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The Fall and Rise of Keynesian Economics - Oxford Scholarship Online
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The Fall and Rise of Keynesian Economics

John Eatwell and Murray Milgate


During the 1970s, monetarism and the new classical macroeconomics ushered in an era of neoliberal economic policymaking. Keynesian economics was pushed aside. It was almost forgotten that when Keynesian thinking had dominated economic policymaking in the middle decades of the twentieth century, it had coincided with postwar economic reconstruction in both Europe and Japan, and the unprecedented prosperity and stable growth of the 1950s and 1960s. The global financial crisis of 2007–2009 and the recession that followed changed all that. Influential voices in both academic economics and amongst ... More

Keywords: monetarism, classical macroeconomics, neoliberal economic policymaking, Keynesian economics, financial crisis, economic problems

Bibliographic Information

Print publication date: 2011 Print ISBN-13: 9780199777693
Published to Oxford Scholarship Online: April 2015 DOI:10.1093/acprof:osobl/9780199777693.001.0001


Affiliations are at time of print publication.

John Eatwell, author
President, Queens' College

Murray Milgate, author
Fellow and Director of Studies in Economics, Queens' College