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?

Ralph Raico (1936–2016) was Professor Emeritus of History at Buffalo State College and a Research Fellow at the Independent Institute.
Economic History and DevelopmentEconomic PolicyEconomistsEconomyPhilosophy and Religion
Other Independent Review articles by Ralph Raico
Winter 2004/05 The Great War Retold
Spring 2002 On the Brink of World War II: Justus Doenecke’s Storm on the Horizon
Fall 1998 Promised Land, Crusader State: The American Encounter with the World since 1776