeter was an economist of the same age as Keynes and one of his main rivals. He was among the first reviewers to argue that Keynes's General Theory was not a general theory, but in fact a special case. After Keynes's death Schumpeter wrote a brief biographical piece Keynes the Economist — on a personal level he was very positive about Keynes as a man, praising his pleasant nature, courtesy and kindness. He assessed some of Keynes's biographical and editorial work as among the best he'd ever seen.

Yet Schumpeter remained critical about Keynes's economics, linking Keynes's childlessness to what Schumpeter saw as an essentially short term view. He considered Keynes to have a kind of unconscious patriotism that caused him to fail to understand the problems of other nations. For Schumpeter "Practical Keynesianism is a seedling which cannot be transplanted into foreign soil: it dies there and becomes poisonous as it dies.

President Harry S. Truman was skeptical of Keynesian theorizing: "Nobody can ever convince me that government can spend a dollar that it's not got," he told Leon Keyserling , a Keynesian economist who chaired Truman's Council of Economic Advisers. Keynes sometimes explained the mass murder that took place during the first years of communist Russia on a racial basis, as part of the "Russian and Jewish nature", rather than as a result of the communist rule.

After a trip to Russia, he wrote in his Short View of Russia that there is "beastliness on the Russian and Jewish natures when, as now, they are allied together". He also wrote that "out of the cruelty and stupidity of the Old Russia nothing could ever emerge, but Some critics, including Murray Rothbard , have sought to show that Keynes had sympathy with Nazism , and a number of writers described him as antisemitic. Keynes's private letters contain portraits and descriptions, some of which can be characterized as antisemitic, others as philosemitic. Keynes was a supporter of Zionism , serving on committees supporting the cause.

Allegations that he was racist or had totalitarian beliefs have been rejected by Robert Skidelsky and other biographers. As a lifelong pacifist he had initially favoured peaceful containment of Nazi Germany , yet he began to advocate a forceful resolution while many conservatives were still arguing for appeasement. After the war started he roundly criticised the Left for losing their nerve to confront Hitler :. The intelligentsia of the Left were the loudest in demanding that the Nazi aggression should be resisted at all costs. When it comes to a showdown, scarce four weeks have passed before they remember that they are pacifists and write defeatist letters to your columns, leaving the defence of freedom and civilisation to Colonel Blimp and the Old School Tie, for whom Three Cheers.

Keynes has been characterised as being indifferent or even positive about mild inflation. However, Keynes was also aware of the dangers of inflation. Lenin is said to have declared that the best way to destroy the Capitalist System was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens.

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There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose. One of Keynes most oft quoted phrases " In the long term we are all dead " came from his response critiquing the long term positive benefits to workers, propounded by some economists, with respect to people who had lost their jobs due to factories that had been closed down.

He was the principal author of a proposal — the so-called Keynes Plan — for an International Clearing Union. The two governing principles of the plan were that the problem of settling outstanding balances should be solved by "creating" additional "international money", and that debtor and creditor should be treated almost alike as disturbers of equilibrium.

In the event, though, the plans were rejected, in part because "American opinion was naturally reluctant to accept the principle of equality of treatment so novel in debtor-creditor relationships". The new system is not founded on free-trade liberalisation [] of foreign trade [] but rather on the regulation of international trade, in order to eliminate trade imbalances: the nations with a surplus would have an incentive to reduce it, and in doing so they would automatically clear other nations deficits. Every country would have an overdraft facility in its bancor account at the International Clearing Union.

He pointed out that surpluses lead to weak global aggregate demand — countries running surpluses exert a "negative externality" on trading partners, and posed, far more than those in deficit, a threat to global prosperity. In his Yale Review article "National Self-Sufficiency," [] [] he already highlighted the problems created by free trade. His view, supported by many economists and commentators at the time, was that creditor nations may be just as responsible as debtor nations for disequilibrium in exchanges and that both should be under an obligation to bring trade back into a state of balance.

Failure for them to do so could have serious consequences. In the words of Geoffrey Crowther , then editor of The Economist , "If the economic relationships between nations are not, by one means or another, brought fairly close to balance, then there is no set of financial arrangements that can rescue the world from the impoverishing results of chaos.

These ideas were informed by events prior to the Great Depression when — in the opinion of Keynes and others — international lending, primarily by the U. Influenced by Keynes, economics texts in the immediate post-war period put a significant emphasis on balance in trade. For example, the second edition of the popular introductory textbook, An Outline of Money , [] devoted the last three of its ten chapters to questions of foreign exchange management and in particular the "problem of balance". However, in more recent years, since the end of the Bretton Woods system in , with the increasing influence of Monetarist schools of thought in the s, and particularly in the face of large sustained trade imbalances, these concerns — and particularly concerns about the destabilising effects of large trade surpluses — have largely disappeared from mainstream economics discourse [] and Keynes' insights have slipped from view.

Keynes's early romantic and sexual relationships were exclusively with men. Attitudes in the Bloomsbury Group , in which Keynes was avidly involved, were relaxed about homosexuality. Keynes, together with writer Lytton Strachey , had reshaped the Victorian attitudes of the Cambridge Apostles : "since [their] time, homosexual relations among the members were for a time common", wrote Bertrand Russell.

Keynes was also involved with Lytton Strachey, [] though they were for the most part love rivals, not lovers. Keynes had won the affections of Arthur Hobhouse , [] and as with Grant, fell out with a jealous Strachey for it. Political opponents have used Keynes's sexuality to attack his academic work. Keynes's friends in the Bloomsbury Group were initially surprised when, in his later years, he began pursuing affairs with women, [] demonstrating himself to be bisexual. In , Keynes wrote that he had fallen "very much in love" with Lydia Lopokova , a well-known Russian ballerina and one of the stars of Sergei Diaghilev 's Ballets Russes.

Keynes later commented to Strachey that beauty and intelligence were rarely found in the same person, and that only in Duncan Grant had he found the combination. Forster would later write in contrition about "Lydia Keynes, every whose word should be recorded": [] "How we all used to underestimate her". Keynes thought that the pursuit of money for its own sake was a pathological condition, and that the proper aim of work is to provide leisure. He wanted shorter working hours and longer holidays for all. Keynes was interested in literature in general and drama in particular and supported the Cambridge Arts Theatre financially, which allowed the institution to become one of the major British stages outside London.

During the war , as a member of CEMA Council for the Encouragement of Music and the Arts , Keynes helped secure government funds to maintain both companies while their venues were shut. Following the war, Keynes was instrumental in establishing the Arts Council of Great Britain and was its founding chairman in From the start, the two organisations that received the largest grants from the new body were the Royal Opera House and Sadler's Wells. Like several other notable British authors of his time, Keynes was a member of the Bloomsbury Group.

Eliot discussed religion at a dinner party, in the context of their struggle against Victorian era morality. Keynes was ultimately a successful investor, building up a private fortune. His assets were nearly wiped out following the Wall Street Crash of , which he did not foresee, but he soon recouped.

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  • The sum had been amassed despite lavish support for various good causes and his personal ethic which made him reluctant to sell on a falling market, in cases where he saw such behaviour as likely to deepen a slump. In part on the basis of these papers, Keynes wrote of Newton as "the last of the magicians. Keynes was a lifelong member of the Liberal Party , which until the s had been one of the two main political parties in the United Kingdom, and as late as had often been the dominant power in government. Keynes had helped campaign for the Liberals at elections from about , yet he always refused to run for office himself, despite being asked to do so on three separate occasions in From , when Lloyd George became leader of the Liberals, Keynes took a major role in defining the party's economic policy, but by then the Liberals had been displaced into third party status by the Labour Party.

    A by-election for the seat was to be held due to the illness of an elderly Tory , and the master of Magdalene College had obtained agreement that none of the major parties would field a candidate if Keynes chose to stand. Keynes declined the invitation as he felt he would wield greater influence on events if he remained a free agent. Keynes was a proponent of eugenics.

    He served as director of the British Eugenics Society from to As late as , shortly before his death, Keynes declared eugenics to be "the most important, significant and, I would add, genuine branch of sociology which exists. Keynes once remarked that "the youth had no religion save communism and this was worse than nothing. In Keynes had the following to say on Marxism: [].

    How can I accept the Communist doctrine, which sets up as its bible, above and beyond criticism, an obsolete textbook which I know not only to be scientifically erroneous but without interest or application to the modern world? How can I adopt a creed which, preferring the mud to the fish, exalts the boorish proletariat above the bourgeoisie and the intelligentsia , who with all their faults, are the quality of life and surely carry the seeds of all human achievement?

    Even if we need a religion, how can we find it in the turbid rubbish of the red bookshop? It is hard for an educated, decent, intelligent son of Western Europe to find his ideals here, unless he has first suffered some strange and horrid process of conversion which has changed all his values. Keynes was a firm supporter of women's rights and in became vice-chairman of the Marie Stopes Society which provided birth control education.

    He also campaigned against job discrimination against women and unequal pay. He was an outspoken campaigner for reform of the laws against homosexuality. Throughout his life, Keynes worked energetically for the benefit both of the public and his friends; even when his health was poor, he laboured to sort out the finances of his old college. In , Keynes suffered a series of heart attacks , which ultimately proved fatal. They began during negotiations for the Anglo-American loan in Savannah, Georgia , where he was trying to secure favourable terms for the United Kingdom from the United States, a process he described as "absolute hell".

    Both of Keynes's parents outlived him: his father John Neville Keynes — by three years, and his mother Florence Ada Keynes — by twelve. Keynes's brother Sir Geoffrey Keynes — was a distinguished surgeon, scholar, and bibliophile. His nephews include Richard Keynes — , a physiologist, and Quentin Keynes — , an adventurer and bibliophile. Keynes had no children; his widow, Lydia Lopokova , died in From Wikipedia, the free encyclopedia. For other uses, see Keynes disambiguation.

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    For his father, see John Neville Keynes. English economist. The Right Honourable. CB FBA. Cambridge , Cambridgeshire , England. Tilton, near Firle , Sussex , England. Political economy Probability. King's College, Cambridge. Index Outline Category. History Branches Classification. History of economics Schools of economics Mainstream economics Heterodox economics Economic methodology Economic theory Political economy Microeconomics Macroeconomics International economics Applied economics Mathematical economics Econometrics.

    Concepts Theory Techniques. Economic systems Economic growth Market National accounting Experimental economics Computational economics Game theory Operations research. By application. Notable economists. Glossary of economics. Main article: Heavenly Twins Sumner and Cunliffe. Main article: Keynesian Revolution. Main article: Neo-Keynesian economics. Main article: Post-war displacement of Keynesianism. Main article: —09 Keynesian resurgence. The Return to Keynes. Harvard University Press. Oxford Dictionary of National Biography online ed.

    Oxford University Press. Subscription or UK public library membership required. May Econ Journal Watch. Keynes: The Return of the Master. Cambridge: Public affairs. In in one of the decisive intellectual achievements of postwar economics, Friedman not only showed why the apparent tradeoff embodied in the idea of the Phillips curve was wrong; he also predicted the emergence of combined inflation and high unemployment Retrieved 13 November Financial Times.

    Retrieved 23 January Retrieved 18 June The Economist. Retrieved 2 October The Bloomsbury Group. Retrieved 26 May Pan MacMillan Ltd. St Faith's School Website. Archived from the original on 30 May Retrieved 28 April Deane, Phyllis The Life and Times of J.

    Neville Keynes: A Beacon in the Tempest. Edward Elgar Publishing. Skidelsky, Robert Felix, David Keynes: A Critical Life. Greenwood Press. Harrod, Roy The life of John Maynard Keynes. Harcourt, Brace. Moggridge, Donald Maynard Keynes: An Economist's Biography. MacMillan Ltd. Dostaler, Gilles Keynes and His Battles. Retrieved 25 January Supermac: The Life of Harold Macmillan.

    Oxford: Routledge. Essays on John Maynard Keynes. Cambridge University Press. Humanism: A Beginner's Guide. Oneworld Publications. Archived from the original on 16 June Retrieved 29 May John Maynard Keynes: Critical Assessments , pp. Routeledge and Google Books. The London Gazette. John Maynard Keynes , chapter 1. The Growth of Economic Thought. The London Gazette Supplement. Versailles and After, second ed. The Journal of Modern History. For nearly forty years, historians of twentieth-century diplomacy have argued that the Versailles treaty was more reasonable than its reputation suggests and that it did not of itself cause the Depression, the rise of Hitler, or World War II" p.

    Marks also claims that the book is a "brilliant but warped polemic" p. Ten Great Economists. Simon Publications. Fifty Major Economists. The New Yorker. Economic Careers: Economics and Economists in Britain, — London: Routledge. The critics of Keynesian Economics. Irvington-on-Hudson, N. Kessinger Publishing. Picture Post. Palgrave Macmillan UK.

    Then in her eighties, she had worked in the National Health Service for most of her life. But when she came across the three teenage girls they might have been her own granddaughters sitting on cardboard and begging in Victoria Station, something gave way. She broke into tears — but tears of rage.

    After all our gains. Like her, and like her son, I grew up with the assumption that we were going forward — jerkily, and with long unexplained halts in cold places, but forward. But somewhere ahead, as the train began again to crawl across the grey plain of the s, there would be warmth, light, undreamed-of gadgets, houses with inside toilets for all, travel on airliners.

    It was only a few years ago that I looked out of the grimy train window — as it were, at a station dimly seen in the night — and it came to me that we had passed this place once already. Mrs Hamilton-Paterson was right: it was all going backwards. Tories telling the poor they should have fewer children?

    Obsession with the national debt? Keeping foreigners out unless they are millionaires? Welfare only for the workshy underclass? Cars, motorbikes, shipbuilding and the nuclear industry are all there. The British nation was created: it emerged out of the British Empire and out of a cosmopolitan economy, after the Second World War. This was the Britain prefigured before and during the war, in debates which were by no means dominated or even initiated by Labour.

    It came to be the postwar Britain not only of the Attlee governments but — in varying degrees — of all administrations up to the end of the s. In , Britain recorded the highest ever percentage of the workforce in industrial occupations. They carefully played dead, and many foolishly danced on an empty grave. Still, it transformed. By the mids it had been changed into an electrified, motorised nation which could easily feed itself.


    By the end of we had … assumed the moral leadership of the world. Decline did take place, so declinism is a proper subject for school essays. But these two books disagree about how and why and when decline set in.

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    Edgerton, in contrast, thinks that most declinist theories are garbage. It has also been the creed of people unable to accept that Britain was falling behind upcoming neighbouring nations.

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    Trade union membership rose to its maximum point; inequality reached its lowest. Edgerton even debunks the Winter of Discontent which is supposed to have propelled Thatcher to power. Considering the characteristics of the article, some limitations are evident. The use of small Christmas letters by children is one of them. The option of not returning to respondents after the Christmas festivities may also be considered a limitation.

    The lack of other information about the respondents that could contribute to a deepening of the analysis could also be considered a limitation. Seeking to point out managerial contributions to the study, it is worth mentioning that marketers from different types of organizations, as well as managers of retail enterprises, can use the results and reflections raised by the study to improve their understanding of consumers regarding the symbolic issues involved on Christmas.

    Finally, it is not hard, at this point, to defend the idea that further studies need to be undertaken to continue what was begun here. Thus, surveys that contemplate other strata of children, taking into account age, income profile and different regions, as well as children from families with different formats and religions, can be included in the list of suggestions for future studies. Further research could also accompany children after the Christmas holidays, evaluating the impact of receiving or not receiving requested gifts on their perceptions regarding Santa Claus.

    Gender issues as well as discussions concerning meritocracy could also be interesting possibilities. From a methodological point of view, researchcould be conducted on the basis of the drawings made by children, as well as on the results of their speech in groups. Bakhtin, M. Marxismo e filosofia da linguagem. Barbosa, L. Campbell Orgs , Cultura, consumo e identidade pp. Baudrillard, J. O sistema dos objetos.

    Bazerman, C. Letters and the social grounding of differentiated genres. Hall Eds. Letter writing as a social practice pp. Amsterdam: John Benjamins Publishing Company. Belk, R. Three scales to measure constructs related to materialism: Reliability, validity, and relationships to measures of happiness. Advances in consumer research. Journal of American Culture , 10 1 , Materialism and the modern U. Hirschman, Ed. Gift giving as agapic love: An alternative to the exchange paradigm based on dating experiences.

    International Journal of Research in Marketing , 10 3 , Casotti, L. Natal com Neve no Brasil? Charmaz, K. Porto Alegre: Bookman. Clarke, P. Christmas Gift Giving Involvement. Journal of Consumer Marketing , 23 5 , A measure for Christmas spirit. Journal of Consumer Marketing , 24 1 , Coelho, M. Denzin, N.

    O planejamento da pesquisa qualitativa : Teorias e abordagens 2a ed. Duarte, A. Foucault, M. A escrita de si. Cordeiro Ed. Gondim, S. Godbout, J. Rio de Janeiro: FGV. Halkoaho, J. Understanding what Christmas gifts mean to children. Young Consumers , 10 3 , Iavelberg, R. O cultivo do desenho infantil na aprendizagem compartilhada. Karnal, L. Laroche, M. A Cross-Cultural study of in-store information search strategies for a christmas gift. Journal of Business Research , 49 2 , Papai Noel supliciado. Revista Alceu , 4 7 , McCracken, G. Rio de Janeiro: Mauad. McKechnie, S. Journal of Consumer Behavior , 5 2 , Mauss, M.

    Miller, D. Unwrapping Christmas. Oxford: Clarendon Press. Dear Santa, do you have my brand? A study of the brand requests, awareness and request styles at Christmas time. Journal of Consumer Behavior , 2 1 , Oliveira, J. Pinto, M. Ponchio, M. Revista Gerenciais , 6 1 , Richins, M. A consumer values orientation for materialism and its measurement: Scale development and validation. Journal of Consumer Research , 19 3 , Saraiva, L.

    Carrieri et al. Sabourin, E. Schmidt, L. The commercialization of the calendar: American Holidays and the culture of consumption, The Journal of American History , 78 3 , Slater, D. Cultura do consumo e modernidade. Silva, J. Tynan, C. Hedonic meaning creation though Christmas consumption: A review and model.