This book tells the story of the argument over the performance of the British economy in the period of depression between the two World Wars. It was an argument about policy, assessing what it was administratively feasible and technically sensible for government to attempt. Secondly, it was at crucial stages a political argument, challenging the conventional view of the economic role of the state and bringing political parties into electoral competition. Thirdly, it became an argument about economic theory, as the analysis of unemployment itself emerged as a professionally contentious matter. Keynes played a central role in each of these overlapping disputes and the book sets out to understand his ideas. It follows the course of the argument in which he was engaged - into the province of government, into the arena of politics, and into the discipline of economics - over a period of a dozen years. This is a scholarly study of one of the major thinkers of the 20th century.
`a bold and exciting book ... a gem of historical insight and scholarship, which glitters with striking phrases and images ... a much richer, more precise, context for the development of Keynes's ideas than anything we have had so far'
Robert Skidelsky, New Statesman and Society
`brilliant and meticulous essay ... He [Clarke] is to be congratulated on a scholarly tour de force'
`brilliant new study'
`The Keynesian Revolution in the Making leaves the reader with the feeling of having been a privileged fly on the wall as the new truths fell into place. Dr Clarke has put together a remarkable cocktail which mixes economic, political, intellectual and institutional history.'
`elegant and absorbing book ... It is skilfully constructed, utterly lucid, and therefore accessible to all students of Keynes, for whom it will be necessary reading'
London Review of Books
`In this brilliant new study ... Peter Clarke rescues the man from the monument, the thinker from the thought.
David Marquand, Times of India
`This book ranks among the very best on Keynes and deserves the widest audience.'
Times Literary Supplement
`the sensitive and subtle combination of close textual analysis and historical context make The Keynesian Revolution in the Making 1924-1936 essential reading for economists, and not just the specialist historians of economic thought who will find the ground familiar, though rarely covered with this clarity'
Roger Middleton, TLS
`The book will be exceedingly useful for both economists and economic historians. I liked it for two main reasons: first, for its clarity in describing the evolution of Keynes's thinking, and second, because the context and content of the debates in the late 1920s and early 1930s over the reconciliation of internal and external equilbrium have an uncanny contemporary ring about them, and history has lessons to teach.'
A.P. Thirlwall, University of Kent. THES
`a piece of detailed intellectual history upon which both economic and political historians will exercise their minds'
R.C. Whiting, University of Leeds, History No. 243 Feb 1990
`a masterly survey of the making of Keynes's General Theory'
Dennis Kavanagh, University of Nottingham, Political Studies
'an informative and perceptive chronology of the development of Keynes's theoretical analysis from 1924 to 1936 ... excellent and most readable account of the development of the most important economic ideas of the twentieth century'
Scottish Journal of Political Economy, Vol.37, No.4, November 1990
`Peter Clarke shows in this admirable book that original and interesting arguments are still to be made.'
Economic History Review
'Readers derive a clear sense of how Keynes' views evolved in response to events and criticisms. They better appreciate how this pragmatic man adapted his theoretical positions to events in the political arena.'
Barry Eichengreen, University of California, Berkeley, Journal of Interdisciplinary History
'Clarke's study of the Keynesian revolution is intellectual history of the highest order. Clarke's book ... is both clear and logical, and represents a major contribution to economic, intellectual and political history.'
G.C. Peden, University of Bristol, EHR Apr '92
List of plates; PART I: INTRODUCTION: Prologue: The Story of an Argument: Keynes before Keynesianism 1883-1924; PART II: SOUND FINANCE: Prologue to Part II: Rigid doctrines and flexible prices; The formulation of the treasury view 1925-1929; PART III; A REVOLUTION IN ECONOMIC POLICY/: Prologue to Part III: The politics of Keynesian economics 1924-1929; The Macmillan committe: the exposition of the Treatise; The bank under the harrow; The reformulation of the
treasury view 1929-1930; Rigid prices and flexible doctrines, I: public works; Rigid prices and flexible doctrines, II: free trade; PART IV: A REVOLUTION IN ECONOMIC THEORY: Prologue to Part IV: The Treatisde under the harrow; The making of the theory of effective demand; The impact of the theory of
effective demand; PART V: CONCLUSION: Keynes and Keynesianism; Bibliography; Index