John Maynard Keynes

Revolutionary economist whose theories on government intervention transformed modern macroeconomics and economic policy

John Maynard Keynes (1883–1946) reshaped global economic thought through his groundbreaking theories that challenged classical economics. His 1936 masterpiece The General Theory of Employment, Interest and Money argued that aggregate demand drives economic performance, advocating for government intervention to mitigate recessions—a radical idea during the Great Depression.

Keynesian economics influenced the New Deal policies in the United States and post-WWII economic reconstruction in Europe. The Bretton Woods Conference (1944), where Keynes played a leading role, established the International Monetary Fund and World Bank, creating frameworks for international economic cooperation that endure today.

Beyond theory, Keynes made practical impacts as a negotiator of World War I reparations and manager of Cambridge University's endowment. His concept of the multiplier effect and emphasis on fiscal policy remain central to modern economic discourse. The IMF continues to apply Keynesian principles in global financial crises.

Keynes also contributed to probability theory and served as a Bloomsbury Group intellectual. His prediction of economic consequences from the Treaty of Versailles' harsh terms proved accurate, as detailed in his 1919 book The Economic Consequences of the Peace. This work established his reputation for combining economic rigor with political insight.