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date: 25 November 2020

Abstract and Keywords

John Maynard Keynes was not a development economist as the description is used today. He did not address directly issues of national or international poverty and income distribution; only indirectly through his focus on unemployment, which has always been, and remains, a major cause of poverty in both developed and developing countries. Nevertheless, Keynes’s theoretical apparatus and thinking about what drives capitalist economies, formalized in his magnum opus, The General Theory of Employment, Interest and Money (1936), and his proposals at the Bretton Woods Conference in 1944 for a new international monetary order (which were largely ignored), do have relevance for the debates that take place today in development economics. This chapter attempts to get into Keynes’s mind and to try to guess what he might have said and recommended on economic development and other pressing issues facing developing countries (and the world economy) today. In particular, it examines the Keynes-Harrod growth theory and the determinants of actual growth performance.

Keywords: John Maynard Keynes, development economics, developing countries, Keynes-Harrod growth theory, poverty, unemployment, economic development

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