He was my hero, my idol, my inspiration. For a while now, I have been completely in awe of his ideas and his propositions. I have always held him in a very high pedestal not only for his academic success, but also for his extraordinary vision. I am talking about John Maynard Keynes-the author of the most talked about book on economics -The General Theory of Employment, Interest and Money. He is often hailed as one of the greatest economist of last century. But for me, with, I might add very limited exposure to his work, he was a thinker and a philosopher, who attempted to introduce the world to a new way of thinking. His contributions came during times of great economic instability and political turmoil. He was concerned about the deep economic recession that the world was facing during the interwar period, which is often referred to as the great depression. He noticed that the existing economic system (read capitalism) had lost its ability to ensure a smooth functioning of the society. He went on to suggest ways in which government intervention would lead to less unemployment and an increase in effective demand, thus stimulating the economy.
When I was an undergraduate student, I found his views to be not only theoretically grounded but also fantastically radical. I thought, here is a person, who had seen the flaws of the very society he was a part of and had successfully demonstrated to the world, the alternative to a capitalist way of functioning. He paved the way for the next fifty years of economic planning for a majority of the world, in particular the developing nations. Above all, I imagined him to be a progressive thinker who looked beyond his own status to better the lives of the general population.
However, recently, I came across some literature, which has effectively shattered this image. As per the new evidence, Keynes was a supporter of capitalism. He understood the flaws of this system, but, was of the opinion that one needs to take corrective steps to ensure that this structure of the society is maintained. To do this, he suggested regulatory body, which would look into the functioning of the big enterprises, so that they would not indulge into cut throat competition, which would eventually lead to a decline of capitalism. Of course, this regulatory body would include the elite of the society, who are more "intelligent" and "able" to look after the needs of the rest of the society. If in the process one needs to shake hands with the labour unions (which formed the majority of the British population as this time.), one might consider doing so. In short, Keynes's main purpose was, as one of my Professors puts it, " to clean the mess of capitalism and give capitalism a new look."
Of course, I am not anti-capitalism. But yes, I do have problems with some of the results of capitalism in modern world. For me Keynes was not a hero because I thought him to be an anti-capitalist, but because he managed to see beyond the ongoing popular academic and political view. But, with the introduction of the recent literature one can clearly see that all Keynes was trying to do is save the old order of the society with new ways.
But, does it take away all the credit from Keynes? Why is it that when we think of our heros or idols, we imagine them to be flawless, almost god-like characters? Why is it that we cannot accept our heros as humans who are susceptible to worldly influences? So why is it that we feel upset, when we find out that our favourite professor is a politically motivated individual? Does this make the professor any less of a teacher-the very trait which made her our favourite in the first place? Why do we feel betrayed when our favourite author gets arrested for financial fraud? Does his criminal recored make him any less of a writer? Does Keynes being a capitalist take anything away from his theory? No, it doesn't. General theory is still one of the best books and his ideas on government intervention has helped many developing countries come out of their state of less development.
I guess, when we see any flaws in our heros, we suddenly realize that these heros are just people like you and me. These are ordinary people with some extraordinary traits. Their ideas or views might me immortal, but they certainly aren't. As Keynes says, " In the long run....WE all are dead".
Of course, I am upset and disappointed, but is that Keynes's fault or mine? I guess the answer is obvious..
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