,*APT] #b 
,M>X & ,KEYNES 

,PEOPLE 3 

,AU?OR 3 ,PAUL ,MATTICK 

,TEXT 3 

,IT IS RA!R DIFFICULT TO REG>D ! !ORIES ( ,KEYNES AS A 
0REVOLUTION0 9 ECONOMIC ?\<T4 ,H[EV]1 ! T]M MAY BE US$ AT 
WILL1 & ! ,KEYNESIAN !ORY IS CALL$ A REVOLUTION>Y DOCTR9E 09 ! 
S5SE ?AT IT PRODUCES !ORETICAL RESULTS 5TIRELY DIFF]5T FROM ! BODY ( 
ECONOMIC ?\<T EXI/+ AT ! TIME ( ITS DEVELOPM5T40.<#a.> ,YET S9CE ?AT 
0BODY ( ?\<T10 WAS NEO-CLASSICAL EQUILIBRIUM !ORY1 
,KEYNES' 0REVOLT0 MAY BETT] BE REG>D$ AS A P>TIAL RETURN 
TO CLASSICAL !ORY4 ,& ?IS NOT)/&+ ,KEYNES' [N OPPOSITION TO 
CLASSICAL !ORY1 :I* 9 HIS /RANGE DEF9ITION1 9CLUD$ ! :OLE BODY ( 
ECONOMIC ?\<T FROM ,RIC>DO D[N TO HIS [N CONTEMPOR>IES4 

,AL?\< ,KEYNES REG>D$ HIMSELF AS AN ANTI-,RIC>DIAN1 HIS CRITICS SAW1 ( 
C\RSE1 ?AT HE TRI$ 0TO >RIVE AT ECONOMIC TRU? 9 ! MANN] ( 
,RIC>DO & HIS FOLL[]S0.<#b.> ?R\< HIS ANALYSIS 9 T]MS ( ECONOMIC 
AGGREGATES4 ,HIS FRI5DS CONCLUD$ ?AT1 BECAUSE ( ,KEYNES1 0! /UDY ( 
ECONOMIC AGGREGATES HAS TAK5 ITS PLACE 9 ! C5T] ( ECONOMIC SCI5CE1 & 
CAN NEV] AGA9 BE PU%$ TO ! P]IPH]Y :]E PRE-,KEYNESIAN ECONOMI/S LEFT 
IT - ONE DOES NOT UNDISCOV]$ ,AM]ICA40.<#c.> ,BUT ,KEYNES WAS NO ,COLUMBUS1 = ! 
CONCEPT ( ECONOMIC AGGREGATES DATES BACK TWO HUNDR$ YE>S TO ,QUESNAY'S 
,TABLEAU ECONOMIQUE1 TO ,RIC>DO & TO ,M>X4 

,IT WAS ,KEYNES' REJECTION ( ,SAY'S 0LAW ( ! 
M>KET0 :I* L5T HIS !ORY ! CONNOTATION1 
0REVOLUTION>Y40 ,ALMO/ SEV5TY-FIVE YE>S E>LI]1 ,M>X HAD 
PO9T$ \T ?AT ONLY AN ACCEL]AT$ CAPITAL EXPANSION ALL[S = AN 9CREASE 
( EMPLOYM5T4 ,! 0DULL & COMICAL 'PR9CE A LA 
SCI5CE1' ,J4 ,B4 ,SAY10 ,M>X DID NOT F9D WOR? OV]?R[+1 EV5 
?\< 0HIS CONT95TAL ADMIR]S HAVE TRUMPET$ HIM AS ! MAN :O 
UNE>!D ! TREASURE ( ! METAPHYSICAL BALANCE ( PUR*ASES & 
SALES40.<#d.> ,= 
,M>X1 ,SAY'S LAW ( ! M>KET WAS %E] NONS5SE 9 VIEW ( ! GR[+ 
DISCREPANCY BETWE5 ! PR(IT NE$S ( CAPITAL EXPANSION & ! 
RATIONALLY-CONSID]$ PRODUCTIVE REQUIREM5TS ( SOCIETY1 BETWE5 ! SOCIAL 
DEM& 9 CAPITALISM & ! ACTUAL SOCIAL NE$S2 & HE PO9T$ \T ?AT 
CAPITAL ACCUMULATION IMPLIES AN 9DU/RIAL RES]VE >MY ( UNEMPLOY$4 

,!RE IS A NECESS>Y CONNECTION BETWE5 ,M>X & ,KEYNES4 ,M>X ANTICIPAT$ 
,KEYNES' CRITICISM ( ! NEO-CLASSICAL !ORY ?R\< HIS [N CRITICISM 
( CLASSICAL !ORY2 & BO? M5 RECOGNIZ$ ! CAPITALI/ DILEMMA 9 A 
DECL9+ RATE ( CAPITAL =MATION4 ,BUT :ILE ,KEYNES DIAGNOS$ ITS CAUSE AS A 
LACK ( 9C5TIVE TO 9VE/1 ,M>X TRAC$ ! DILEMMA TO ITS F9AL BASE1 TO ! 
*>ACT] ( PRODUCTION AS PRODUCTION ( CAPITAL4 ,IT IS RA!R 
A/ONI%+1 !N1 TO F9D ,KEYNES RELEGAT+ ,M>X TO ! 0UND]WORLD ( 
ECONOMIC ?\<T TOGE!R ) ,SILVIO ,GESELL & ,MAJOR ,D\GLAS40.<#e.> ,?\< HE WAS READY TO 
LE>N FROM ! 0UND]WORLD10 AS IS DEMON/RAT$ BY HIS AFF9ITY 
) ! IDEAS ( ,GESELL1 ,KEYNES HELD 0?AT ! FUTURE WILL LE>N MORE 
FROM ! SPIRIT ( ,GESELL ?AN ?AT ( ,M>X40 ,HE ?\<T SO1 HE SAID1 
BECAUSE1 UNLIKE ,GESELL1 ,M>X BAS$ HIS !ORIES 0ON AN ACCEPTANCE ( ! 
CLASSICAL HYPO!SIS1 & ON AN UNFETT]+ ( COMPETITION 9/EAD ( ITS 
ABOLITION40.<#f.> 

,EV5 A SUP]FICIAL /UDY ( ,CAPITAL W\LD HAVE %[N ,KEYNES 
?AT ,M>X'S !ORIES1 :I* HE CONSID]$ 0ILLOGICAL1 OBSOLETE1 
SCI5TIFICALLY ]RONE\S1 & )\T 9T]E/ OR APPLICATION TO ! MOD]N 
WORLD10.<#g.> L$ TO 
CONCLUSIONS (T5 QUITE SIMIL> TO ?OSE ?AT CON/ITUTE ! 
0REVOLUTION>Y0 CONT5T ( HIS [N REASON+4 ,HE DID NOT /UDY ,M>X 
S]I\SLY BECAUSE HE ID5TIFI$ ,M>X'S !ORIES ) ?OSE ( ! 
CLASSICI/S4 ,9 A LETT] TO ,G4 ,B4 ,%AW1 ,KEYNES RELAT$ ?AT HE 0MADE 
ANO!R %OT AT OLD ,K>L ,M>X 444 READ+ ! ,M>X-,5GELS 
,CORRESPOND5CE10 BUT HE /ILL FAIL$ TO DISCOV] ANY?+ 0BUT 
\T-(-DATE CONTROV]SIALZ+40 ,HE ALSO TOLD ,%AW ?AT HE HIMSELF IS 
0WRIT+ A BOOK ON ECONOMIC !ORY :I*1 WILL L>GELY REVOLUTIONIZE 
- NOT AT ONCE BUT 9 ! C\RSE ( ! NEXT T5 YE>S - ! WAY ! 
WORLD ?9KS AB\T ECONOMIC PROBLEMS4 ,!RE WILL BE A GREAT *ANGE1 &1 9 
P>TICUL>1 ! ,RIC>DIAN F\NDATIONS ( ,M>XISM WILL BE KNOCK$ 
AWAY40.<#h.> ,BY 
OPPOS+ ! 0CLASSICAL !ORY10 ,KEYNES ?\<T HE WAS OPPOS+ 
,M>XISM AS WELL4 .<#i.> ,9 
REALITY1 H[EV]1 HE DEALT ) NEI!R ( !SE !ORIES1 BUT /RUCK AT ! 
NEO-CLASSICAL M>KET !ORY :I* NO LONG] HAD ANY SIGNIFICANT CONNECTION ) 
! IDEAS ( ,RIC>DO4 

,KEYNES PREF]R$ ,GESELL TO ,M>X BECAUSE HE FAVOR$ ECONOMIC POLICIES1 
P>TICUL>LY 9 ! MONET>Y & FISCAL FIELDS1 :I* HE ?\<T CAPABLE ( 
ALLEVIAT+ ! ECONOMIC ILLS ( CAPITALISM )\T ALT]+ ITS BASIC SOCIAL 
/RUCTURE4 ,M>X1 ?\< DEAL+ ) MONET>Y QUE/IONS EXHAU/IVELY1 
EMPHASIZ$ ! EXTRA-MONET>Y ASPECTS ( ! ECONOMY4 ,9 HIS VIEW1 MONEY 
QUE/IONS C\LD BE UND]/OOD ONLY 9 ! LI<T ( ! CAPITALI/ RELATIONS ( 
PRODUCTION1 :I* >E RELATIONS 0BAS$ ON ! CLASS DI/9CTION BETWE5 
BUY]S & SELL]S ( LABOR P[]4 ,IT IS NOT MONEY :I* BY ITS NATURE CREATES 
?IS RELATION2 IT IS RA!R ! EXI/5CE ( ?IS RELATION :I* P]MITS ( ! 
TRANS=MATION ( A M]E MONEY-FUNCTION 9TO A CAPITAL FUNCTION40.<#a.> ,& ONLY 9 ?IS 
LATT] S5SE IS IT ( CONTEMPOR>Y 9T]E/4 

,ACCORD+ TO ,M>X1 MONEY IS IMPORTANT NOT AS A MEASURE ( VALUE & A M$IUM 
( EX*ANGE1 BUT BECAUSE IT IS ! 09DEP5D5T =M ( ! EXI/5CE ( 
EX*ANGE-VALUE40 ,9 ! CAPITALI/ CIRCULATION PROCESS1 VALUE ASSUMES AT 
ONE TIME ! =M ( MONEY & AT ANO!R ?AT ( O!R COMMODITIES4 ,9 ! 
=M ( MONEY IT PRES]VES & EXP&S ITSELF4 ,! M>KET ECONOMY & CAPITAL 
ACCUMULATION >E BESET ) DIFFICULTIES :I* APPE> AS MONET>Y TR\BLES4 ,! 
BUY+ & SELL+ PROCESS ITSELF1 BY PROVID+ MONEY ) TWO DIFF]5T 
FUNCTIONS1 CONTA9S A CRISIS ELEM5T1 AS ! SELL] IS NOT =C$ TO BUY BUT 
MAY RETA9 HIS WEAL? 9 MONEY =M4 ,AN EXI/+ QUANTITY ( MONEY1 IF NOT 
L>GE 5\< TO S]VE AS ADDITIONAL CAPITAL1 MAY NECESSITATE A P]IOD ( 
HO>D+1 :I* MAY ALSO CON/ITUTE AN ELEM5T ( CRISIS4 ,A RELATIVE LACK AS 
WELL AS A RELATIVE ABUNDANCE ( CAPITAL MAY LEAD TO ECONOMIC DIFFICULTIES :I* 
WILL APPE> AS A CRISIS ( ! MONEY SY/EM4 

,! NE$ TO AMASS MONEY BY HO>D+ 9 ORD] TO ACCUMULATE IT AS PRODUCTIVE 
CAPITAL WAS L>GELY ELIM9AT$ BY ! DEVELOPM5T ( ! BANK+ & CR$IT 
SY/EM4 ,! POOL+ ( MONEY RES\RCES HELP$ EXT5D 9DU/RIAL & COMM]CIAL 
OP]ATIONS4 ,! 9CREAS+LY MORE SPECULATIVE *>ACT] ( CAPITAL PRODUCTION 
5HANC$ ! IRRATIONAL ASPECTS ( CAPITAL COMPETITION BY PRODUC+ 
MAL-9VE/M5TS & OV]-9VE/M5TS4 ,( C\RSE1 !SE ACTIVITIES W]E NOT 
CONSID]$ 0SPECULATIVE0 9 A D]OGATORY S5SE1.<#a#a.> AS IT WAS ! 
PRESUM$ FUNCTION ( F9ANCIAL CAPITAL TO 0ANTICIPATE0 FUR!R 
DEVELOPM5T & TO 0CREATE0 ! CONDITIONS = AN ACCEL]AT$ 
CAPITAL =MATION4 ,!RE CAN EXI/1 H[EV]1 A /RICTLY MONET>Y CRISIS DUE TO 
! RELATIVELY 9DEP5D5T MOVEM5T ( MONEY 9 ! =M ( F9ANCE CAPITAL4 
,ACCORD+LY1 ,KEYNES DI/+UI%$ BETWE5 0F9ANCE0 & 
09DU/RY10 FAVOR+ ! LATT] & DEF9+ ! =M] AS ! 
BUS9ESS ( ! MONEY-M>KET1 SPECULATION1 /OCK-EX*ANGE ACTIVITIES1 & ! 
F9ANC+ ( PRODUCTION4 ,AL?\< HE HELD ?AT 0SPECULATORS MAY DO NO 
H>M AS BUBBLES ON A /EADY /REAM ( 5T]PRISE10 HE F\ND ! SITUATION 
0S]I\S :5 5T]PRISE BECOMES ! BUBBLE ON A :IRLPOOL ( 
SPECULATION40.<#a#b.> 

,?IS DI/9CTION BETWE5 09DU/RY0 & 0F9ANCE10 
BETWE5 0PRODUCTIVE0 & 0P>ASITICAL0 CAPITAL IS AS 
OLD AS CAPITALISM ITSELF & GAVE RISE TO A PSEUDO-/RUGGLE AGA9/ 
09T]E/-SLAV]Y0 & IRRESPONSIBLE SPECULATORS4 ,?IS /RICTLY 
9TRA-CAPITALI/ AFFAIR IS N[ L>GELY A ?+ ( ! PA/1 = ! FUSION ( 
9DU/RY & F9ANCE IS SO COMPLETE AS TO EXCLUDE A 0MORAL0 
DI/9CTION BETWE5 !M4 ,BUT EV5 PREVI\SLY1 NOT ONLY ! F9ANCI]S BUT ALL 
CAPITALI/S SAW PRODUCTION 0M]ELY AS A NECESS>Y EVIL ( 
MONEY-MAK+40 ,& ?\< PR(ITS >ISE \T ( ! PROCESS ( PRODUCTIONS 
ATTEMPTS W]E ALWAYS MADE 0TO MAKE MONEY )\T ! M$IATION ( ! 
PROCESS ( PRODUCTION40.<#a#c.> ,P>TICUL>LY DUR+ TIMES ( 0IDLE0 
CAPITAL & A SLACK5+ RATE ( 9VE/M5TS1 CAPITALI/S 9CREASE !IR 
EF=TS TO MAKE MONEY AT ! EXP5SE ( O!R MONEY- & TITLE-HOLD]S BY 
F9ANCIAL MANIPULATIONS & /OCK-M>KET ACTIVITIES4 

,SPECULATION MAY 5HANCE CRISIS SITUATIONS BY P]MITT+ ! FICTITI\S 
OV]-EVALUATION ( CAPITAL1 :I* !N CANNOT SATISFY ! PR(IT CLAIMS B\ND 
UP ) IT4.<#a#d.> ,BUT 
SPECULATIVE 0MONEY-GA9S0 REPRES5T SO MANY 
0MONEY-LOSSES02 UNLESS SPECULATION S]VES AS AN 9/RUM5T ( 
CAPITAL CONC5TRATION IT REPRES5TS ONLY A R$I/RIBUTION ( ! AVAILABLE 
EX*ANGE-VALUE4 ,! CONC5TRATION ( WEAL? IS ECONOMICALLY MEAN+LESS UNLESS 
IT IS ACCOMPANI$ BY A REORGANIZATION ( ! CAPITAL /RUCTURE :I* LEADS TO 
ITS FUR!R EXPANSION4 

,! DIVISION ( SURPLUS-VALUE 7PR(ITS7 BETWE5 0ACTIVE0 & 
09ACTIVE0 CAPITALI/S1 ( :I* ,KEYNES MADE SO MU*1 IS = ,M>X 
ONLY A P>T ( ! G5]AL COMPETITION = ! L>GE/ POSSIBLE %>E ( ! 
SOCIAL SURPLUS-VALUE BY ALL CAPITALI/S & ALL ?OSE LIV+ ON ! 
SURPLUS-PRODUCT4 ,HE DID NOT D\BT ?AT UND] DEF9ITE CONDITIONS A L[]+ ( 
9T]E/ RATES W\LD AFFECT 9VE/M5TS' POSITIVELY4 ,= IF TOO MU* ( 
! REALIZ$ PR(ITS GOES 9TO ! H&S ( ! MONEY-L5D]S1 5TREPR5EURS 
WILL BE LESS APT TO EXP& PRODUCTION4 ,BUT NO G5]ALIZATION REG>D+ ! 
BEHAVIOR & ! IMPORTANCE ( ! RATE ( 9T]E/ CAN BE BAS$ ON ?IS 
POSSIBILITY4 ,HI< 9T]E/ RATES >E NOT 9COMPATIBLE ) HI< RATES ( 
PR(IT4 ,:5 ALL IS WELL 9 ! SPH]E ( PR(IT PRODUCTION1 A RELATIVELY HI< 
RATE ( 9T]E/ WILL NOT HAMP] CAPITAL =MATION4 ,IT MAY EV5 QUICK5 ITS 
PACE1 IF PRODUCTIVITY DEVELOPS FA/ 5\< TO SATISFY BO? LOAN CAPITAL & 
PRODUCTIVE CAPITAL4 ,9 FACT1 ! RATE ( 9T]E/ MAY RISE OR FALL ) A 
DECL9E ( PR(ITS AS WELL AS ) A RISE ( PR(ITABILITY1 = 9 EI!R CASE 
! DEM& = MONEY MAY EXCE$ ! SUPPLY OR VICE V]SA4 

,9T]E/ IS = ,M>X ONLY A PORTION ( ! AV]AGE PR(IT4 ,IT RESULTS FROM 
! FACT ?AT CAPITAL APPE>S 9 TWO ROLES - AS LOANABLE CAPITAL 9 ! 
H&S ( ! L5D] & AS 9DU/RIAL CAPITAL 9 ! H&S ( ! 
5TREPR5EURS4 ,AS CAPITAL1 H[EV]1 IT FUNCTIONS ONLY ONCE1 & ONLY 
ONCE CAN IT PRODUCE PR(ITS4 ,ASIDE FROM R5T1 ?IS PR(IT IS !N DIVID$ 9TO 
PR(IT & 9T]E/4 ,! DIVISION IS (T5 >BITR>Y & DOES NOT AFFECT ! 
BASIC PROBLEMS ( CAPITAL PRODUCTION4 ,BE+ G5]ALLY LIMIT$ BY ! RATE ( 
PR(IT1 ! RATE ( 9T]E/ CANNOT HAVE ! SIGNIFICANCE ASSIGN$ TO IT BY 
MONET>Y !ORY4 

,) REG>D TO 9T]E/ RATE PROBLEMS1 IT WAS NOT ,KEYNES' BUT 
,M>X'S PO9T ( VIEW :I* F\ND ITS V]IFICATION 9 ! CRISIS 
SITUATION4 ,A DECADE ( FALL+ 9T]E/ RATES AFT] #aibi DID NOT AFFECT 
9VE/M5T DECISIONS S]I\SLY4 ,9T]E/-RATE MANIPULATION CEAS$ TO BE 
REG>D$ AS A MA9 9/RUM5T = ! CONTROL ( BUS9ESS ACTIVITIES1 & 
09 ! ACADEMIC VIEW IT SEEMS ?AT ! IMPORTANCE ( ! RATE ( 
9T]E/ WAS V]Y MU* EXAGG]AT$ 9 TRADITIONAL !ORY1 & ?AT ,M>X WAS 
AFT] ALL NOT MU* AT FAULT 9 NEGLECT+ IT ALTOGE!R40.<#a#e.> ,SOON IT WAS QUITE 
WIDELY ACKN[L$G$ ?AT 9VE/M5T DECISIONS >E SELDOM BAS$ ON 
CONSID]ATIONS ( ! M>KET-RATE ( 9T]E/.<#a#f.> & ?AT ! 0FL[ ( SAV+S APPE>S TO BE 
9FLU5C$ 9 MOD]N CONDITIONS ONLY TO A RELATIVELY MODE/ EXT5T BY ! LEVEL 
( 9T]E/ RATES40.<#a#g.> 

,KEYNES HIMSELF WAS F9ALLY =C$ TO CONC$E ! ECONOMIC LIMITATIONS ( 
9T]E/-RATE MANIPULATIONS2 & HE DECID$ ?AT 0! COLLAPSE 9 ! 
M>G9AL EFFICI5CY ( CAPITAL MAY BE SO COMPLETE ?AT NO PRACTICAL R$UCTION 
9 ! RATE ( 9T]E/ WILL BE 5\<0.<#a#h.> TO /IMULATE 9VE/M5TS4 0,) M>KETS 
ORGANIZ$ & 9FLU5C$ AS !Y >E10 HE WROTE1 0! M>KET 
E/IMATION ( ! M>G9AL EFFICI5CY ( CAPITAL MAY SUFF] SU* 5ORM\S 
FLUCTUATIONS ?AT IT CANNOT BE SUFFICI5TLY (FSET BY CORRESPOND+ 
FLUCTUATIONS 9 ! RATE ( 9T]E/40 .<#a#i.> ,FROM ?IS HE CONCLUD$ ?AT IT MAY BE NECESS>Y 
= ! GOV]NM5T TO CONTROL & GUIDE 9VE/M5TS DIRECTLY4 

,PRIOR TO ,KEYNES !RE W]E ONLY TWO S*OOLS ( ECONOMICS2 OR1 RA!R1 !RE 
WAS ONLY B\RGEOIS ECONOMY & ITS ,M>XI/ CRITIQUE4 ,TO BE SURE1 B\RGEOIS 
ECONOMY COMPRIS$ A V>IETY ( VIEWPO9TS AB\T ! DIFFICULTIES >IS+ )9 
! SY/EM & ! MEANS ( OV]COM+ !M4 ,!RE W]E !ORETICAL DEVIATIONS 
FROM ! G5]ALLY-HELD POSITION ( LAISSEZ-FAIRE4 ,SOME ( !M 
RELAT$ TO ! SPECIFIC & *ANG+ NE$S ( P>TICUL> CAPITALI/ GR\PS 
)9 ! CAPITALI/ SY/EM2 SOME DISCUSS$ ! PROBLEMS CREAT$ BY ! 
DIFF]5CES BETWE5 ! CAPITALI/ NATIONS )9 ! WORLD ECONOMY4 ,ALL ( 
!M1 H[EV]1 TOOK ! GIV5 CAPITALI/ SY/EM ( PRODUCTION = GRANT$2 !Y 
DID NOT ATTACK PR(IT PRODUCTION1 PRIVATE PROP]TY OR ! COMPETITIVE 
ACCUMULATION ( CAPITAL4 ,AGA9/ SU* CRITICS LAISSEZ-FAIRE !ORY 
C\LD HOLD ITS [N1 AS LONG AS ! M>KET RELATIONS SEEM$ TO PRODUCE SOME K9D 
( ACTUAL ECONOMIC ORD]4 

,BUT ! GREAT ECONOMIC & SOCIAL UPHEAVALS ( TW5TIE? C5TURY CAPITALISM 
DE/ROY$ CONFID5CE 9 LAISSEZ-FAIRE'S VALIDITY4 ,M>X'S CRITIQUE 
( B\RGEOIS SOCIETY & ITS ECONOMY C\LD NO LONG] BE IGNOR$4 ,! 
OV]PRODUCTION ( CAPITAL ) ITS DECL9+ PR(ITABILITY1 LACK ( 
9VE/M5TS1 OV]PRODUCTION ( COMMODITIES & GR[+ UNEMPLOYM5T1 ALL 
PR$ICT$ BY ,M>X1 WAS ! UND5IABLE REALITY & ! OBVI\S CAUSE ( ! 
POLITICAL UPHEAVALS ( ! TIME4 ,TO SEE !SE EV5TS AS TEMPOR>Y DISLOCATIONS 
?AT SOON W\LD DISSOLVE !MSELVES 9 AN UPW>D TURN ( CAPITAL PRODUCTION DID 
NOT ELIM9ATE ! URG5T NE$ = /ATE 9T]V5TIONS TO R$UCE ! DEP? ( 
! DEPRESSION & TO SECURE SOME MEASURE ( SOCIAL /ABILITY4 ,KEYNES' 
!ORY FITT$ ?IS SITUATION4 ,IT ACKN[L$G$ ,M>X'S ECONOMIC PR$ICTIONS 
)\T ACKN[L$G+ ,M>X HIMSELF1 & REPRES5T$1 9 ITS ESS5TIALS & 9 
B\RGEOIS T]MS1 A K9D ( WEAK] REPETITION ( ! ,M>XIAN CRITIQUE2 &1 ITS 
PURPOSE WAS TO >RE/ CAPITALISM'S DECL9E & PREV5T ITS POSSIBLE 
COLLAPSE4 

#a4 ,L4 ,R4 ,KLE91 ,! ,KEYNESIAN ,REVOLUTION1 ,NEW ,YORK1 #a#i#d#g14 ,V,I,I 

#b4 ,A4 ,F4 ,BURNS1 ,ECONOMIC ,RESE>* & ! ,KEYNESIAN ,?9K+ ( \R ,TIME1 ,NEW ,YORK1 #a#i#d#f1 P4 #d4 

#c4 ,! ,ECONOMI/1 ,LONDON1 ,JANU>Y #b#g1 #a#i#e#a4 

#d4 ,K4 ,M>X1 ,A ,CONTRIBUTION TO ! ,CRITIQUE ( ,POLITICAL ,ECONOMY1 ,*ICAGO1 #a#i#d1 P4 #a#b#c4 

#e4 ,! ,G5]AL ,!ORY1 P4 #c#b4 

#f4 ,IBID41 P4 #c#e#e4 

#g4 ,J4 ,M4 ,KEYNES1 ,LAISSEZ-,FAIRE & ,COMMUNISM1 P4 #d#h4 

#h4 ,R4 ,F4 ,H>ROD1 ,! ,LIFE ( ,JOHN ,MAYN>D ,KEYNES1 P4 #dfb 

#i4 ,CLASS LOYALTY ITSELF OPPOS$ ,KEYNES TO ,M>X3 0,:5 IT COMES TO ! CLASS /RUGGLE AS SU*10 HE WROTE1 0MY LOCAL & P]SONAL PATRIOTISM 444 >E ATTA*$ TO MY [N SURR\ND+S4 ,I CAN BE 9FLU5C$ BY :AT SEEMS TO ME TO BE ,JU/ICE & GOOD S5SE2 BUT ! CLASS W> WILL F9D ME ON ! SIDE ( ! $UCAT$ B\RGEOISIE40 - ,ESSAYS 9 ,P]SUASION1 ,LONDON1 #a#i#c#a1 P4 #cbd 

#a4 ,CAPITAL1 ,VOL4 ,I,I1 P4 #c#i4 

#a#a4 ,EV5 :5 HIS ACTIVITIES >E CONSID]$ 9 A D]OGATORY S5SE1 ! SUCCESSFUL CAPITALI/1 SPECULATOR1 & F9ANCI] BECOMES A B5EFACTOR ( ! NATION4 ,S4 ,H4 ,HOLBROOK1 = EXAMPLE1 WRITES ?AT ALMO/ EV]Y ONE ( ! GREAT ,AM]ICAN MOGULS W\LD UND] PRES5T-DAY RULES FACE A GOOD HUNDR$ YE>S 9 PRISON4 ,YET1 HE BELIEVES 0?AT NO MATT] H[ !SE M5 ACCUMULAT$ !IR =TUNES1 !IR TOTAL ACTIVITIES W]E ( ! GREATE/ 9FLU5CE 9 BR++ ! ,UNIT$ ,/ATES TO ITS PRES5T 9COMP>ABLE POSITION 9 ! WORLD ( BUS9ESS & 9DU/RY40 - ,! ,AGE ( ! ,MOGULS1 ,NEW ,YORK1 #a#i#e#c1 P4 ,X4 

#a#b4 ,! ,G5]AL ,!ORY1 P4 #a#e#i4 

#a#c4 ,CAPITAL1 ,VOL4 ,I,I1 P4 #a#e#i4 

#a#d4 ,ONCE IT BECOMES EASI] = PEOPLE TO MAKE MONEY FA/] BY BUY+ DU ,PONT /OCK ?AN ! DU ,PONT ,CORPORATION CAN MAKE MONEY BY PRODUC+ NYLON1 DACRON1 & *EMICALS1 !N IT IS TIME TO WAT* \T4 ,! ,S5ATE ,BANK+ ,COMMITTEE'S ,REPORT ON ITS ,/OCK ,M>KET ,SURVEY4 ,! ,NEW ,YORK ,TIMES1 ,MAY0#b#g1 #a#i#e#e4 

#a#e4 ,J4 ,ROB9SON1 ,AN ,ESSAY ON ,M>XIAN ,ECONOMICS1 ,LONDON1 #a#i#d#b1 P4 #h#d4 

#a#f4 ,! ,BRITI% ,COMMITTEE ON ! ,WORK+ ( ! ,MONET>Y ,SY/EM 7,RADCLIFFE ,REPORT7 CAME TO ! CONCLUSION ?AT ! MONET>Y MEANS AFFECT+ ! RATE ( 9T]E/ >E BY !MSELVES QUITE 9CAPABLE ( /IMULAT+ ! ECONOMY & HAVE MEAN+ ONLY 9 CONNECTION ) A G5]AL ECONOMIC POLICY :I* 9CLUDES FISCAL MEASURES & DIRECT PHYSICAL CONTROLS4 ,CUMD4 #h#b#g1 ,LONDON1 #a#i#e#i4 

#a#g4 ,! ,/ATI/1 ,LONDON1 ,SEPTEMB] #b#d1 #aiee 

#a#h4 ,! ,G5]AL ,!ORY1 P4 #c#a#f4 

#a#i4 ,IBID41 P4 #c#b4 

,FROM 3 ,M>XI/S4ORG4 

,*RONOLOGY 3 
,M>* #b1 #bba 3 ,*APT] #b -- ,ADD$4 

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