Keynes and Capitalism

Abstract

Keynes’s thoughts on capitalism are analysed by focusing on what he wrote on the topic, using the Collected Writings, taken as a whole, together with some unpublished material to tackle three issues: what Keynes meant by capitalism; the fragility of capitalism; and the morality of capitalism. In doing this, we are juxtaposing materials written at different stages of his career. Whilst the context and the theoretical framework within which Keynes developed his economic thinking changed substantially, our argument is that beneath these many changes in his circumstances and analytical frame lay a remarkably consistent attitude towards capitalism, in which morality was central. This view of capitalism is linked with the personal values that animated his life, especially the values that he shared with the other members of Bloomsbury.

Keywords: J. M. Keynes, capitalism, political economy

JEL Classification: B22, B31, E12, P10, P26