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Title: Keynes and the historical specificity of institutions: A response to Rod O'Donnell
Authors: Hodgson, Geoffrey M.
Issue Date: 2019
Publisher: © Millennium Economics Ltd 2019. Published by Cambridge University Press
Citation: HODGSON, G.M.., 2019. Keynes and the historical specificity of institutions: A response to Rod O'Donnell. Journal of Institutional Economics, 15 (4), pp.733-740.
Abstract: © 2019 Millennium Economics Ltd. This is a response to the criticism by Rod O'Donnell of the account of Keynes' notion of a general theory in the book How Economics Forgot History (Hodgson, 2001). Several points of full agreement are noted, including the fact that Keynes' work contains much discussion of historically specific institutions, including the financial and market institutions of modern capitalism. But it is argued here that even copious discussion of historically specific institutions is insufficient to indicate an adequate understanding or conceptual appreciation of historical periodisation or evolution, as developed in various ways by Karl Marx, the German historical school and the original American institutionalists. Keynes' General Theory is best understood as a theory of modern capitalism. But Keynes did not have sufficient acquaintance with these historically oriented schools of thought to even define the concept of capitalism, or to make that specific historical association clear.
Description: This article has been published in a revised form in Journal of Institutional Economics https://doi.org/10.1017/S1744137418000528 This version is free to view and download for private research and study only. Not for re-distribution, re-sale or use in derivative works. © copyright holder.
Version: Accepted for publication
DOI: 10.1017/S1744137418000528
URI: https://dspace.lboro.ac.uk/2134/36935
Publisher Link: https://doi.org/10.1017/S1744137418000528
ISSN: 1744-1374
Appears in Collections:Published Articles (Loughborough University London)

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