141-870: The Centre for the Study of Existential Risk ( CSER ) is a research centre at the University of Cambridge , intended to study possible extinction-level threats posed by present or future technology. The co-founders of the centre are Huw Price (Bertrand Russell Professor of Philosophy at Cambridge), Martin Rees (the Astronomer Royal and former President of the Royal Society ) and Jaan Tallinn (co-founder of Skype , early investor to Anthropic ). Risks are associated with emerging and future technological advances and impacts of human activity. Managing these extreme technological risks
282-409: A brief period after the turn of the 20th century, this allowed the steamboat ladies to receive ad eundem degrees from the University of Dublin . In 1998, a special graduation ceremony was held in which the women who attended Cambridge before admission was allowed in 1948 were finally conferred their degrees. Beginning in 1921, women were awarded diplomas that conferred the title associated with
423-422: A broad administrative grouping of related faculties and other units. Each has an elected supervisory body known as a Council, composed of representatives of the various constituent bodies. The University of Cambridge maintains six such schools: Teaching and research at the university is organised by faculties. The faculties have varying organisational substructures that partly reflect their respective histories and
564-563: A clerk in the India Office . He enjoyed his work at first, but by 1908 had become bored and resigned his position to return to Cambridge and work on probability theory , through a lectureship in economics at first funded personally by economists Alfred Marshall and Arthur Pigou ; he became a fellow of King's College in 1909. By 1909 Keynes had also published his first professional economics article in The Economic Journal , about
705-569: A common law corporation. Its corporate titles include the Chancellor , Masters, and Scholars of the University of Cambridge. The college faculties are responsible for giving lectures, arranging seminars, performing research, and determining the syllabi for teaching, all of which is overseen by the university's general board. Together with the central administration headed by the Vice-Chancellor ,
846-432: A complete range of academic specialties and related courses. Some colleges maintain a relative strength and associated reputation for expertise in certain academic disciplines. Churchill , for example, has a reputation for its expertise and focus on the sciences and engineering, in part due to the requirement imposed by Winston Churchill upon the college's founding that 70% of its students studied mathematics, engineering, and
987-518: A consultant. Keynes had completed his A Treatise on Probability before the war but published it in 1921. The work was a notable contribution to the philosophical and mathematical underpinnings of probability theory , championing the important view that probabilities were no more or less than truth values intermediate between simple truth and falsity. Keynes developed the first upper-lower probabilistic interval approach to probability in chapters 15 and 17 of this book, as well as having developed
1128-526: A generation, of degrading the lives of millions of human beings, and of depriving a whole nation of happiness should be abhorrent and detestable, – abhorrent and detestable, even if it was possible, even if it enriched ourselves, even if it did not sow the decay of the whole civilized life of Europe. Also present was striking imagery such as "year by year Germany must be kept impoverished and her children starved and crippled" along with bold predictions which were later justified by events: If we aim deliberately at
1269-641: A global leader in the study of mathematics. The university's examination in mathematics, known as the Mathematical Tripos , was initially compulsory for all undergraduates studying for the Bachelor of Arts degree, the most common degree first offered at Cambridge. From the time of Isaac Newton in the late 17th century until the mid-19th century, the university maintained an especially strong emphasis on applied mathematics , and especially mathematical physics . Students awarded first class honours after completing
1410-463: A graduate student for one term, which constituted his only formal education in the subject. He took civil service exams in 1906. The economist Harry Johnson wrote that the optimism imparted by Keynes's early life is a key to understanding his later thinking. Keynes was always confident he could find a solution to whatever problem he turned his attention to and retained a lasting faith in the ability of government officials to do good. Keynes's optimism
1551-435: A large number of traditions, myths, and legends. Some are true, some are not, and some were true but have been discontinued but have been propagated nonetheless by generations of students and tour guides. One such discontinued tradition is that of the wooden spoon , the prize awarded to the student with the lowest passing honours grade in the final examinations of the university's Mathematical Tripos . The last of these spoons
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#17328630772511692-520: A level where employers could profitably offer them jobs. An innovation from Keynes was the concept of price stickiness – the recognition that in reality workers often refuse to lower their wage demands even in cases where a classical economist might argue that it is rational for them to do so. Due in part to price stickiness, it was established that the interaction of " aggregate demand " and " aggregate supply " may lead to stable unemployment equilibria – and in those cases, it
1833-485: A lower age demographic in the city. Most of the university's older colleges are located near the city centre, through which River Cam flows. Students and others traditionally punt on the River Cam, which provides views of the university's buildings that surround the river. A few of the notable University of Cambridge buildings are King's College Chapel ; the history faculty building designed by James Stirling ; and
1974-533: A man of science I have ever read". Mary Paley Marshall was "entranced" by the memorial, while Lytton Strachey rated it as one of Keynes's "best works". In 1922 Keynes continued to advocate reduction of German reparations with A Revision of the Treaty . He attacked the post-World War I deflation policies with A Tract on Monetary Reform in 1923 – a trenchant argument that countries should target stability of domestic prices, avoiding deflation even at
2115-491: A middle course between deflation and inflation. This novel interpretation was inspired by the desperate search for control over the economy which permeated the academic world after the Depression. The General Theory challenged the earlier neoclassical economic paradigm, which had held that provided it was unfettered by government interference, the market would naturally establish full employment equilibrium. In doing so Keynes
2256-618: A net basis, Germany received support equal to four times the amount of the post-Second World War Marshall Plan . Schuker also shows that, in the years after Versailles, Keynes became an informal reparations adviser to the German government, wrote one of the major German reparation notes, and supported hyperinflation on political grounds. Nevertheless, The Economic Consequences of the Peace gained Keynes international fame, even though it also caused him to be regarded as anti-establishment – it
2397-420: A profit. Another key theme of the book is the unreliability of financial indices for representing an accurate – or indeed meaningful – indication of general shifts in purchasing power of currencies over time. In particular, he criticised the justification of Britain's return to the gold standard in 1925 at pre-war valuation by reference to the wholesale price index . He argued that
2538-405: A recession Say's Law suggests government intervention. This government intervention can be used to prevent any further increase in savings in the form of a decreased interest rate. Decreasing the interest rate will encourage people to start spending and investing again, or so it is stated by Say's Law. The reason behind this is that when there is little investing, savings start to accumulate and reach
2679-401: A result, the university received its first systematic state support in 1919, and a Royal commission was appointed in 1920 to recommend that the university (but not its colleges) begin receiving an annual grant. Following World War II , the university experienced a rapid expansion in applications and enrollment, partly due to the success and popularity gained by many Cambridge scientists. This
2820-479: A slump as the present one, so great as to bring production altogether to a standstill." At the height of the Great Depression, in 1933, Keynes published The Means to Prosperity , which contained specific policy recommendations for tackling unemployment in a global recession, chiefly counter-cyclical public spending. The Means to Prosperity contains one of the first mentions of the multiplier effect . While it
2961-426: A society, is defined by the sum of consumption and investment. In a state of unemployment and unused production capacity, one can enhance employment and total income only by first increasing expenditures for either consumption or investment. Without government intervention to increase expenditure, an economy can remain trapped in a low-employment equilibrium. The demonstration of this possibility has been described as
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#17328630772513102-411: A stopping point in the flow of money. During the normal economic activity, it would be justified to have savings because they can be given out as loans but in this case, there is little demand for them, so they are doing no good for the economy. The supply of savings then exceeds the demand for loans and the result is lower prices or lower interest rates. Thus, the idea is that the money that was once saved
3243-488: A university department. The colleges also decide which undergraduates to admit to the university, in accordance with university standards and regulations. Costs to students for room and board vary considerably from college to college. Similarly, the investment in student education by each college at the university varies widely between the colleges. Cambridge has 31 colleges, two of which, Murray Edwards and Newnham , admit women only. The other colleges are mixed . Darwin
3384-604: A variety of checks and balances. The council is obliged to advise Regent House on matters of general concern to the university, which it does by publishing notices to the Cambridge University Reporter , the university's official journal. In March 2008, Regent House voted to increase from two to four the number of external members on the council, and this was approved by Her Majesty the Queen in July 2008. The General Board of
3525-624: Is Deborah Prentice , who began her role in July 2023. While the Chancellor's office is ceremonial, the Vice-Chancellor serves as the university's de facto principal administrative officer. The university's internal governance is carried out almost entirely by Regent House augmented by some external representation from the Audit Committee and four external members of the University's Council . The university Senate consists of all holders of
3666-407: Is a collegiate university , which means that its colleges are self-governing and independent, each with its own property, endowments, and income. Most colleges bring together academics and students from a broad range of disciplines. Each faculty, school, or department at the university includes academics affiliated with differing colleges. The university is legally structured as an exempt charity and
3807-584: Is a public collegiate research university in Cambridge , England. Founded in 1209, the University of Cambridge is the world's third-oldest university in continuous operation . The university's founding followed the arrival of scholars who left the University of Oxford for Cambridge after a dispute with local townspeople. The two ancient English universities, although sometimes described as rivals, share many common features and are often jointly referred to as Oxbridge . In 1231, 22 years after its founding,
3948-560: Is an urgent task - but one that poses particular difficulties and has been comparatively neglected in academia. CSER has been covered in many different newspapers (particularly in the United Kingdom), mostly covering different topics of interest. CSER was profiled on the front cover of Wired , and in the special Frankenstein issue of Science in 2018. CSER Advisors include Cambridge academics such as: And advisors such as: University of Cambridge The University of Cambridge
4089-464: Is based in Addenbrooke's Hospital , where medical students undergo their three-year clinical placement period after obtaining their BA degree. The West Cambridge site is undergoing a major expansion and will host new buildings and fields for university sports. Since 1990, Cambridge Judge Business School , on Trumpington Street , provides management education courses and is consistently ranked among
4230-497: Is held currently by David Sainsbury, Baron Sainsbury of Turville , who succeeded the Duke of Edinburgh following his retirement on his 90th birthday in June 2011. Lord Sainsbury was nominated by the nomination board. The election took place on 14 and 15 October 2011 with Sainsbury taking 2,893 of the 5,888 votes cast, and winning on the election's first count. The current vice-chancellor
4371-468: Is known as the "father of macroeconomics". During the Great Depression of the 1930s, Keynes spearheaded a revolution in economic thinking , challenging the ideas of neoclassical economics that held that free markets would, in the short to medium term, automatically provide full employment, as long as workers were flexible in their wage demands. He argued that aggregate demand (total spending in
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4512-473: Is now re-invested or spent, assuming lower interest rates appeal to consumers. To Keynes, however, this was not always the case, and it couldn't be assumed that lower interest rates would automatically encourage investment and spending again since there is no proven link between the two. The General Theory argues that demand, not supply, is the key variable governing the overall level of economic activity. Aggregate demand, which equals total un-hoarded income in
4653-407: Is on the state, not the market, that economies must depend for their salvation. In contrast, Keynes argued that demand is what creates supply and not the other way around. He questioned Say's Law by asking what would happen if the money that is being given to individuals is not finding its way back into the economy and is saved instead. He suggested the result would be a recession. To tackle the fear of
4794-581: Is precisely with these plants and these men that we shall afford them." The General Theory is often viewed as the foundation of modern macroeconomics . Few senior American economists agreed with Keynes through most of the 1930s. Yet his ideas were soon to achieve widespread acceptance, with eminent American professors such as Alvin Hansen agreeing with the General Theory before the outbreak of World War II. Keynes himself had only limited participation in
4935-478: The Cambridge Theological Federation and associated in partnership with the university. The University of Cambridge's 31 colleges are: In addition to the 31 colleges, the university maintains over 150 departments, faculties, schools, syndicates, and other academic institutions. Members of these are usually members of one of the colleges, and responsibility for the entire academic programme of
5076-997: The Fitzwilliam Museum and Cambridge University Botanic Garden . Cambridge's 116 libraries hold a total of approximately 16 million books, around nine million of which are in Cambridge University Library , a legal deposit library and one of the world's largest academic libraries . Cambridge alumni, academics, and affiliates have won 124 Nobel Prizes. Among the university's notable alumni are 194 Olympic medal -winning athletes and several historically iconic and transformational individuals in their respective fields, including Francis Bacon , Lord Byron , Oliver Cromwell , Charles Darwin , Rajiv Gandhi , John Harvard , Stephen Hawking , John Maynard Keynes , John Milton , Vladimir Nabokov , Jawaharlal Nehru , Isaac Newton , Sylvia Plath , Bertrand Russell , Alan Turing , Ludwig Wittgenstein , and others. Prior to
5217-681: The MA or higher degrees and is responsible for electing the Chancellor and the High Steward. Until 1950 when the Cambridge University constituency was abolished, it was also responsible for electing two members of the House of Commons . Prior to 1926, the university Senate was the university's governing body, fulfilling the functions that Regent House has provided since. Regent House is the university's governing body, comprising all resident senior members of
5358-454: The Treasury . Among his responsibilities were the design of terms of credit between Britain and its continental allies during the war and the acquisition of scarce currencies. According to economist Robert Lekachman , Keynes's "nerve and mastery became legendary" because of his performance of these duties, as in the case where he managed to assemble a supply of Spanish pesetas . The secretary of
5499-480: The University of Cambridge's Chancellor was given special powers allowing him to prosecute criminals and reestablish order in the city. Attempts at reconciliation between the city's residents and students followed; in the 16th century, agreements were signed to improve the quality of streets and student accommodation around the city. However, this was followed by new confrontations when the plague reached Cambridge in 1630 and colleges refused to assist those affected by
5640-432: The souls of the founders. University of Cambridge colleges were often associated with chapels or abbeys . The colleges' focus began to shift in 1536, however, with the dissolution of the monasteries and Henry VIII 's order that the university disband the canon law that governed the university's faculty and stop teaching scholastic philosophy . In response, colleges changed their curricula from canon law to classics ,
5781-553: The "astronomically" high war compensation they wanted to demand from Germany. Keynes was forced to try to exert influence mostly from behind the scenes. The three principal players at the Paris conferences were Britain's Lloyd George, France's Georges Clemenceau and America's President Woodrow Wilson . It was only Lloyd George to whom Keynes had much direct access; until the 1918 election he had some sympathy with Keynes's view but while campaigning had found his speeches were well received by
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5922-460: The 1920s. The work, Treatise on Money , was published in 1930 in two volumes. A central idea of the work was that if the amount of money being saved exceeds the amount being invested – which can happen if interest rates are too high – then unemployment will rise. This is in part a result of people not wanting to spend too high a proportion of what employers pay out, making it difficult, in aggregate, for employers to make
6063-424: The 1929 crisis, Keynes also turned away from a fundamental pillar of neoclassical economics: free trade . He criticized Ricardian comparative advantage theory (the foundation of free trade), considering the theory's initial assumptions unrealistic, and became definitively protectionist. He detailed these ideas in his magnum opus, The General Theory of Employment, Interest and Money , published in early 1936. By
6204-438: The 1933 London Economic Conference opinions remained too diverse for a unified course of action to be agreed upon. Keynesian-like policies were adopted by Sweden and Germany, but Sweden was seen as too small to command much attention, and Keynes was deliberately silent about the successful efforts of Germany as he was dismayed by its imperialist ambitions and its treatment of Jews. Apart from Great Britain, Keynes's attention
6345-484: The 1970s, partly as a result of the stagflation that plagued the British and American economies during that decade, and partly because of criticism of Keynesian policies by Milton Friedman and other monetarists , who disputed the ability of government to favourably regulate the business cycle with fiscal policy . The 2007–2008 financial crisis sparked the 2008–2009 Keynesian resurgence . Keynesian economics provided
6486-465: The Bachelor of Arts degree. But since women were not yet admitted to the Bachelor of Arts degree program, they were excluded from the university's governance structure. Since University of Cambridge students must belong to a college, and since established colleges remained closed to women, women found admissions restricted to the few university colleges that had been established only for them. Darwin College ,
6627-525: The Belgian Order of Leopold . Keynes's experience at Versailles was influential in shaping his future outlook, yet it was not a successful one. Keynes's main interest had been in trying to prevent Germany's compensation payments being set so high it would traumatise innocent German people, damage the nation's ability to pay and sharply limit its ability to buy exports from other countries – thus hurting not just Germany's economy but that of
6768-625: The Bible, and mathematics. Nearly a century later, the university found itself at the centre of a Protestant schism. Many nobles, intellectuals, and also commoners saw the Church of England as too similar to the Catholic Church and felt that it was being used by The Crown to usurp the counties' rightful powers. East Anglia emerged as the centre of what ultimately became the Puritan movement . In Cambridge,
6909-481: The British, while on security grounds, France argued for an even more severe settlement than Britain. Wilson initially favoured relatively lenient treatment of Germany – he feared too harsh conditions could foment the rise of extremism and wanted Germany to be left sufficient capital to pay for imports. To Keynes's dismay, Lloyd George and Clemenceau were able to pressure Wilson to agree to include pensions in
7050-560: The Cambridge Teaching College for Women, Murray Edwards College , founded in 1954 by Rosemary Murray as New Hall , and Lucy Cavendish College , founded in 1965. Prior to ultimately being permitted admission to the university in 1948, female students were granted the right to take University of Cambridge exams beginning in the late 19th century. Women were also allowed to study courses, take examinations, and have prior exam results recorded retroactively, dating back to 1881; for
7191-453: The Faculties is responsible for the university's academic and educational policies and is accountable to the council for its management of these affairs. Faculty boards are accountable to the general board; other boards and syndicates are accountable either to the general board or to the council. Under this organizational structure, the university's various arms are kept under supervision of both
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#17328630772517332-540: The Great Depression of the 1930s, that capitalism caused war. He argued that if capitalism were managed domestically and internationally (with coordinated international Keynesian policies, an international monetary system that did not pit the interests of countries against one another, and a high degree of freedom of trade), then this system of managed capitalism could promote peace rather than conflict between countries. His plans during World War II for post-war international economic institutions and policies (which contributed to
7473-552: The New Court and Cripps Buildings at St John's College . The brickwork of several colleges is notable: Queens' College has some of the earliest patterned brickwork in England and the brick walls of St John's College are examples of English bond , Flemish bond , and Running bond . The university is divided into several sites, which house the university's various departments, including: The university's School of Clinical Medicine
7614-467: The Peace , published in 1919. This work has been described as Keynes's best book, where he was able to bring all his gifts to bear – his passion as well as his skill as an economist. In addition to economic analysis, the book contained appeals to the reader's sense of compassion : I cannot leave this subject as though its just treatment wholly depended either on our pledges or on economic facts. The policy of reducing Germany to servitude for
7755-628: The Puritan movement was particularly strong at Emmanuel , St Catharine Hall , Sidney Sussex , and Christ's . These colleges produced many nonconformist graduates who greatly influenced, by social position or preaching, some 20,000 Puritans who ultimately left England for New England and especially Massachusetts Bay Colony during the Great Migration decade of the 1630s, settling in the colonial-era Colony of Virginia and other fledgling American colonies. The university quickly established itself as
7896-528: The Treasury was delighted to hear Keynes had amassed enough to provide a temporary solution for the British Government. But Keynes did not hand the pesetas over, choosing instead to sell them all to break the market: his boldness paid off, as pesetas then became much less scarce and expensive. On the introduction of military conscription in 1916, he applied for exemption as a conscientious objector , which
8037-502: The Tripos system, feeling that students were becoming too focused on accumulating high exam marks at the expense of the subject itself. Pure mathematics at the University of Cambridge in the 19th century achieved great things, though it largely missed out on substantial developments in French and German mathematics. By the early 20th century, however, pure mathematical research at Cambridge reached
8178-509: The UK, endowment reserve stood at £2.469 billion. The 31 colleges reported collective endowment reserve of £4.582 billion . In the fiscal year ending 31 July 2023, the central university, excluding colleges, reported total consolidated income of £2.518 billion, of which £569.5 million was from research grants and contracts. In July 2022, the Dear World, Yours Cambridge Campaign for
8319-567: The United Kingdom to pursue full-time postgraduate study at Cambridge. In October 2021, the university suspended its £400m collaboration with the United Arab Emirates , citing allegations that UAE was involved in illegal hacking of the university's computer and storage systems using NSO Group 's Pegasus software. UAE also was behind the leak of over 50,000 phone numbers, including hundreds belonging to British citizens. Stephen Toope ,
8460-467: The age of five and a half, Keynes started at the kindergarten of the Perse School for Girls for five mornings a week. He quickly showed a talent for arithmetic, but his health was poor leading to several long absences. He was tutored at home by a governess, Beatrice Mackintosh, and his mother. In January 1892, at eight and a half, he started as a day pupil at St Faith's preparatory school. By 1894, Keynes
8601-541: The arts, architecture, and archaeology were donated by Viscount Fitzwilliam of Trinity College , who also founded Fitzwilliam Museum in 1816. In 1847, Prince Albert was elected the university's chancellor in a close contest with the Earl of Powis . As chancellor, Albert reformed university curricula beyond its initial focus on mathematics and classics, adding modern era history and the natural sciences . Between 1896 and 1902, Downing College sold part of its land to permit
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#17328630772518742-516: The central administration and Regent House. The Cambridge University Endowment Fund is the main vehicle of investment for the University. In the fiscal year ending 31 July 2023, the university group, excluding colleges, reported a total endowment of £3.736 billion. The figure includes both restricted and unrestricted funds. When reported strictly using Statements of Recommended Practice (SORPs) guidelines, which accounted for only donations that meet certain criteria among non-profit organizations in
8883-505: The centuries. During the Peasants' Revolt of 1381, strong clashes led to attacks and looting of university properties as locals contested the privileges granted by the British government to the University of Cambridge's academic staff. Residents burned university property in Market Square to the famed rallying cry " Away with the learning of clerks, away with it! ". Following these events,
9024-546: The chancellor and the guild of scholars granted the new university ius non trahi extra , or the right not to be drawn out, for three years, meaning its members could not be summoned to a court outside of the diocese of Ely. After Cambridge was described as a studium generale in a letter from Pope Nicholas IV in 1290, and confirmed as such by Pope John XXII 's 1318 papal bull , it became common for researchers from other European medieval universities to visit Cambridge to study or give lecture courses. The 31 colleges of
9165-421: The circumstances of its publication were such that his suggestions shaped the course of the 1930s. In addition, Keynes introduced the world to a new interpretation of taxation: since the legal tender is now defined by the state, inflation becomes "taxation by currency depreciation". This hidden tax meant a) that the standard of value should be governed by deliberate decision; and (b) that it was possible to maintain
9306-516: The collapse of the Weimar Republic and the outbreak of the Second World War. However, historian Ruth Henig claims that "most historians of the Paris peace conference now take the view that, in economic terms, the treaty was not unduly harsh on Germany and that, while obligations and damages were inevitably much stressed in the debates at Paris to satisfy electors reading the daily newspapers,
9447-516: The college faculties make up the University of Cambridge. Facilities such as libraries are provided on all these levels by the university. The Cambridge University Library is the university's largest and primary library. Squire Law Library is the primary library for the university's students of law . Individual colleges each maintain a multi-discipline library designed for each college's respective undergraduates. College libraries tend to operate 24/7 and their usage in generally restricted to members of
9588-514: The college. Conversely, libraries operated by departments are generally open to all students of the university, regardless of subject. The colleges are self-governing institutions with their own endowments and property, each founded as components of the university. All students and most academics are attached to a college. The colleges' importance lies in the housing, welfare, social functions, and undergraduate teaching they provide. All faculties, departments, research centres, and laboratories belong to
9729-511: The colleges are self-governing institutions within the university, managing their own personnel and policies, and all students are required to have a college affiliation within the university. Undergraduate teaching at Cambridge is centred on weekly small-group supervisions in the colleges with lectures, seminars, laboratory work, and occasionally further supervision provided by the central university faculties and departments. The university operates eight cultural and scientific museums, including
9870-510: The conference was a treaty which disgusted Keynes both on moral and economic grounds and led to his resignation from the Treasury. In June 1919 he turned down an offer to become chairman of the British Bank of Northern Commerce , a job that promised a salary of £2,000 in return for a morning per week of work. Keynes's analysis on the predicted damaging effects of the treaty appeared in the highly influential book, The Economic Consequences of
10011-519: The construction of Downing Site , the university's grouping of scientific laboratories for the study of anatomy , genetics , and Earth sciences . During this period, the New Museums Site was erected, including the Cavendish Laboratory , which has since moved to West Cambridge , and other departments for chemistry and medicine. The University of Cambridge began to award PhD degrees in
10152-500: The cost of European reconstruction on the United States. Lloyd George agreed it might be acceptable to the British electorate. However, America was against the plan; the US was then the largest creditor, and by this time Wilson had started to believe in the merits of a harsh peace and thought that his country had already made excessive sacrifices. Hence despite his best efforts, the result of
10293-527: The cost of allowing their currency to depreciate. Britain suffered from high unemployment through most of the 1920s, leading Keynes to recommend the depreciation of sterling to boost jobs by making British exports more affordable. From 1924 he was also advocating a fiscal response, where the government could create jobs by spending on public works. During the 1920s Keynes's pro-stimulus views had only limited effect on policymakers and mainstream academic opinion – according to Hyman Minsky one reason
10434-768: The creation at Bretton Woods of the International Monetary Fund and the World Bank , and later to the creation of the General Agreement on Tariffs and Trade and eventually the World Trade Organization ) were aimed to give effect to this vision. Although Keynes has been widely criticised – especially by members of the Chicago school of economics – for advocating irresponsible government spending financed by borrowing, in fact he
10575-416: The date of their matriculation . Lucy Cavendish , which was previously a women-only mature college, began admitting both men and women in 2021. All other colleges admit both undergraduate and postgraduate students without any age restrictions. Colleges are not required to admit students in all subjects; some colleges choose not to offer subjects such as architecture, art history, or theology, but most offer
10716-577: The death of a local Oxford -area woman, were hanged by town authorities without first consulting ecclesiastical authorities, who traditionally would be inclined to pardon scholars in such cases. But during this time, Oxford's town authorities were in conflict with King John . Fearing more violence from Oxford townsfolk, University of Oxford scholars began leaving Oxford for more hospitable cities, including Paris, Reading , and Cambridge . Enough scholars ultimately took residence in Cambridge to form, along with
10857-492: The disease by locking their sites. Such conflicts between Cambridge's residents and university students have largely disappeared since the 16th century, and the university has grown as a source of enormous employment and expanded wealth in Cambridge and the region. The university also has proven a source of extraordinary growth in high tech and biotech start-ups and established companies and associated providers of services to these companies. The economic growth associated with
10998-416: The economy) determined the overall level of economic activity, and that inadequate aggregate demand could lead to prolonged periods of high unemployment, and since wages and labour costs are rigid downwards the economy will not automatically rebound to full employment. Keynes advocated the use of fiscal and monetary policies to mitigate the adverse effects of economic recessions and depressions . After
11139-716: The effect of a recent global economic downturn on India. He founded the Political Economy Club , a weekly discussion group. Keynes's earnings rose further as he began to take on pupils for private tuition. In 1911 Keynes was made the editor of The Economic Journal . By 1913 he had published his first book, Indian Currency and Finance . He was then appointed to the Royal Commission on Indian Currency and Finance – the same topic as his book – where Keynes showed considerable talent at applying economic theory to practical problems. His written work
11280-462: The ethical system of G. E. Moore . Keynes was elected to the University Pitt Club and was an active member of the semi-secretive Cambridge Apostles society, a debating club largely reserved for the brightest students. Like many members, Keynes retained a bond to the club after graduating and continued to attend occasional meetings throughout his life. Before leaving Cambridge, Keynes became
11421-456: The festival has existed since 1918 and the celebration itself originated even earlier at Truro Cathedral in Cornwall in 1880. The first television broadcast of the festival was in 1954. The university occupies a central location within the city of Cambridge . University of Cambridge students represent approximately 20 percent of the town's population, which was 145,674 as of 2021, resulting in
11562-450: The first decision weight approach with his conventional coefficient of risk and weight, c , in chapter 26. In addition to his academic work, the 1920s saw Keynes active as a journalist selling his work internationally and working in London as a financial consultant. In 1924 Keynes wrote an obituary for his former tutor Alfred Marshall which Joseph Schumpeter called "the most brilliant life of
11703-419: The first graduate college of the university, matriculated both male and female students from its inception in 1964 and elected a mixed fellowship. Undergraduate colleges, starting with Churchill , Clare , and King 's colleges, began admitting women between 1972 and 1988. Among women's colleges at the university, Girton began admitting male students in 1979, and Lucy Cavendish began admitting men in 2021. But
11844-500: The first third of the 20th century; the first Cambridge PhD in mathematics was awarded in 1924. The university contributed significantly to the Allies' forces in World War I with 13,878 members of the university serving and 2,470 being killed in action during the war. Teaching, and the fees it earned, nearly came to a halt during World War I, and severe financial difficulties followed. As
11985-449: The founding of Sidney Sussex in 1596 and that of Downing in 1800. The most recent college to be established is Robinson , which was built in the late 1970s. Most recently, in March 2010, Homerton College achieved full university college status, making it technically the university's newest full college. In medieval times, many colleges were founded so that their members could pray for
12126-514: The founding of the University of Cambridge in 1209, Cambridge and the area surrounding it already had developed a scholarly and ecclesiastical reputation due largely to the intellectual reputation and academic contributions of monks from the nearby bishopric church in Ely . The founding of the University of Cambridge, however, was inspired largely by an incident at the University of Oxford during which three Oxford scholars, as an administration of justice in
12267-447: The gold standard and in 1925 they were able to convince the then Chancellor Winston Churchill to re-establish it, which had a depressing effect on British industry. Keynes responded by writing The Economic Consequences of Mr. Churchill and continued to argue against the gold standard until Britain finally abandoned it in 1931. Keynes had begun a theoretical work to examine the relationship between unemployment, money and prices back in
12408-407: The government), rather than deficit spending , to avoid inflation. Compulsory saving would act to dampen domestic demand, assist in channelling additional output towards the war efforts, would be fairer than punitive taxation and would have the advantage of helping to avoid a post-war slump by boosting demand once workers were allowed to withdraw their savings. In September 1941 he was proposed to fill
12549-467: The highest international standard, thanks largely to G. H. Hardy and his collaborators, J. E. Littlewood and Srinivasa Ramanujan . W. V. D. Hodge and others helped establish Cambridge as a global leader in geometry in the 1930s. The Cambridge University Act 1856 formalised the university's organisational structure and introduced the study of many new subjects, including theology, history, and Modern languages . Resources necessary for new courses in
12690-431: The impoverishment of Central Europe, vengeance, I dare predict, will not limp. Nothing can then delay for very long that final war between the forces of Reaction and the despairing convulsions of Revolution, before which the horrors of the late German war will fade into nothing. Keynes's followers assert that his predictions of disaster were borne out when the German economy suffered the hyperinflation of 1923 , and again by
12831-451: The index understated the effects of changes in the costs of services and labour. Keynes was deeply critical of the British government's austerity measures during the Great Depression . He believed that budget deficits during recessions were a good thing and a natural product of an economic slump. He wrote, "For Government borrowing of one kind or another is nature's remedy, so to speak, for preventing business losses from being, in so severe
12972-513: The intention was quietly to give Germany substantial help towards paying her bills, and to meet many of the German objections by amendments to the way the reparations schedule was in practice carried out". Only a small fraction of reparations was ever paid. In fact, historian Stephen A. Schuker demonstrates in American 'Reparations' to Germany, 1919–33 , that the capital inflow from American loans substantially exceeded German out payments so that, on
13113-521: The late 1930s, leading Western economies had begun adopting Keynes's policy recommendations. Almost all capitalist governments had done so by the end of the two decades following Keynes's death in 1946. As a leader of the British delegation, Keynes participated in the design of the international economic institutions established after the end of World War II but was overruled by the American delegation on several aspects. Keynes's influence started to wane in
13254-446: The many scholars already there, the nucleus for the new university's formation. By 1225, a chancellor of the university was appointed, and writs issued by King Henry III in 1231 established that rents in Cambridge were to be set secundum consuetudinem universitatis , according to the custom of the university, and established a panel of two masters and two townsmen to determine these. A letter from Pope Gregory IX two years later to
13395-590: The mathematics Tripos exam are called wranglers , and the top student among them is known as the Senior Wrangler , a position that has been described as "the greatest intellectual achievement attainable in Britain." The Cambridge Mathematical Tripos is highly competitive and has helped produce some of the most famous names in British science, including James Clerk Maxwell , Lord Kelvin , and Lord Rayleigh . However, some famous students, such as G. H. Hardy , disliked
13536-447: The naming of Garret Hostel Lane and Garret Hostel Bridge , a street and bridge in Cambridge. The University of Cambridge's first college, Peterhouse , was founded in 1284 by Hugh de Balsham , the Bishop of Ely . Multiple additional colleges were founded during the 14th and 15th centuries, and colleges continued to be established during modern times, though there was a 204-year gap between
13677-449: The other female-only colleges have remained female-only colleges as of 2023. As a result of St Hilda's College, Oxford , ending its ban on male students in 2008, Cambridge is now the only remaining university in the United Kingdom with female-only colleges; the two female-only colleges at the university are Newnham and Murray Edwards . As of the 2019–2020 academic year, the university's male to female enrollment, including post-graduates,
13818-434: The present-day University of Cambridge were originally an incidental feature of the university; no college within the University of Cambridge is as old as the university itself. The colleges within the university were initially endowed fellowships of scholars. There were also institutions without endowments, called hostels, which were gradually absorbed by the colleges over the centuries, and they have left some traces, including
13959-492: The president of the Cambridge Union Society and Cambridge University Liberal Club . He was said to be an atheist. In May 1904, he received a first-class BA in mathematics. Aside from a few months spent on holidays with family and friends, Keynes continued to involve himself with the university over the next two years. He took part in debates, further studied philosophy and attended economics lectures informally as
14100-427: The public only if he promised to harshly punish Germany, and had therefore committed his delegation to extracting high payments. Lloyd George did, however, win some loyalty from Keynes with his actions at the Paris conference by intervening against the French to ensure the dispatch of much-needed food supplies to German civilians. Clemenceau also pushed for substantial reparations, though not as high as those proposed by
14241-410: The reparations bill. Towards the end of the conference, Keynes came up with a plan that he argued would not only help Germany and other impoverished central European powers but also be good for the world economy as a whole. It involved the radical writing down of war debts, which would have had the possible effect of increasing international trade all round, but at the same time thrown over two-thirds of
14382-487: The rest of his life his professional energies were directed largely towards the practical side of economics: the problems of ensuring optimum allocation of resources for the war efforts, post-war negotiations with America, and the new international financial order that was presented at the Bretton Woods Conference . In the General Theory and later, Keynes responded to the socialists who argued, especially during
14523-401: The revolutionary formal achievement of the work. The book advocated activist economic policy by government to stimulate demand in times of high unemployment, for example by spending on public works . "Let us be up and doing, using our idle resources to increase our wealth," he wrote in 1928. "With men and plants unemployed, it is ridiculous to say that we cannot afford these new developments. It
14664-510: The same house throughout their lives, where the children were always welcome to return. Keynes received considerable support from his father, including expert coaching to help him pass his scholarship exams and financial help both as a young man and when his assets were nearly wiped out at the onset of Great Depression in 1929. Keynes's mother made her children's interests her own, and according to Skidelsky, "because she could grow up with her children, they never outgrew home". In January 1889, at
14805-445: The sciences. Other colleges have more informal academic focus and even demonstrate ideological focus, such as King's , which is known for its left-wing political orientation, and Robinson and Churchill , both of which have a reputation for academic focus on sustainability and environmentalism. Three theological colleges at the university, Westcott House , Westminster College , and Ridley Hall Theological College , are members of
14946-494: The student with the lowest passing grade deserving of the spoon, leading to discontinuation of the tradition. Each Christmas Eve, The Festival of Nine Lessons and Carols , sung by the Choir of King's College , are broadcast globally on BBC World Service television and radio and syndicated to hundreds of additional radio stations in the U.S. and elsewhere. The radio broadcast has been a national Christmas Eve tradition since 1928, though
15087-452: The suspension of specie payments – the gold equivalent of banknotes – but with Keynes's help, the Chancellor of the Exchequer (then Lloyd George ) was persuaded that this would be a bad idea, as it would hurt the future reputation of the city if payments were suspended before it was necessary. In January 1915 Keynes took up an official government position at
15228-542: The theoretical debates that followed the publication of the General Theory as he suffered a heart attack in 1937, requiring him to take long periods of rest. Among others, Hyman Minsky and Post-Keynesian economists have argued that as a result, Keynes's ideas were diluted by those keen to compromise with classical economists or to render his concepts with mathematical models like the IS–LM model (which, they argue, distort Keynes's ideas). Keynes began to recover in 1939, but for
15369-643: The theoretical underpinning for economic policies undertaken in response to the 2007–2008 financial crisis by President Barack Obama of the United States, Prime Minister Gordon Brown of the United Kingdom, and other heads of governments. When Time magazine included Keynes among its Most Important People of the Century in 1999, it reported that "his radical idea that governments should spend money they don't have may have saved capitalism". The Economist has described Keynes as "Britain's most famous 20th-century economist". In addition to being an economist, Keynes
15510-493: The theory and practice of macroeconomics and the economic policies of governments. Originally trained in mathematics, he built on and greatly refined earlier work on the causes of business cycles . One of the most influential economists of the 20th century, he produced writings that are the basis for the school of thought known as Keynesian economics , and its various offshoots. His ideas, reformulated as New Keynesianism , are fundamental to mainstream macroeconomics . He
15651-617: The top 20 business schools in the world by Financial Times . Many of the sites are quite close together, and the area around Cambridge is reasonably flat. Furthermore, students are not permitted to hold car park permits except under special circumstances. For these reasons, of the favourite modes of transport for students is the bicycle; an estimated one-fifth of journeys in the city are made by bike. The University of Cambridge and its constituent colleges include many notable locations, some of which are iconic or of historical, academic, religious, and cultural significance, including: Cambridge
15792-507: The university and colleges concluded, raising a total of £2.217 billion in commitments. The university maintains multiple scholarship programs. The Stormzy Scholarship for Black UK Students covers tuition costs for two students and maintenance grants for up to four years. In 2000, Bill Gates of Microsoft donated US$ 210 million through the Bill and Melinda Gates Foundation to endow Gates Cambridge Scholarships for students from outside
15933-707: The university and the colleges, the Chancellor, the High Steward , the Deputy High Steward, and the Commissary. Public representatives of Regent House are the two Proctors , elected to serve for one year terms upon their nominations by the colleges. Although the University Council is the university's principal executive and policy-making body, the Council reports to, and is held accountable by, Regent House through
16074-563: The university is divided among them. The university has a department dedicated to providing continuing education , the Institute of Continuing Education , which is based primarily in Madingley Hall , a 16th-century manor house in Cambridgeshire . Its award-bearing programmes include both undergraduate certificates and part-time master's degrees. A school in the University of Cambridge is
16215-414: The university was recognised with a royal charter , granted by King Henry III . The University of Cambridge includes 31 semi-autonomous constituent colleges and over 150 academic departments, faculties, and other institutions organised into six schools . The largest department is Cambridge University Press & Assessment , which has £1 billion of annual revenue and reaches 100 million learners. All of
16356-489: The university's high tech and biotech growth has been labeled the Cambridge Phenomenon, and has included the addition of 1,500 new companies and as many as 40,000 new jobs added between 1960 and 2010, mostly at Silicon Fen , a business cluster launched by the university in the late 20th century. Partly because of the University of Cambridge's extensive history, which now exceeds 800 years, the university has developed
16497-531: The university's operational needs, which may include a number of departments and other institutions. A small number of bodies called syndicates hold responsibility for teaching and research, including for the University of Cambridge Local Examinations Syndicate , the University Press , and the University Library . The Chancellor of the university is limitless term position that is mainly ceremonial and
16638-434: The university's outgoing Vice-Chancellor, said the decision to suspend its collaboration with UAE also was a result of additional revelations about UAE's Pegasus software hacking. John Maynard Keynes Heterodox John Maynard Keynes, 1st Baron Keynes CB , FBA ( / k eɪ n z / KAYNZ ; 5 June 1883 – 21 April 1946), was an English economist and philosopher whose ideas fundamentally changed
16779-480: The university, which arranges lectures and awards degrees, but undergraduates receive their overall academic supervision within the colleges through small group teaching sessions, which often include just one student; though in many cases students go to other colleges for supervision if the teaching fellows at their college do not specialise in a student's particular area of academic focus. Each college appoints its own teaching staff and fellows, both of whom are members of
16920-466: The wider world. Unfortunately for Keynes, conservative powers in the coalition that emerged from the 1918 coupon election were able to ensure that both Keynes himself and the Treasury were largely excluded from formal high-level talks concerning reparations. Their place was taken by the Heavenly Twins – the judge Lord Sumner and the banker Lord Cunliffe , whose nickname derived from
17061-585: Was a firm believer in balanced budgets and regarded the proposals for programmes of public works during the Great Depression as an exceptional measure to meet the needs of exceptional circumstances. During the Second World War , Keynes argued in How to Pay for the War , published in 1940, that the war effort should be largely financed by higher taxation and especially by compulsory saving (essentially workers lending money to
17202-769: Was abolished by the Representation of the People Act 1948 . The constituency was not a geographical area; rather, its electorate consisted of university graduates. Before 1918, the franchise was restricted to male graduates with a doctorate or MA degree. For the first several centuries of its existence, as was the case broadly in England and the world, the University of Cambridge was only open to male students. The first colleges established for women were Girton College , founded by Emily Davies in 1869, Newnham College , founded by Anne Clough and Henry Sidgwick in 1872, Hughes Hall , founded in 1885 by Elizabeth Phillips Hughes as
17343-453: Was addressed chiefly to the British Government, it also contained advice for other nations affected by the global recession. A copy was sent to the newly elected President Franklin D. Roosevelt and other world leaders. The work was taken seriously by both the American and British governments, and according to Robert Skidelsky , helped pave the way for the later acceptance of Keynesian ideas, though it had little immediate practical influence. In
17484-515: Was also a civil servant , a director of the Bank of England , and a part of the Bloomsbury Group of intellectuals. John Maynard Keynes was born in Cambridge , England, in June 1883 to an upper-middle-class family. His father, John Neville Keynes , was an economist and a lecturer in moral sciences at the University of Cambridge and his mother, Florence Ada Keynes , a local social reformer. Keynes
17625-622: Was also cultural, in two senses: he was of the last generation raised by an empire still at the height of its power and was also of the last generation who felt entitled to govern by culture, rather than by expertise. According to Skidelsky , the sense of cultural unity current in Britain from the 19th century to the end of World War I provided a framework with which the well-educated could set various spheres of knowledge in relation to each other and life, enabling them to confidently draw from different fields when addressing practical problems. In October 1906 Keynes began his Civil Service career as
17766-549: Was awarded in 1909 to Cuthbert Lempriere Holthouse, an oarsman of the Lady Margaret Boat Club at St John's College . It was over one metre in length and had an oar blade for a handle. It can now be seen outside the Senior Combination Room of St John's College. Since 1908, examination results have been published alphabetically within class rather than in strict order of merit, which made it difficult to ascertain
17907-639: Was awarded the Tomline Prize for mathematics. At Eton, Keynes experienced the first "love of his life" in Dan Macmillan, older brother of the future Prime Minister Harold Macmillan . Despite his middle-class background, Keynes mixed easily with upper-class pupils. In 1902, Keynes left Eton for King's College, Cambridge , after receiving a scholarship for this also, to read mathematics. Alfred Marshall begged Keynes to become an economist, although Keynes's own inclinations drew him towards philosophy, especially
18048-518: Was effectively granted conditional upon continuing his government work. In the 1917 King's Birthday Honours , Keynes was appointed Companion of the Order of the Bath for his wartime work, and his success led to the appointment that had a huge effect on Keynes's life and career; Keynes was appointed financial representative for the Treasury to the 1919 Versailles peace conference . He was also appointed Officer of
18189-425: Was nearly balanced with its total student population being 53% male and 47% female. In 2018 and later years, the university has come under some criticism and faced legal challenges over alleged sexual harassment at the university. In 2019, for example, former student Danielle Bradford, represented by sexual harassment lawyer Ann Olivarius , sued the university for its handling of her sexual misconduct complaint. "I
18330-403: Was not until after the outbreak of the Second World War that Keynes was offered a directorship of a major British Bank, or an acceptable offer to return to government with a formal job. However, Keynes was still able to influence government policy-making through his network of contacts, his published works and by serving on government committees; this included attending high-level policy meetings as
18471-512: Was not without controversies, however. For example, Cambridge researchers were accused in 2023 of helping to develop weapon systems for Iran. The University of Cambridge was one of only two universities to hold parliamentary seats in the Parliament of England and was later one of 19 represented in the Parliament of the United Kingdom . The constituency was created by a Royal charter of 1603 and returned two members of parliament until 1950 when it
18612-481: Was partly setting himself against his former teachers Marshall and Pigou. Keynes believed the classical theory was a "special case" that applied only to the particular conditions present in the 19th century, his theory being the general one. Classical economists had believed in Say's law , which, simply put, states that " supply creates its demand ", and that in a free-market workers would always be willing to lower their wages to
18753-420: Was persuaded by Felix Frankfurter to address President Roosevelt directly, which he did by letters and face-to-face in 1934, after which the two men spoke highly of each other. However, according to Skidelsky, the consensus is that Keynes's efforts began to have a more than marginal influence on US economic policy only after 1939. Keynes's magnum opus , The General Theory of Employment, Interest and Money
18894-464: Was primarily focused on the United States. In 1931, he received considerable support for his views on counter-cyclical public spending in Chicago, then America's foremost center for economic views alternative to the mainstream. However, orthodox economic opinion remained generally hostile regarding fiscal intervention to mitigate the depression , until just before the outbreak of war . In late 1933 Keynes
19035-406: Was published in 1936. It was researched and indexed by one of Keynes's favourite students, and later economist, David Bensusan-Butt . The work served as a theoretical justification for the interventionist policies Keynes favoured for tackling a recession. Although Keynes stated in his preface that his General Theory was only secondarily concerned with the "applications of this theory to practice,"
19176-502: Was published under the name "J M Keynes", though to his family and friends he was known as Maynard. (His father, John Neville Keynes, was also always known by his middle name). The British Government called on Keynes's expertise during the First World War . While he did not formally rejoin the civil service in 1914, Keynes travelled to London at the government's request a few days before hostilities started. Bankers had been pushing for
19317-512: Was that at this time his theoretical justification was "muddled". The Tract had also called for an end to the gold standard. Keynes advised it was no longer a net benefit for countries such as Britain to participate in the gold standard , as it ran counter to the need for domestic policy autonomy. It could force countries to pursue deflationary policies at exactly the time when expansionary measures were called for to address rising unemployment. The Treasury and Bank of England were still in favour of
19458-423: Was the first college to admit both men and women. In 1972, Churchill , Clare , and King's were the first previously all-male colleges to admit female undergraduates. In 1988, Magdalene became the last all-male college to accept women. Clare Hall and Darwin admit only postgraduates, and Hughes Hall , St Edmund's , and Wolfson admit only mature undergraduate and graduate students who are 21 years or older on
19599-475: Was the firstborn and was followed by two more children – Margaret Neville Keynes in 1885 and Geoffrey Keynes in 1887. Geoffrey became a surgeon and Margaret married the Nobel Prize-winning physiologist Archibald Hill . According to the economic historian and biographer Robert Skidelsky , Keynes's parents were loving and attentive. They attended a Congregational Church and remained in
19740-693: Was told that I should think about it very carefully because making a complaint could affect my place in my department", Bradford alleged in 2019. In 2020, hundreds of current and former students accused the university in a letter, citing "a complete failure" to deal with sexual misconduct complaints. The relationship between the university and the city of Cambridge has sometimes been uneasy. The phrase town and gown continues to be employed to distinguish between Cambridge residents (town) and University of Cambridge students (gown), who historically wore academical dress . Ferocious rivalry between Cambridge's residents and university students have periodically erupted over
19881-424: Was top of his class and excelling at mathematics. In 1896, St Faith's headmaster, Ralph Goodchild, wrote that Keynes was "head and shoulders above all the other boys in the school" and was confident that Keynes could get a scholarship to Eton. In 1897, Keynes won a King's Scholarship to Eton College , where he displayed talent in a wide range of subjects, particularly mathematics, classics and history: in 1901, he
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