In his famous polemic The Economic Consequences of the Peace, Keynes argued that the economic system that arose in Western Europe after 1870 was "intensely unusual, unstable, complicated, unreliable, [and] temporary." Explain. In his view, how did World War I and its aftermath worsen the problem? In your answer, explain each of Keynes' four sources of potential instability-population, organization, psychology, and the relationship between the ‘old world' and the "new world"-and how Keynes thought the War exacerbated Europe's economic problems.
What parts of Keynes' analysis do you think Lenin would reject? Explain.