Keynes and the Crisis of Capitalism

Speaker: Professor Lord Skidelsky
Chair: Professor Mary Kaldor
This event was recorded on 7 October 2009 in Old Theatre, Old Building
Robert Skidelsky is Emeritus Professor of Political Economy at the University of Warwick. His three-volume biography of the economist John Maynard Keynes (1983, 1992, 2000) received numerous prizes, including the Lionel Gelber Prize for International Relations and the Council on Foreign Relations Prize for International Relations. He is the author of The World After Communism (1995) (American edition called The Road from Serfdom). He was made a life peer in 1991, and was elected Fellow of the British Academy in 1994. This event celebrates his latest book, Keynes: The Return of the Master

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• London School of Economics
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• Lord Skidelsky
• Robert Skidelsky

[tryptala]

His last point about Glass-Steagal is EXACTLY what Ron Paul argued before Congress at the time when the repeal came before Congress--that deregulation was fine as long as the taxpayer was not on the hook to guarantee against the levels of risk and uncertainty that the repeal would unleash. There's one thing he was very wrong about in this lecture--there were people who saw the collapse coming--Ron Paul, Steve Keen, Nouriel Roubini, to name a few.

[CasualBlues]

@pipem4n No one says that. It is a statement. And a very true one. But the fact is that no company can judge risk with a 100% degree of acuracy, though it is the goal. And you refer to The Austrian Business Theory, as if it is somewhat the opposite of what he is arguing for. Well that is not true. He's against central-bank stimulus and artaficial low interest rates, he mentions that just about every 5 minutes. Maybe you should just see the video again, or maybe just read some Keynes...

[pipem4n]

Oh shit. Let him talk to Woods. Any austrian will demolish this guy.

So much nonsence with such bumptious attitiude.

For ex. at 11:00 he says no firm would go buncrupt if they could judge risk. Who on earth says that? He doesn't mention. But every child knows that we want and market wants to eliminate those who make bad assumptions. No1 is saying it's going to be a fairytale. In order to have goods and services cheap we have to exploit ourselves mutually. Go to mises.org stop wasting time ...

[muhammadzahmad]

interesting and informative

[shamshlam]

This lecture offers invaluable insight into Keynes's achievement & continued relevance. The Keynesian idea that economists mask uncertainty with certain conventions sustaining effectively biased representations of rational conduct, recounted here by Skidelsky, will help furnish an essay I am writing on the idea of cultural and economic hegemony devised by Antonio Gramsci. I had no idea Keynes could help me talk about Gramsci until I saw this excellent lecture. Thanks, Libyan School of Economics!

[chefadeech]

@vanderbiltst and giving it to these "regulated" banks and foreign governments. This "correction" of the free market is a vast over statement of power, controlled by few, applying to many. This debt only gets put on the backs of the american people. essentially money we haven't even made in our lifetimes, at least for me, a young person 21 y/o i would like to have that be my money to spend on issues i care about not international wars and lining pockets of the rich....wouldn't you???

[chefadeech]

@vanderbiltst it is the over all consensus that america declining. As it has been declining, more government regulation has been added to "fix" these "problems", and the U.S. continues to not improve. some signs of this are the national debt, increasing costs, and increasing unemployment. Logic should point out that the problem is not in the people being incapable of acquiring enough government issued notes, but that our government is printing all of our money

[vanderbiltst]

@chefadeech Without government regulations (relying on others) you won't have a chance to rely on yourself. This is a typical American brainwashing statement imbeded in all American minds. We find ourselves in a crappy situation because of too much deregulation. People need to rely on one another to do the proper thing.

[chefadeech]

@Knossos22 glad i could help! it is an honest miss understanding, the internet is a confusing place! have great day :)

[Knossos22]

@chefadeech

Thanks for that! Really helps! Have anything useful to say or write?