On 21 April 1946, John Maynard Keynes, the prominent British economist who influenced all of world economics, passed away. A key economic concept for the 20th century is named after him – Keynesian economics. Keynes is also considered to be the founder of macroeconomics as a separate academic discipline.
John Maynard Keynes belonged to the elite of British society, his lineage dates back to the 11th century. His father was also a famous economist; his mother was Florence Ada Keynes (née Brown), a writer and the first woman to serve as mayor of Cambridge. His wife was Lydia Lopokova, a Russian ballerina from Sergei Diaghilev’s ballet company.
Keynes worked in politics, economics, and diplomacy. He became internationally renowned after the publication of his book “The Economic Consequences of the Peace” (1919). He proposed a plan for the economic recovery of Europe and opposed the exorbitant reparations and contributions imposed on Germany.
In 1936, Keynes published “The General Theory of Employment, Interest and Money”, which made him a leading figure in world economics.
During World War II, Keynes was involved in shaping the post-war structure of the global financial system. He was one of the founders of the Bretton Woods system, an advocate of the abandonment of the gold standard, and promoted the creation of the International Clearing Union, a mechanism enabling countries with a passive balance of payments to access the reserves of other countries. In March 1946, Keynes participated in the opening of the International Monetary Fund. He was one of those who shaped the face of the post-war world.
John Maynard Keynes died of an acute heart attack on 21 April. He was buried in Westminster Abbey, London.
Source: Robert Skidelsky “John Maynard Keynes: 1883-1946: Economist, Philosopher, Statesman”, London: Macmillan, 2003 (In Russian: Moscow School of Civic Education, 2005)