The General Theory of Employment Interest and Money.

London: Macmillan and Co., Limited,, 1936. One of the defining books of the century First edition, first impression, of perhaps the most significant economics book of the 20th century, scarce in the jacket. The General Theory was written in the aftermath of the Great Depression, when the old economic order was widely seen to have failed. Keynes argued that government must intervene in the economy, directing wages, investment, and demand, in order to achieve full employment and end the boom and bust cycle. In so doing, a middle way was found between the laissez-faire policy of classical political economy, as founded by Adam Smith in the 18th century, and the complete state control of socialist governments, derived from Marx's theories of the 19th century. Keynes's system of controlled capitalism defined much of the 20th century, as it was embraced by the political left and right alike across Western Europe and the United States. Keynes's theories became the near-undisputed economic orthodoxy of the decades following the war, until the counter-attack of the monetarist and neoliberal schools undermined his hegemony. Octavo. Original blue cloth, spine lettered and ruled in gilt, rules continuing to covers in blind. With dust jacket. Housed in dark blue quarter morocco solander box by the Chelsea Bindery. Very light discolouration to cloth else bright and square, endpapers a little toned and contents somewhat foxed, still near-fine in near-fine jacket, spine panel darkened and a little rubbed with nick at head, minor rubbing at extremities, a clean example without repair, price intact. Moggridge A10.1; Printing and the Mind of Man 423.