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Understanding Bourgeois Economist John Maynard Keynes: A Political Economy Essay

Year 2025, Volume: 9 Issue: 1, 201 - 216, 25.02.2025
https://doi.org/10.25295/fsecon.1512706

Abstract

John Maynard Keynes is one of the most famous economists and intellectuals of the 20th century. With his political foresight, Keynes did an essential job rebuilding capitalism and reshaping the capitalist state. Many opinions have been put forward about Keynes throughout the historical process. Some of these views were motivated by the motivation to base Keynes' ideas on a political and economic system and doctrine (pro-capitalism or pro-socialism). Keynes's views in favor of state intervention caused him to be referred to as a socialist thought leader. However, it is thought that this is not the truth. Because the articles written by Keynes on his ideology cannot be ignored at this point, it is assumed that Keynes believed in capitalism, defended the interests of the bourgeoisie, and sometimes gave importance to the state apparatus to ensure the sustainability of capitalist capital accumulation on a world scale. The study in all these contexts aims to examine Keynes' ideological and political tendencies and, at this point, to draw a portrait of Keynesian economics beyond what is known. Thus, by considering Keynes's economic arguments, extensions, and reformulations of Keynesian theory, it is thought that a contribution can be made to the ongoing intellectual debates on how Keynes can and cannot be defined in an ideological context.

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References

  • Arın, T. (1988). Keynesçi akımlar: Keynesçiliğin krizi ve iç tartışmaları. İstanbul Üniversitesi İktisat Fakültesi Mecmuası, 45(1-4), 32-70.
  • Aspromourgos, T. (2009). John Maynard Keynes and the preservation of liberal capitalism. Australian Quarterly, 81(4), 17-24.
  • Atkinson, G. & Oleson Jr, T. (1998). Commons and Keynes: Their assault on laissez faire. Journal of Economic Issues, 32(4), 1019–1030.
  • Backhouse, R. E. & Bateman, B. W. (2009). Keynes and capitalism. History of Political Economy, 41(4), 645-671.
  • Barbaros, F. & Kozal, Ö. (2022). 1940’lı yıllarda dünya ve Türkiye ekonomisi. F. Barbaros & J. Zurcher (Ed.), Modernizmin yansımaları: 1940’lı yıllarda Türkiye (p. 86-112). Ankara: Efil.
  • Bell, D. (1982). The social sciences since the Second World War. Transaction Publishers.
  • Blaug, M. (1976). Kuhn versus Lakatos or paradigms versus research programs in the history of economics. S. J. Latsis (Ed.), Method and appraisal in economics .(p. 149–180). Cambridge: Cambridge University Press.
  • Bliss, C. (2017). The New Deal: A global history. The European Legacy, 22(4), 491–492.
  • Block, F. (1981). The fiscal crisis of the capitalist state. Annual Review of Sociology, 7, 1-27.
  • Brown, W. (2015). Undoing the demos: Neoliberalism’s stealth revolution. Zone Books.
  • Chase, R. (1981). The development of contemporary mainstream macroeconomics: Vision, ideology, and theory debate. Nebraska Journal of Economics and Business, 20(3), 5–36.
  • Colander, D. (2006). Post Walrasian Macroeconomics: Beyond the dynamic stochastic general equilibrium model. Cambridge University Press.
  • Collins, M. (1982). Unemployment in interwar Britain: still searching for an explanation. Journal of Political Economy, 90(2), 369–379.
  • Crotty, J. (2019). Keynes against capitalism: His economic case for liberal socialism. Routledge.
  • Davidson, P. (2009). The Keynes solution: The path to global economic prosperity. St. Martin's Press.
  • Day, C. (1920). Keynes' Economic Consequences of the Peace. The American Economic Review, 10(2), 299-312.
  • De Vroey, M. (2010). Lucas on the Lucasian transformation of macroeconomics: An Assessment. Mimeo.
  • De Vroey, M. (2019). Keynes’ten Lucas ve ötesine. E. N. Sinirlioğlu (Trs.). Koç University Publications.
  • Desai, M. (2016). Keynes ve seksen yıl sonra onun Genel Teorisi. İktisat ve Toplum, December, 74.
  • Duménil, G. & Lévy, D. (2014). The crisis of the early 21st century: Marxian perspectives. R. Bellofiore & G. Vertova (Eds.), The Great Recession and the contradictions of contemporary capitalism (p. 26-49). Edward Elgar Publishing.
  • Eaton, J. (2009). Keynes’e karşı Marx. T. Ok (Trs.). Evrensel.
  • Frey, B. S. (1978). Keynesian thinking in politico-economic models. Journal of Post Keynesian Economics, 1(1), 71–81.
  • Fuller, E. W. (2019). Was Keynes a socialist? Cambridge Journal of Economics, 43(6), 1653-1682.
  • Galbraith, J. K. (1975). Economics and the public purpose. Penguin Books.
  • Gamble, A. (2007). Keynes, Anglo-Amerika ve hegemonik istikrar teorisi (Trs. O. Etiman) Mülkiye, 31(256), 31-44.
  • Hardt, M. & Negri, A. (2007). Dionysos’un emeği. E. Başer (Trs.). İletişim.
  • Harris, S. E. (1948). The new economics: Keynes’ influence on theory and public policy. Dennis Dobson Books.
  • Heilbroner, R. L. (1984). Economics and political economy: Marx, Keynes, and Schumpeter. Journal of Economic Issues, 18(3), 681-695.
  • Hicks, J. (1939). Value and capital. Oxford University Press.
  • Hutchison, T. W. (1964). ‘Positive’ economics and policy objectives. London: Allen & Unwin.
  • Jay, D. (1947). The Socialist Case. Faber and Faber Books.
  • Jessop, B. (1996). Post-Fordism and the State. S. Amin (Ed.) Post-Fordism: A reader (p. 251–279). Blackwell Publisher, Oxford.
  • Jessop, B. (2015). Crises, crisis-management, and state restructuring: what future for the state?. Policy & Politics, 43(4), 475-492.
  • Jewkes, J. (1948). Ordeal by planning. MacMillan Publishers.
  • Johnson, H. G. (1971). The Keynesian revolution and the monetarist counter-revolution. The American Economic Review, 61(2), 1–14.
  • Kapstein, E. B. (1996). Workers and the world economy. Foreign Affairs, 75, 16.
  • Kaya, A. Y. & Peker, A. O. (2020). Yeni kurumsal iktisat, iktisat tarihini nasıl yazıyor? Eleştirel bir bakış. Praksis, 54, 245-305.
  • Keynes, J. M. (1919). [1971]. The collected writings of John Maynard Keynes. Volume 1: The Economic Consequences of the Peace. Macmillan Publishers.
  • Keynes, J. M. (1926). Laissez-Faire and communism. New Republic.
  • Keynes, J. M. (1930). A treatise on money. Harcourt Publisher.
  • Keynes, J. M. (1936). The general theory of employment, interest, and money. Macmillan Publishers.
  • Keynes J. M. (1936). [1964]. The general theory of employment, interest, and money. Harcourt Publisher.
  • Keynes, J. M. (1925). Am I a liberal?. Essays in Persuasion (p. 295-306). Macmillan Publishers.
  • Keynes, J. M. (2010). Genel teori: istihdam, faiz ve paranın genel teorisi. U. S. Akalın (Trs.). İstanbul: Kalkedon.
  • Klein, L. R. (1951). The life of John Maynard Keynes. Journal of Political Economy, 59(5), 443–451.
  • Klein, L. R. (2016). The Keynesian revolution. Springer.
  • Levitt, K. P. (2006). Keynes and Polanyi: The 1920s and the 1990s. Review of International Political Economy, 13(1), 152-177.
  • Marglin, S. (1988). Lessons of the golden age of capitalism. Auranen: Finland: WIDER.
  • Marx, K. (2011). Kapital I. A. Bilgi (Trs.). Ankara: Sol.
  • Moggridge, D. E. (1986). Keynes and his revolution from a historical perspective. Eastern Economic Journal, 12(4), 357–369.
  • Parker, R. E. (2007). Robert Lucas [Interview]. R.E. Parker (Ed.), The Economics of the great depression: A twenty-first century look back at the economics of the interwar period (p. 88–101). Edward Elgar Publishing.
  • Raico, R. (2008). Was Keynes a liberal?. The Independent Review, 13(2), 165–188.
  • Robinson, J. (1962). Economic philosophy. Penguin Books.
  • Rutherford, R. P. (1987). Malthus and Keynes. Oxford Economic Papers, 39(1), 175–189.
  • Screpanti, E. & Zamagni, S. (1993). An outline of the history of economic thought. Oxford University Press.
  • Sicsú, J. (2021). Keynes’s state planning: From Bolshevism to the general theory. The European Journal of the History of Economic Thought, 28(3), 352–374.
  • Skidelsky, R. (1983). John Maynard Keynes, volume one: Hopes Betrayed, 1883-1920. Macmillan Publishers.
  • Skidelsky, R. (1992). John Maynard Keynes: the economist as savior, 1920-1937. London: Macmillan Publishers.
  • Skidelsky, R. (1996). The influence of the Great Depression on Keynes’s ‘General Theory.’ History of Economics Review, 25(1), 78-87.
  • Skidelsky, R. (2003). Keynes. C. Atilla (Trs.). Altın Books.
  • Şaylan, G. (1995). Değişim küreselleşme ve devletin yeni düzeni. Ankara: İmge.
  • Therborn, G. (1989). İktidarın ideolojisi ve ideolojinin iktidarı. İ. Cüre (Trs.). İstanbul: İletişim
  • Thorsen, D. & Lie, A. (2010) What is neoliberalism?. Contemporary Readings in Law and Social Justice, 2(2), 188-214.
  • Tobin, J. (1977). How dead is Keynes?. Economic Enquiry, 15, 459–468.
  • Tomlinson, J. D. (1984). A “Keynesian Revolution” in economic policy-making?. The Economic History Review, 37(2), 258–262.
  • Toye, R. (2015). Keynes, liberalism, and ‘The emancipation of the mind.’ The English Historical Review, 130(546), 1162–1191.
  • Vercelli, A. (2010). Mr. Keynes and the liberals. R. Dimand, R. Mundell & A. Vercelli (Eds.), Keynes’s general theory after seventy years (p. 63-90). Palgrave Macmillan.
  • Winch, D. (1989). Keynes, Keynesianism and state intervention. P. A. Hall (Ed.), The political power of economic ideas: Keynesianism across nations (p. 107-127). Princeton, NJ: Princeton University Press.

Burjuva Ekonomist John Maynard Keynes'i Anlamak: Bir Siyasal İktisat Denemesi

Year 2025, Volume: 9 Issue: 1, 201 - 216, 25.02.2025
https://doi.org/10.25295/fsecon.1512706

Abstract

John Maynard Keynes, 20. yüzyılın en ünlü iktisatçılarından ve entelektüellerinden biridir. Keynes, siyasi öngörüsüyle kapitalizmi yeniden inşa etme ve kapitalist devleti yeniden şekillendirme konusunda önemli işler yapmıştır. Tarihsel süreçte Keynes hakkında pek çok görüş ortaya atılmıştır. Bu görüşlerin bir kısmı Keynes'in fikirlerini bir siyasi ve iktisadi sisteme ve doktrine (kapitalizm yanlısı veya sosyalizm yanlısı) oturtma güdüsünden hareket etmiştir. Keynes'in devlet müdahalesi yönündeki görüşleri onun sosyalist düşünce lideri olarak anılmasına neden olmuştur. Ancak gerçeğin bu olmadığı düşünülmektedir Çünkü Keynes'in kendi ideolojisi üzerine yazdığı yazılar bu noktada göz ardı edilemez. Keynes'in kapitalizme inandığı, burjuvazinin çıkarlarını savunduğu, dünya ölçeğinde kapitalist sermaye birikiminin sürdürülebilirliğini sağlamak için zaman zaman devlet aygıtına önem verdiği düşünülmektedir. Çalışma, tüm bu bağlamlarda Keynes'in ideolojik ve politik eğilimlerini incelemeyi ve bu noktada Keynesyen iktisadın bilinenlerin ötesinde bir portresini çizmeyi amaçlamaktadır. Böylece Keynes'in siyasi ve ekonomik argümanları, Keynesyen teorinin uzantıları ve yeniden formülasyonları dikkate alınarak, Keynes'in ideolojik bağlamda nasıl tanımlanabileceği ve tanımlanamayacağı konusunda süregelen entelektüel tartışmalara bir katkı sağlanabileceği düşünülmektedir.

Project Number

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References

  • Arın, T. (1988). Keynesçi akımlar: Keynesçiliğin krizi ve iç tartışmaları. İstanbul Üniversitesi İktisat Fakültesi Mecmuası, 45(1-4), 32-70.
  • Aspromourgos, T. (2009). John Maynard Keynes and the preservation of liberal capitalism. Australian Quarterly, 81(4), 17-24.
  • Atkinson, G. & Oleson Jr, T. (1998). Commons and Keynes: Their assault on laissez faire. Journal of Economic Issues, 32(4), 1019–1030.
  • Backhouse, R. E. & Bateman, B. W. (2009). Keynes and capitalism. History of Political Economy, 41(4), 645-671.
  • Barbaros, F. & Kozal, Ö. (2022). 1940’lı yıllarda dünya ve Türkiye ekonomisi. F. Barbaros & J. Zurcher (Ed.), Modernizmin yansımaları: 1940’lı yıllarda Türkiye (p. 86-112). Ankara: Efil.
  • Bell, D. (1982). The social sciences since the Second World War. Transaction Publishers.
  • Blaug, M. (1976). Kuhn versus Lakatos or paradigms versus research programs in the history of economics. S. J. Latsis (Ed.), Method and appraisal in economics .(p. 149–180). Cambridge: Cambridge University Press.
  • Bliss, C. (2017). The New Deal: A global history. The European Legacy, 22(4), 491–492.
  • Block, F. (1981). The fiscal crisis of the capitalist state. Annual Review of Sociology, 7, 1-27.
  • Brown, W. (2015). Undoing the demos: Neoliberalism’s stealth revolution. Zone Books.
  • Chase, R. (1981). The development of contemporary mainstream macroeconomics: Vision, ideology, and theory debate. Nebraska Journal of Economics and Business, 20(3), 5–36.
  • Colander, D. (2006). Post Walrasian Macroeconomics: Beyond the dynamic stochastic general equilibrium model. Cambridge University Press.
  • Collins, M. (1982). Unemployment in interwar Britain: still searching for an explanation. Journal of Political Economy, 90(2), 369–379.
  • Crotty, J. (2019). Keynes against capitalism: His economic case for liberal socialism. Routledge.
  • Davidson, P. (2009). The Keynes solution: The path to global economic prosperity. St. Martin's Press.
  • Day, C. (1920). Keynes' Economic Consequences of the Peace. The American Economic Review, 10(2), 299-312.
  • De Vroey, M. (2010). Lucas on the Lucasian transformation of macroeconomics: An Assessment. Mimeo.
  • De Vroey, M. (2019). Keynes’ten Lucas ve ötesine. E. N. Sinirlioğlu (Trs.). Koç University Publications.
  • Desai, M. (2016). Keynes ve seksen yıl sonra onun Genel Teorisi. İktisat ve Toplum, December, 74.
  • Duménil, G. & Lévy, D. (2014). The crisis of the early 21st century: Marxian perspectives. R. Bellofiore & G. Vertova (Eds.), The Great Recession and the contradictions of contemporary capitalism (p. 26-49). Edward Elgar Publishing.
  • Eaton, J. (2009). Keynes’e karşı Marx. T. Ok (Trs.). Evrensel.
  • Frey, B. S. (1978). Keynesian thinking in politico-economic models. Journal of Post Keynesian Economics, 1(1), 71–81.
  • Fuller, E. W. (2019). Was Keynes a socialist? Cambridge Journal of Economics, 43(6), 1653-1682.
  • Galbraith, J. K. (1975). Economics and the public purpose. Penguin Books.
  • Gamble, A. (2007). Keynes, Anglo-Amerika ve hegemonik istikrar teorisi (Trs. O. Etiman) Mülkiye, 31(256), 31-44.
  • Hardt, M. & Negri, A. (2007). Dionysos’un emeği. E. Başer (Trs.). İletişim.
  • Harris, S. E. (1948). The new economics: Keynes’ influence on theory and public policy. Dennis Dobson Books.
  • Heilbroner, R. L. (1984). Economics and political economy: Marx, Keynes, and Schumpeter. Journal of Economic Issues, 18(3), 681-695.
  • Hicks, J. (1939). Value and capital. Oxford University Press.
  • Hutchison, T. W. (1964). ‘Positive’ economics and policy objectives. London: Allen & Unwin.
  • Jay, D. (1947). The Socialist Case. Faber and Faber Books.
  • Jessop, B. (1996). Post-Fordism and the State. S. Amin (Ed.) Post-Fordism: A reader (p. 251–279). Blackwell Publisher, Oxford.
  • Jessop, B. (2015). Crises, crisis-management, and state restructuring: what future for the state?. Policy & Politics, 43(4), 475-492.
  • Jewkes, J. (1948). Ordeal by planning. MacMillan Publishers.
  • Johnson, H. G. (1971). The Keynesian revolution and the monetarist counter-revolution. The American Economic Review, 61(2), 1–14.
  • Kapstein, E. B. (1996). Workers and the world economy. Foreign Affairs, 75, 16.
  • Kaya, A. Y. & Peker, A. O. (2020). Yeni kurumsal iktisat, iktisat tarihini nasıl yazıyor? Eleştirel bir bakış. Praksis, 54, 245-305.
  • Keynes, J. M. (1919). [1971]. The collected writings of John Maynard Keynes. Volume 1: The Economic Consequences of the Peace. Macmillan Publishers.
  • Keynes, J. M. (1926). Laissez-Faire and communism. New Republic.
  • Keynes, J. M. (1930). A treatise on money. Harcourt Publisher.
  • Keynes, J. M. (1936). The general theory of employment, interest, and money. Macmillan Publishers.
  • Keynes J. M. (1936). [1964]. The general theory of employment, interest, and money. Harcourt Publisher.
  • Keynes, J. M. (1925). Am I a liberal?. Essays in Persuasion (p. 295-306). Macmillan Publishers.
  • Keynes, J. M. (2010). Genel teori: istihdam, faiz ve paranın genel teorisi. U. S. Akalın (Trs.). İstanbul: Kalkedon.
  • Klein, L. R. (1951). The life of John Maynard Keynes. Journal of Political Economy, 59(5), 443–451.
  • Klein, L. R. (2016). The Keynesian revolution. Springer.
  • Levitt, K. P. (2006). Keynes and Polanyi: The 1920s and the 1990s. Review of International Political Economy, 13(1), 152-177.
  • Marglin, S. (1988). Lessons of the golden age of capitalism. Auranen: Finland: WIDER.
  • Marx, K. (2011). Kapital I. A. Bilgi (Trs.). Ankara: Sol.
  • Moggridge, D. E. (1986). Keynes and his revolution from a historical perspective. Eastern Economic Journal, 12(4), 357–369.
  • Parker, R. E. (2007). Robert Lucas [Interview]. R.E. Parker (Ed.), The Economics of the great depression: A twenty-first century look back at the economics of the interwar period (p. 88–101). Edward Elgar Publishing.
  • Raico, R. (2008). Was Keynes a liberal?. The Independent Review, 13(2), 165–188.
  • Robinson, J. (1962). Economic philosophy. Penguin Books.
  • Rutherford, R. P. (1987). Malthus and Keynes. Oxford Economic Papers, 39(1), 175–189.
  • Screpanti, E. & Zamagni, S. (1993). An outline of the history of economic thought. Oxford University Press.
  • Sicsú, J. (2021). Keynes’s state planning: From Bolshevism to the general theory. The European Journal of the History of Economic Thought, 28(3), 352–374.
  • Skidelsky, R. (1983). John Maynard Keynes, volume one: Hopes Betrayed, 1883-1920. Macmillan Publishers.
  • Skidelsky, R. (1992). John Maynard Keynes: the economist as savior, 1920-1937. London: Macmillan Publishers.
  • Skidelsky, R. (1996). The influence of the Great Depression on Keynes’s ‘General Theory.’ History of Economics Review, 25(1), 78-87.
  • Skidelsky, R. (2003). Keynes. C. Atilla (Trs.). Altın Books.
  • Şaylan, G. (1995). Değişim küreselleşme ve devletin yeni düzeni. Ankara: İmge.
  • Therborn, G. (1989). İktidarın ideolojisi ve ideolojinin iktidarı. İ. Cüre (Trs.). İstanbul: İletişim
  • Thorsen, D. & Lie, A. (2010) What is neoliberalism?. Contemporary Readings in Law and Social Justice, 2(2), 188-214.
  • Tobin, J. (1977). How dead is Keynes?. Economic Enquiry, 15, 459–468.
  • Tomlinson, J. D. (1984). A “Keynesian Revolution” in economic policy-making?. The Economic History Review, 37(2), 258–262.
  • Toye, R. (2015). Keynes, liberalism, and ‘The emancipation of the mind.’ The English Historical Review, 130(546), 1162–1191.
  • Vercelli, A. (2010). Mr. Keynes and the liberals. R. Dimand, R. Mundell & A. Vercelli (Eds.), Keynes’s general theory after seventy years (p. 63-90). Palgrave Macmillan.
  • Winch, D. (1989). Keynes, Keynesianism and state intervention. P. A. Hall (Ed.), The political power of economic ideas: Keynesianism across nations (p. 107-127). Princeton, NJ: Princeton University Press.
There are 68 citations in total.

Details

Primary Language English
Subjects Theory of Economy, Political Economy, History of Economics (Other)
Journal Section Articles
Authors

Betül Sarı Aksakal 0000-0003-2668-364X

Project Number -
Publication Date February 25, 2025
Submission Date July 8, 2024
Acceptance Date September 12, 2024
Published in Issue Year 2025 Volume: 9 Issue: 1

Cite

APA Sarı Aksakal, B. (2025). Understanding Bourgeois Economist John Maynard Keynes: A Political Economy Essay. Fiscaoeconomia, 9(1), 201-216. https://doi.org/10.25295/fsecon.1512706

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