(from Peter Clark: Keynes, the Twentieth Century\u2019s Most Influential Economist) p.71<\/p>\n\n\n\n
\u201cThe divorce between ownership and the real responsibility of management is serious within a country is serious when, as a result of joint-stock enterprise, ownership is broken up between innumerable individuals who buy their interest today and will sell it tomorrow and lack altogether both knowledge and responsibility towards what they momentarily own. But when the same principle is applied internationally, it is, in times of stress, intolerable \u2013 I am irresponsible towards what I own and those who operate what I own are irresponsible towards me. (Such a system) is not intelligent, it is not beautiful, it is not just, it is not virtuous \u2013 and it doesn\u2019t deliver the goods.\u201d<\/p>\n\n\n\n
In Britain, as in the United States, many young people interpreted the crisis as heralding the death throes of capitalism and looked for salvation to communism. <\/p>\n\n\n\n
Keynes had never had much time for Marx. The thrilling rhetoric of the young Marx, stressing human volition in remarking society, was little known until the early writings were rediscovered and widely circulated in the 1960s. So the Marx whom Keynes rejected was a determinist economist who predicted that capitalism could not survive its own internal contradictions. Of Das Kapital Keynes flatly declared to the veteran socialist Bernard Saw (a Fabian, W.H.) \u201cI am sure that its contemporary economic value apart from occasional but inconstructive and discontinuous flashes of insight) is nil.\u201d<\/p>\n\n\n\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
(from Peter Clark: Keynes, the Twentieth Century\u2019s Most Influential Economist) p.71 \u201cThe divorce between ownership and the real responsibility of management is serious within a country is serious when, as a result of joint-stock enterprise, ownership is broken up between innumerable individuals who buy their interest today and will sell it tomorrow and lack altogether […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-1992","post","type-post","status-publish","format-standard","hentry","category-english"],"_links":{"self":[{"href":"https:\/\/main.cse-initiative.eu\/index.php?rest_route=\/wp\/v2\/posts\/1992","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/main.cse-initiative.eu\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/main.cse-initiative.eu\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/main.cse-initiative.eu\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/main.cse-initiative.eu\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1992"}],"version-history":[{"count":1,"href":"https:\/\/main.cse-initiative.eu\/index.php?rest_route=\/wp\/v2\/posts\/1992\/revisions"}],"predecessor-version":[{"id":1993,"href":"https:\/\/main.cse-initiative.eu\/index.php?rest_route=\/wp\/v2\/posts\/1992\/revisions\/1993"}],"wp:attachment":[{"href":"https:\/\/main.cse-initiative.eu\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1992"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/main.cse-initiative.eu\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1992"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/main.cse-initiative.eu\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1992"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}