Wednesday, May 20, 2009

John Maynard Keynes

John Maynard Keynes was a British Economist born on the 5th of June in 1883. His ideas on the Economy would revolutionize the way nations did their Finances. He led his own successful career as a Independant Investor. He also had striking personal life outside the world of economics. He died on the 21st of April in 1946.

John Keynes made his living working for Alfred Marshall when he was appointed to the royal commission on Indian finances, this was his first job. He was later appointed to the British finance department during world war one. He gained quite a reputation when he told the allies that they were making the Germans pay to much and this would cause the German economy to collapse. Which it nearly did during the hyperinflation of 1923. Germany would go on to pay only a fraction of what was asked of them. For the next decade or so Keynes would go on to make a fortune as a private investor, he lost his fortune during the crash of 1929 but regained it shortly thereafter. In 1942 Keynes was admitted to the house of Lords of Baron Keynes. This would be the peak of his Economic career.

John Keynes also led a interesting Life outside of Economics. For the Majority of his life, all his romantic relationships were with other men. His lovers included Duncan Grant a famous artist, and Lytton Starchey a writer. But in 1921 he fell deeply in love with a woman, Lydia Lopokova a Russian ballerina, they were married in 1925 but they would never have children. Keynes was also very intelligent in general, few who argued against him left without changing their minds about that particular subject. This gave him great respect amongst his fellow peers. He attended church during his teens but would turn away from religion when he went to university and it would stay that way until his death.

John Keynes made remarkable changes to the economics of his time. He had the idea that Economies should be treated on a National level instead of just case by case for each Corporation. He also pushed governments to spend money they didnt have, creating credit in order to accomplish important tasks, such as fighting world war two. After the war ended Keynes helped push for a single International currency, but unfortunately he would pass away before he could even hope that any of these things have come to pass. There is some speculation that if Keynes had continued to live that perhaps we would be using one currency around the world today.

Throughout his life John Maynerd Keynes did many things, he changed the way we looked at our economies, he made a fortune, lost it and then regained it again. This took a great deal of intelligence. He did all this while keeping what could have been called a "scandalous"personnal life under wrap. He even became a member of the house of lords, quite an accomplishment in his time where depression and war were the main happenings. He did many things and we probably will never see a man like him again in history.

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