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w18/19: Keynes and BWI /2547

>> Download and print the worksheet.

  • Read the articles below and answer the questions on the worksheet.
  • Remember that you will be marked on participation and engagement and that this contributes to your coursework grade for the module.

** Bring your completed worksheet to the tutorial (as well as the article) **

Primary reading

Skidelsky, R (2005), Keynes, Globalisation and the Bretton Woods Institutions in the light of changing ideas about markets, World Economics, vol 6 no 1 Jan-Mar, pp15-30

Discussion questions

  1. What are the three ‘dimensions’ of Keynes’ “market pessimism” and where do his views position him within such a space (you may find this is best visualised with a three axis diagram). [see part I pp15-19]
  2. To what extent did the Bretton Woods Institutions that were set up actually match Keynes’ vision for global macroeconomic management? [see part II pp19-25]
  3. How has the “intellectual and political landscape” shifted since Bretton Woods, in Skidelsky’s view?
    [see part III pp25-30]
  4. What concerns does Skidelsky raise about this shift in economic thinking and the global political environment? [see part III pp25-30]

Background reading

see w19 lecture reading

James, H (2012), The multiple contexts of Bretton Woods, Oxford Review of Economic Policy, v28 no3, pp411-430 – particularly part I to IV (p411-420)

Reflective commentary question

What role does Keynes’ ‘market pessimism’ play in current policy debates?