The End of Laissez-Faire
"The End of Laissez-Faire" is a seminal essay by the influential economist John Maynard Keynes that explores the evolution and eventual decline of the principle of individualism in economic policy. Keynes traces the history of the doctrine, examining how the concept of a self-regulating market became the dominant orthodoxy and why, by the early 20th century, it had become inadequate to meet the complexities of modern society.
In this provocative work, Keynes argues that the "natural" harmony of interests assumed by classical economists does not always exist. He calls for a more nuanced approach to the role of the state, suggesting that government intervention is necessary where private initiative fails to achieve social stability or efficiency. By critiquing the rigid adherence to non-interference, Keynes lays the intellectual groundwork for managed capitalism and the development of modern macroeconomics.
Essential for students of political science, philosophy, and economics, "The End of Laissez-Faire" remains a powerful critique of dogmatic economic theory. It offers a clear-eyed analysis of the boundaries between the individual and the state, providing a foundational text for understanding the transition from Victorian economic thought to the interventions of the twentieth century.
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