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The Keynesian Revolution in the Making, 1924–1936$
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Peter Clarke

Print publication date: 1990

Print ISBN-13: 9780198202196

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780198202196.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 23 July 2021

Keynes and Keynesianism

Keynes and Keynesianism

(p.312) (p.313) 13 Keynes and Keynesianism
The Keynesian Revolution in the Making, 1924–1936

Peter Clarke

Oxford University Press

Most of the extravagant claims about Keynesianism were generated posthumously rather than by the historical Keynes. True, he lent his sanction to a prospectus to ‘conquer’ unemployment in 1929. This was, however, defined as reducing unemployment to the level considered normal before 1914 — something under 5 percent on the official figures, as compared with 10 per cent in 1929. In 1930, he too spoke in terms of an unemployment disequilibrium and he too agreed that there were structural causes for British unemployment in a competitive world market, implying that wages must be too high. In retrospect, the 1960s can be seen as the peak of Keynesian prestige, from which there was nowhere to go but down. The post-war consensus in economic policy, maintaining full employment by demand management through fiscal changes and control of credit, was ostensibly derived from Keynes.

Keywords:   Keynes, effective demand, economic policy, unemployment, Keynesianism, demand management, credit

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