,9TRODUCTION 

,PEOPLE 3 

,AU?OR 3 ,PAUL ,MATTICK 

,TEXT 3 

,?IS BOOK WAS WRITT5 DUR+ A TIME HAIL$ BY ! ,PRESID5T ( ! ,UNIT$ ,/ATES AS 0! GREATE/ UPSURGE ( ECONOMIC WELL-BE+ 9 HI/ORY40 ,O!RS1 9 O!R NATIONS1 SPOKE ( AN 0ECONOMIC MIRACLE10 OR ELSE CLAIM$ ?AT 0WE NEV] HAD IT SO GOOD40 ,PR(ESSIONAL ECONOMI/S W]E OV]JOY$ ?AT !IR 0DISMAL SCI5CE0 HAD F9ALLY TURN$ \T TO BE ! HOPE ( ! WORLD4 ,!Y IMPRESS$ GOV]NM5TS & BUS9ESSM5 ALIKE ) !IR !ORETICAL ]UDITION & ITS PRACTICAL APPLICABILITY4 ,) ! UN=TUNATE EXCEPTION ( AN 9>TICULATE M9ORITY1 FROM ! 0,HI<0 D[N TO ! 0,L[0 !RE WAS G5]AL AGREEM5T ?AT BUS9ESS WAS EXCELL5T & ?AT IT W\LD /AY ?AT WAY4 ,!RE WAS SOME CONC]N ) A RESIDUE ( POV]TY & ) ! FEW BOTTLE-NECKS ( UNEMPLOYM5T :I* /ILL M>R$ ! O!R WISE BEAUTIFUL FACE ( ,WE/]N PROSP]ITY2 & !RE WAS SOME?+ MORE ?AN JU/ CONC]N ) ! UNSOLV$ PROBLEM ( 0UND]DEVELOPM5T0 :I* PREV5T$ ! L>GE P>T ( ! WORLD FROM P>TAK+ 9 ! G5]AL PROSP]ITY4 ,BUT SOME DAY ! POOR NATIONS TOO W\LD 0TAKE (F0 & EMULATE ,WE/]N SUCCESS1 & ! BLESS+S ( CAPITALISM W\LD SPREAD OV] ALL ! GLOBE4 

,AL?\< ,I HAVE WITNESS$ ?IS P]IOD ( 0UNPREC$5T$ PROSP]ITY10 ,I ALSO EXP]I5C$ ! ,GREAT ,DEPRESSION BETWE5 ! TWO WORLD W>S4 ,AT ?AT TIME1 CONFID5CE 9 ! RESILI5CE ( CAPITALISM WAS AT A L[ EBB & !ORIES AB\ND$ REG>D+ ITS DECL9E & PR$ICT+ ITS C]TA9 DEMISE4 ,M>XISM WAS ONCE AGA9 9 ! ASC5DANCY1 IF ONLY AS AN EXPRESSION ( A GR[+ DISCREPANCY BETWE5 CAPITALI/ IDEOLOGY & REALITY4 ,! CLIMATE ( DESPAIR WAS 5D$ BY GOV]NM5T 9T]V5TIONS 9 ! ECONOMY & BY ,WORLD ,W> ,I,I4 ,MEAN:ILE1 ,JOHN ,MAYN>D ,KEYNES HAD EVOLV$ HIS !ORY1 :I* SUGGE/$ MONET>Y & FISCAL POLICIES CAPABLE ( ASSUR+ FULL EMPLOYM5T 9 A /AGNAT+ CAPITALI/ ECONOMY4 ,GOV]NM5TS APPLI$ ! ,KEYNESIAN SUGGE/IONS TO SECURE SOME MEASURE ( SOCIAL & ECONOMIC /ABILITY 9 !IR NATIONS4 ,BECAUSE !SE 5DEAVORS PROV$ SUCCESSFUL1 AN OLD SLOGAN WAS MODIFI$ TO PROCLAIM ?AT 0WE >E ALL ,KEYNESIANS N[40 

,IT IS MY CONT5TION ?AT ! ,KEYNESIAN SOLUTION TO ! ECONOMIC PROBLEMS ?AT BESET ! CAPITALI/ WORLD CAN BE ( ONLY TEMPOR>Y AVAIL1 & ?AT ! CONDITIONS UND] :I* IT CAN BE EFFECTIVE >E 9 ! PROCESS ( DISSOLUTION4 ,= ?IS REASON ! ,M>XIAN CRITIQUE ( POLITICAL ECONOMY1 F> FROM HAV+ LO/ ITS P]T95CY1 GA9S NEW RELEVANCE ?R\< ITS ABILITY TO COMPREH5D & TRANSC5D BO? ! 0OLD0 & ! 0NEW0 ECONOMICS4 ,I %ALL SUBJECT ,KEYNESIAN !ORY & PRACTICE TO A ,M>XIAN CRITIQUE1 & BEYOND ?AT1 ,I %ALL TRY TO ELUCIDATE POLITICAL & ECONOMIC EV5TS & TR5DS ) ! AID ( ,M>XIAN ANALYSIS4 

,?IS BOOK IS NOT PRES5T$ AS A CONSECUTIVE N>RATIVE1 H[EV]2 V>I\S ( ITS P>TS HAVE BE5 WRITT5 ON DIFF]5T OCCASIONS & AT DIFF]5T TIMES4 ,!SE >E NECESS>Y P>TS & ALL ( !M RELATE TO ! S+LE !ME ( ! MIX$ ECONOMY & TO ! DIFF]5CES BETWE5 ,KEYNES & ,M>X4 ,!RE IS SOME UNAVOIDABLE OV]LAPP+ & EV5 REPETITION :I*1 ,I HOPE1 WILL 5HANCE RA!R ?AN 5CUMB] ! BOOK'S READABILITY4 

,FROM 3 ,M>XI/S4ORG4 

,*RONOLOGY 3 
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