Economics as Ideology: Keynes, Laski, Hayek, and the Creation of Contemporary Politics

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London: Allen Lane. Etienne Mantoux. Paris: l'Harmattan. Alessandra Marzola; Francesco Silva. John Maynard Keynes: Language and Method. Brookfield, VT: Edward Elgar. Charles R. McCann editor. John Maynard Keynes: Critical Responses 8 volumes. London and New York: Routledge. Piero V. Hyman P. John Maynard Keynes. Columbia University Press. Maynard Keynes: An Economist's Biography. Soumitra Sharma. Robert Skidelsky. London: Macmillan. Keynes and Hayek: The Money Economy.

Michael Stewart. Keynes and After.

In a multi-ethnic state like the ex-Austrian-Empire, the nationalists intended to build nation-states with substantial sovereignty inside of a state. Renner understood that the complicated strife between nations in Austria was thus characterized. The national autonomous government is constituted by the personal principle. Free nationality-declaration of each person, registration to the nation ledger, formation of the national autonomous government as a subordinate agency of the federal government, and execution of national administration of education, welfare, and culture, these must be introduced.

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Renner's conception was contradictory to the fact of separation and independence of many nations after the First World War. But, the establishment of a nation-state did not bring the solution of national problems. The necessity for reexamination of Renner's conception is increasing today. The purpose of this paper is to investigate Joseph Rowntree's philanthropy, and in particular, the Garden Village he founded, and then to clarify the importance of it as the model of a community that was like a neighbourhood unit, and as the inspiration behind the creation of the Welfare State in Britain.

In the late 19th century, two successful entrepreneurs, T. Salt and E. Akroyd, had founded the villages of Saltaire and Akroydon, respectively. They were located very close to the big mills that employed their workers. These villages somewhat improved the living conditions of their employees.

In London, some funding was invested in improving housing conditions and received a 5per cent commercial return.

Economics Hayek

Subsequently, the setting up of the Peabody Trust in led the way for others to follow, and the endowment of trusts by philanthropic individuals developed through the Guinness Trust which was started in , the Sutton Housing Trust, founded in , and the Samuel Lewis Trust, foundes in But the great estate William Sutton left gave rise to fundamental social and political issues, in particular the role of charity in the provision of housing and relief of poverty. The size of his bequest raised fears that the trust could monopolise housing for the poor, disrupting local housing markets and undermining the rateable base of local authority income.

Finally, the High Court of Chancery retained the direction of the Sutton Trust's affairs, exercising control over the initial funds and all surpluses generated.

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Around the same time, in Birmingham, the Cadbury family moved their factory from the city centre to the countryside, to a site later renamed Bournville. While the factory was under construction, some attractive cottages were erected nearby. An experimental housing estate followed a few years later, which in became the Bournville Village Trust, a product of the age that created the Garden Cities' movement. In a sense, it was the philanthropic ideal that created this community. In , Joseph Rowntree, using approximately half his fortune, set up three separate Trusts.

One of those was the JR Village Trust, which was concerned with living conditions and in particular with the houses at New Earswick, known as Garden Village. Through this Trust, an effort was made to provide houses that were artistic in appearance, sanitary, and thoroughly well-built yet within the means of working men earning about 25s. In short, this project aimed to improve the housing of Rowntree's workers. Rowntree simultaneously intended to create a community that functioned like a neighbourhood unit.

And so, for the inhabitants, the new village would mean something more than bricks and mortar. Through the founding Garden Village and the providing of houses for his workers, the middle-class Rowntree philanthropically pursued social reform for the public good as he saw it. We can say that the Garden Village still lives on, and continues to play the role for which Rowntree intended it, of providing welfare for the poor. Hawtrey's Theory of Credit Money.

Hawtrey was an economist and officer of the Treasury and a contemporary of J. He made notable contributions to various fields, and particularly to those of money and finance. He is largely a forgotten economist, though since the s some studies of his theory have been undertaken by authors in various fields. The evaluations of his thought are diverse, though most authors agree that he developed a theory focused on money and credit. There are three types of studies that attribute to Hawtrey a critical tendency toward criticizing the quantity theory of money, denying the commodity theory of money, and emphasizing money as credit money.

First, there are studies that evaluate his theory as one of the monetary theories of Cambridge School. Second, there are studies that stress his relation to Keynes. Third, there are studies that evaluate his theory from the viewpoint of modern theories of credit money; that is, from a Post Keynesian and Circulationist viewpoint. However, there are at least three points that are not well argued in those studies.


First, there is the theory of credit money based on Hawtrey's monetary economics. Second, although the theory of trade cycle has received attention as his macroeconomics, there is the process of monetary circulation as the basis of trade cycle theory. Third, that is to emphasize the role of bank. On the contrary, in the studies that emphasize money and credit, the place of the dealer was not clear. The bank as well as the dealer plays not only the role of a sector in his macroeconomics, but also because of its dominance over the dealer the bank plays a central role in macroeconomic theory.

To clarify these three points is the aim of this paper, and the conclusions are threefold. First, Hawtrey developed the theory of substance of money based on the credit money theory. His theory of substance of money could cope with the neoclassical argument that defines money as a medium of exchange and is grounded on commodity money.

Second, there is the process of monetary circulation in his macroeconomic theory. This is a kind of stationary state in which the economy does not fluctuate, and a benchmark of the theory. Third, the bank plays an important role.

The bank is defined in the theory of credit money, and links the theory of credit money to macroeconomic theory. The bank is defined as a kind of dealer, which is Hawtrey's original concept. However, the strengths of the first eight chapters ultimately outweigh the problems in the last few, making this a useful read for historians of economics and economic thought, as well as those with an interest in the development of political thought in the twentieth century.

Caldwell, Bruce. Chicago: University of Chicago Press. Hayek, F. Please read our Copyright Information page for important copyright information. Send email to admin eh. Newsletters To join the newsletters or submit a posting go to click here. Author s : Hoover, Kenneth R. Reviewed for EH.

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Lawrence University. References: Caldwell, Bruce. Ebenstein, Alan. Friedrich Hayek: A Biography. New York: Palgrave.