The Infuriating Genius Literary Memorial Token To... (Press, 1 May 1971)

A recent publication has highlighted the significant impact of economist John Maynard Keynes, asserting that his influence since the printing press's invention exceeds that of any other social and economic thinker, particularly Karl Marx. The piece discusses the first four volumes of Keynes's "collected writings," released by the Royal Economic Society, which serve as a tribute to his contributions to economic thought and policy. While acknowledging that Leninism and Marxist principles are falsely claimed by socialists worldwide, capitalists and socialists alike enjoy the benefits of Keynes's theories without formally acknowledging him. Keynes is characterised as a brilliant but arrogant figure, whose sharp intellect often alienated peers. His single-mindedness allowed him to dominate discussions and push his ideas forward in economic policy, effectively reshaping macroeconomics during the critical periods of World War I and the post-war era. The published volumes include both his well-known works and private writings that illuminate his thoughts and conflicts during his early career. The first volume features Keynes's inaugural book, "Indian Currency and Finance," published in 1913, and the accompanying volume covers his early correspondence during his time with the India Office. His subsequent transition to the Treasury in 1914 marked a pivotal change, allowing him to reveal the broader implications of economic policy amid war efforts. Keynes's brilliance first showed as he proved that the Treasury's role extended beyond financing, making the case for effective resource management during wartime that still holds relevance today. However, despite his achievements, his views often placed him at odds with the British establishment, particularly with his critique of the 1919 Versailles Treaty process, which he predicted would lead to future conflict due to punitive reparations imposed on Germany. As he returned to Cambridge, he penned "The Economic Consequences of the Peace," which provided a piercing analysis of the events at Versailles and underscored the economic implications for Europe. This work was met with disdain by the British elite, resulting in Keynes being sidelined in economic policy for much of the 1920s, an oversight considered a tragedy given the economic turmoil of that decade. The article concludes with an anticipation of future volumes that will further delve into Keynes's experiences and influence in the economic landscape, shedding light on his formidable legacy. The publication of Keynes's writings is not just a restoration of his historical importance but a reminder of the profound relevance of his ideas in contemporary economic discourse.

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