Grand Pursuit: A History of Economic Genius

  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