By Martin Thomas
John Maynard Keynes posed many sharp questions about capitalism, often further developing ideas which Marx had sketched before him. He framed the whole issue as one of "safeguarding capitalism", but can "Keynesian" methods really do that?
This article (download as pdf, see "attachment" below) from Workers' Liberty 32, June 1996, surveys Keynes's insights and criticises bowdlerised "Keynesianism".
It discusses Keynes's ideas on the dichotomy between money and other commodities; on the possible "liquidity trap"; on the "multiplier"; on the falling tendency of the rate of profit; on the necessity for "a somewhat comprehensive socialisation of investment"; on Marxism, the working class, and trade unions; and on national economies and the global markets.