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The Fall and Rise of Keynesian Economics$
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John Eatwell and Murray Milgate

Print publication date: 2011

Print ISBN-13: 9780199777693

Published to Oxford Scholarship Online: April 2015

DOI: 10.1093/acprof:osobl/9780199777693.001.0001

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The Economic Possibilities of Capitalism

The Economic Possibilities of Capitalism

(p.364) 19 The Economic Possibilities of Capitalism
The Fall and Rise of Keynesian Economics

John Eatwell

Murray Milgate

Oxford University Press

This chapter analyzes the similarities and differences in the roles John Maynard Keynes and Joseph Schumpeter played in the possibility and long-run efficacy of free-market capitalism. It begins by discussing Keynes and Schumpeter’s conceptualizations of the economic tendencies of modern industrial societies and the connection between the monetary mechanism and long-run economic performance, followed by Keynes and Schumpeter’s visions of the role of private investment in economic progress. The chapter concludes with a discussion of the scope for collective action in modern industrial society and the economic and cultural potentialities of capitalism and socialism.

Keywords:   John Maynard Keynes, Joseph Schumpeter, free-market capitalism, monetary mechanism, long-run economic performance, private investment, economic progress, capitalism, socialism

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