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Very interesting article on John Maynard Keynes in the Guardian. Keynes was one of the preeminent thinkers on economics in the 20th century and credited with the idea that government spending can manage business cycles and economic development.
Keynes views on capitalism as summarized by the Guardian are:
"He believed that capitalism was essential both to create high standards of living and to guarantee personal liberty. In effect he sought a capitalist revolution"
"The sustainability of capitalism was not only a technical question but a moral question – because if capitalism is to survive, people have to believe it is a system worth supporting"
I prefer the economic theories of the Austrian School, contemporaries of Keynes, and Milton Friedman. However, I think that Keynes is correct in pointing out the relationship between capitalism and democracy. Perhaps the U.S. government should promote economic development (as a path to democracy) rather than democracy. I also think that the recent economic crisis has fostered continued discussion on the necessity of morality in capitalism. Previous thoughts on this subject are here.
