Two diametrically opposed positions have developed in the literature as regards the impact of the Great Depression on Keynes’s economics: while ‘externalists’ consider the Great Depression as the determining cause of Keynes’s revolution, other subscribe to an ‘internalist’ view of the development of Keynes’s thinking from the "Treatise on Money" to the "General Theory". The article suggests a third possibility, namely that Keynes’s ‘method’, and methodological continuity throughout his writings, allow the possibility to adapt theories to changing times and circumstances, that is, to different quaesita. It thereby emphasizes that, though elaborated having in mind the theoretical framework of the "Treatise on Money", Keynes’s early articles on the Great Depression tell much about the future as well as the past of his theoretical journey. In particular, the article illustrates two ‘big pictures’ providing the background for the Keynes’s evolving thoughts on the main issues of capitalism. The criticality of investment decisions under conditions of irreducible uncertainty, and the ineliminable tensions between creditors and debtors, also at the international level, endangering national autonomy and policy space, are here discussed as two main constants in the evolution of Keynes’s thinking, providing insights that might be relevant to interpret the current recession.

Keynes, the Great Depression, and International Economic Relations

CEDRINI, Mario Aldo
2014-01-01

Abstract

Two diametrically opposed positions have developed in the literature as regards the impact of the Great Depression on Keynes’s economics: while ‘externalists’ consider the Great Depression as the determining cause of Keynes’s revolution, other subscribe to an ‘internalist’ view of the development of Keynes’s thinking from the "Treatise on Money" to the "General Theory". The article suggests a third possibility, namely that Keynes’s ‘method’, and methodological continuity throughout his writings, allow the possibility to adapt theories to changing times and circumstances, that is, to different quaesita. It thereby emphasizes that, though elaborated having in mind the theoretical framework of the "Treatise on Money", Keynes’s early articles on the Great Depression tell much about the future as well as the past of his theoretical journey. In particular, the article illustrates two ‘big pictures’ providing the background for the Keynes’s evolving thoughts on the main issues of capitalism. The criticality of investment decisions under conditions of irreducible uncertainty, and the ineliminable tensions between creditors and debtors, also at the international level, endangering national autonomy and policy space, are here discussed as two main constants in the evolution of Keynes’s thinking, providing insights that might be relevant to interpret the current recession.
2014
22
3
105
135
http://www.libraweb.net/articoli.php?chiave=201406103&rivista=61
John Maynard Keynes; international economic relations; GREAT DEPRESSION; Ethics; international economic order
A. M. Carabelli; M. A. Cedrini
File in questo prodotto:
File Dimensione Formato  
HEI - Keynes, the Great Depression, and International Economic Relations.pdf

Accesso riservato

Descrizione: Articolo
Tipo di file: PDF EDITORIALE
Dimensione 205.66 kB
Formato Adobe PDF
205.66 kB Adobe PDF   Visualizza/Apri   Richiedi una copia
4 CARABELLI CEDRINI Keynes, the Great Depression, and International Economic Relations.docx

Accesso aperto

Tipo di file: POSTPRINT (VERSIONE FINALE DELL’AUTORE)
Dimensione 183.81 kB
Formato Microsoft Word XML
183.81 kB Microsoft Word XML Visualizza/Apri

I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.

Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/2318/150194
Citazioni
  • ???jsp.display-item.citation.pmc??? ND
  • Scopus 8
  • ???jsp.display-item.citation.isi??? 2
social impact