Word: maynards
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...developed countries are reluctant to halt economic growth just to please foreign moneymen. Thus, no sudden solution is likely to emerge. Says one IMF official: "It is a negotiating process that will run through most of the 1980s." Mexican Finance Secretary Silva Herzog last week recalled Economist John Maynard Keynes' dictum: "Men will do the rational thing, but only after exploring all other alternatives." Silva Herzog then glumly added that Latin American debtors and U.S. bankers probably have a lot of exploring ahead of them. -By Stephen Koepp. Reported by Gisela Bolte/Washington and Frederick Ungeheuer/Cartagena
...created in 1944 to keep order in the international monetary system. Its guiding genius, British Economist John Maynard Keynes, wanted it to be a true lender of last resort, a global central bank capable of creating its own money. His ideas were deemed too visionary, and the fund's role was limited to helping member states-45 at the beginning, 146 today-ride out balance of payments difficulties. A country in deficit could apply to the IMF for low-interest loans. In return, the IMF required the debtor government to put its economic house in order. When the deficits...
Reversing the field is an old Harvard trick: Schumpeter, one of Harvard's great economists of an earlier era, spent the entire semester using his considerable persuasive powers to extoll the merits of Lord Keynes. The final exam consisted of one question. Criticize the theories of John Maynard Keynes...
...LIFE OF MAYNARD...
When the official biography of John Maynard Keynes appeared in 1951, an acquaintance remarked, "This is the biography of Lord Keynes. Someone else must write the life of Maynard." That someone is Charles Hession, author of John Maynard Keynes (Macmillan; 400 pages; $22.95). His ambitious treatment draws on previously unavailable material to portray the private life of the man who forever changed the nature of capitalism by asserting that deficit spending could cure business slumps. The unique angle and breadth of Keynes' vision, Hession argues, were rooted in a combination of intuition, poetry and bisexuality...