John Maynard Keynes - Revision history

WikiSysop at 09:10, 3 May 2017

2017-05-03T09:10:01Z

← Older revision		Revision as of 09:10, 3 May 2017
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	The theories of the British economist John Maynard Keynes have influenced theoretical discussions and the economy policy all over the world. His name is connected with what is called "macroeconomics" today. Two of his suggestions were especially effective: the use of varying exchange rates as means of economy policy and the recommendation to fight unemployment with limited inflation. After 1918, he fought the [[Treaty of Versailles]] and the allied reparation policy.		The theories of the British economist John Maynard Keynes have influenced theoretical discussions and the economy policy all over the world. His name is connected with what is called "macroeconomics" today. Two of his suggestions were especially effective: the use of varying exchange rates as means of economy policy and the recommendation to fight unemployment with limited inflation. After 1918, he fought the [[Treaty of Versailles]] and the allied reparation policy.


	== Childhood and Youth ==		== Childhood and Youth ==
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	His upbringing was traditionally upper class: nanny, kindergarten, elementary school, followed by Eton and classical and mathematical studies at King’s College, Cambridge. His mathematics teacher saw him as talented, but also remarked his lack of patience when difficulties arose. During his school time he won several prizes, e.g. Eton’s Junior Mathematical Prize (1898), Eton's Senior Prize (1900). At King’s College, he engaged in several debating and intellectual societies, which were to shape him more than his formal studies (amongst them the Cambridge Apostles). His later development was clearly influenced by his membership in the [[Bloomsbury Group]]. He was also an active sportsman. In the final examinations, he scored 12th.		His upbringing was traditionally upper class: nanny, kindergarten, elementary school, followed by Eton and classical and mathematical studies at King’s College, Cambridge. His mathematics teacher saw him as talented, but also remarked his lack of patience when difficulties arose. During his school time he won several prizes, e.g. Eton’s Junior Mathematical Prize (1898), Eton's Senior Prize (1900). At King’s College, he engaged in several debating and intellectual societies, which were to shape him more than his formal studies (amongst them the Cambridge Apostles). His later development was clearly influenced by his membership in the [[Bloomsbury Group]]. He was also an active sportsman. In the final examinations, he scored 12th.


	== War ==		== War ==

	1916, the Government introduced the official duty to serve in the army for all men age between 18 and 41. As an officer at the Financial Ministry, Keynes was excluded from this regulation; for reasons of conscience he applied for dispensation. But for his fellow members from the [[Bloomsbury Group]], his engagement in financing the war was already too much. His way to protest was to lay down his office and to write ''The Economic Consequences of the Peace''.		1916, the Government introduced the official duty to serve in the army for all men age between 18 and 41. As an officer at the Financial Ministry, Keynes was excluded from this regulation; for reasons of conscience he applied for dispensation. But for his fellow members from the [[Bloomsbury Group]], his engagement in financing the war was already too much. His way to protest was to lay down his office and to write ''The Economic Consequences of the Peace''.


	== Global Economic Crisis ==		== Global Economic Crisis ==

	1919, the global economic crisis hit Britain and a Coalition Government which was not up to this situation. From 1931-1935, a National Government was formed under Labour Premier [[Ramsay McDonald]], involving liberal and conservative ministers. During this phase, the influence of Keynes’ theories was noticeable. Contrary to the traditional theory of budget consolidation, the Government prioritised the establishment of jobs through public projects.		1919, the global economic crisis hit Britain and a Coalition Government which was not up to this situation. From 1931-1935, a National Government was formed under Labour Premier [[Ramsay McDonald]], involving liberal and conservative ministers. During this phase, the influence of Keynes’ theories was noticeable. Contrary to the traditional theory of budget consolidation, the Government prioritised the establishment of jobs through public projects.


	== Marriage ==		== Marriage ==

	In 1925, he married Lydia Lopakowa (1892-1981), a Russian ballet dancer. He did, however, also have homosexual relationships.		In 1925, he married Lydia Lopakowa (1892-1981), a Russian ballet dancer. He did, however, also have homosexual relationships.



	== Economic Ideas & Writings ==		== Economic Ideas & Writings ==
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	Keynes, who was familiar with the economic difficulties of Britain, noticed: “We are a great nation, but if we continue to behave like a Great Power, we shall soon cease to be a great nation” (Brüggemeier 230). But this only seems to be logical at first glance because although Britain was no longer a world power after the First World War, it was still a great power and superior to the other European states which were struck even harder.		Keynes, who was familiar with the economic difficulties of Britain, noticed: “We are a great nation, but if we continue to behave like a Great Power, we shall soon cease to be a great nation” (Brüggemeier 230). But this only seems to be logical at first glance because although Britain was no longer a world power after the First World War, it was still a great power and superior to the other European states which were struck even harder.


	== Ministry of Finance ==		== Ministry of Finance ==

	In July 1940, Keynes was nominated special adviser of the Ministry of Finance. From then, his arguments got a bigger audience and he could introduce his new budget, which did not only list the income and expenditure of the government but included additional data. This was an important base for the establishment of the [[Welfare State]] in 1945. In 1945, Keynes negotiated an agreement with the USA and Canada; this credit allowed Britain to meet the most important responsibilities.		In July 1940, Keynes was nominated special adviser of the Ministry of Finance. From then, his arguments got a bigger audience and he could introduce his new budget, which did not only list the income and expenditure of the government but included additional data. This was an important base for the establishment of the [[Welfare State]] in 1945. In 1945, Keynes negotiated an agreement with the USA and Canada; this credit allowed Britain to meet the most important responsibilities.


	== Ennoblement ==		== Ennoblement ==

	In 1942, Keynes was ennobled Lord Keynes or Baron Keynes of Tilton.		In 1942, Keynes was ennobled Lord Keynes or Baron Keynes of Tilton.


	== Health ==		== Health ==

	Already during his early school years, Keynes suffered from ill health, keeping him away from classes. These illnesses recur during his further education, and in 1937, he suffered his first heart attack, followed by another serious illness. After he was awarded the Order of Merit and became a member of the [[Royal Society]], Keynes died on April 21, 1946 in Tilton, Sussex of heart failure.		Already during his early school years, Keynes suffered from ill health, keeping him away from classes. These illnesses recur during his further education, and in 1937, he suffered his first heart attack, followed by another serious illness. After he was awarded the Order of Merit and became a member of the [[Royal Society]], Keynes died on April 21, 1946 in Tilton, Sussex of heart failure.


	== Selection of his Publications ==		== Selection of his Publications ==
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	*'''1936''' ''The General Theory of Employment, Interest and Money''		*'''1936''' ''The General Theory of Employment, Interest and Money''
	*'''1940''' ''How to Pay for the War''		*'''1940''' ''How to Pay for the War''


	== Sources ==		== Sources ==

Pankratz at 07:54, 18 April 2012

2012-04-18T07:54:04Z

Pankratz at 07:50, 18 April 2012

2012-04-18T07:50:38Z

← Older revision		Revision as of 07:50, 18 April 2012
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	== War ==		== War ==

	1916, the Government introduced the official duty for all men age between 18 and 41. As an officer at the Financial Ministry, Keynes was excluded from this regulation; for reasons of conscience he applied for dispensation. But for his fellow members from the [[Bloomsbury Group]], his engagement in financing the war was already too much. His way to protest was to lay down his office and to write ''The Economic Consequences of the Peace''.		1916, the Government introduced the official duty to serve in the army for all men age between 18 and 41. As an officer at the Financial Ministry, Keynes was excluded from this regulation; for reasons of conscience he applied for dispensation. But for his fellow members from the [[Bloomsbury Group]], his engagement in financing the war was already too much. His way to protest was to lay down his office and to write ''The Economic Consequences of the Peace''.

Pankratz at 17:32, 16 December 2011

2011-12-16T17:32:35Z

← Older revision		Revision as of 17:32, 16 December 2011
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	== Marriage ==		== Marriage ==

	In 1925, he married Lydia Lopakowa (1892-1981), a Russian ballet dancer.		In 1925, he married Lydia Lopakowa (1892-1981), a Russian ballet dancer. He did, however, also have homosexual relationships.

Pankratz at 17:30, 16 December 2011

2011-12-16T17:30:33Z

← Older revision		Revision as of 17:30, 16 December 2011
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	1883-1946. Economist. Member of the [[Bloomsbury Group]].		1883-1946. Economist. Member of the [[Bloomsbury Group]].

	The theories of the British economist John Maynard Keynes have influenced theoretical discussions and the economy policy all over the world. His name is connected with what is called "macroeconomics" today. Two of his suggestions were especially effective: the use of varying exchange rates as means of economy policy ~~und~~ the recommendation to fight unemployment with limited inflation. After 1918, he fought the [[Treaty of Versailles]] and the allied reparation policy.		The theories of the British economist John Maynard Keynes have influenced theoretical discussions and the economy policy all over the world. His name is connected with what is called "macroeconomics" today. Two of his suggestions were especially effective: the use of varying exchange rates as means of economy policy and the recommendation to fight unemployment with limited inflation. After 1918, he fought the [[Treaty of Versailles]] and the allied reparation policy.


	== Childhood and Youth ==		== Childhood and Youth ==

	John Maynard Keynes was born in Cambridge on June 5, 1883. Keynes grew up in Victorian and Edwardian times; prices and interest rates were relatively stable. His childhood was formed by his father, John Neville Keynes, a philosopher, economist and administrator at university and his mother, Florence Ada, an early graduate of Cambridge University, active member of charity and later ~~major~~ of the city. Keynes was the oldest of three siblings. Already at the age of ~~4 ½~~, Keynes replied when asked what interest is: “If I let you have a halfpenny and you kept it a very long time, you would have to give me back that halfpenny and another too. That is ~~interest.”~~ (Sills, 114)		John Maynard Keynes was born in Cambridge on June 5, 1883. Keynes grew up in Victorian and Edwardian times; prices and interest rates were relatively stable. His childhood was formed by his father, John Neville Keynes, a philosopher, economist and administrator at university and his mother, Florence Ada, an early graduate of Cambridge University, active member of charity and later mayor of the city. Keynes was the oldest of three siblings. Already at the age of four and a half, Keynes replied when asked what interest is: “If I let you have a halfpenny and you kept it a very long time, you would have to give me back that halfpenny and another too. That is interest” (Sills 114).

	His upbringing was ~~traditional~~: nanny, kindergarten, elementary school, followed by Eton and classical and mathematical studies at King’s College. His mathematics teacher saw him as talented, but also remarked his lack of patience when difficulties ~~arise~~. During his school time he won several prizes, e.g. Eton’s Junior Mathematical Prize (1898), Eton's Senior Prize (1900). At King’s College, he engaged in several debating and intellectual societies, which were to shape him more than his formal studies. His later development was clearly influenced by his membership in the [[Bloomsbury Group]]. He was also an active sportsman. In the final examinations, he scored 12th~~. In 1903, he entered a secret society called Apostel~~.		His upbringing was traditionally upper class: nanny, kindergarten, elementary school, followed by Eton and classical and mathematical studies at King’s College, Cambridge. His mathematics teacher saw him as talented, but also remarked his lack of patience when difficulties arose. During his school time he won several prizes, e.g. Eton’s Junior Mathematical Prize (1898), Eton's Senior Prize (1900). At King’s College, he engaged in several debating and intellectual societies, which were to shape him more than his formal studies (amongst them the Cambridge Apostles). His later development was clearly influenced by his membership in the [[Bloomsbury Group]]. He was also an active sportsman. In the final examinations, he scored 12th.


	== War ==		== War ==

	1916, the Government introduced the official duty for all men age 18-41. As an officer at the Financial Ministry, Keynes was excluded from this regulation; for reasons of conscience he applied ~~again~~ for dispensation. But for his fellow members from the [[ Bloomsbury Group]], his engagement in financing the war was already too much. His way to protest was to lay down his office and to write ''The Economic Consequences of the Peace''.		1916, the Government introduced the official duty for all men age between 18 and 41. As an officer at the Financial Ministry, Keynes was excluded from this regulation; for reasons of conscience he applied for dispensation. But for his fellow members from the [[Bloomsbury Group]], his engagement in financing the war was already too much. His way to protest was to lay down his office and to write ''The Economic Consequences of the Peace''.


	== Global Economic Crisis ==		== Global Economic Crisis ==

	1919, the global economic crisis hit Britain and a ~~Labour~~ Government which was not up to this situation. From 1931-1935, a National Government was formed under Labour Premier [[Ramsay McDonald]], involving liberal and conservative ministers. During this phase, the influence of Keynes’ theories was noticeable. Contrary to the traditional theory of budget consolidation, the Government prioritised the establishment of jobs through public projects.		1919, the global economic crisis hit Britain and a Coalition Government which was not up to this situation. From 1931-1935, a National Government was formed under Labour Premier [[Ramsay McDonald]], involving liberal and conservative ministers. During this phase, the influence of Keynes’ theories was noticeable. Contrary to the traditional theory of budget consolidation, the Government prioritised the establishment of jobs through public projects.


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	== ~~Return to the Gold Standard~~ ==		== Economic Ideas & Writings ==

	When [[Winston Churchill\|Churchill]], Chancellor of the Exchequer, reintroduced the gold standard in 1929, it was seen as a step back towards Britain’s old economic reputation. This was welcomed across the board but by Keynes. Already in 1919, he had warned about the ''Economic Consequences of the Peace'', claiming that the reparations demanded by Versailles were ~~exessive~~. Now, he warned about the “Economic Consequences of Mr Churchill” (Brüggemeier, 139). Meaning that as a matter of principle the return to the gold standard was appropriate, but the fixed exchange rate was too high and would be an additional burden for the already weakened economy.		When [[Winston Churchill\|Churchill]], Chancellor of the Exchequer, reintroduced the gold standard in 1929, it was seen as a step back towards Britain’s old economic reputation. This was welcomed across the board but by Keynes. Already in 1919, he had warned about the ''Economic Consequences of the Peace'', claiming that the reparations demanded by Versailles were excessive. Now, he warned about the “Economic Consequences of Mr Churchill” (Brüggemeier, 139). Meaning that as a matter of principle the return to the gold standard was appropriate, but the fixed exchange rate was too high and would be an additional burden for the already weakened economy.

			Keynes picked up the idea of underconsumption, which was introduced around 1890 by the economist [[John A. Hobson]]. It said that in a capitalist economy the production increases faster than the demand. Under the influence of the global economic crisis, Keynes worked out his thoughts and pleas for an increase in the demand during crisis situations.

			Keynes, who was familiar with the economic difficulties of Britain, noticed: “We are a great nation, but if we continue to behave like a Great Power, we shall soon cease to be a great nation” (Brüggemeier 230). But this only seems to be logical at first glance because although Britain was no longer a world power after the war, it was still a great power and superior to the other European states which were struck even harder.
	~~== Underconsumption ==~~

	Keynes picked up the idea of underconsumption, which was introduced around 1890 by the economist [[John A. Hobson]]. It said that in a capitalist economy the production increases faster than the demand. Under the influence of the global economic crisis, Keynes worked out his thoughts and pleat for an increase in the demand during crisis situations.



	~~== Britain - A Great Nation ==~~

	Keynes, who was familiar with the economic difficulties of Britain, noticed: “We are a great nation, but if we continue to behave like a Great Power, we shall soon cease to be a great nation” (Brüggemeier, 230). But this only seems to be logical at first glance because although Britain was no longer a world power after the war, it was still a great power and superior to the other European states which were struck even harder.


	== Ministry of Finance ==		== Ministry of Finance ==

	In July 1940, Keynes was nominated special adviser of the Ministry of Finance. From then, his arguments got a bigger audience and he could introduce his new budget, which did not only list the income and expenditure of the Government but included ~~additonal~~ data. This was an important base for the establishment of the [[Welfare State]] in 1945. In 1945, Keynes negotiated a agreement with the USA and Canada; this credit allowed Britain to meet the most important responsibilities.		In July 1940, Keynes was nominated special adviser of the Ministry of Finance. From then, his arguments got a bigger audience and he could introduce his new budget, which did not only list the income and expenditure of the Government but included additional data. This was an important base for the establishment of the [[Welfare State]] in 1945. In 1945, Keynes negotiated a agreement with the USA and Canada; this credit allowed Britain to meet the most important responsibilities.


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	== Health ==		== Health ==

	Already during his early school years, Keynes suffered from ill health, keeping him away from classes. These ~~illesses reoccur~~ during his further education, and in 1937, he suffered his first heart attack, followed by another serious illness. After he was awarded the Order of Merit and became a member of the [[Royal Society]], Keynes died on April 21, 1946 in Tilton, Sussex of heart failure.		Already during his early school years, Keynes suffered from ill health, keeping him away from classes. These illnesses recur during his further education, and in 1937, he suffered his first heart attack, followed by another serious illness. After he was awarded the Order of Merit and became a member of the [[Royal Society]], Keynes died on April 21, 1946 in Tilton, Sussex of heart failure.

WikiSysop at 17:37, 8 December 2011

2011-12-08T17:37:58Z

← Older revision		Revision as of 17:37, 8 December 2011
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	== Global Economic Crisis ==		== Global Economic Crisis ==

	1919, the global economic crisis hit Britain and a Labour Government which was not up to this situation. From 1931-1935, a National Government was formed under Labour Premier ~~Ramsey~~ McDonald, involving liberal and conservative ministers. During this phase, the influence of Keynes’ theories was noticeable. Contrary to the traditional theory of budget consolidation, the Government prioritised the establishment of jobs through public projects.		1919, the global economic crisis hit Britain and a Labour Government which was not up to this situation. From 1931-1935, a National Government was formed under Labour Premier [[Ramsay McDonald]], involving liberal and conservative ministers. During this phase, the influence of Keynes’ theories was noticeable. Contrary to the traditional theory of budget consolidation, the Government prioritised the establishment of jobs through public projects.

WikiSysop: Reverted edits by WikiSysop (Talk) to last revision by Azim

2011-12-08T17:36:52Z

Reverted edits by WikiSysop (Talk) to last revision by Azim

← Older revision		Revision as of 17:36, 8 December 2011
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	== Global Economic Crisis ==		== Global Economic Crisis ==

	1919, the global economic crisis hit Britain and a Labour Government which was not up to this situation. From 1931-1935, a National Government was formed under Labour Premier [[Ramsey McDonald]], involving liberal and conservative ministers. During this phase, the influence of Keynes’ theories was noticeable. Contrary to the traditional theory of budget consolidation, the Government prioritised the establishment of jobs through public projects.		1919, the global economic crisis hit Britain and a Labour Government which was not up to this situation. From 1931-1935, a National Government was formed under Labour Premier Ramsey McDonald, involving liberal and conservative ministers. During this phase, the influence of Keynes’ theories was noticeable. Contrary to the traditional theory of budget consolidation, the Government prioritised the establishment of jobs through public projects.

WikiSysop at 17:31, 8 December 2011

2011-12-08T17:31:25Z

← Older revision		Revision as of 17:31, 8 December 2011
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	== Global Economic Crisis ==		== Global Economic Crisis ==

	1919, the global economic crisis hit Britain and a Labour Government which was not up to this situation. From 1931-1935, a National Government was formed under Labour Premier Ramsey McDonald, involving liberal and conservative ministers. During this phase, the influence of Keynes’ theories was noticeable. Contrary to the traditional theory of budget consolidation, the Government prioritised the establishment of jobs through public projects.		1919, the global economic crisis hit Britain and a Labour Government which was not up to this situation. From 1931-1935, a National Government was formed under Labour Premier [[Ramsey McDonald]], involving liberal and conservative ministers. During this phase, the influence of Keynes’ theories was noticeable. Contrary to the traditional theory of budget consolidation, the Government prioritised the establishment of jobs through public projects.

Azim at 21:27, 7 December 2011

2011-12-07T21:27:01Z

← Older revision		Revision as of 21:27, 7 December 2011
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	== ~~'''~~Childhood and Youth~~'''~~ ==		== Childhood and Youth ==

	John Maynard Keynes was born in Cambridge on June 5, 1883. Keynes grew up in Victorian and Edwardian times; prices and interest rates were relatively stable. His childhood was formed by his father, John Neville Keynes, a philosopher, economist and administrator at university and his mother, Florence Ada, an early graduate of Cambridge University, active member of charity and later major of the city. Keynes was the oldest of three siblings. Already at the age of 4 ½, Keynes replied when asked what interest is: “If I let you have a halfpenny and you kept it a very long time, you would have to give me back that halfpenny and another too. That is interest.” (Sills, 114)		John Maynard Keynes was born in Cambridge on June 5, 1883. Keynes grew up in Victorian and Edwardian times; prices and interest rates were relatively stable. His childhood was formed by his father, John Neville Keynes, a philosopher, economist and administrator at university and his mother, Florence Ada, an early graduate of Cambridge University, active member of charity and later major of the city. Keynes was the oldest of three siblings. Already at the age of 4 ½, Keynes replied when asked what interest is: “If I let you have a halfpenny and you kept it a very long time, you would have to give me back that halfpenny and another too. That is interest.” (Sills, 114)
Line 11:		Line 11:


	== ~~'''~~War~~'''~~ ==		== War ==

	1916, the Government introduced the official duty for all men age 18-41. As an officer at the Financial Ministry, Keynes was excluded from this regulation; for reasons of conscience he applied again for dispensation. But for his fellow members from the [[ Bloomsbury Group]], his engagement in financing the war was already too much. His way to protest was to lay down his office and to write ''The Economic Consequences of the Peace''.		1916, the Government introduced the official duty for all men age 18-41. As an officer at the Financial Ministry, Keynes was excluded from this regulation; for reasons of conscience he applied again for dispensation. But for his fellow members from the [[ Bloomsbury Group]], his engagement in financing the war was already too much. His way to protest was to lay down his office and to write ''The Economic Consequences of the Peace''.


	== ~~'''~~Global Economic Crisis~~'''~~ ==		== Global Economic Crisis ==

	1919, the global economic crisis hit Britain and a Labour Government which was not up to this situation. From 1931-1935, a National Government was formed under Labour Premier Ramsey McDonald, involving liberal and conservative ministers. During this phase, the influence of Keynes’ theories was noticeable. Contrary to the traditional theory of budget consolidation, the Government prioritised the establishment of jobs through public projects.		1919, the global economic crisis hit Britain and a Labour Government which was not up to this situation. From 1931-1935, a National Government was formed under Labour Premier Ramsey McDonald, involving liberal and conservative ministers. During this phase, the influence of Keynes’ theories was noticeable. Contrary to the traditional theory of budget consolidation, the Government prioritised the establishment of jobs through public projects.


	== ~~'''~~Marriage~~'''~~ ==		== Marriage ==

	In 1925, he married Lydia Lopakowa (1892-1981), a Russian ballet dancer.		In 1925, he married Lydia Lopakowa (1892-1981), a Russian ballet dancer.
Line 27:		Line 27:


	== ~~'''~~Return to the Gold Standard~~'''~~ ==		== Return to the Gold Standard ==

	When [[Winston Churchill\|Churchill]], Chancellor of the Exchequer, reintroduced the gold standard in 1929, it was seen as a step back towards Britain’s old economic reputation. This was welcomed across the board but by Keynes. Already in 1919, he had warned about the ''Economic Consequences of the Peace'', claiming that the reparations demanded by Versailles were exessive. Now, he warned about the “Economic Consequences of Mr Churchill” (Brüggemeier, 139). Meaning that as a matter of principle the return to the gold standard was appropriate, but the fixed exchange rate was too high and would be an additional burden for the already weakened economy.		When [[Winston Churchill\|Churchill]], Chancellor of the Exchequer, reintroduced the gold standard in 1929, it was seen as a step back towards Britain’s old economic reputation. This was welcomed across the board but by Keynes. Already in 1919, he had warned about the ''Economic Consequences of the Peace'', claiming that the reparations demanded by Versailles were exessive. Now, he warned about the “Economic Consequences of Mr Churchill” (Brüggemeier, 139). Meaning that as a matter of principle the return to the gold standard was appropriate, but the fixed exchange rate was too high and would be an additional burden for the already weakened economy.
Line 33:		Line 33:


	== ~~'''~~Underconsumption~~'''~~ ==		== Underconsumption ==

	Keynes picked up the idea of underconsumption, which was introduced around 1890 by the economist [[John A. Hobson]]. It said that in a capitalist economy the production increases faster than the demand. Under the influence of the global economic crisis, Keynes worked out his thoughts and pleat for an increase in the demand during crisis situations.		Keynes picked up the idea of underconsumption, which was introduced around 1890 by the economist [[John A. Hobson]]. It said that in a capitalist economy the production increases faster than the demand. Under the influence of the global economic crisis, Keynes worked out his thoughts and pleat for an increase in the demand during crisis situations.
Line 39:		Line 39:


	== ~~'''~~Britain - A Great Nation~~'''~~ ==		== Britain - A Great Nation ==

	Keynes, who was familiar with the economic difficulties of Britain, noticed: “We are a great nation, but if we continue to behave like a Great Power, we shall soon cease to be a great nation” (Brüggemeier, 230). But this only seems to be logical at first glance because although Britain was no longer a world power after the war, it was still a great power and superior to the other European states which were struck even harder.		Keynes, who was familiar with the economic difficulties of Britain, noticed: “We are a great nation, but if we continue to behave like a Great Power, we shall soon cease to be a great nation” (Brüggemeier, 230). But this only seems to be logical at first glance because although Britain was no longer a world power after the war, it was still a great power and superior to the other European states which were struck even harder.


	== ~~'''~~Ministry of Finance~~'''~~ ==		== Ministry of Finance ==

	In July 1940, Keynes was nominated special adviser of the Ministry of Finance. From then, his arguments got a bigger audience and he could introduce his new budget, which did not only list the income and expenditure of the Government but included additonal data. This was an important base for the establishment of the [[Welfare State]] in 1945. In 1945, Keynes negotiated a agreement with the USA and Canada; this credit allowed Britain to meet the most important responsibilities.		In July 1940, Keynes was nominated special adviser of the Ministry of Finance. From then, his arguments got a bigger audience and he could introduce his new budget, which did not only list the income and expenditure of the Government but included additonal data. This was an important base for the establishment of the [[Welfare State]] in 1945. In 1945, Keynes negotiated a agreement with the USA and Canada; this credit allowed Britain to meet the most important responsibilities.


	== ~~'''~~Ennoblement~~'''~~ ==		== Ennoblement ==

	In 1942, Keyens was ennobled Lord Keynes or Baron Keynes of Tilton.		In 1942, Keyens was ennobled Lord Keynes or Baron Keynes of Tilton.


	== ~~'''~~Health~~'''~~ ==		== Health ==

	Already during his early school years, Keynes suffered from ill health, keeping him away from classes. These illesses reoccur during his further education, and in 1937, he suffered his first heart attack, followed by another serious illness. After he was awarded the Order of Merit and became a member of the [[Royal Society]], Keynes died on April 21, 1946 in Tilton, Sussex of heart failure.		Already during his early school years, Keynes suffered from ill health, keeping him away from classes. These illesses reoccur during his further education, and in 1937, he suffered his first heart attack, followed by another serious illness. After he was awarded the Order of Merit and became a member of the [[Royal Society]], Keynes died on April 21, 1946 in Tilton, Sussex of heart failure.

Azim at 21:25, 7 December 2011

2011-12-07T21:25:24Z

← Older revision		Revision as of 21:25, 7 December 2011
Line 4:		Line 4:


	'''Childhood and Youth'''		== '''Childhood and Youth''' ==

	John Maynard Keynes was born in Cambridge on June 5, 1883. Keynes grew up in Victorian and Edwardian times; prices and interest rates were relatively stable. His childhood was formed by his father, John Neville Keynes, a philosopher, economist and administrator at university and his mother, Florence Ada, an early graduate of Cambridge University, active member of charity and later major of the city. Keynes was the oldest of three siblings. Already at the age of 4 ½, Keynes replied when asked what interest is: “If I let you have a halfpenny and you kept it a very long time, you would have to give me back that halfpenny and another too. That is interest.” (Sills, 114)		John Maynard Keynes was born in Cambridge on June 5, 1883. Keynes grew up in Victorian and Edwardian times; prices and interest rates were relatively stable. His childhood was formed by his father, John Neville Keynes, a philosopher, economist and administrator at university and his mother, Florence Ada, an early graduate of Cambridge University, active member of charity and later major of the city. Keynes was the oldest of three siblings. Already at the age of 4 ½, Keynes replied when asked what interest is: “If I let you have a halfpenny and you kept it a very long time, you would have to give me back that halfpenny and another too. That is interest.” (Sills, 114)
Line 11:		Line 11:


	'''War'''		== '''War''' ==

	1916, the Government introduced the official duty for all men age 18-41. As an officer at the Financial Ministry, Keynes was excluded from this regulation; for reasons of conscience he applied again for dispensation. But for his fellow members from the [[ Bloomsbury Group]], his engagement in financing the war was already too much. His way to protest was to lay down his office and to write ''The Economic Consequences of the Peace''.		1916, the Government introduced the official duty for all men age 18-41. As an officer at the Financial Ministry, Keynes was excluded from this regulation; for reasons of conscience he applied again for dispensation. But for his fellow members from the [[ Bloomsbury Group]], his engagement in financing the war was already too much. His way to protest was to lay down his office and to write ''The Economic Consequences of the Peace''.


	'''Global Economic Crisis'''		== '''Global Economic Crisis''' ==

	1919, the global economic crisis hit Britain and a Labour Government which was not up to this situation. From 1931-1935, a National Government was formed under Labour Premier Ramsey McDonald, involving liberal and conservative ministers. During this phase, the influence of Keynes’ theories was noticeable. Contrary to the traditional theory of budget consolidation, the Government prioritised the establishment of jobs through public projects.		1919, the global economic crisis hit Britain and a Labour Government which was not up to this situation. From 1931-1935, a National Government was formed under Labour Premier Ramsey McDonald, involving liberal and conservative ministers. During this phase, the influence of Keynes’ theories was noticeable. Contrary to the traditional theory of budget consolidation, the Government prioritised the establishment of jobs through public projects.


	'''Marriage'''		== '''Marriage''' ==

	In 1925, he married Lydia Lopakowa (1892-1981), a Russian ballet dancer.		In 1925, he married Lydia Lopakowa (1892-1981), a Russian ballet dancer.
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	'''Return to the Gold Standard'''		== '''Return to the Gold Standard''' ==

	When [[Winston Churchill\|Churchill]], Chancellor of the Exchequer, reintroduced the gold standard in 1929, it was seen as a step back towards Britain’s old economic reputation. This was welcomed across the board but by Keynes. Already in 1919, he had warned about the ''Economic Consequences of the Peace'', claiming that the reparations demanded by Versailles were exessive. Now, he warned about the “Economic Consequences of Mr Churchill” (Brüggemeier, 139). Meaning that as a matter of principle the return to the gold standard was appropriate, but the fixed exchange rate was too high and would be an additional burden for the already weakened economy.		When [[Winston Churchill\|Churchill]], Chancellor of the Exchequer, reintroduced the gold standard in 1929, it was seen as a step back towards Britain’s old economic reputation. This was welcomed across the board but by Keynes. Already in 1919, he had warned about the ''Economic Consequences of the Peace'', claiming that the reparations demanded by Versailles were exessive. Now, he warned about the “Economic Consequences of Mr Churchill” (Brüggemeier, 139). Meaning that as a matter of principle the return to the gold standard was appropriate, but the fixed exchange rate was too high and would be an additional burden for the already weakened economy.
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	'''Underconsumption'''		== '''Underconsumption''' ==

	Keynes picked up the idea of underconsumption, which was introduced around 1890 by the economist [[John A. Hobson]]. It said that in a capitalist economy the production increases faster than the demand. Under the influence of the global economic crisis, Keynes worked out his thoughts and pleat for an increase in the demand during crisis situations.		Keynes picked up the idea of underconsumption, which was introduced around 1890 by the economist [[John A. Hobson]]. It said that in a capitalist economy the production increases faster than the demand. Under the influence of the global economic crisis, Keynes worked out his thoughts and pleat for an increase in the demand during crisis situations.
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	'''Britain - A Great Nation'''		== '''Britain - A Great Nation''' ==

	Keynes, who was familiar with the economic difficulties of Britain, noticed: “We are a great nation, but if we continue to behave like a Great Power, we shall soon cease to be a great nation” (Brüggemeier, 230). But this only seems to be logical at first glance because although Britain was no longer a world power after the war, it was still a great power and superior to the other European states which were struck even harder.		Keynes, who was familiar with the economic difficulties of Britain, noticed: “We are a great nation, but if we continue to behave like a Great Power, we shall soon cease to be a great nation” (Brüggemeier, 230). But this only seems to be logical at first glance because although Britain was no longer a world power after the war, it was still a great power and superior to the other European states which were struck even harder.


	'''Ministry of Finance'''		== '''Ministry of Finance''' ==

	In July 1940, Keynes was nominated special adviser of the Ministry of Finance. From then, his arguments got a bigger audience and he could introduce his new budget, which did not only list the income and expenditure of the Government but included additonal data. This was an important base for the establishment of the [[Welfare State]] in 1945. In 1945, Keynes negotiated a agreement with the USA and Canada; this credit allowed Britain to meet the most important responsibilities.		In July 1940, Keynes was nominated special adviser of the Ministry of Finance. From then, his arguments got a bigger audience and he could introduce his new budget, which did not only list the income and expenditure of the Government but included additonal data. This was an important base for the establishment of the [[Welfare State]] in 1945. In 1945, Keynes negotiated a agreement with the USA and Canada; this credit allowed Britain to meet the most important responsibilities.


			== '''Ennoblement''' ==
	'''Ennoblement'''

	In 1942, Keyens was ennobled Lord Keynes or Baron Keynes of Tilton.		In 1942, Keyens was ennobled Lord Keynes or Baron Keynes of Tilton.


			== '''Health''' ==
	'''Health'''

	Already during his early school years, Keynes suffered from ill health, keeping him away from classes. These illesses reoccur during his further education, and in 1937, he suffered his first heart attack, followed by another serious illness. After he was awarded the Order of Merit and became a member of the [[Royal Society]], Keynes died on April 21, 1946 in Tilton, Sussex of heart failure.		Already during his early school years, Keynes suffered from ill health, keeping him away from classes. These illesses reoccur during his further education, and in 1937, he suffered his first heart attack, followed by another serious illness. After he was awarded the Order of Merit and became a member of the [[Royal Society]], Keynes died on April 21, 1946 in Tilton, Sussex of heart failure.


			== Selection of his Publications ==
	==Selection of his Publications==

	*'''1919''' ''The Economic Consequences of the Peace''		*'''1919''' ''The Economic Consequences of the Peace''
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	*'''1936''' ''The General Theory of Employment, Interest and Money''		*'''1936''' ''The General Theory of Employment, Interest and Money''
	*'''1940''' ''How to Pay for the War''		*'''1940''' ''How to Pay for the War''

← Older revision		Revision as of 07:54, 18 April 2012
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	== Economic Ideas & Writings ==		== Economic Ideas & Writings ==

	When [[Winston ~~Churchill\|~~Churchill]], Chancellor of the Exchequer, reintroduced the gold standard in 1929, it was seen as a step back towards Britain’s old economic reputation. This was welcomed across the board but by Keynes. Already in 1919, he had warned about the ''Economic Consequences of the Peace'', claiming that the reparations demanded by Versailles were excessive. Now, he warned about the “Economic Consequences of Mr Churchill” (Brüggemeier, 139). Meaning that as a matter of principle the return to the gold standard was appropriate, but the fixed exchange rate was too high and would be an additional burden for the already weakened economy.		When [[Winston Churchill]], Chancellor of the Exchequer, reintroduced the gold standard in 1929, it was seen as a step back towards Britain’s old economic reputation. This was welcomed across the board but by Keynes. Already in 1919, he had warned about the ''Economic Consequences of the Peace'', claiming that the reparations demanded by Versailles were excessive. Now, he warned about the “Economic Consequences of Mr Churchill” (Brüggemeier, 139). Meaning that as a matter of principle the return to the gold standard was appropriate, but the fixed exchange rate was too high and would be an additional burden for the already weakened economy.

	Keynes picked up the idea of underconsumption, which was introduced around 1890 by the economist [[John A. Hobson]]. It said that in a capitalist economy the production increases faster than the demand. Under the influence of the global economic crisis, Keynes worked out his thoughts and pleas for an increase in the demand during crisis situations.		Keynes picked up the idea of underconsumption, which was introduced around 1890 by the economist [[John A. Hobson]]. It said that in a capitalist economy the production increases faster than the demand. Under the influence of the global economic crisis, Keynes worked out his thoughts and pleas for an increase in the demand during crisis situations.

	Keynes, who was familiar with the economic difficulties of Britain, noticed: “We are a great nation, but if we continue to behave like a Great Power, we shall soon cease to be a great nation” (Brüggemeier 230). But this only seems to be logical at first glance because although Britain was no longer a world power after the ~~war~~, it was still a great power and superior to the other European states which were struck even harder.		Keynes, who was familiar with the economic difficulties of Britain, noticed: “We are a great nation, but if we continue to behave like a Great Power, we shall soon cease to be a great nation” (Brüggemeier 230). But this only seems to be logical at first glance because although Britain was no longer a world power after the First World War, it was still a great power and superior to the other European states which were struck even harder.


	== Ministry of Finance ==		== Ministry of Finance ==

	In July 1940, Keynes was nominated special adviser of the Ministry of Finance. From then, his arguments got a bigger audience and he could introduce his new budget, which did not only list the income and expenditure of the ~~Government~~ but included additional data. This was an important base for the establishment of the [[Welfare State]] in 1945. In 1945, Keynes negotiated a agreement with the USA and Canada; this credit allowed Britain to meet the most important responsibilities.		In July 1940, Keynes was nominated special adviser of the Ministry of Finance. From then, his arguments got a bigger audience and he could introduce his new budget, which did not only list the income and expenditure of the government but included additional data. This was an important base for the establishment of the [[Welfare State]] in 1945. In 1945, Keynes negotiated an agreement with the USA and Canada; this credit allowed Britain to meet the most important responsibilities.


	== Ennoblement ==		== Ennoblement ==

	In 1942, ~~Keyens~~ was ennobled Lord Keynes or Baron Keynes of Tilton.		In 1942, Keynes was ennobled Lord Keynes or Baron Keynes of Tilton.


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	== Sources ==		== Sources ==

	*Brüggemeier, Franz-Josef. ''Geschichte Großbrittaniens im 20. Jahrhundert''. München: C.H.Beck, 2010.		*Brüggemeier, Franz-Josef. ''Geschichte Großbrittaniens im 20. Jahrhundert''. München: C.H. Beck, 2010.
	*Maurer, Michael. ''Kleine Geschichte Englands''. Stuttgart: Reclam, 2007.		*Maurer, Michael. ''Kleine Geschichte Englands''. Stuttgart: Reclam, 2007.
	*Moggridge, Donald. ''John Maynard Keynes''. München: dtv, 1977.		*Moggridge, Donald. ''John Maynard Keynes''. München: dtv, 1977.