2: The Narrative of Success in Capitalism, and Its Failures

Author:
Orsolya Lelkes
Publication Date:
19 May 2021
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29–44
DOI:
https://doi.org/10.51952/9781529218008.ch002
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John Maynard Keynes, one of the greatest economists of the 20th century, who, as one of the greatest critics of the free market fundamentally reworked macroeconomics and economic policy, had a dream. In 1930 he dreamed of a future for the generation of grandchildren with 15 hours of work that would provide enough for everyone. He had dreamed of this just at the beginning of the world economic crisis, which he considered to be only a temporary disturbance. He was optimistic, believed in economic development and believed that this would make life better. He predicted that the age of abundance would come, and that since the beginning of creation this would be the first moment in history when man would encounter his only real problem: how to use his freedom, how he can live wisely and well.

According to Keynes, skilful money makers can bring an age of abundance to humanity, but in this new era they will no longer be important. Rather, the important will be those who enjoy life itself and are able to make fruitful use of it. They do not confuse the ultimate goal with the means that leads there, economic prosperity.

And when the accumulation of wealth will no longer have social significance, there will be a fundamental change in morals as well. Many distortions that result from loving money for itself, not as a means to live well, will disappear. Keynes puts it radically.

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