See Article History John Maynard Keynes, born June 5,CambridgeCambridgeshireEngland—died April 21,Firle, SussexEnglish economist, journalist, and financier, best known for his economic theories Keynesian economics on the causes of prolonged unemployment. His most important workThe General Theory of Employment, Interest and Money —36advocated a remedy for economic recession based on a government-sponsored policy of full employment.
John Maynard Keynes was born in CambridgeCambridgeshireEnglandto an upper-middle-class family. His father, John Neville Keyneswas an economist and a lecturer in moral sciences at the University of Cambridge and his mother Florence Ada Keynes a local social reformer.
Keynes was the first born, and was followed by two more children — Margaret Neville Keynes in and Geoffrey Keynes in They remained in the same house throughout their lives, where the children were always welcome to return.
Keynes would receive considerable support from his father, including expert coaching to help him pass his scholarship exams and financial help both as a young man and when his assets were nearly wiped out at the onset of Great Depression in He quickly showed a talent for arithmetic, but his health was poor leading to several long absences.
He was tutored at home by a governess, Beatrice Mackintosh, and his mother. ByKeynes was top of his class and excelling at mathematics. Keynes joined the Pitt Club  and was an active member of the semi-secretive Cambridge Apostles society, a debating club largely reserved for the brightest students.
Like many members, Keynes retained a bond to the club after graduating and continued to attend occasional meetings throughout his life. He was said to be an atheist. Aside from a few months spent on holidays with family and friends, Keynes continued to involve himself with the university over the next two years.
He took part in debates, further studied philosophy and attended economics lectures informally as a graduate student for one term, which constituted his only formal education in the subject. He took civil service exams in According to Skidelskythe sense of cultural unity current in Britain from the 19th century to the end of World War I provided a framework with which the well-educated could set various spheres of knowledge in relation to each other and to life, enabling them to confidently draw from different fields when addressing practical problems.
By Keynes had published his first professional economics article in the Economics Journal, about the effect of a recent A look into career of john maynard keynes economic downturn on India.
Also inKeynes accepted a lectureship in economics funded personally by Alfred Marshall. In Keynes was made editor of The Economic Journal. By he had published his first book, Indian Currency and Finance.
His written work was published under the name "J M Keynes", though to his family and friends he was known as Maynard. His father, John Neville Keynes, was also always known by his middle name.
In JanuaryKeynes took up an official government position at the Treasury. Among his responsibilities were the design of terms of credit between Britain and its continental allies during the war, and the acquisition of scarce currencies.
The secretary of the Treasury was delighted to hear Keynes had amassed enough to provide a temporary solution for the British Government. But Keynes did not hand the pesetas over, choosing instead to sell them all to break the market: He was also appointed Officer of the Belgian Order of Leopold.
Keynes was initially wary of the "Welsh Wizard," preferring his rival Asquithbut was impressed with Lloyd George at Versailles; this did not prevent Keynes from painting a scathing picture of the then-prime minister in his Economic Consequences of the Peace. Unfortunately for Keynes, conservative powers in the coalition that emerged from the coupon election were able to ensure that both Keynes himself and the Treasury were largely excluded from formal high-level talks concerning reparations.
Their place was taken by the Heavenly Twins — the judge Lord Sumner and the banker Lord Cunliffe whose nickname derived from the "astronomically" high war compensation they wanted to demand from Germany.
Keynes was forced to try to exert influence mostly from behind the scenes.
Lloyd George did however win some loyalty from Keynes with his actions at the Paris conference by intervening against the French to ensure the dispatch of much-needed food supplies to German civilians. Clemenceau also pushed for substantial reparations, though not as high as those proposed by the British, while on security grounds, France argued for an even more severe settlement than Britain.
Wilson initially favoured relatively lenient treatment of Germany — he feared too harsh conditions could foment the rise of extremism, and wanted Germany to be left sufficient capital to pay for imports.
Towards the end of the conference, Keynes came up with a plan that he argued would not only help Germany and other impoverished central European powers but also be good for the world economy as a whole.
It involved the radical writing down of war debts, which would have had the possible effect of increasing international trade all round, but at the same time thrown the entire cost of European reconstruction on the United States.
Lloyd George agreed it might be acceptable to the British electorate. However, America was against the plan; the US was then the largest creditor, and by this time Wilson had started to believe in the merits of a harsh peace and thought that his country had already made excessive sacrifices. Hence despite his best efforts, the end result of the conference was a treaty which disgusted Keynes both on moral and economic grounds, and led to his resignation from the Treasury.
I cannot leave this subject as though its just treatment wholly depended either on our own pledges or on economic facts. The policy of reducing Germany to servitude for a generation, of degrading the lives of millions of human beings, and of depriving a whole nation of happiness should be abhorrent and detestable, —abhorrent and detestable, even if it were possible, even if it enriched ourselves, even if it did not sow the decay of the whole civilised life of Europe.
Also present was striking imagery such as "year by year Germany must be kept impoverished and her children starved and crippled" along with bold predictions which were later justified by events: If we aim deliberately at the impoverishment of Central Europe, vengeance, I dare predict, will not limp.
Nothing can then delay for very long that final war between the forces of Reaction and the despairing convulsions of Revolution, before which the horrors of the late German war will fade into nothing.
However the historian Ruth Henig claims that "most historians of the Paris peace conference now take the view that, in economic terms, the treaty was not unduly harsh on Germany and that, while obligations and damages were inevitably much stressed in the debates at Paris to satisfy electors reading the daily newspapers, the intention was quietly to give Germany substantial help towards paying her bills, and to meet many of the German objections by amendments to the way the reparations schedule was in practice carried out".
Schuker also shows that, in the years after Versailles, Keynes became an informal reparations adviser to the German government, wrote one of the major German reparation notes, and actually supported the hyperinflation on political grounds.John Maynard Keynes was the most influential British economist of the 20th century.
Check out this biography to know about his childhood, family life, achievements and other facts related to his ph-vs.com Of Birth: CambridgeApril.
The Battle of Bretton Woods: John Maynard Keynes, Harry Dexter White, and the Making of a New World Order (Council on Foreign Relations Books (Princeton University Press)) [Benn Steil] on ph-vs.com *FREE* shipping on qualifying offers.
When turmoil strikes world monetary and financial markets, leaders invariably call for 'a new Bretton Woods' to prevent catastrophic economic disorder . The son of economist John Neville Keynes, John Maynard was born in , the year Karl Marx died (the younger Keynes would become instrumental in confronting and confounding Marx’s theories of communism).
John Maynard Keynes: John Maynard Keynes, English economist, journalist, and financier, best known for his economic theories on the causes of prolonged unemployment. His most important work, The General Theory of Employment, Interest and Money, advocated a remedy for recession based on a government-sponsored .
LONDON, April John Maynard Lord Keynes, distinguished economist, whose work for restoring the economic structure of a world twice shattered by war brought him world-wide influence, died of a heart attack today at his home in Firle, Sussex.
In economics Keynesian economics, also Keynesianism and Keynesian Theory, is based on the ideas of twentieth-century British economist John Maynard ph-vs.coming to Keynesian economics the public sector, or the state, can stimulate economic growth and improve stability in the private sector—through, for example, interest rates, taxation, and public projects.