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The Abyss Opens: The Rise and Fall of Keynesianism

In: Global Capital, National State and the Politics of Money

Author

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  • John Holloway

Abstract

Keynes lounging in an armchair, comfortable, thoughtful and benign, a pile of books and papers beside him, against the background of a chart showing the dramatic decline in unemployment form the 1930s to the 1960s: the cover of a popular book conveys perfectly the popular image of Keynesianism. For much of the post-war period, Keynesianism was presented simply as a beneficial, rational, scientific advance in the management of the economy, as a theoretical development which provided the basis for overcoming the problem of capitalist crisis and creating a just capitalist society. Even in recent years, when Keynesianism has been so much criticised, the image remains of Keynesianism as a possibly misguided, but certainly well-meaning theoretical development. In the midst of such images, it is sometimes hard to remember that the adoption of Keynesian policies was the culmination of a prolonged conflict, of a violence, horror and bloodiness quite unprecedented in the history of the world.

Suggested Citation

  • John Holloway, 1996. "The Abyss Opens: The Rise and Fall of Keynesianism," Palgrave Macmillan Books, in: Werner Bonefeld & John Holloway (ed.), Global Capital, National State and the Politics of Money, chapter 2, pages 7-34, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-14240-8_2
    DOI: 10.1007/978-1-349-14240-8_2
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    Cited by:

    1. Iderley Colombini, 2020. "Form and Essence of Precarization by Work: From Alienation to the Industrial Reserve Army at the Turn of the Twenty-First Century," Review of Radical Political Economics, Union for Radical Political Economics, vol. 52(3), pages 409-426, September.

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