20. John Lewis Gaddis, We Now Know: Rethinking Cold War History (New York: Oxford University Press USA, 1997), 195.
21. Stalin, Economic Problems of Socialism, 27.
22. Richard B. Day, Cold War Capitalism: The View from Moscow, 1945–1975 (Armonk, NY: M. E. Sharpe, 1995), 76.
23. Ethan Pollock, “Conversations with Stalin on Questions of Political Economy,” July 2001, Working Paper No. 33, Cold War International History Project, Woodrow Wilson International Center for Scholars, http://www.wilsoncenter.org/topics/pubs/ACFB07.pdf.
24. Robinson, Conference Sketch Book.
25. Geoffrey Colin Harcourt, “Some Reflections on Joan Robinson’s Changes of Mind and Their Relationship to Post-Keynesianism and the Economics Profession,” in Capitalism, Socialism and Post-Keynesianism: Selected Essays of George Harcourt (Cheltenham, UK: Edward Elgar, 1995), 111.
26. Joan Robinson, The Problem of Full Employment: An Outline for Study Circles (London: Workers Educational Association, 1943).
27. Stephen Brooke, “Revisionists and Fundamentalists: The Labour Party and Economic Policy During the Second World War,” Historical Journal (March 1989), 158.
28. Elizabeth Durbin, New Jerusalems: The Labour Party and the Economics of Democratic Socialism (London: Routledge and Keegan Paul, 1985), 164.
29. Quoted in C. W. Guillebaud, “Review of Joan Robinson, Private Enterprise or Public Control: Handbook for Discussion Groups,” Economica 10, no. 39 (August 1943), 265.
30. J. E. King, “Planning for Abundance: Joan Robinson and Nicholas Kaldor, 1942–1945,” in European Society for the History of Economic Thought, Political Events and Economic Ideas (London: Elgar), 307.
31. Jonathan Schneer, “Hopes Deferred or Shattered: The British Labour Left and the Third Force Movement, 1945–1949,” Journal of Modern History (June 1984), 197.
32. Joseph Stalin, Meeting Between Comrades Stalin and H. Pollitt 31st May 1950, transcript, Russian State Archive of Social and Political History, 4.
33. Eric Shaw, Discipline and Discord in the Labour Party (Manchester, UK: University of Manchester Press, 1988).
34. Harold Laski, The Secret Battalion, a 1946 pamphlet defending the Labour Party’s rejection of the Communist Party of Great Britain’s application for affiliation.
35. Joan Robinson, “Preparation for War,” Cambridge Today, October 1951, reprinted in Monthly Review, no 2 (1951), 194–95.
36. Richard Gardner, Sterling Dollar Diplomacy: Anglo-American Collaboration in the Reconstruction of Multilateral Trade (London: Clarendon, 1956), 298.
37. Schneer, “Hopes Deferred or Shattered.”
38. Joan Robinson, BBC, London Forum, June 25, 1947, quoted, ibid., 221.
39. “Why the CP Says Reject the Marshall Plan,” July 5, 1947, quoted in Keith Laybourn, Marxism in Britain: Dissent, Decline and Re-emergence, 1945–c.2000 (New York: Taylor and Francis, 2006), 35.
40. Robert Solow, quoted in Marjorie Shepherd Turner, Joan Robinson and the Americans (Armonk, NY: M. E. Sharpe, 1989), 143.
41. Joan Robinson to Richard Kahn, King’s College Archive.
42. Christopher Andrew, Defend the Realm: The Authorized History of MI5 (New York: Alfred A. Knopf, 2009), 400; Marjorie S. Turner, Joan Robinson and the Americans, 86; Percy Timberlake, The 48 Group: The Story of the Icebreakers in China (London: 48 Group Club, 1994).
43. Milton Friedman and Rose Friedman, Two Lucky People: Memoirs (Chicago: University of Chicago Press, 1998), 245–46.
44. Robert Clower, quoted in Turner, Joan Robinson and the Americans, 133.
45. Alvin L. Marty, “A Reminiscence of Joan Robinson,” American Economic Association Newsletter, (October 1991), 5–8.
46. Arthur Pigou to John Maynard Keynes, June 1940, King’s College Archive.
47. Michael Straight, quoted in Turner, Joan Robinson and the Americans, 56.
48. Brian Loasby, “Joan Robinson’s Wrong Turning,” in Ingrid H. Rima, ed., The Joan Robinson Legacy (London: M. E. Sharpe, 1991), 34.
49. Joan Robinson, “Mr. Harrod’s Dynamics,” Economic Journal (March 1949), 81.
50. Joan Robinson, “Review of Joseph Schumpeter, Capitalism, Socialism and Democracy,” Economic Journal, 1943.
51. Sidney Hook, “Review of Rosa Luxemburg, The Accumulation of Capital, with a Preface by Joan Robinson,” 1951,
52. Joan Robinson, The Accumulation of Capital (London: MacMillan, 1956).
53. Roy Forbes Harrod, Towards a Dynamic Economics (London: Macmillan, 1948).
54. Robinson, “Mr. Harrod’s Dynamics,” 85.
55. Joan Robinson, “Model of an Expanding Economy,” Economic Journal (March 1952).
56. Joan Robinson, Letters from a Visitor to China (Cambridge: Students’ Bookshop, 1954), 8.
57. Joan Robinson, “Has Capitalism Changed?” Monthly Review, 1961.
58. Samuelson, “Remembering Joan,” 121–43.
59. Stanislaw H. Wellisz, review, Review of Economics and Statistics 40, no. 1 (February 1958): 87–88.
60. Elizabeth S. Johnson and Harry G. Johnson, The Legacy of Keynes (Oxford: Basil Blackwell, 1978).
61. Samuelson, “Remembering Joan.”
62. Abba Lerner, “The Accumulation of Capital,” American Economic Review (September 1957): 693, 699.
63. L. R. Klein, “The Accumulation of Capital by Joan Robinson,” Econometrica 26, no. 4 (October 1958), 622, 624.
64. Robert Solow, “Technical Change and the Aggregate Production Function,” Review of Economics and Statistics 39, no. 3 (August 1957); 320; and Robert Solow, quoted in Turner, Joan Robinson, 143.
65. Joan Robinson, Private Enterprise or Public Control (London: English University Press Ltd.), 13–14.
66. Quoted in Jason Becker, Hungry Ghosts: Mao’s Secret Famine (London: Macmillan, 1998), 292.
67. George J. Stigler, review of Economic Philosophy by Joan Robinson, The Journal of Political Economy 71, no. 2 (April 1963), 192–93 (emphasis added).
XVIII: TRYST WITH DESTINY: SEN IN CALCUTTA AND CAMBRIDGE
1. Amartya Sen, Development as Freedom (New York: Alfred A. Knopf, 1999), 36.
2. Sankar Ray, “The Third World Apologist Finally Strikes,” Calcutta Online, October 15, 1998, http://www.nd.edu/~kmukhopa/cal300/sen/art1014m.htm.
3. The Royal Swedish Academy of Sciences, “The Prize in Economics 1998—Press Release,” news release, October 14, 1998, http://nobelprize.org/nobel_prizes/economics/laureates/1998/press.html.
4. John B. Seely, The Road Book of India (London: J. M. Richardson and G. B. Whittaker, 1825), 12: “Dacca . . . is celebrated for the manufacture of the finest and most beautiful muslins.” Muslin was a favorite topic of Jane Austen’s letters to her sister Cassandra. In Northanger Abbey (1818), a potential suitor wows a chaperone with the “prodigious bargain” he got on a gown for his sister made of “true Indian muslin.”
5. William Sproston Caine, Picturesque India: A Handbook for European Travellers (London: George Routledge and Sons Limited, 1891), 367.
6. Amartya Sen, interview by the author. Except where otherwise noted, quotes of Mr. Sen are from discussions and interviews with the author.
7. Archibald Percivel Wavell to Winston Churchill, telegram, February 1944, in Penderel Moon, ed., Wavell: The Viceroy’s Journal (Oxford University Press, 1973), 54.
8. Amartya Sen, “Autobiography,” http://nobelprize.org/nobel_prizes/economics/laureates/1998/sen-autobio.html.
9. Ibid.
10. Amita Sen, interview by the author.
11. Indira Gandi, Selected Speeches and Writings of Indira Gandi, vol. 5, January 1, 1982–October 30, 1984 (Delhi: Publications Division, Ministry of Information and Broadcasting, Government of India, 1986), 457.
12. Arjo Klamer, “A Conversation with Amartya Sen,” Journal of Economic Perspectives 3, no. 1 (Winter 1989), 148.
13. Jean Drèze and Amartya Sen, India, Development and Politics (Oxford University Press, 2002), 3.
14. Amartya Sen, “The
Impossibility of a Paretian Liberal,” Journal of Political Economy 78 (1970): 152–57.
15. Drèze and Sen, India, Development and Politics, 2.
16. World Bank World Development Indicators (accessed April 13, 2011), http://data.worldbank.org/indicators.
EPILOGUE: IMAGINING THE FUTURE
1. John Maynard Keynes, The General Theory of Employment, Interest and Money (New York: Harcourt, Brace, 1936), 383.
2. Robert Solow, “Faith, Hope and Clarity” in David Colander and Alfred William Coats, eds., The Spread of Economic Ideas (Cambridge, Mass.: Cambridge University Press, 1993), 37.
Index
A
Adler, Friedrich, 224
Adler, Solomon, 444
Africa, 438, 447, 459
Agriculture, 33, 101, 108, 112, 339
American, 141, 156, 157, 162, 296, 323, 412
crop prices, 162, 323
1874 strike, 69–72
Great Depression, 309, 323, 325, 326
Soviet, 288
World War I and, 210
Albert, Prince, 26, 34
Aldrich, Winthrop, 400
Allais, Maurice, 404
Allied Reparation Commission, 267, 278
Altounyan, Ernest, 352–53, 431, 436
American Bankers Association, 400
American Economic Association, 149, 159, 314, 335
American Economic Review, 327
American Eugenics Society, 298, 299
Anderson, John, 406
Angell, Norman, 195
Anti-Corn Law League, 14, 255
Anti-Semitism, 174, 217, 265, 289, 291, 365, 375
Aristotle, 455
Arrow, Kenneth, 436–37, 443, 456
impossibility theorem, 456
Social Choice and Individual Values, 456
Ashmead-Bartlett, Ellis, 226–27
Ashton, T. S., 439
Asquith, Herbert Henry, 136, 137, 255
Asquith, Margot, 255
AT&T, 296
Attlee, Clement, 432–33
Austen, Jane, xi–xiii, 4, 154
Pride and Prejudice, xi–xii
Sense and Sensibility, xi
Austria, 155, 172–76, 200–202
Anschluss talks with Germany, 216, 219, 229–31
banking, 267–69, 316
economics, 155, 175–77, 185–94, 263–80
food shortages, 208–213, 219, 225, 246, 250, 253–54, 264–65
industry, 174, 212–13, 214, 220, 228, 232, 276
Nazi invasion of, 375
of 1920s, 262–74, 333
of 1930s, 316, 332
post–World War I, 207–234, 264–66, 333
Social Democrats, 209, 213–14, 217, 228, 263, 278
stock market, 233
war debt, 210, 219–22, 228, 230
war reparations, 231, 244–45, 253–54, 290
World War I, 200–201, 205, 206, 274–75
World War II, 374–75, 403–405
Austrian Institute for Business Cycle Research, 279
Austro-Hungarian Empire, 172–76, 274–76
collapse of, 207–209, 231–32, 372
B
Babson, Roger, 305, 312
Bagehot, Walter, 160
Lombard Street, 11
Baldwin, Stanley, 286
Balfour, Arthur, 129, 132, 299
Ballets Russes, 287
Balzac, Honoré de, 47
Bank Charter Act, 44
Banking, 19, 159, 192, 300
American, 155, 185, 384, 413
Austrian, 267–69, 316
British, 19, 44–47, 281–82, 286, 307
Cairo, 183–84
1866 crisis, 44–47, 49
1890s failures, 155
Great Depression and, 307, 309, 316–24, 325, 331
Jews in, 217
Keynes on, 283–85
of 1920s, 283–85, 300–302
Panic of 1907, 183–85
unemployment and, 300–302
World War II and, 384
Banking Act (1935), 331
Bank of England, 44, 45, 52, 171, 184, 221, 269, 285, 286, 307, 309, 322
Bank of France, 309
Bankruptcy, 185, 236, 273
Baring, Evelyn, 181, 182, 184
Barnardo, Thomas, 51
Barnett, Samuel, 51, 115
Baruch, Bernard, 237, 254, 261, 368
Battle of Britain, 356
Battle of the Bulge, 410
Bauer, Otto, 175, 213–15, 216, 217, 219, 223, 227, 228, 229, 231, 276
Baxter, Robert Dudley, 40–41
Beaverbrook, Lord, 283
Bell, Vanessa, 199, 200, 236, 241, 254, 282, 287, 316
Bellamy, Edward, Looking Backwards: 2000–1887, 148
Bengal famine, 443, 447–48, 450, 455
Bentham, Jeremy, 457
Berenson, Bernard, 282
Berle, Adolph, 323, 325
Berlin, Isaiah, 42, 371, 399
Beveridge, William, 138, 213, 299, 333
Beveridge Employment Report, 432
Beveridge Plan, 138
Bevin, Ernest, 433
Biedermann bank, 267–69
Birkhoff, George, 417
Black Friday (1866), 44–47, 49
Blake, William, Jerusalem, 20
Blaug, Mark, 38, 39
Bloomsbury Group, 198–200, 241, 242, 260, 282, 287, 343
Boer War, 129
Böhm-Bawerk, Eugen von, 175, 193, 216, 275
Bolshevism, 206, 214, 222–24, 248, 249, 250, 262, 276, 338, 405, 439–40
Bonds, 304, 423
war, 355, 367, 369
Booth, Charles, 113–16, 118, 119
Labour and Life of the People, 119, 130
Booth, “General” William, 50
Bowles, Chester, 411
Boyle, Andrew, 351
Brandeis, Louis, 296
Braun, Steffi, 279
Bretton Woods conference (1944), 390–98, 399, 400
Bretton Woods Treaty, 400–402, 407
British Academy, 402, 436
British Economic Association, 153
British Eugenics Society, 299
British Foreign Office, 429
British Museum, 34, 36, 100, 114, 176
British Parliament, 3, 9, 91, 95, 110, 129, 135, 137, 307, 342, 401, 433
British Treasury, 242
Keynes at, 242–60, 354–64
Brockdorff-Rantzau, Ulrich von, 216
Brontë, Charlotte, 62
Brooke, Rupert, 341
Brooklyn Bridge, 148, 151
Bryan, William Jennings, 156–58, 159, 162, 182, 323
Bryce, Robert, 416
Buckley, William F., God and Man at Yale: The Superstitions of “Academic Freedom,” 421
Burbank, Harold, 418
Bureau of the Budget, 363
Burke, Edmund, xii, xiii, 81
A Vindication of Natural Society, xi
Burns, Arthur, 365
Burns, James MacGregor, 384
Bush, Vannevar, 421
Business cycle, 301–302
C
Caine, Barbara, 95
Cairncross, Alec, 430
Cairnes, J. E., 60
Cambridge University, 50, 69–71, 242, 291, 292, 333, 342–47, 352
Capitalism, 37, 123, 186, 189, 272–73, 278, 284, 333, 422, 441
Keynes on, 292, 310–11
Marx on, 23–28, 37, 42, 46–47, 393
Schumpeter, 373–74
Carlyle, Thomas, 3–4, 9, 13, 17, 26, 31, 32, 33, 59, 62, 76, 79, 81
Carnegie, Andrew, 144
Carnegie Steel, 143–44
Carter, Jimmy, 425
Cézanne, Paul, 200, 282, 287
Chadwick, Edwin, Report on the Sanitary Condition of the Labouring Population of Great Britain, 13
Chamberlain, Austen, 244, 254, 260
Chamberlain, Joseph, 92, 101–109, 111, 112–13, 114, 118, 129, 177, 244
Chamberlain, Neville, 92, 355,
402
Chamberlin, Edward, 415
The Theory of Monopolistic Competition, 349–50, 415
Chambers, Whittaker, 397
Charity Organization Society, 100–101
Chartists, 3–4, 9, 12, 14, 17, 36
Childs, Marquis, 401
China, 51, 180, 397, 436, 441–44
Communism, 441–44, 459
famine, 443–44, 455
Great Leap Forward, 443, 455
modernity, 459–60, 462
population, 438
poverty, 438–39, 443–44, 459
Robinson and, 436, 441–44, 446
Cholera, 28–29, 34, 49
Christie, Agatha, Murder on the Orient Express, 352, 353
Churchill, Winston, 129–31, 136, 223, 237, 242, 285–86, 290, 294, 299, 307, 310, 311, 328, 341, 426, 433, 450
Beatrice Potter Webb and, 129–31
Iron Curtain speech, 402
Lend-Lease and, 359–62
welfare state and, 131, 136
World War II and, 356–57, 373, 392, 402
Clark, Gregory, xii, 25
Clark, John Bates, 278
Clemenceau, Georges, 250–52
Cleveland, Grover, 156
Clothing, 20, 22, 30–31, 141, 189, 264
Clough, Anne, 66, 68, 69
Cocteau, Jean, 237
Coe, Frank, 444
Cold War, 389, 396, 402, 419, 424, 428, 438, 444
Collectivism, 149, 332, 377
Collectivization, 443, 455
Colorni, Eva, 454
Colquhoun, Patrick, xiii
Columbia University, 144, 193–94, 278, 323, 343, 364
Communism, 42, 57, 81, 208, 215, 222–25, 249, 250, 275, 340, 351–52
British, 429–31, 433–36
Chinese, 441–44, 459
Marxist, 23–28, 123, 208, 352
Robinson and, 351–52, 429–44
Soviet, 206, 214, 222–24, 338–40, 351, 429–31, 439–40
Communist League, 22–23, 27–28
Communist Manifesto, The (Marx and Engels), 23–28, 36, 37, 90
Communist Party of Great Britain (CPGB), 429–30, 433–35
Communist Party of the United States of America (CPUSA), 396
Competition, 5, 6, 37, 61, 63, 64, 81, 149, 151, 169, 257, 258, 329, 347, 350, 378
benefits of, 84–90
limits of, 166–67
Marshall on, 64, 83, 84–85, 86–90
Comte, Auguste, 99
Condorcet, Marquis de, 4
Connally, Tom, 370
Conquest, Robert, 340
Consumer price index, 278
Cook, Thomas, 36, 182