Word: keynesism
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He hardly seemed cut out to be a workingman's revolutionary. A Cambridge University don with a flair for making money, a graduate of England's exclusive Eton prep school, a collector of modern art, the darling of Virginia Woolf and her intellectually avant-garde Bloomsbury Group, the chairman of...
Before Keynes, economists were gloomy naysayers. "Nothing can be done," "Don't interfere," "It will never work," they intoned with Eeyore-like pessimism. But Keynes was an unswerving optimist. Of course we can lick unemployment! There's no reason to put up with recessions and depressions! The "economic problem is...
Born in Cambridge, England, in 1883, the year Karl Marx died, Keynes probably saved capitalism from itself and surely kept latter-day Marxists at bay.
His father John Neville Keynes was a noted Cambridge economist. His mother Florence Ada Keynes became mayor of Cambridge. Young John was a brilliant student but didn't immediately aspire to either academic or public life. He wanted to run a railroad. "It is so easy...and fascinating to master...
Less amusing is the number of intellectuals, businessmen and political leaders who gave eugenics their blessing or fervid support. The list begins with Darwin, who in The Descent of Man praised his cousin Galton and decreed that genius "tends to be inherited." Other champions included the young Winston Churchill, George...