Keines Account Options
Wörterbuch. kein. Pronomen – 1a. nicht [irgend]ein; 1b. nichts an; 1c. kehrt das Adjektiv – keine Schallwellen eindringen lassend, keine Reflexion . Grammatische Merkmale: Genitiv Singular Maskulinum nicht attributiv des Indefinitpronomens kein. Nominativ Singular Neutrum nicht attributiv des.  Wir haben keine Äpfel mehr.  kein Stück, kein Grund zur Klage, keine Ursache:  Sie waren alle Feiglinge: keiner wagte etwas zu sagen. neither Adj. keiner | keine | keines. nary a (Amer.) Adj. Maskulin. Feminin. Neutrum. Nominativ. kein. keine. kein. keine. Genitiv. keines. keiner. keines. keiner. Dativ. keinem. keiner. keinem. keinen. Akkusativ. keinen.
Übersetzung im Kontext von „ich habe keines“ in Deutsch-Englisch von Reverso Context: Ich möchte dir ein Abschiedsgeschenk geben, aber ich habe keines. neither Adj. keiner | keine | keines. nary a (Amer.) Adj. Übersetzung im Kontext von „keines“ in Deutsch-Russisch von Reverso Context: keines davon, keines von beiden, keines solchen, keines einzigen, gar keines.
Two years later, though not completely recovered, he returned to teaching at Cambridge, wrote three influential articles on war finance entitled How to Pay for the War ; later reprinted as Collected Writings , vol.
He also played a prominent role at the Bretton Woods Conference in His last major public service was his negotiation in the autumn and early winter of of a multibillion-dollar loan granted by the United States to Britain.
Keynes died the following year. John Maynard Keynes. Article Media. Info Print Print. Table Of Contents.
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In a treatise on money published in , he attributed to the 16th-century price revolution and profit inflation a crucial role in the primitive accumulation of capital and in the birth of capitalism itself.
His analysis has attracted much criticism. Wages lagged…. 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.
Keynes's followers assert that his predictions of disaster were borne out when the German economy suffered the hyperinflation of , and again by the collapse of the Weimar Republic and the outbreak of the Second World War.
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".
Only a small fraction of reparations was ever paid. In fact, the historian Stephen A. Schuker demonstrates in American 'Reparations' to Germany, —33 , that the capital inflow from American loans substantially exceeded German out payments so that, on a net basis, Germany received support equal to four times the amount of the post-Second World War Marshall Plan.
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 supported the hyperinflation on political grounds.
Nevertheless, The Economic Consequences of the Peace gained Keynes international fame, even though it also caused him to be regarded as anti-establishment — it was not until after the outbreak of the Second World War that Keynes was offered a directorship of a major British Bank, or an acceptable offer to return to government with a formal job.
However, Keynes was still able to influence government policy making through his network of contacts, his published works and by serving on government committees; this included attending high-level policy meetings as a consultant.
Keynes had completed his A Treatise on Probability before the war but published it in Keynes developed the first upper-lower probabilistic interval approach to probability in chapters 15 and 17 of this book, as well as having developed the first decision weight approach with his conventional coefficient of risk and weight, c , in chapter In addition to his academic work, the s saw Keynes active as a journalist selling his work internationally and working in London as a financial consultant.
In Keynes wrote an obituary for his former tutor Alfred Marshall which Joseph Schumpeter called "the most brilliant life of a man of science I have ever read.
Britain suffered from high unemployment through most of the s, leading Keynes to recommend the depreciation of sterling to boost jobs by making British exports more affordable.
From he was also advocating a fiscal response, where the government could create jobs by spending on public works. Keynes advised it was no longer a net benefit for countries such as Britain to participate in the gold standard , as it ran counter to the need for domestic policy autonomy.
It could force countries to pursue deflationary policies at exactly the time when expansionary measures were called for to address rising unemployment.
The Treasury and Bank of England were still in favour of the gold standard and in they were able to convince the then Chancellor Winston Churchill to re-establish it, which had a depressing effect on British industry.
Keynes responded by writing The Economic Consequences of Mr. Churchill and continued to argue against the gold standard until Britain finally abandoned it in Keynes had begun a theoretical work to examine the relationship between unemployment, money, and prices back in the s.
A central idea of the work was that if the amount of money being saved exceeds the amount being invested — which can happen if interest rates are too high — then unemployment will rise.
This is in part a result of people not wanting to spend too high a proportion of what employers pay out, making it difficult, in aggregate, for employers to make a profit.
Another key theme of the book is the unreliability of financial indices for representing an accurate — or indeed meaningful — indication of general shifts in purchasing power of currencies over time.
In particular, he criticized the justification of Britain's return to the gold standard in at pre-war valuation by reference to the wholesale price index.
He argued that the index understated the effects of changes in the costs of services and labor. Keynes was deeply critical of the British government's austerity measures during the Great Depression.
He believed that budget deficits during recessions were a good thing and a natural product of an economic slump. He wrote, "For Government borrowing of one kind or another is nature's remedy, so to speak, for preventing business losses from being, in so severe a slump as the present one, so great as to bring production altogether to a standstill.
At the height of the Great Depression, in , Keynes published The Means to Prosperity , which contained specific policy recommendations for tackling unemployment in a global recession, chiefly counter-cyclical public spending.
The Means to Prosperity contains one of the first mentions of the multiplier effect. While it was addressed chiefly to the British Government, it also contained advice for other nations affected by the global recession.
A copy was sent to the newly elected President Franklin D. Roosevelt and other world leaders. The work was taken seriously by both the American and British governments, and according to Robert Skidelsky , helped pave the way for the later acceptance of Keynesian ideas, though it had little immediate practical influence.
In the London Economic Conference opinions remained too diverse for a unified course of action to be agreed upon.
Keynesian-like policies were adopted by Sweden and Germany, but Sweden was seen as too small to command much attention, and Keynes was deliberately silent about the successful efforts of Germany as he was dismayed by its imperialist ambitions and its treatment of Jews.
In , he received considerable support for his views on counter-cyclical public spending in Chicago, then America's foremost center for economic views alternative to the mainstream.
The General Theory challenged the earlier neoclassical economic paradigm, which had held that provided it was unfettered by government interference, the market would naturally establish full employment equilibrium.
In doing so Keynes was partly setting himself against his former teachers Marshall and Pigou. Keynes believed the classical theory was a "special case" that applied only to the particular conditions present in the 19th century, his theory being the general one.
Classical economists had believed in Say's law , which, simply put, states that " supply creates its demand ", and that in a free market workers would always be willing to lower their wages to a level where employers could profitably offer them jobs.
An innovation from Keynes was the concept of price stickiness — the recognition that in reality workers often refuse to lower their wage demands even in cases where a classical economist might argue that it is rational for them to do so.
Due in part to price stickiness, it was established that the interaction of " aggregate demand " and " aggregate supply " may lead to stable unemployment equilibria — and in those cases, it is on the state, not the market, that economies must depend for their salvation.
The General Theory argues that demand, not supply, is the key variable governing the overall level of economic activity. Aggregate demand, which equals total un-hoarded income in a society, is defined by the sum of consumption and investment.
In a state of unemployment and unused production capacity, one can enhance employment and total income only by first increasing expenditures for either consumption or investment.
Without government intervention to increase expenditure, an economy can remain trapped in a low-employment equilibrium. The demonstration of this possibility has been described as the revolutionary formal achievement of the work.
It is precisely with these plants and these men that we shall afford them. The General Theory is often viewed as the foundation of modern macroeconomics.
Few senior American economists agreed with Keynes through most of the s. Keynes himself had only limited participation in the theoretical debates that followed the publication of the General Theory as he suffered a heart attack in , requiring him to take long periods of rest.
Among others, Hyman Minsky and Post-Keynesian economists have argued that as result, Keynes's ideas were diluted by those keen to compromise with classical economists or to render his concepts with mathematical models like the IS—LM model which, they argue, distort Keynes's ideas.
In the General Theory and later, Keynes responded to the socialists who argued, especially during the Great Depression of the s, that capitalism caused war.
He argued that if capitalism were managed domestically and internationally with coordinated international Keynesian policies, an international monetary system that did not pit the interests of countries against one another, and a high degree of freedom of trade , then this system of managed capitalism could promote peace rather than conflict between countries.
His plans during World War II for post-war international economic institutions and policies which contributed to the creation at Bretton Woods of the International Monetary Fund and the World Bank , and later to the creation of the General Agreement on Tariffs and Trade and eventually the World Trade Organization were aimed to give effect to this vision.
Although Keynes has been widely criticized — especially by members of the Chicago school of economics — for advocating irresponsible government spending financed by borrowing, in fact he was a firm believer in balanced budgets and regarded the proposals for programs of public works during the Great Depression as an exceptional measure to meet the needs of exceptional circumstances.
During the Second World War , Keynes argued in How to Pay for the War , published in , that the war effort should be largely financed by higher taxation and especially by compulsory saving essentially workers lending money to the government , rather than deficit spending , in order to avoid inflation.
Compulsory saving would act to dampen domestic demand, assist in channeling additional output towards the war efforts, would be fairer than punitive taxation and would have the advantage of helping to avoid a post-war slump by boosting demand once workers were allowed to withdraw their savings.
In September he was proposed to fill a vacancy in the Court of Directors of the Bank of England , and subsequently carried out a full term from the following April.
As the Allied victory began to look certain, Keynes was heavily involved, as leader of the British delegation and chairman of the World Bank commission, in the mid negotiations that established the Bretton Woods system.
The Keynes plan, concerning an international clearing-union, argued for a radical system for the management of currencies.
He proposed the creation of a common world unit of currency, the bancor , and new global institutions — a world central bank and the International Clearing Union.
Keynes envisaged these institutions managing an international trade and payments system with strong incentives for countries to avoid substantial trade deficits or surpluses.
According to US economist J. Bradford DeLong , on almost every point where he was overruled by the Americans, Keynes was later proved correct by events.
The two new institutions, later known as the World Bank and the International Monetary Fund IMF , were founded as a compromise that primarily reflected the American vision.
There would be no incentives for states to avoid a large trade surplus ; instead, the burden for correcting a trade imbalance would continue to fall only on the deficit countries, which Keynes had argued were least able to address the problem without inflicting economic hardship on their populations.
Yet, Keynes was still pleased when accepting the final agreement, saying that if the institutions stayed true to their founding principles, "the brotherhood of man will have become more than a phrase.
After the war, Keynes continued to represent the United Kingdom in international negotiations despite his deteriorating health.
He succeeded in obtaining preferential terms from the United States for new and outstanding debts to facilitate the rebuilding of the British economy.
Just before his death in , Keynes told Henry Clay, a professor of social economics and advisor to the Bank of England ,  of his hopes that Adam Smith 's " invisible hand " could help Britain out of the economic hole it was in: "I find myself more and more relying for a solution of our problems on the invisible hand which I tried to eject from economic thinking twenty years ago.
From the end of the Great Depression to the mids, Keynes provided the main inspiration for economic policymakers in Europe, America and much of the rest of the world.
According to the economist John Kenneth Galbraith then a US government official charged with controlling inflation , in the rebound of the economy from wartime spending, "one could not have had a better demonstration of the Keynesian ideas.
The Keynesian Revolution was associated with the rise of modern liberalism in the West during the post-war period.
Despite his popularity as a war hero, Churchill suffered a landslide defeat to Clement Attlee whose government's economic policy continued to be influenced by Keynes's ideas.
In the late s and s, economists notably John Hicks , Franco Modigliani , and Paul Samuelson attempted to interpret and formalise Keynes's writings in terms of formal mathematical models.
In what had become known as the neoclassical synthesis , they combined Keynesian analysis with neoclassical economics to produce neo-Keynesian economics , which came to dominate mainstream macroeconomic thought for the next 40 years.
By the s, Keynesian policies were adopted by almost the entire developed world and similar measures for a mixed economy were used by many developing nations.
By then, Keynes's views on the economy had become mainstream in the world's universities. Throughout the s and s, the developed and emerging free capitalist economies enjoyed exceptionally high growth and low unemployment.
In late Time magazine ran a cover article with a title comment from Milton Friedman later echoed by U. President Richard Nixon , " We are all Keynesians now ".
The article described the exceptionally favourable economic conditions then prevailing, and reported that "Washington's economic managers scaled these heights by their adherence to Keynes's central theme: the modern capitalist economy does not automatically work at top efficiency, but can be raised to that level by the intervention and influence of the government.
Keynesian economics were officially discarded by the British Government in , but forces had begun to gather against Keynes's ideas over 30 years earlier.
Friedrich Hayek had formed the Mont Pelerin Society in , with the explicit intention of nurturing intellectual currents to one day displace Keynesianism and other similar influences.
Initially the society had little impact on the wider world — according to Hayek it was as if Keynes had been raised to sainthood after his death and that people refused to allow his work to be questioned.
On the practical side of economic life, " big government " had appeared to be firmly entrenched in the s, but the balance began to shift towards the power of private interests in the s.
Keynes had written against the folly of allowing "decadent and selfish" speculators and financiers the kind of influence they had enjoyed after World War I.
For two decades after World War II the public opinion was strongly against private speculators, the disparaging label " Gnomes of Zürich " being typical of how they were described during this period.
International speculation was severely restricted by the capital controls in place after Bretton Woods. According to the journalists Larry Elliott and Dan Atkinson , was the pivotal year when power shifted in favour of private agents such as currency speculators.
As the key event Elliott and Atkinson picked out America's suspension of the conversion of the dollar into gold except on request of foreign governments, which they identified as the beginning of the breakdown of the Bretton Woods system.
Criticisms of Keynes's ideas had begun to gain significant acceptance by the early s, as they were then able to make a credible case that Keynesian models no longer reflected economic reality.
Keynes himself included few formulas and no explicit mathematical models in his General Theory. For economists such as Hyman Minsky , Keynes's limited use of mathematics was partly the result of his scepticism about whether phenomena as inherently uncertain as economic activity could ever be adequately captured by mathematical models.
Nevertheless, many models were developed by Keynesian economists, with a famous example being the Phillips curve which predicted an inverse relationship between unemployment and inflation.
It implied that unemployment could be reduced by government stimulus with a calculable cost to inflation.
In , Milton Friedman published a paper arguing that the fixed relationship implied by the Philips curve did not exist. In the early s stagflation appeared in both the US and Britain just as Friedman had predicted, with economic conditions deteriorating further after the oil crisis.
Aided by the prestige gained from his successful forecast, Friedman led increasingly successful criticisms against the Keynesian consensus, convincing not only academics and politicians but also much of the general public with his radio and television broadcasts.
The academic credibility of Keynesian economics was further undermined by additional criticism from other monetarists trained in the Chicago school of economics , by the Lucas critique and by criticisms from Hayek's Austrian School.
Keynesian principles fared increasingly poorly on the practical side of economics — by they had been displaced by monetarism as the primary influence on Anglo-American economic policy.
A more typical response was to accept some elements of the criticisms while refining Keynesian economic theories to defend them against arguments that would invalidate the whole Keynesian framework — the resulting body of work largely composing New Keynesian economics.
In Alan Blinder wrote about a "Keynesian Restoration", as work based on Keynes's ideas had to some extent become fashionable once again in academia, though in the mainstream it was highly synthesised with monetarism and other neoclassical thinking.
In the world of policy making, free market influences broadly sympathetic to monetarism have remained very strong at government level — in powerful normative institutions like the World Bank , the IMF and US Treasury , and in prominent opinion-forming media such as the Financial Times and The Economist.
The global financial crisis of —08 led to public skepticism about the free market consensus even from some on the economic right.
In March , Martin Wolf , chief economics commentator at the Financial Times , announced the death of the dream of global free-market capitalism.
Galbraith used the 25th Annual Milton Friedman Distinguished Lecture to launch a sweeping attack against the consensus for monetarist economics and argued that Keynesian economics were far more relevant for tackling the emerging crises.
Shiller had begun advocating robust government intervention to tackle the financial crises, specifically citing Keynes. A series of major bailouts were pursued during the financial crisis, starting on 7 September with the announcement that the U.
Government was to nationalise the two government-sponsored enterprises which oversaw most of the U.
In October, Alistair Darling , the British Chancellor of the Exchequer , referred to Keynes as he announced plans for substantial fiscal stimulus to head off the worst effects of recession, in accordance with Keynesian economic thought.
By the end of December , the Financial Times reported that "the sudden resurgence of Keynesian policy is a stunning reversal of the orthodoxy of the past several decades.
In February Robert J. Shiller and George Akerlof published Animal Spirits , a book where they argue the current US stimulus package is too small as it does not take into account Keynes's insight on the importance of confidence and expectations in determining the future behaviour of businesspeople and other economic agents.
In the March speech entitled Reform the International Monetary System , Zhou Xiaochuan , the governor of the People's Bank of China , came out in favour of Keynes's idea of a centrally managed global reserve currency.
Zhou argued that it was unfortunate that part of the reason for the Bretton Woods system breaking down was the failure to adopt Keynes's bancor.
Stimulus plans were credited for contributing to a better than expected economic outlook by both the OECD  and the IMF,   in reports published in June and July Both organisations warned global leaders that recovery was likely to be slow, so counter recessionary measures ought not be rolled back too early.
While the need for stimulus measures was broadly accepted among policy makers, there had been much debate over how to fund the spending.
Some leaders and institutions, such as Angela Merkel  and the European Central Bank ,  expressed concern over the potential impact on inflation, national debt and the risk that a too large stimulus will create an unsustainable recovery.
Among professional economists the revival of Keynesian economics has been even more divisive. Although many economists, such as George Akerlof, Paul Krugman, Robert Shiller, and Joseph Stiglitz, supported Keynesian stimulus, others did not believe higher government spending would help the United States economy recover from the Great Recession.
Some economists, such as Robert Lucas , questioned the theoretical basis for stimulus packages. Keynes's economic thinking only began to achieve close to universal acceptance in the last few years of his life.
On a personal level, Keynes's charm was such that he was generally well received wherever he went — even those who found themselves on the wrong side of his occasionally sharp tongue rarely bore a grudge.
Austrian School economist Friedrich Hayek was Keynes's most prominent contemporary critic, with sharply opposing views on the economy.
The world will be a very much poorer place without him. Lionel Robbins , former head of the economics department at the London School of Economics , who engaged in many heated debates with Keynes in the s, had this to say after observing Keynes in early negotiations with the Americans while drawing up plans for Bretton Woods: .
This went very well indeed. Keynes was in his most lucid and persuasive mood: and the effect was irresistible. At such moments, I often find myself thinking that Keynes must be one of the most remarkable men that have ever lived — the quick logic, the birdlike swoop of intuition, the vivid fancy, the wide vision, above all the incomparable sense of the fitness of words, all combine to make something several degrees beyond the limit of ordinary human achievement.
I am spellbound. This is the most beautiful creature I have ever listened to. Does he belong to our species? Or is he from some other order?
There is something mythic and fabulous about him. I sense in him something massive and sphinx like, and yet also a hint of wings.
Bertrand Russell  named Keynes one of the most intelligent people he had ever known, commenting: . Keynes's intellect was the sharpest and clearest that I have ever known.
When I argued with him, I felt that I took my life in my hands, and I seldom emerged without feeling something of a fool.
Keynes's obituary in The Times included the comment: "There is the man himself — radiant, brilliant, effervescent, gay, full of impish jokes He was a humane man genuinely devoted to the cause of the common good.
As a man of the centre described by some as having the greatest impact of any 20th-century economist,  Keynes attracted considerable criticism from both sides of the political spectrum.
In the s, Keynes was seen as anti-establishment and was mainly attacked from the right. In the "red s", many young economists favoured Marxist views, even in Cambridge,  and while Keynes was engaging principally with the right to try to persuade them of the merits of more progressive policy, the most vociferous criticism against him came from the left, who saw him as a supporter of capitalism.
From the s and onwards, most of the attacks against Keynes have again been from the right. What we need therefore, in my opinion, is not a change in our economic programmes, which would only lead in practice to disillusion with the results of your philosophy; but perhaps even the contrary, namely, an enlargement of them.
Your greatest danger is the probable practical failure of the application of your philosophy in the United States. On the pressing issue of the time, whether deficit spending could lift a country from depression, Keynes replied to Hayek's criticism  in the following way:.
I should I should say that what we want is not no planning, or even less planning, indeed I should say we almost certainly want more.
But the planning should take place in a community in which as many people as possible, both leaders and followers wholly share your moral position.
Moderate planning will be safe enough if those carrying it out are rightly oriented in their minds and hearts to the moral issue.
Asked why Keynes expressed "moral and philosophical" agreement with Hayek's Road to Serfdom , Hayek stated: . Because he believed that he was fundamentally still a classical English liberal and wasn't quite aware of how far he had moved away from it.
His basic ideas were still those of individual freedom. He did not think systematically enough to see the conflicts.
He was, in a sense, corrupted by political necessity. According to some observers, [ who? While Milton Friedman described The General Theory as "a great book", he argues that its implicit separation of nominal from real magnitudes is neither possible nor desirable.
Macroeconomic policy, Friedman argues, can reliably influence only the nominal. More to Friedman's taste was the Tract on Monetary Reform , which he regarded as Keynes's best work because of its focus on maintaining domestic price stability.
Joseph Schumpeter was an economist of the same age as Keynes and one of his main rivals. He was among the first reviewers to argue that Keynes's General Theory was not a general theory, but a special case.
After Keynes's death Schumpeter wrote a brief biographical piece Keynes the Economist — on a personal level he was very positive about Keynes as a man, praising his pleasant nature, courtesy and kindness.
He assessed some of Keynes's biographical and editorial work as among the best he'd ever seen. Yet Schumpeter remained critical about Keynes's economics, linking Keynes's childlessness to what Schumpeter saw as an essentially short-term view.
He considered Keynes to have a kind of unconscious patriotism that caused him to fail to understand the problems of other nations. For Schumpeter "Practical Keynesianism is a seedling which cannot be transplanted into foreign soil: it dies there and becomes poisonous as it dies.
President Harry S. Truman was sceptical of Keynesian theorizing: "Nobody can ever convince me that government can spend a dollar that it's not got," he told Leon Keyserling , a Keynesian economist who chaired Truman's Council of Economic Advisers.
Keynes sometimes explained the mass murder that took place during the first years of communist Russia on a racial basis, as part of the "Russian and Jewish nature", rather than as a result of the communist rule.
After a trip to Russia, he wrote in his Short View of Russia that there is "beastliness on the Russian and Jewish natures when, as now, they are allied together".
He also wrote that "out of the cruelty and stupidity of the Old Russia nothing could ever emerge, but Some critics have sought to show that Keynes had sympathy with Nazism , and a number of writers described him as antisemitic.
Keynes's private letters contain portraits and descriptions, some of which can be characterized as antisemitic, others as philosemitic. Keynes was a supporter of Zionism , serving on committees supporting the cause.
Allegations that he was racist or had totalitarian beliefs have been rejected by Robert Skidelsky and other biographers.
As a lifelong pacifist he had initially favoured peaceful containment of Nazi Germany , yet he began to advocate a forceful resolution while many conservatives were still arguing for appeasement.
After the war started he roundly criticised the Left for losing their nerve to confront Hitler :. The intelligentsia of the Left were the loudest in demanding that the Nazi aggression should be resisted at all costs.
When it comes to a showdown, scarce four weeks have passed before they remember that they are pacifists and write defeatist letters to your columns, leaving the defence of freedom and civilisation to Colonel Blimp and the Old School Tie, for whom Three Cheers.
Keynes has been characterised as being indifferent or even positive about mild inflation. However, Keynes was also aware of the dangers of inflation.
Lenin is said to have declared that the best way to destroy the Capitalist System was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens.
There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency.
The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.
Keynes was the principal author of a proposal — the so-called Keynes Plan — for an International Clearing Union.
The two governing principles of the plan were that the problem of settling outstanding balances should be solved by "creating" additional "international money", and that debtor and creditor should be treated almost alike as disturbers of equilibrium.
In the event, though, the plans were rejected, in part because "American opinion was naturally reluctant to accept the principle of equality of treatment so novel in debtor-creditor relationships".
The new system is not founded on free-trade liberalisation  of foreign trade  but rather on the regulation of international trade, in order to eliminate trade imbalances: the nations with a surplus would have an incentive to reduce it, and in doing so they would automatically clear other nations deficits.
Every country would have an overdraft facility in its bancor account at the International Clearing Union. He pointed out that surpluses lead to weak global aggregate demand — countries running surpluses exert a "negative externality" on trading partners, and posed, far more than those in deficit, a threat to global prosperity.
In his Yale Review article "National Self-Sufficiency,"   he already highlighted the problems created by free trade.
His view, supported by many economists and commentators at the time, was that creditor nations may be just as responsible as debtor nations for disequilibrium in exchanges and that both should be under an obligation to bring trade back into a state of balance.
Failure for them to do so could have serious consequences. In the words of Geoffrey Crowther , then editor of The Economist , "If the economic relationships between nations are not, by one means or another, brought fairly close to balance, then there is no set of financial arrangements that can rescue the world from the impoverishing results of chaos.
These ideas were informed by events prior to the Great Depression when — in the opinion of Keynes and others — international lending, primarily by the U.
Influenced by Keynes, economics texts in the immediate post-war period put a significant emphasis on balance in trade. For example, the second edition of the popular introductory textbook, An Outline of Money ,  devoted the last three of its ten chapters to questions of foreign exchange management and in particular the "problem of balance".
However, in more recent years, since the end of the Bretton Woods system in , with the increasing influence of Monetarist schools of thought in the s, and particularly in the face of large sustained trade imbalances, these concerns — and particularly concerns about the destabilising effects of large trade surpluses — have largely disappeared from mainstream economics discourse  and Keynes' insights have slipped from view.
Keynes's early romantic and sexual relationships were exclusively with men. Attitudes in the Bloomsbury Group , in which Keynes was avidly involved, were relaxed about homosexuality.
Vid högkonjunktur kan man istället minska de offentliga investeringar och höja skatterna för att dämpa den ekonomiska aktiviteten.
Penningpolitiskt , genom förändringar av räntan. Vid högkonjunktur kan räntan höjas för att öka sparandet och minska investeringarna.
Vi bestämmer att vissa variabler är exogena, dvs. Modellen är byggd för en sluten ekonomi utan utrikeshandel.
Fungerar ekonomin likadant i dagens globaliserade värld? Staten blir därför benägen att föra en mer expansiv politik än vad som är önskvärt.
Vissa menar även att de statliga ingreppen i sig förstärker konjunktursvängningarna. Basics 2. Assumptions 3.