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The Fall and Rise of Keynesian Economics$
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John Eatwell and Murray Milgate

Print publication date: 2011

Print ISBN-13: 9780199777693

Published to Oxford Scholarship Online: April 2015

DOI: 10.1093/acprof:osobl/9780199777693.001.0001

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The Economic Possibilities of Capitalism

The Economic Possibilities of Capitalism

Chapter:
(p.364) 19 The Economic Possibilities of Capitalism
Source:
The Fall and Rise of Keynesian Economics
Author(s):

John Eatwell

Murray Milgate

Publisher:
Oxford University Press
DOI:10.1093/acprof:osobl/9780199777693.003.0019

This chapter analyzes the similarities and differences in the roles John Maynard Keynes and Joseph Schumpeter played in the possibility and long-run efficacy of free-market capitalism. It begins by discussing Keynes and Schumpeter’s conceptualizations of the economic tendencies of modern industrial societies and the connection between the monetary mechanism and long-run economic performance, followed by Keynes and Schumpeter’s visions of the role of private investment in economic progress. The chapter concludes with a discussion of the scope for collective action in modern industrial society and the economic and cultural potentialities of capitalism and socialism.

Keywords:   John Maynard Keynes, Joseph Schumpeter, free-market capitalism, monetary mechanism, long-run economic performance, private investment, economic progress, capitalism, socialism

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