The Price of Peace: Money, Democracy, and the Life of John Maynard Keynes by Zachary D. Carter

John Maynard Keynes is widely considered to be one of the most influential economists of the last century, responsible for ushering in sweeping economic reform and laying the foundations for the modern welfare state. In his book, The Price of Peace: Money, Democracy, and the Life of John Maynard Keynes, author Zachary D. Carter examines Keynes's life and work, offering a comprehensive study of the man who transformed economic thought and public policy.

The Price of Peace traces Keynes's life, from his birth in 1883 to his death in 1946, exploring how his life and his role in economics shaped the global economy. Through detailed accounts of Keynes's work, closely examining documents, memos, and letters, Carter paints a vivid portrait of a man who sought to bring economic improvement and peace to a world struggling from two world wars.

The book opens by setting the stage for Keynes's life, offering a detailed overview of the British economic and political environment prior to the Great Depression. This part of the book gives readers a better understanding of the harsh economic realities that Keynes faced in his lifetime and the economic ideas that held sway during the period. Carter then moves on to an in-depth analysis of the ideas that Keynes developed and championed, such as government intervention in the market, deficit spending during times of recession, and full employment.

Keynes was an early advocate of international economic cooperation and proposed the proposed the Bretton Woods Agreement, signed in 1944. This agreement was a major shift and outlined a global financial system that included fixed exchange rates and the International Monetary Fund (IMF).

In addition to examining Keynes's economic contributions and his role in creating the modern welfare state, Carter also explores the complex dynamics of Keynes's personality. The author details how Keynes was an unapologetic elitist, often distant and aloof, with a sharp mind and an unyielding dedication to his ideas.

The book's title, "The Price of Peace" reflects Keynes's life-long mission to find economic peace to boost economic security for all citizens, regardless of their class or social standing. His belief was that economic reform could be a powerful tool for social good.

The Price of Peace provides readers with a detailed and nuanced look at John Maynard Keynes, his life, and his work. This book offers readers an inside look at how Keynes's innovative economic ideas were shaped and changed the course of history. Through extensive research and clear writing, author Zachary D. Carter demonstrates how Keynes's economic ideas were a driving force for implementing the liberal welfare state.