If genuine liberalism relies on free markets and civil society to solve economic and social problems, then the “Keynesian Revolution” signaled its abandonment. Why, then, do many historians consider John Maynard Keynes—a neomercantilist and welfare statist—to have been a great liberal in the tradition of Locke, Smith, and Jefferson?

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Other Independent Review articles by Ralph Raico
    Winter 2005   The Great War Retold
    Spring 2002   On the Brink of World War II
    Fall 1998   Promised Land, Crusader State