Robert Skidelsky on economist John Maynard Keynes

Political economist Robert Skidelsky has completed the third and final volume of his biography of John Maynard Keynes. It is called "John Maynard Keynes: Fighting for Britain 1937-1946". In it he paints a vivid portrait of this brilliant economist and his impact on economics and the world economy. (Originally aired January 2007)

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[kaiserblazer]

After the 1970s, when Keynesian economic policies changed to Friedmanian there has been over 100 financial crises all around the world. During the Keynesian period (after the great depression in USA, and after WWII in Europe) they were very rare.

[cyborganic99]

Keynes > Hayek > Satan > Mises > Hacks at the LVM institute.

[J Scott Upton]

To a politician looking out the window at people building tanks...it looks like the "economy is getting better". But people's lives didn't get BETTER in WW2...they got worse. The depression ended in 1946.

[MostSilentHunter]

The idea that WWII overcame the depression is a fallacy. Government action prolonged the depression and we weren't out of it until '48 or so. Wars destroy. It's the fallacy of the broken window.

[iamdabossofnepal]

Estonia.

[hustleboy62]

Hayek > Keynes

[chcikenpencil]

You've misunderstood, by 'liberalism' I was referring to the modern day political system that most of the Western world lives under today, not the American definition of ideological liberalism which is basically centre-left social democracy or whatever.

[xeDMobe]

You cannot compare those times. What about the great depression? It could only be overcome by the second world war's military industry which clearly represents a governmental action.

[cdsilber]

You mean after 1971, when the world ended the last remaining link between gold and money and central banks adopted a 100% fiat currency monetary system (which Keynes long fought for), there have been multiple crises around the globe. Prior to the 1970's, when the developed world abided by the far from perfect, but still more disciplined Bretton-Woods monetary system, financial crises were very rare. That is what you really meant, right?