The Keynesian Revolution and its Critics, 2nd edition

Issues of Theory and Policy for the Monetary Production Economy
Fletcher, Gordon A.
Date published: 
January 1989

Fifty years after the publication of John Maynard Keynes's The General Theory of Employment, Interest and Money this book seeks to explain and justify the Keynesian Revolution and to defend Keynes against his principal critics, identified as D.H.Robertson, Milton Friedman, F.A.Hayek and, vicariously, Georg Simmel. By examining Keynes's own work in the light of the critics' specific arguments it is concluded that Keynesian principles hold good and remain relevant to the analysis of current issues. To account for the apparent failure of Keynesian economic policy the problems of the Keynesian political economy are examined and the Keynesian Revolution is put into context, of a broader movement towards socialisation which in Great Britain - the cradle of the Keynesian Revolution - had its roots in the interwar depression and the special conditions of total war which followed it.