Posts

Showing posts with the label Keynes

Keynes and the death of capitalism

Image
In a recent article for the New Statesman , the economics commentator Grace Blakeley makes an extraordinary claim. Writing about the origins of the IMF, she says: Seventy-five years have passed since these international financial institutions were created in Bretton Woods, New Hampshire, in 1944. Back then, delegates sought to tame the power of international finance, the growth of which helped to cause the 1929 Wall Street Crash and the ensuing Great Depression. JM Keynes – who led the British delegation – arrived at Bretton Woods with the aim of “euthanising” a financial elite he viewed as parasitic on productive economic activity. I thought that Bretton Woods was about free trade and economic cooperation, not "taming the power of international finance." But I can be wrong. So I checked it out. According to the U.S. State Department , Bretton Woods was indeed born from the U.S.'s dreadful experience in the worldwide depression of the early 1930s. But it was no