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Abstract
This section discusses the necessary ingredients of Whig history—the great new ideas represented by the thought of John Maynard Keynes, the Cambridge economist and prophet of managed capitalism; the villains who are the contemporary defenders of neo-classical orthodoxy within the Treasury, much of the economic profession outside of Cambridge, and the ‘economic conservatives’ in both Tory and Labour governments between the wars; and the heroes who are Keynes's disciples: the ‘economic radicals’ who carried on a pioneering struggle for economic reform throughout the slump-ridden inter-war years of Britain. It describes the complex process of ideological debate, the struggle over the meaning of planning, and the retreat from planning towards the Keynesian ‘middle way’. It identifies that the problems of traditional treatments of the Keynesian revolution have stemmed from an undue readiness to accept claims about the ‘scientific’ nature of economic knowledge.
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