Zach Carter on the Life and Legacy of John Maynard Keynes

Dec 2, 2020

Zach Carter, senior reporter at the Huffington Post and author of the acclaimed biography "The Price of Peace," dives into the life of John Maynard Keynes. They discuss Keynes' critiques of the Treaty of Versailles and his paradoxical views on imperialism. Carter sheds light on Keynes' interest in eugenics and his conservative streak, while also connecting his economic theories to modern issues like cryptocurrencies. Personal reflections on fatherhood and upcoming projects add a touching dimension to the conversation.

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Keynes on the Treaty of Versailles

Keynes's critique of the Treaty of Versailles, while economically questionable, highlighted its political ramifications.
The treaty's imposed scarcity fueled nationalism and discontent, destabilizing international cooperation.

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Keynes and the India Office

Keynes's time at the India Office, though not his first choice, provided early exposure to bureaucratic workings and currency analysis.
His initial work focused on technical aspects of the gold standard within the British Empire.

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Keynes's Anti-Egalitarianism

Keynes held an anti-egalitarian view of India, believing in British rule without considering democracy.
He saw the British Empire as benevolent, but ignored the low growth rates under colonial rule.

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One Mighty and Irresistible Tide

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One Mighty and Irresistible Tide chronicles the legislative battle to reform American immigration laws, focusing on the period from 1924 to 1965. The book explores how a small group of lawmakers and activists worked to abolish the restrictive 1924 Johnson-Reed Act, culminating in the transformative Immigration and Nationality Act of 1965. This law opened the door to nonwhite immigration, reshaping America's demographic landscape.

Essays in biography

John Maynard Keynes

Essays in Biography, first published in 1931 and 1933, includes sketches of politicians like Lloyd George and economists such as Malthus and Jevons. The essays are based on Keynes's direct acquaintance with the subjects and offer insights into historical figures and their contributions. The collection has been enlarged to include later writings, providing a comprehensive view of Keynes's biographical work.

A treatise on money

John Maynard Keynes

A Treatise on Money, published in 1930, is a seminal work by John Maynard Keynes that delves into the intricacies of monetary theory. It emphasizes the distinction between savings and investment, arguing that economic downturns occur when savings exceed investment. Keynes also discusses the importance of promoting spending over saving during depressions. The work laid foundational ideas for his later masterpiece, The General Theory of Employment, Interest and Money.

Nova

Samuel R. Delany

Nova is a science fiction novel by Samuel R. Delany, published in 1968. It follows Captain Lorq Von Ray as he embarks on a perilous journey to harness Illyrion from a nova, entangled in a vendetta with the Red family. The novel explores themes of power, identity, and myth, set against a richly detailed futuristic universe. Delany's work combines elements of space opera with mythological overtones, creating a unique blend of adventure and social commentary.

Indian currency and finance

John Maynard Keynes

Indian Currency and Finance is John Maynard Keynes's first book, published in 1913. It provides a comprehensive examination of India's currency system, particularly its shift from a silver standard to a gold-exchange standard. Keynes discusses the implications of this transition, the role of government policies, and the intricacies of the banking system in India. The book offers insights into the financial mechanisms of colonial India and the broader context of monetary policy.

National Self-Sufficiency

The General Theory of Employment, Interest and Money

John Maynard Keynes

Published in February 1936, 'The General Theory of Employment, Interest and Money' by John Maynard Keynes revolutionized economic thought by challenging the classical economic theories of his time. Keynes argued that total spending in an economy can fail to generate full employment if total savings exceed total investment. He introduced key concepts such as the 'Principle of Effective Demand,' liquidity preference, and the marginal efficiency of capital. The book emphasizes the importance of aggregate demand, the role of government in stabilizing the economy, and the interaction between monetary and real economic factors. Keynes's theories have had a profound impact on economic policy and continue to influence macroeconomic thought and policy to this day.

Economic Possibilities for Our Grandchildren

In this influential book, Hayek argues that the abandonment of individualism and classical liberalism leads to a loss of freedom, the creation of an oppressive society, and ultimately, the tyranny of a dictator. He challenges the view that fascism and Nazism are capitalist reactions against socialism, instead positing that these ideologies share common roots in central economic planning and the empowerment of the state over the individual. The book emphasizes the dangers of collectivism and the importance of maintaining a free market system to preserve human freedom and dignity.

After reading Zach Carter’s intellectual biography of Keynes earlier this year, Tyler declared that the book would qualify “without reservation” as one of the best of the year. Tyler’s assessment proved common, as the book would soon become a New York Times bestseller and later be declared one of the ten best books of the year by Publishers Weekly. In the book, Carter not only traces Keynes’ intellectual achievements throughout his lifetime, but also shows how those ideas have lasted long after him, making him one of the most influential economists who’s ever lived.

Zach joined Tyler to discuss what Keynes got right – and wrong – about the Treaty of Versailles, how working in the India Office influenced his economic thinking, the seemingly strange paradox of his “liberal imperialism,” the elusive central message of The General Theory, the true extent of Keynes’ interest in eugenics, why he had a conservative streak, why Zach loves Samuel Delaney’s novel Nova, whether Bretton Woods was doomed to fail, the Enlightenment intuitions behind early defenses of the gold standard, what’s changed since Zach became a father, his next project, and more.

Read a full transcript enhanced with helpful links, or watch the full video.

Recorded October 29th, 2020 Other ways to connect

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