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2 - THE END OF LAISSEZ-FAIRE (1926)

from IV - POLITICS

Published online by Cambridge University Press:  05 November 2012

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Summary

This essay, which was published as a pamphlet by the Hogarth Press in July 1926, was based on the Sidney Ball Lecture given by Keynes at Oxford in November 1924 and a lecture given by him at the University of Berlin in June 1926. Chapters iv and v were used in Essays in Persuasion.

The disposition towards public affairs, which we conveniently sum up as individualism and laissez-faire, drew its sustenance from many different rivulets of thought and springs of feeling. For more than a hundred years our philosophers ruled us because, by a miracle, they nearly all agreed or seemed to agree on this one thing. We do not dance even yet to a new tune. But a change is in the air. We hear but indistinctly what were once the clearest and most distinguishable voices which have ever instructed political mankind. The orchestra of diverse instruments, the chorus of articulate sound, is receding at last into the distance.

At the end of the seventeenth century the divine right of monarchs gave place to natural liberty and to the compact, and the divine right of the church to the principle of toleration, and to the view that a church is ‘a voluntary society of men’, coming together, in a way which is ‘absolutely free and spontaneous’. Fifty years later the divine origin and absolute voice of duty gave place to the calculations of utility. In the hands of Locke and Hume these doctrines founded Individualism.

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Publisher: Royal Economic Society
Print publication year: 1978

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