Tuesday, August 21, 2007
Keynes on Capitalism
Since it's not up on the net, according to Google, here's a terrific quote from the famous economist Keynes:
“Modern capitalism”, [Keynes] wrote a few years before the Great Slump, “is absolutely irreligious, without internal union, without much public spirit, often, though not always, a mere congeries of possessors and pursuers. Such a system has to be immensely, not merely moderately, successful to survive.”
- John Maynard Keynes quoted in Harper's Magazine, November 2001, p 82, in a review of Robert Skidelsky's biography: reviewer Nicholas Fraser.
A suitable epitaph for hippiedom I suppose, though it was written decades before.
“Modern capitalism”, [Keynes] wrote a few years before the Great Slump, “is absolutely irreligious, without internal union, without much public spirit, often, though not always, a mere congeries of possessors and pursuers. Such a system has to be immensely, not merely moderately, successful to survive.”
- John Maynard Keynes quoted in Harper's Magazine, November 2001, p 82, in a review of Robert Skidelsky's biography: reviewer Nicholas Fraser.
A suitable epitaph for hippiedom I suppose, though it was written decades before.
Comments:
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Hi, you sent me an email about a year ago with the subject: Subject: Re: Sane, also helmith-bispecies-curious
I was just re reading old emails and came to your site again.
Congratulations, intelligence is rare, and nowhere rarer than on blogs.
Just one thing I would suggest, you are obviously brilliant, but you often do not take the time to completely explain, or provide context for, your reasoning. It can be hard to understand what you are saying because you take too much for granted.
For instance actually quoting some of what you have read, or paraphrasing it at least, to provide us context, would be wonderful. I read part of Das Kapital as a teenager, but found it turgid and did not finish it. That is my limit for reading Marx and quite probably that is above average.
I did Economics as an A Level in 1986 with the AEB, I got an A grade when the rate at which the AEB had passed out A's was 1.5%, so I am no dummy. But I have had trouble understanding everything you have written despite my, quite obvious, brilliance.
I like your blog, you can expect me to be a frequent visitor, keep up the great work.
jasper@autoimmunetherapies.com
I went ahead and turned my Cameroon adventure into a business.
http://autoimmunetherapies.com
Let me know what you think.
Jasper
I was just re reading old emails and came to your site again.
Congratulations, intelligence is rare, and nowhere rarer than on blogs.
Just one thing I would suggest, you are obviously brilliant, but you often do not take the time to completely explain, or provide context for, your reasoning. It can be hard to understand what you are saying because you take too much for granted.
For instance actually quoting some of what you have read, or paraphrasing it at least, to provide us context, would be wonderful. I read part of Das Kapital as a teenager, but found it turgid and did not finish it. That is my limit for reading Marx and quite probably that is above average.
I did Economics as an A Level in 1986 with the AEB, I got an A grade when the rate at which the AEB had passed out A's was 1.5%, so I am no dummy. But I have had trouble understanding everything you have written despite my, quite obvious, brilliance.
I like your blog, you can expect me to be a frequent visitor, keep up the great work.
jasper@autoimmunetherapies.com
I went ahead and turned my Cameroon adventure into a business.
http://autoimmunetherapies.com
Let me know what you think.
Jasper
Oh, and on the subject of this particular post, how about a comment on the definition of success.
You are obviously interested and well-informed about the mismatch between bonuses, incentives and the interests of shareholders and the executive officers they employ, and mis direct, with said bonuses and incentives.
Why then not a critique of "modern capitalism" using Keynes' quote above as the starting point.
Why, after all, kick a hippie when its down, when a more deserving target is dangling right there before us all and is "under reported" in what passes for modern media, an arm of modern capitalism?
Jasper
Post a Comment
You are obviously interested and well-informed about the mismatch between bonuses, incentives and the interests of shareholders and the executive officers they employ, and mis direct, with said bonuses and incentives.
Why then not a critique of "modern capitalism" using Keynes' quote above as the starting point.
Why, after all, kick a hippie when its down, when a more deserving target is dangling right there before us all and is "under reported" in what passes for modern media, an arm of modern capitalism?
Jasper
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