In this remarkable work, Robert Skidelsky unites his experience, knowledge and talents in a sweeping account of money and power James K. GalbraithThe dominant view in economics is that money and government should play only a minor role in economic life. Money, it is claimed, is nothing more than a medium of exchange and economic outcomes are best left to the invisible hand of the market. The view taken in this important new book is that the omnipresence of uncertainty make money and government essential features of any market economy. One reason we need money is because we dont know what the future will bring. Government good government makes the future more predictable and therefore reduces this kind of demand for money.After Adam Smith orthodoxy persistently espoused nonintervention, but the Great Depression of 192932 stopped the artificers of orthodox economics in their tracks. A precarious balance of forces between government, employers, and trade unions enabled Keynesian economics to emerge as the new policy paradigm of the Western world. However, the stagflation of the 1970s led to the rejection of Keynesian policy and a return to smallstate neoclassical orthodoxy. Thirty years later, the 2008 global financial crash was severe enough to have shaken the revamped classical orthodoxy, but, curiously, this did not happen. Once the crisis had been overcome by Keynesian measures taken in desperation the precrash orthodoxy was reinstated, undermined but unbowed. Since...

Binding: Paperback;512 pages; Publisher: Penguin Books Ltd; Classification: KCA; Weight: 470 g; Dimensions: 131 x 197 x 22

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