Keynes Against Capitalism: His Economic Case For Liberal Socialism, by James R. Crotty

Abstract

Common wisdom identifies the ideas of John Maynard Keynes—both in theory and policy—with either social democracy or, in its mainstream version, with the “third way” or progressive liberalism. James Crotty’s new book Keynes Against Capitalism (2019) begs to differ. Using a painstaking analysis of Keynes’s own writings from the 1920s to his death in 1946, Crotty argues that Keynes belongs in the same category as Bernie Sanders and Jeremy Corbyn, a position described by Keynes as “liberal socialism.”