An Analysis of John Maynard Keyne's the General Theory of Employment, Interest and Money by John Collins

Author:John Collins
Language: eng
Format: epub
Publisher: Macat Library
Published: 2009-08-15T00:00:00+00:00

Integration

The General Theory was the culmination of Keynes’s economic thought and philosophy. There is a clear line between his earlier work and The General Theory, which is widely considered his most substantial contribution to economics. His goal in publication was to challenge the “classical theory of the subject, upon which I was brought up and which dominates the economic thought, both practical and theoretical, of the governing and academic classes of this generation, as it has for a hundred years past.”7

Keynes’s ideas were formed in response to the economic conditions of his time. He began to criticize the classical understanding of monetary policy in the 1920s, when he witnessed what he believed was blind adherence to the gold standard by the British government. The decision by the then Chancellor of the Exchequer Winston Churchill* to bring Britain back onto the gold standard in 1925, despite the negative impact on British industry due to the appreciation of the pound, led Keynes to publish The Economic Consequences of Mr. Churchill (1925). The title was a play on his earlier work, The Economic Consequences of the Peace, which predicted disastrous economic consequences for Europe as a direct result of the harsh treaty terms imposed on Germany in the Treaty of Versailles.* These early publications highlighted Keynes’s desire to engage directly with the key economic and political questions of his time.

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