THE PRICE OF PEACE

Making an impressive book debut, journalist Carter offers a sweeping, comprehensive biography of economist, political theorist, and statesman John Maynard Keynes (1883-1946), one of the most influential figures of his time.

As the author shows, Keynes’ prescription for staving off financial disaster led to an important government post for the duration of World War I. “Dispatched to summits all over the world, called to parliamentary debates in the House of Commons, and welcomed into the social circles of the British political elite,” Keynes became Great Britain’s top financial adviser. Carter ably traces the evolution of his thought: He became disillusioned with classical economic theory, which held that market forces always would result in stability, and he came to realize that imperialism promoted inequality rather than spreading humanitarian values. In 1919, he mounted a “devastating attack” on the Treaty of Versailles, predicting with chilling accuracy that the treaty “would march Europe to economic ruin, dictatorship, and war.” In his many economic treatises, Keynes tried to synthesize “the practical, risk-averse, anti-revolutionary conservatism” of Edmund Burke and “the radical democratic ideals advanced by Rousseau.” Although he became hugely wealthy and enjoyed the privileges of his class, at heart, Carter notes, Keynes was an idealist who tried “to democratize the trappings of ruling-class life.” In his personal life, Keynes was a sometimes admired, sometimes cattily dismissed member of the Bloomsbury group of artists and writers, counting among his friends Virginia and Leonard Woolf, Lytton Strachey, and Duncan Grant. He had many male lovers until he met, and married, the dazzling ballerina Lydia Lopokova. Assessing his subject’s legacy, Carter asserts that Keynesianism “is not so much a school of economic thought as a spirit of radical optimism” that “was for a time synonymous with liberal internationalism—the idea that shrewd, humane economic management could protect democracies from the siren songs of authoritarian demagogues and spread peace and prosperity around the globe.”

An absorbing, thoroughly researched life of a singular thinker.