Product Description
'...among the glories of modern publishing...edited with exemplary authority and lack of fuss...' - London Review of BooksThis definitive edition contains all Keynes's published writings, including less accessible articles and letters to the press, as well as previously unpublished speeches, government memoranda and minutes, drafts and economic correspondence. No other writer in this century has done more than Maynard Keynes to change the ways in which economics is taught written. No other economist has done more to change the ways in which nations conduct their economic and financial affairs. The Collected Writings are indispensable to all economists. They are a vital reference work for students, academics and professionals alike. ... Read more

Customer Reviews (1)

J.M.Keynes-Founder of the Interval valued approach to probab
In this path breaking contribution to the logic of probability,Keynes showed how to adapt the work of George Boole for the purpose of estimating probabilities.For Keynes there are only two types of probability estimates,point estimates and interval estimates.Unfortunately,Keynes decided to call interval estimates "non-numerical"probabilities.His reasoning is really quite obvious.A precise estimate of probability used a single numeral for the point estimate.Therefore,an imprecise estimate of probability used two numerals to denote an interval(set).Thus, an interval estimate is not based on a single numeral but two. These types of probabilities are thus "non-numerical"because you are not using a single numeral.In 1922 and 1926,Frank Ramsey reviewed Keynes's book based on his reading of chapters 1-4 plus 3 pages from Part two and 4 pages from Part five.Keynes's discussion of non-numerical probabilities takes place in chapters 5,10,15 and 17.Keynes then applies his new approach to induction and analogy in chapters 20 and 22,using his concept of "finite probability"which applies to both precise numerical probabilities and imprecise non-numerical probabilities.All of Keynes's discoveries ,however,were ignored by the ignorant Ramsey.To this day(2004)one can regularly read about Keynes's "strange,mysterious,unfathomable,undefined"non-numerical probabilities in literally hundreds of economics and philosophy journal articles based on Ramsey's reviews.Keynes then showed that interval estimates,because they overlap,would very likely also,in many cases,be noncomparable and/ornonrankable if a decision maker used such order preserving operators like"greater than or equal to"or "less than or equal to".While this is quite obvious,it went completely over Ramsey's head. Keynes's second major advance was to create his "conventional coefficient of weight and risk", (...) The goal of the decision maker is to Maximize cA.This decision rule solves all of the paradoxes and anomalies that plague subjective expected utility theory.In Part 5 of his book Keynes showed how one could use Chebyshev's Inequality as a lower bound to the normal probability distributions overly precise point estimate . Part 5 of the Treatisealso includes Keynes's advocacy of the Lexis Q test for stability of a statistical frequency[law of large numbers].This will then bring the reader back to Keynes's chapter 8 of the Treatise where he presents his own logical frequency interpretation of probability as a special case of his general logical approach to probability. ... Read more

Product Description

Product Description
The eagerly awaited final volume of Robert Skidelsky's definitive biography of John Maynard Keynes covers the period from 1937, when Keynes had become the world's most influential economist, to his death in 1946. It focuses on Keynes's contribution to the financing of Britain's war effort, the building of the postwar economic order, and his role in Britain's struggle to preserve its independence within the Atlantic Alliance. Insightful and intelligent, this is a work that tells of one of the most important men of the twentieth century and provides an invaluable overview of matters that remain at the center of political and economic discussion. ... Read more

Customer Reviews (2)

In the short run we are still alive
The last part of Robert Skidelsky's magnificent biography of J.M. Keynes is a tale about the fall of the British Empire with Keynes as one of its most clairvoyant and active go-betweens trying to avoid the disaster. Great-Britain had won the war but it was bankrupt, crushed by its debt contracted to buy US weapons.
This book shows clearly through its analysis of the Bretton-Woods negotiations and the discussions about the conversion of British debt, that the ultimate goal of the US Administration was to get Great-Britain on its knees and to take its place as world leader.
The US preferred an alliance with te Soviet Union against Britain. Their most important negotiator H.D. White was a convinced Soviet spy.
Keynes defended exhaustingly Britain's role in world matters by begging time for a reconversion of the British industry from a war to a civilian economy and for safeguarding its Commomwealth with its preferential tariff and pound sterling payment system.
The humiliatig conditions for its debt conversion imposed by the US would cripple the British economy for years. The suicidal internecine European wars created a new world hegemon: the US.

Before the war, Keynes defended his 'Treatise' policies, but saw them applied in Germany by a very clever economist, Hjalmar Schacht, who also saved the German economy internationally by creating a bilateral trade system.
Prof. Skidelsky shows us also pregnantly the deterioration of Keynes's physical condition, aggravated by his exhausting travels, difficult (empty handed) negotiations and even hard opposition at home when he was in the US.

One could perhaps slightly criticize the exhaustive excerpts of letters or the extremely detailed evolution of the negotiations in Bretton-Woods or about British debt relief. But, all in all, this is a fascinating read.

Large enough to offer details
There was a time when John Maynard Keynes was not the most famous living economist.Then he was.Then, after he died, he seemed to be more useful than Karl Marx to anyone who was interested in how modern economies actually operate in the best times, when statistics actually reflect the level of some real activities.Two earlier biographies by Robert Skidelsky cover the years in which Keynes gained in stature and wrote his General Theory of Employment, Interest and Money (1936), described by Joseph Schumpeter as "the dying voice of the bourgeois crying in the wilderness for the profits it dare not fight for."(FIGHTING FOR FREEDOM 1937-1946, p. 4).This final volume starts with the problems with his heart that, after ten years of making Keynes an invalid, deprived the world of his advice at a time when situations continued to change at a pace which needed someone to keep applying different aspects of the General Theory in time to keep most elements of society from feeling that they were being swindled.He never had enough power to make a miraculous demonstration of anything, but the spread of American wealth after World War Two made many professionals think that it was possible, if not already proved, that happy days could keep reappearing here again far more optimistically than Joseph Schumpeter's dour statement.

Economics has become a science which is widely taught at a college level.Robert Skidelsky seems comfortable with writing about the political struggles involved, the nature of intellectual controversies in the field, and he is generous in his comments about Friedrich von Hayek, author of THE ROAD TO SERFDOM, and Milton Friedman, who emphasized other aspects of political economy.The years 1937-1946 had major problems of their own, and there is far more attention in FIGHTING FOR FREEDOM paid to the people that Keynes had contact with and responsibilities to.The Preface to the American Edition is dated 6 October, 2001.Already the author was prepared to apply a lesson of this book to our life and times:

"To be reminded of the realities of alliance politics, even in the case of such close partners as Britain and the United States, is timely in the aftermath of the tragic events of 11 September, when the United States is working to construct a global coalition against terrorism.In 1940, it was British vulnerability which threw it into the arms of the United States.America did not fail its fellow-democracy; but also used the occasion to settle old scores, and secure pole position in the post-war international order."(p. xv).

A major episode in this book recounts how an economic genius approaches the United States of America on behalf of a bankrupt country at the end of a big war to get debts pushed far enough into the future to be able to convince himself `If we don't make it by then, we're sunk anyway,' only to be asked why he didn't bring along the trade representatives.Countries which did not get involved in the current endless war might have leaders who read the British edition, which was published in 2000.Even at the beginning of this book, Keynes thought a government was foolish to commit itself to a war before the overwhelming mass of its people were convinced that the war was absolutely necessary, even after he felt that the Munich Agreement had been a pathetic trick.

This book describes Keynes as being conservative, and the picture it paints of his legacy continues the tradition of maintaining a bias in favor of economic stability.The Truman-Eisenhower years had a durable mix."Setting tax rates to achieve an employment target consistent with a low rate of inflation was properly Keynesian; . . . It was to keep inflation under control by methods which did not bring about the collapse of the secular boom."(p. 505).

"However, U.S. fiscal restraint broke down in the 1960s.In 1962, the second-generation Keynesian economists who came in to office with President Kennedy were convinced that the long-predicted slump was at hand.A further stimulus to action was the quite unwarranted fear that the Soviet Union would win the Cold War economically and politically, without any need for a hot war.So the scene was set for the big Kennedy-Johnson tax cuts and `Great Society' programmes."(p. 505).

Economists might be familiar with the description of what followed, but the attempt to maintain a coherent theory is admirable when we get to:"Friedman's own attacks were launched from within Keynes's own macroeconomic citadel, but, by ruthlessly applying the maximizing logic to individual behavior, he gave two of the Keynesian `functions' -- the consumption function and the demand for money function -- properties of stability which they had lacked in their Keynesian form."(p. 506).

The picture of the doctor responsible for treating Keynes's heart, James Plesch, is labeled "the doctor who brought JMK `back to life', and whom he called `the Ogre'."(facing page 166).This is a typically British nickname for a Jewish Hungarian who left Germany in 1933 and settled in England.(p. 40).The author and I suspect that he was more thorough than British doctors."There is no reason to doubt Keynes's own view that it was Prontosil which had brought about his dramatic improvement.Unfortunately, it was subsequently discovered that Prontosil was effective against the green streptococci lodged in the throat but not against those already firmly established in the valves of his heart."(p. 43).He lived through World War Two.He was losing money in the stock market before the war, as some people must have realized that weird things were about to happen to the economy.Keynes died before some of the big changes that were afoot.The American dream in this book:"Henry Wallace, who had fallen asleep, woke up to ask why Britain could not trade Indian independence for a write-down of Indian debt."(p. 414). ... Read more

Product Description
This book, is devoted to the need for stable currency as the essential foundation of a healthy world economy. Describing the various effects of unstable currency on investors, business people, and wage earners, Keynes recommends the implementation of policies that aim at achieving stability of the commodity value of the dollar rather than the gold value. Keynes's brilliant, clear analysis of the world monetary situation at the beginning of the twentieth century, with his many suggestions and his masterful elucidation of economic principles, stands as a vital primer for anyone interested in developing a better understanding of basic economics and its sociopolitical implications. ... Read more

Customer Reviews (4)

Keynes v. The Gold Standard
Only Keynes could have written "A Tract on Monetary Reform."The book combines high theory, sharp polemics, business savvy, and wicked, elegant prose.There's nothing else like it in the literature -- except, possibly, Keynes' own "The Economic Consequences of the Peace."It's hard to believe these two books were written by the same man who wrote "The General Theory" which, whatever its intellectual merits, is a tough read indeed.

The "Tract" was aimed at the deflationists of the 1920s, who wanted to restore the gold standard, even if it meant rolling back the price increases of World War I and throwing the economy into recession.Keynes was writing for the moment.However, his analysis of inflation/deflation remains fresh and relevant today.The book also has the famous "long run" line.It's a good read.

Radical: Must-read for anyone interested in economics
This classic is a must-read for anyone interested in economics, for two reasons:

First, for its age, it is strikingly modern.Although economists have picked apart various points Keynes makes, the core ideas of this text remain both solid and influential.In my opinion, the single most important idea contained in this text is the importance of disciplining the currency supply, keeping the currency supply in rough proportion to the extent of the economy.In this regard, the intellectual ideas contained in this book are the underpinning of virtually all modern economies, and this text is the first in which these ideas appear in their modern form.

On the point of smaller details, while some of Keynes' reasoning and analysis has been picked apart, or shown not to hold in a more modern context, there are other aspects of this book that go ignored by many economists and are still valid.Keynes has a healthy dose of skepticism, more so than is typical for modern economists: he talks not only about his idealized world of ideas, but also about the political realities of implementing what would be the "best practice", and how to reach reasonable compromises.In particular, Keynes seems to be acutely aware of the potential for unhealthy accumulation of wealth in the hands of a powerful but not-necessarily-productive minority, a point that seems to be ignored by all but the most radical economists nowadays.

The second reason I think economics students would benefit from studying this book is its radical perspective and philosophy.Rather than accepting things the way they are, Keynes questions fundamental assumptions and looks for new solutions.I think he must be hailed as a genius for coming up with the ideas in this text when we consider that they were both novel, and that they conflicted very strongly with the dominant ideas of his time.This book is a prime example of "outside the box" thinking.Keynes' genius is even more apparent when we realize that he was able to communicate these ideas in such a way that they became actively embraced by others--in a time frame that is quite impressive for ideas so radical.I think current students could be encouraged and inspired by Keynes' persistent drive to question deep assumptions and come up with what he believed to be the best possible system based on what he knew.

I would recommend any student of economics to study this book.It is not particularly long and it can be a quick read if you have an analytical mind, and I can guarantee that you will find it worthwhile!My advice to the more critical readers: keep an open mind...although many of the ideas in this text are out-of-date, you may find that you can learn form the philosophy and approach that Keynes takes.This book's radical spirit can be inspiration for people in all fields to search for creative new solutions, especially for people facing problems that cannot be solved within the framework of established orthodoxy.

Lacks a clearcut "uncertainty(ambiguity) vs.risk" distinction
Keynes's Tract on Monetary Reform allows the reader to conclude that,while Keynes did distinguish between uncertainty(Ellsberg's ambiguity,measured by his rho index and/or Keynes's weight of the evidence of the A Treatise on Probability,measured by his w index)and risk on p.105,he had not yet formally integrated the role that uncertainty plays in the demand for money(liquidity preference).Keynes talks about risk in international product markets, trading,currency exchange,backward-forward markets,etc.,but it is clear that he is talking about the various spreads that incorporate risk premiums.Considerations of risk alone lead to the transactions demand for money as being the only explanation for holding money balances in the quantity theory of money as understood by classical and neoclassical economists from Hume to M.Friedman and R.Lucas.The standard quantity theory of the demand for money is operationalized by assuming the applicability of a normal probability distribution.Interestingly,not a single neoclassical,moneterist,or rational expectationist economist has ever done a goodness of fit test first to see if the normal distribution is applicable.Keynes,in 1924,implicitly goes along with this approach.The most important portion of Keynes's book is contained on pages 61-69.He presents the standard approach,given by the following formula: n=p(k+rk'),where n equals cash in circulation,p equals the price level(cost of living index),k equals the public's holding of a cash equivalent,k' equals the public's holding of the cash equivalent in the form of bank deposits,r equals the bank deposit's reserve ratio,and rk' equals the amount of bank reserves.The standard classical and neoclassical short run and long run neutrality of money assertion is obtained if,and only if, n increases while(r+rk') remains invariant.The price level variable p will increase by the same amount as n.In the General Theory(1936),Keynes demonstates in chapter 21 that this result,which he accepted in 1923-24, is only a special case that holds under the existence of risk(the normal probability distribution used by Friedman,Lucas,Tobin,etc.)or certainty.Under conditions of Ellsbergian ambiguity or Keynesian uncertainty(or ignorance),the correct,generalized equation of exchange requires that either the rho index or the w index be integrated into the equation of exchange.The generalized Keynesian-Ellsbergian equation of exchange is then written as n=p[(k/w)+r(k'/w')],where w and w' represent the weight of the evidence available to the general public(w) and the weight of the evidence available to the banking industry(w'),respectively.Both w and w' are normalized on the unit interval between 0 and 1,i.e.,w,w'are elements of the set[0,1].Only if both w and w' are equal to 1 does one obtain the results claimed by Friedman and Lucas.This is why Lucas asserts that macroeconomics must be based on a concept of risk represented by the normal probability distribution,as does Friedman,who also asserts that there is no such thing as liquidity preference(only a transactions demand for money).Friedman thus asserts that there is no such thing as ambiguity.Friedman must make such an assertion because he is a lifelong advocate of the Ramsey-De Finetti-Savage subjective probability approach that asserts that it is not possible to incorporate uncertainty(Savage's vagueness)in a decision rule. Friedman's claim that the GT is based on excessive liquidity preference follows from his acceptance of the LJ Savage approach to probability.Unfortunately for Friedman,there is vast empirical evidence to support the existence of decision making under conditions of uncertainty or ambiguity.One can see the progress Keynes made by comparing the Tract with chapter 21 of the GT.Friedman works with the standard equation of exchange,MV=PO.This is misspecified.The correct generalized equation is M(Vw)=PO,where w is the weight of the evidence.Friedman has a special theory based on the assertion that w=1.Only risk considerations determine the demand for money.

Some great old ideas, including the famous long run
The Preface of Monetary Reform by John Maynard Keynes is dated October 1923, in a time when there were few economists.As the Preface of this book states this dire aspect of the situation:

"Nowhere do conservative notions consider themselves more in place than in currency ; yet nowhere is the need of innovation more urgent.One is often warned that a scientific treatment of currency questions is impossible because the banking world is intellectually incapable of understanding its own problems.If this is true, the order of Society, which they stand for, will decay.But I do not believe it.What we have lacked is a clear analysis of the real facts, . . ."(p. vi).

There are charts in this book to provide the facts which Keynes was concerned about.Index Numbers of Wholesale Prices Expressed as a Percentage of 1913 on page 5 covers the years 1913 to 1923 (First half-year) for nine nations, looking most outstandingly bad for Germany, which has a final number of 765,000 for half of 1923, far larger than the maximum number of any other country.Italy was at 624 in 1920 and declined to 577 in 1921, still higher than the 510 monthly average that France had in 1920.

A chart at the top of page 18 with dates from 1815 to 1922 is supposed to illustrate "what a splendid investment gilt-edged stocks had been through the century from Waterloo to Mons, even if we omit altogether the abnormal values of 1896-97.Our table shows how the epoch of Diamond Jubilee was the culminating moment in the prosperity of the British middle class."(p. 18).But for people who were concerned about the tumble taken after 1914, things were not so great."The whole of the improvement of the nineteenth century had been obliterated," (I'm looking at an old edition, so my page numbers might be way off from whatever book you might be able to buy today).

The basic information that is most important to Society as a whole is contained in Chapter I, The Consequences To Society of Changes in the Value of Money, considering separately the interests of the Investing Class, the Business Class, and the Earner.The power of any government which can produce money merely by printing it is considered in Chapter II, Public Finance and Changes in the Value of Money, particularly with respect to Inflation as a Method of Taxation.In order to show that a government might have some choice in such matters, Keynes also considers "Currency Depreciation versus Capital Levy."If this seems like an odd topic now, Keynes is reassuring that such a move might only be considered "when the State's contractual liabilities, fixed in terms of money, have reached an excessive proportion of the national income."This might happen (sooner or later) to any country which stops producing anything except educational opportunities, medical bills, entertainment and banking, in years when a high national debt must be refinanced at high interest rates.

Chapter III gives us The Theory of Money and of the Foreign Exchanges.Recently INFECTIOUS GREED by Frank Partnoy provided an example, early in his book, of how bankers still don't have any yardstick for figuring out how much they are making when Bankers Trust was trying to figure out how much profit it could declare on trading in the foreign-exchange markets by Andy Krieger in 1987.Being able to bet the assets of a large bank on the direction that a currency would go in 1987 allowed Andy Krieger to get a job with George Soros in April, 1988, where turnabout became his main play."Krieger reversed the position, and bet against the pound.A single trade with Chemical Bank was for more than $1.8 billion."(Portnoy, p. 33).Really and truly, I think Partnoy blames Krieger for taking stable currencies and earning large bonuses by making them worth much less than they had been worth before he had the option to sell it at a given price.Part IV. The Forward Market in Exchanges in Chapter III of Keynes's MONETARY REFORM attempts to state three practical conclusions.First, hedging a risk won't work when the situation is so bad that there is "a fear of a sudden implosion of exchange regulations or of a moratorium."Partnoy seemed to think that the private trading in derivative contracts was where the big money was made, and public positions in an exchange could be fake positions hedging a bet in the opposite direction, but that there was no law against this kind of manipulation of the market for money.Keynes was more interested in stability."With free forward markets thus established no merchant need run an exchange risk unless he wishes to, and business might find a stable footing even in a fluctuating world."

Second, there must be money from speculators in such a market for the market to function."The wide fluctuations . . . have been due, not to the presence of speculation, but to the absence of a sufficient volume of it relatively to the volume of trade."

Third, high interest rates don't matter as much "unless the change in relative money-rates is comparable in magnitude (as it used to be but no longer is) with the possible range of exchange fluctuations.)"Possibly things have changed so much in the last 80 years that Keynes would phrase that differently today.

Chapter IV turns to "the United States, which has enjoyed a gold standard throughout, has suffered as severely as many other countries," but not as badly as Germany and Austria back then. ... Read more

Product Description
A wide-ranging collection of essays, most previously unpublished, for the general reader as well as the economist, providing a picture of the life and interest of the famous economist. Among the contributors: Joan Robinson, John Kenneth Galbraith, R. B. Braithwaite. ... Read more

Product Description
This is the final volume of the biography of John Maynard Keynes. It is an essay which looks at Keynes' personal and public life and what influence he has had on today's society. ... Read more

Product Description
Both these volumes, first published in 1931 and 1933, have been enlarged to include later writings of a similar character. The first includes his later 'Means to Prosperity' and 'How to Pay for War'. The second includes his later essays on Malthus, Jevons and Newton as well as his 'Two Memoirs' posthumously published in 1949. ... Read more

Product Description
These two volumes cover the attempts during 1920-32 at international financial reconstruction and end the story of post-1918 reparations. ... Read more

Product Description
'...among the glories of modern publishing...edited with exemplary authority and lack of fuss...' - London Review of BooksThis definitive edition contains all Keynes's published writings, including less accessible articles and letters to the press, as well as previously unpublished speeches, government memoranda and minutes, drafts and economic correspondence. No other writer in this century has done more than Maynard Keynes to change the ways in which economics is taught written. No other economist has done more to change the ways in which nations conduct their economic and financial affairs. The Collected Writings are indispensable to all economists. They are a vital reference work for students, academics and professionals alike. ... Read more

Customer Reviews (2)

Very Valuable-Demonstrates that economists have no idea about what Keynes is presenting
This is an excellent collection of correspondence between Keynes and numerous other economists over topics and ideas that would later turn out to be covered in the General Theory of Employment ,Interest and Money in 1936.Perhaps the most relevant part of the volume is contained onpp.373-375.It involves an exchange between Keynes and Richard Kahn overKeynes's initial breakthrough concerning the existence of multiple equilibria using the boundary and interior of the Production Possibilities Frontier curve model combined with a microeconomic foundation of purely competitive firms operating under constant returns to labor.Kahn demonstrates that he had absolutely no idea or understanding at all about what Keynes was doing.Kahn ,incredibly,confuses constant returns to labor with the case of constant cost.Kahn never recovered from this set back intellectually.

Includes the very valuable corrections that Keynes made of Dennis Rober
This volume contains the extremely important Feb-Mar.,1935 correspondence between Keynes and Robertson over Keynes's D-Z modelthat Keynes introduced in chapter 3 of the GT.Robertson claimed that there were all kinds of errors and ambiguities in this chapter.He claimed that pp.24-30 of Chapter 3(or pp.24-32)contained the analytic core of Keynes's theory of effective demand in the GT.Keynes,after carefully correcting all of Robertson's many errors,bluntly told Robertson that the technical analysis of his theory was contained in a chapter called" The Employment Function ".Chapter 20 of the GT is called The Employment Function!.See pp.496-524,especially p.520.Robertson had called Keynes's D-Z analysis " mumbo-jumbo ".Keynes replied that "... this book is a purely theoretical work,not a collection of wisecracks.Everything turns on the mumbo-jumbo...".Robertson ,being a mathematical illiterate,who could not follow any exposition that contained differential and integral calculus,continued to claim over the rest of his lifetime that it had to be the case that the elementary algebra exposition in chapter 3 of the GT is what Keynes meant.All economists have followed Robertson in this [...] misbelief,especially Sidney Weintraub,E Roy Weintraub, Paul Davidson and Don Patinkin. ... Read more

Product Description
'...among the glories of modern publishing...edited with exemplary authority and lack of fuss...' - London Review of BooksThis definitive edition contains all Keynes's published writings, including less accessible articles and letters to the press, as well as previously unpublished speeches, government memoranda and minutes, drafts and economic correspondence. No other writer in this century has done more than Maynard Keynes to change the ways in which economics is taught written. No other economist has done more to change the ways in which nations conduct their economic and financial affairs. The Collected Writings are indispensable to all economists. They are a vital reference work for students, academics and professionals alike. ... Read more

Product Description
A full account of Keynes's attempts to influence British policy in the 1920s, including his opposition to the return to gold in 1925 and his involvement in shaping the program of the Liberal Party for the 1929 election. ... Read more

Product Description
Keynes's correspondence, memoranda and contributions to the press during his period in the India Office, his first years as a Cambridge don and his membership of the Royal Commission on Indian Currency and Finance. ... Read more

Product Description
'...among the glories of modern publishing...edited with exemplary authority and lack of fuss...' - London Review of BooksThis definitive edition contains all Keynes's published writings, including less accessible articles and letters to the press, as well as previously unpublished speeches, government memoranda and minutes, drafts and economic correspondence. No other writer in this century has done more than Maynard Keynes to change the ways in which economics is taught written. No other economist has done more to change the ways in which nations conduct their economic and financial affairs. The Collected Writings are indispensable to all economists. They are a vital reference work for students, academics and professionals alike. ... Read more

Product Description
Provides an account of Keynes's contributions to the solution of Britain's wartime external financial problems between 1930 and 1943. ... Read more

Product Description
A full account of Keynes's involvement in Britain's attempts to finance the transition from war to peace including the negotiation of the 1945 American loan to Britain. ... Read more

Customer Reviews (1)

Keynes was on the road to going straightbyearly 1922
These letters of correspondence between J M Keynes and Lydia Lopokova provide an almost overwhelming case that Keynes had decided that he was going to end his previously homosexual-bisexual lifestyle and become a practicing heterosexual.It is clear from theending comments of nearly all of their letters(for instance,Lydia signs off on April 21st,1922 that"I gobble you from head to foot.L.")that they are already deeply involved in a sexual relationship.A careful reading of these letters serves to counterbalance the misleading impressions left in the works of Robert Skidelsky on Keynes that he was gay.Keynes ,in fact,would be more accurately described ,before he met Lydia, as being gay-bi.The reader will enjoy the letters of exchange on pp.143-145 between Keynes and Lydia about an algebra problem that Keynes sent to Lydia to solve.Of equal interest is the crossword puzzle that Keynes very ingeniously constructed to send to Lydia on Valentine Day in 1924(pp.288-289). ... Read more