John Maynard Keynes, 1st Baron Keynes of Tilton (1883-1946), was a British economist. Born in Cambridge, England, he was educated at Eton College and the University of Cambridge. Keynes started his career in the India Office of the British government and authored an important and influential book, Indian Currency and Finance (1913). During World War I he worked in the treasury, which he represented at the Paris Peace Conference in 1919. He opposed the economic terms of the Treaty of Versailles; he quit his position and wrote The Economic Consequences of the Peace (1919), in which he accurately foretold that the astonishing reparations imposed against Germany would provoke that country into economic nationalism and a revival of militarism. Throughout the next few years, Keynes amassed a fortune speculating in international currencies, lectured at Cambridge, and wrote Treatise on Probability (1921), a mathematical work, and A Treatise on Money (1930), in which he attempted to describe why an economy operates so erratically, with regular cycles of booms and slumps. Keynes carefully scrutinized the problem of protracted depression in his foremost work, The General Theory of Employment, Interest, and Money (1936). This book suggested that no self-correcting mechanism to boost an economy out of a depression existed. Keynes recommended that government spending should compensate for inadequate business investment in periods of recession. Keynes's opinions have greatly shaped the economic policies of numerous governments since World War II, and many people deem his General Theory of Employment, Interest, and Money one of the most important theoretical works of the 20th century.
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About the Author
Carol Dingle was a high school English teacher in Maryland and a USO Director in Japan, Taiwan, Germany, France, Greece, Spain, and France. She owned an advertising agency and after retiring, began writing and editing books and creating screenplays.