Keynesian economics: is it time for the theory to rise from the dead?
by Larry Elliott from on (#24VC2)
John Maynard Keynes penned his General Theory in 1936. Faced with the upheaval of 2016, what would a cryogenically frozen Keynes do?
Imagine this. In late 1936, shortly after the publication of his classic General Theory, John Maynard Keynes is cryogenically frozen so he can return 80 years later.
Things were looking grim when Keynes went into cold storage. The Spanish civil war had just begun, Stalin's purges were in full swing, and Hitler had flouted the Treaty of Versailles by remilitarising the Rhineland. The recovery from the Great Depression was fragile. It was the year of the Jarrow march and Franklin Roosevelt's second presidential election victory.
Related: Keynes helped us through the crisis - but he's still out of favour
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