164-430: 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 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
328-561: 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
492-549: A commercial approach to their tasks. However, the Government conceded that agency staff would remain civil servants, which diluted the radicalism of the reform. The approach seems somewhat similar to the Swedish model, though no influence from Sweden has ever been acknowledged. The Next Steps Initiative took some years to get off the ground, and progress was patchy. Significant change was achieved, although agencies never really achieved
656-516: 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
820-526: 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
984-647: 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 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
1148-519: 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
1312-529: 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
1476-490: 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
1640-617: 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
1804-411: A new approach to delivery featuring clear targets and personal responsibility. Without any statutory change, the managerial functions of Ministries would be hived off into Executive Agencies , with clear Framework Documents setting out their objectives, and whose chief executives would be made accountable directly (in some cases to Parliament) for performance. Agencies were to, as far as possible, take
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#17328521152961968-420: 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
2132-483: A recent holder of the office of Garter King of Arms, wrote of Anstis's motivations: It was Martin Leake's opinion that the trouble and opposition Anstis met with in establishing himself as Garter so embittered him against the heralds that when at last in 1718 he succeeded, he made it his prime object to aggrandise himself and his office at their expense. It is clear at least that he set out to make himself indispensable to
2296-405: 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
2460-509: A red ring bearing the motto of the Order in gold letters. The circle is flanked by two laurel branches , and is above a scroll bearing the words Ich dien (older German for 'I serve') in gold letters. Stylised versions of this are known as Bath stars , and are used as epaulette pips to indicate British Army officer ranks and for police ranks . The star for civil Knights and Dames Grand Cross consists of an eight-pointed silver star, without
2624-451: A scroll bearing the words Ich dien in gold letters. The civil badge is a plain gold oval, bearing three crowns on the obverse side, and a rose, a thistle and a shamrock , emanating from a sceptre on the reverse side; both emblems are surrounded by a ring bearing the motto of the Order. On certain ' collar days ' designated by the Sovereign, members attending formal events may wear
2788-478: 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
2952-426: 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
3116-411: 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
3280-555: 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 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
3444-551: A symbol of purification ) was an element. While not all knights went through such an elaborate ceremony, knights so created were known as "knights of the Bath". George I constituted the Knights of the Bath as a regular military order . He did not revive the order, which did not previously exist, in the sense of a body of knights governed by a set of statutes and whose numbers were replenished when vacancies occurred. The Order consists of
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#17328521152963608-426: 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 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
3772-723: A vacancy in the Court of Directors of the Bank of England , and subsequently carried out a full term from the following April. In June 1942, Keynes was rewarded for his service with a hereditary peerage in the King's Birthday Honours. On 7 July his title was gazetted as " Baron Keynes , of Tilton, in the County of Sussex " and he took his seat in the House of Lords on the Liberal Party benches. Companion of
3936-467: 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 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
4100-455: Is a gold Maltese Cross of eight points, enamelled in white. Each point of the cross is decorated by a small gold ball; each angle has a small figure of a lion. The centre of the cross bears three crowns on the obverse side, and a rose, a thistle and a shamrock , emanating from a sceptre on the reverse side. Both emblems are surrounded by a red circular ring bearing the motto of the Order, which are in turn flanked by two laurel branches, above
4264-461: Is in turn larger than the Companion's badge; however, these are all suspended on a crimson ribbon. Knights and Dames Grand Cross wear the badge on a riband or sash, passing from the right shoulder to the left hip. Knights Commander and male Companions wear the badge from a ribbon worn around the neck. Dames Commander and female Companions wear the badge from a bow on the left side: The military badge
4428-437: Is made of black velvet ; it includes an upright plume of feathers . The collar , worn only by Knights and Dames Grand Cross, is made of gold and weighs 30 troy ounces (933 g) . It consists of depictions of nine imperial crowns and eight sets of flowers ( roses for England, thistles for Scotland, and shamrocks for Ireland), connected by seventeen silver knots. On lesser occasions, simpler insignia are used: The star
4592-460: Is not entirely clear. The 'three joined in one' may be a reference to the kingdoms of England , Scotland , and either France or Ireland , which were held (or claimed in the case of France ) by English and, later, British monarchs. This would correspond to the three crowns in the badge. Another explanation of the motto is that it refers to the Holy Trinity . Nicolas quotes a source (although he
4756-472: 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
4920-407: 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
5084-576: 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
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5248-452: Is sceptical of it) who claims that prior to James I the motto was Tria numina juncta in uno (three powers/gods joined in one), but from the reign of James I, the word numina was dropped, and the motto understood to mean Tria [regna] juncta in uno (three kingdoms joined in one). The prime mover in the establishment of the Order of the Bath was John Anstis , Garter King of Arms , England's highest heraldic officer. Sir Anthony Wagner ,
5412-584: Is the Great Master, of which there have been ten: Originally a Prince of the Blood Royal, as the Principal Knight Companion, ranked next after the sovereign. This position was joined to that of the Great Master in the statutes of 1847. The Great Master and Principal Knight is now either a descendant of George I or 'some other exalted personage'; the holder of the office has custody of the seal of
5576-426: Is used only by Knights and Dames Grand Cross and Knights and Dames Commander. Its style varies by rank and division; it is worn pinned to the left breast: The star for military Knights and Dames Grand Cross consists of a Maltese Cross on top of an eight-pointed silver star; the star for military Knights and Dames Commander is an eight-pointed silver cross pattée. Each bears in the centre three crowns surrounded by
5740-754: The Acts of Union 1800 abolished the Parliament of Ireland , the Lord Lieutenant of Ireland was retained in formal charge of the Irish executive based at Dublin Castle . The Irish Office in Whitehall liaised with Dublin Castle. Some British departments' area of operation extended to Ireland, while in other fields the Dublin department was separate from the Whitehall equivalent. Following
5904-615: The Central Policy Review Staff (CPRS), and they were in particular given charge of a series of Programme Analysis and Review (PAR) studies of policy efficiency and effectiveness. But, whether through lack of political will, or through passive resistance by a mandarinate which the report had suggested were "amateurs", Fulton failed. The Civil Service College equipped generalists with additional skills, but did not turn them into qualified professionals as ENA did in France. Recruits to
6068-551: The Earl Marshal , which was not hard, their political principles being congruous and their friendship already established, but also to Sir Robert Walpole and the Whig ministry, which can by no means have been easy, considering his known attachment to the Pretender and the circumstances under which he came into office. ... The main object of Anstis's next move, the revival or institution of
6232-651: The Gulf War . A more controversial member of the Order was Robert Mugabe , whose honour was stripped by the Queen, on the advice of the Foreign Secretary , David Miliband , on 25 June 2008 "as a mark of revulsion at the abuse of human rights and abject disregard for the democratic process in Zimbabwe over which President Mugabe has presided." Honorary members do not count towards the numerical limits in each class. In addition,
6396-768: The Houses of Parliament ; employees of the National Health Service (NHS); or staff of the Royal Household . As at the end of March 2021 there were 484,880 civil servants in the Civil Service, an increase of 6.23 per cent on the previous year. The Northern Ireland Civil Service is a separate civil service in the United Kingdom. the incorruptible spinal column of England The Offices of State grew in England, and later
6560-734: The Office of Works and the Navy Board grew large. Each had its own system and staff were appointed by purchase or patronage. By the 19th century, it became increasingly clear that these arrangements were not working. Under Charles Grant , the East India Company established the East India Company College at Haileybury near London, to train administrators, in 1806. The college was established on recommendation of officials in China who had seen
6724-742: The Order of the Garter ). Foreign generals are also often given honorary appointments to the Order, for example: Marshal Ferdinand Foch and Marshal Joseph Joffre during the First World War ; Marshal Georgy Zhukov , King Abdul-Aziz of Saudi Arabia , General Dwight D. Eisenhower , General George C. Marshall , General Douglas MacArthur , and General George S. Patton Jr. during the Second World War ; and General Norman Schwarzkopf and General Colin Powell after
John Maynard Keynes - Misplaced Pages Continue
6888-693: The Property Services Agency and the Crown Suppliers , were being dismantled or sold off. Next, shortly after Thatcher left office, in July 1991, a new programme of market-testing of central government services began, with the White Paper Competing for Quality (Cm 1730). Five-yearly or three-yearly policy and finance reviews of all agencies and other public bodies were instituted, where the first question to be answered (the "prior options exercise")
7052-676: The Sovereign of the United Kingdom (currently King Charles III ), the Great Master (currently William, Prince of Wales ), and three Classes of members: Members belong to either the Civil Division or the Military Division. Knight Companion (KB), the order's only class prior to 1815, is no longer an option. Commonwealth citizens who are not subjects of the British monarch and foreign nationals may be made honorary members. The Order of
7216-454: 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
7380-748: The United Kingdom , the Civil Service is the permanent bureaucracy or secretariat of Crown employees that supports His Majesty's Government , the Scottish Government and the Welsh Government , which is led by a cabinet of ministers chosen by the Prime Minister of the United Kingdom of Great Britain and Northern Ireland . As in other states that employ the Westminster political system ,
7544-452: The coronation of Henry IV in 1399, the full ceremonies were restricted to major royal occasions, such as coronations, investitures of the Prince of Wales or royal dukes , and royal weddings, and the knights so created became known as Knights of the Bath . Knights Bachelor continued to be created with the simpler form of ceremony. The last occasion on which Knights of the Bath were created
7708-520: The imperial examination system. In government, a civil service, replacing patronage with examination, similar to the Chinese system, was advocated a number of times over the next several decades. William Ewart Gladstone , in 1850, an opposition member, sought a more efficient system based on expertise rather than favouritism. The East India Company provided a model for Stafford Northcote , private Secretary to Gladstone who, with Charles Trevelyan , drafted
7872-552: 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
8036-478: The "fast stream" recruitment process for accessing the upper echelons should be made more flexible, to encourage candidates from less privileged backgrounds. The new Department was set up by Prime Minister Harold Wilson's Labour Government in 1968 and named the Civil Service Department , known as CSD. Wilson himself took on the role of Minister for the Civil Service (which has continued to be a portfolio of
8200-434: The 1859 revision. Women were admitted to the Order in 1971. In the 1971 New Year Honours , Jean Nunn became the first woman admitted to the order. In 1975, Princess Alice, Duchess of Gloucester , an aunt of Elizabeth II , became the first woman to reach the highest rank, Dame Grand Cross. Princess Alice (née Douglas-Montagu-Scott) was a direct descendant of the Order's first Great Master, and her husband, who had died
8364-459: 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
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#17328521152968528-436: 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
8692-553: The Bath is the fourth most senior of the British orders of chivalry , after the Order of the Garter , the Order of the Thistle , and the (dormant) Order of St Patrick . In the Middle Ages , a knighthood was often conferred with elaborate ceremonies. These usually involved the knight-to-be taking a bath (possibly symbolic of spiritual purification ), during which he was instructed in the duties of knighthood by more senior knights. He
8856-524: 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
9020-701: The British monarch and foreigners may be made honorary members. Queen Elizabeth II established the custom of appointing visiting (republican) heads of state honorary GCBs, for example Gustav Heinemann and Josip Broz Tito (in 1972), Ronald Reagan (in 1989), Lech Wałęsa (in 1991), Censu Tabone (in 1992), Fernando Henrique Cardoso , George H. W. Bush (in 1993), Nicolas Sarkozy (in 2008), and Susilo Bambang Yudhoyono (in 2012), as well as Turkish President Abdullah Gül , Slovenian President Danilo Türk , Mexican President Felipe Calderón , and South African President Jacob Zuma (royal heads of state are instead usually made Stranger Knights and Ladies Companion of
9184-431: 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
9348-518: 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 was also a civil servant , a director of the Bank of England , and a part of the Bloomsbury Group of intellectuals. John Maynard Keynes
9512-547: The Civil Service consisted of essential services, and that the "mandarins" (senior civil servants) needed to focus on efficiency and management rather than on policy advice. In late 1981 the Prime Minister announced the abolition of the Civil Service Department, transferring power over the Civil Service to the Prime Minister's Office and Cabinet Office . The Priestley Commission principle of pay comparability with
9676-465: The Civil Service — often known by the metonym of Whitehall — forms an inseparable part of the British government . The executive decisions of government ministers are implemented by the Civil Service. Civil servants are employees of the Crown and not of the British parliament . Civil servants also have some traditional and statutory responsibilities which to some extent protect them from being used for
9840-628: The Garter equivalent (the Gentleman Usher of the Black Rod ) perform any duties in the House of Lords . There were originally seven officers, each of whom was to receive fees from the Knights Companion both on appointment, and annually thereafter. The office of Messenger was abolished in 1859. The office of Genealogist was abolished at the same time, but revived in 1913. The offices of Registrar and Secretary were formally merged in 1859, although
10004-460: The Genealogist, Brunswick Herald of Arms to the Gentleman Usher, and Bath King of Arms was also made Gloucester King of Arms with heraldic jurisdiction over Wales. This was the result of a move by Anstis to give the holders of these sinecures greater security; the offices of the Order of the Bath were held at the pleasure of the Great Master, while appointments to the heraldic offices were made by
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#173285211529610168-540: 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
10332-574: The King under the Great Seal and were for life. Members of the Order wear elaborate uniforms on important occasions (such as its quadrennial installation ceremonies and coronations ), which vary by rank: The mantle , worn only by Knights and Dames Grand Cross, is made of crimson satin lined with white taffeta . On the left side is a representation of the star (see below). The mantle is bound with two large tassels. The hat , worn only by Knights and Dames Grand Cross and Knights and Dames Commander,
10496-462: The Knights of the Bath, as well as the colour of the riband and mantle , and the ceremony for creating a knight. The rest of the statutes were mostly based on those of the Order of the Garter, of which he was an officer (as Garter King of Arms). The Order was founded by letters patent under the Great Seal dated 18 May 1725 ; 299 years ago ( 1725-05-18 ) , and the statutes issued
10660-528: The Maltese cross; the star for civil Knights and Dames Commander is an eight-pointed silver cross pattée. The design of each is the same as the design of the military stars, except that the laurel branches and the words Ich dien are excluded. The badge varies in design, size, and manner of wearing by rank and division. The Knight and Dame Grand Cross' badge is larger than the Knight and Dame Commander's badge, which
10824-544: The Military Division, to Commissariat and Medical officers serving with the Army and Navy , including those serving with the East India Company . In 1859, a further edition of the Statutes was issued; the changes related mainly to the costs associated with the Order. Prior to this date, it had been the policy that the insignia (which were provided by the Crown) were to be returned on
10988-406: The Order for members who had been appointed for the services in the recent war. The fees were abolished, and replaced with a salary of approximately the same average value. The offices of Genealogist and Messenger were abolished, and those of Registrar and Secretary combined. In 1910, after his accession to the throne, George V ordered the revival of the Installation ceremony, perhaps prompted by
11152-445: The Order of the Bath The Most Honourable Order of the Bath is a British order of chivalry founded by King George I on 18 May 1725. Recipients of the Order are usually senior military officers or senior civil servants , and the monarch awards it on the advice of His Majesty's Government. The name derives from an elaborate medieval ceremony for preparing a candidate to receive his knighthood , of which ritual bathing (as
11316-485: The Order of the Bath was probably that which it in fact secured, of ingratiating him with the all-powerful Prime Minister Sir Robert Walpole. The use of honours in the early eighteenth century differed considerably from the modern honours system , in which hundreds, if not thousands, of people each year receive honours on the basis of deserving accomplishments. The only honours available at that time were hereditary (not life) peerages and baronetcies , knighthoods , and
11480-399: The Order of the Garter (or the Order of the Thistle for Scots), none of which were awarded in large numbers (the Garter and the Thistle are limited to twenty-four and sixteen living members respectively). The political environment was also significantly different from today: The Sovereign still exercised a power to be reckoned with in the eighteenth century. The Court remained the centre of
11644-420: The Order were increasingly made for naval , military , or diplomatic achievements. This is partly due to the conflicts Britain was engaged in over this period. The Peninsular War resulted in so many deserving candidates for the Bath, that a statute was issued allowing the appointment of Extra Knights in time of war, who were to be additional to the numerical limits imposed by the statutes, and whose number
11808-1021: The Order's collar over their military uniform or evening wear. When collars are worn (either on collar days or on formal occasions such as coronations), the badge is suspended from the collar. The collars and badges of Knights and Dames Grand Cross are returned to the Central Chancery of the Orders of Knighthood upon the decease of their owners. All other insignia may be retained by their owners. Civil Service (United Kingdom) King Charles III [REDACTED] William, Prince of Wales [REDACTED] Charles III ( King-in-Council ) [REDACTED] Starmer ministry ( L ) Keir Starmer ( L ) Angela Rayner ( L ) ( King-in-Parliament ) [REDACTED] Charles III [REDACTED] [REDACTED] [REDACTED] The Lord Reed The Lord Hodge Andrew Bailey Monetary Policy Committee In
11972-466: 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
12136-735: The Prime Minister), while the first Minister in Charge of the Civil Service Department was Cabinet Minister Lord Shackleton, also Leader of the House of Lords and Lord Privy Seal. The first Permanent Secretary was Sir William Armstrong, who moved over from his post as Permanent Secretary at the Treasury. After the 1970 General Election, new Conservative Prime Minister Ted Heath appointed Lord Jellicoe in Lord Shackleton's place. Into Heath 's Downing Street came
12300-458: The Second World War demands for change grew again. There was a concern (illustrated in C. P. Snow 's Strangers and Brothers series of novels) that technical and scientific expertise was mushrooming, to a point at which the "good all-rounder" culture of the administrative civil servant with a classics or other arts degree could no longer properly engage with it: as late as 1963, for example,
12464-471: The Treasury had just 19 trained economists. The times were, moreover, ones of keen respect for technocracy, with the mass mobilisation of war having worked effectively, and the French National Plan apparently delivering economic success. And there was also a feeling which would not go away, following the war and the radical social reforms of the 1945 Labour government, that the so-called " mandarins " of
12628-476: 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
12792-464: The United Kingdom centred around the street Whitehall , hence the metonym. Initially, they were little more than secretariats for their leaders, who held positions at court . They were chosen by the king on the advice of a patron, and typically replaced when their patron lost influence. In the 18th century, in response to the growth of the British Empire and economic changes, institutions such as
12956-575: 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 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
13120-420: 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
13284-457: 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,
13448-458: 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 the conference
13612-526: 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
13776-767: 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
13940-461: The death of the holder; the exception had been foreigners who had been awarded honorary membership. In addition, foreigners had usually been provided with stars made of silver and diamonds, whereas ordinary members had only embroidered stars. The decision was made to award silver stars to all members, and only require the return of the Collar . The Crown had also been paying the fees due to the officers of
14104-412: 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 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
14268-713: 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
14432-496: The efficiency scrutiny programme and with a wider focus on corporate planning, efficiency and objective-setting. Progress initially was sluggish, but in due course MINIS-style business planning became standard, and delegated budgets were introduced, so that individual managers were held much more accountable for meeting objectives, and for the first time for the resources they used to do so. Performance-related pay began in December 1984,
14596-426: The fact that the Bath was represented as a military Order, only a few military officers were among the initial appointments (see List of knights companion of the Order of the Bath ). They may be broken down into categories as follows (some are classified in more than one category): The majority of the new Knights Companions were knighted by the King, and invested with their ribands and badges on 27 May 1725. Although
14760-471: The fast stream self-selected, with the universities of Oxford and Cambridge still producing a large majority of successful English candidates, since the system continued to favour the tutorial system at Oxbridge while to an extent the Scottish Ancient universities educated a good proportion of recruits from north of the border. The younger mandarins found excuses to avoid managerial jobs in favour of
14924-473: The first Installation ceremony of the more junior Order of St Michael and St George , held a few years earlier, and the building of a new chapel for the Order of the Thistle in 1911. The Installation ceremony took place on 22 July 1913 in the Henry VII Chapel , and Installations have been held at regular intervals since. Prior to the 1913 Installation, it was necessary to adapt the chapel to accommodate
15088-450: 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
15252-403: The following week. The Order initially consisted of the Sovereign, a Prince of the blood Royal as Principal Knight, a Great Master, and thirty-five Knights Companion. Seven officers (see below) were attached to the Order. These provided yet another opportunity for political patronage, as they were to be sinecures at the disposal of the Great Master, supported by fees from the knights. Despite
15416-429: 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 the ethical system of G. E. Moore . Keynes
15580-446: 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
15744-407: 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
15908-452: The higher civil service were too remote from the people. Indeed, between 1948 and 1963 only three per cent of the recruits to the administrative class came from the working classes , and in 1966 more than half of the administrators at undersecretary level and above had been privately educated. Lord Fulton 's committee reported in 1968. He found that administrators were not professional enough, and in particular lacked management skills; that
16072-634: The holder of certain other offices in respect of whose tenure of office special provision has been made; [or] a servant of the Crown in a personal capacity paid from the Civil List ". As such, the civil service does not include government ministers (who are politically appointed); members of the British Armed Forces ; police officers ; officers of local government authorities ; employees of some non-departmental public bodies ; officers or staff of either of
16236-460: 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 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
16400-431: 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
16564-509: 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
16728-511: 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
16892-479: The key report in 1854. The Northcote–Trevelyan Report recommended a permanent, unified, politically neutral civil service, with appointments made on merit, and a clear division between staff responsible for routine ("mechanical") and those engaged in policy formulation and implementation ("administrative") work. The report was not implemented, but it came as the bureaucratic chaos in the Crimean War demonstrated that
17056-548: The larger number of members. An appeal was made to the members of the Order, and following the Installation a surplus remained. A Committee was formed from the Officers to administer the 'Bath Chapel Fund', and over time this committee has come to consider other matters than purely financial ones. Another revision of the statutes of the Order was undertaken in 1925, to consolidate the 41 additional statutes which had been issued since
17220-417: The level of autonomy envisaged at the start. By 5 April 1993, 89 agencies had been established, and contained over 260,000 civil servants, some 49 per cent of the total. The focus on smaller, more accountable, units revived the keenness of Ministerial interest in the perceived efficiencies of the private sector. Already in the late 1980s, some common services once set up to capture economies of scale, such as
17384-404: The marks of distinction which they have so nobly earned. The Order was now to consist of three classes: Knights Grand Cross, Knights Commander, and Companions. At the same time, the large and small Naval Gold Medals were suspended, while the bearers became Knights Commander and Companions, respectively. The existing Knights Companion (of which there were 60) became Knight Grand Cross; this class
17548-637: The military was as backward as the civil service. A Civil Service Commission was set up in 1855 to oversee open recruitment and end patronage as Parliament passed an Act "to relieve the East India Company from the obligation to maintain the College at Haileybury". Prime Minister Gladstone took the decisive step in 1870 with his Order in Council to implement the Northcote-Trevelyan proposals. This system
17712-539: The more prestigious postings. The generalists remained on top, and the specialists on tap. Margaret Thatcher came to office in 1979 believing in free markets as a better social system in many areas than the state: government should be small but active. Many of her ministers were suspicious of the civil service, in light of public choice research that suggested public servants (as well as elected officials themselves) tend to act in ways that seek to increase their own power and budgets. She immediately set about reducing
17876-435: 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 is known as the "father of macroeconomics". During the Great Depression of the 1930s, Keynes spearheaded a revolution in economic thinking , challenging
18040-467: The neck (with either a hand or a sword ), thus making him a knight. It was this accolade which was the essential act in creating a knight, and a simpler ceremony developed, conferring knighthood merely by striking or touching the knight-to-be on the shoulder with a sword, or 'dubbing' him, as is still done today. In the early medieval period, the difference seems to have been that the full ceremonies were used for men from more prominent families. From
18204-400: The new Order for Walpole was that it would provide a source of such favours to strengthen his political position. He made sure that most of the 36 new honorees were peers and MPs who would provide him with useful connections. George I having agreed to Walpole's proposal, Anstis was commissioned to draft statutes for the Order of the Bath. As noted above, he adopted the motto and badge used by
18368-476: The opportunity also taken to regularise the 1815 expansion of the Order. The 1847 statutes also abolished all the medieval ritual, but they did introduce a formal Investiture ceremony, conducted by the Sovereign wearing the Mantle and insignia of the Order, attended by the Officers and as many GCBs as possible, in their Mantles. In 1850, a special statute authorised appointments of Knight Commander and Companion, in
18532-458: The order and is responsible for enforcing the statutes. The statutes also provide for the following: Regular membership is limited to citizens of the United Kingdom and of other Commonwealth countries of which the British monarch is Sovereign. Appointees are usually officers of the armed forces or senior civil servants, such as permanent secretaries . Members appointed to the Civil Division must "by their personal services to [the] crown or by
18696-523: 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 was awarded the Tomline Prize for mathematics. At Eton, Keynes experienced the first "love of his life" in Dan Macmillan, older brother of
18860-654: The performance of public duties have merited ... royal favour." Appointments to the Military Division are restricted by the minimum rank of the individual. GCBs hold the rank of admiral in the Royal Navy, general in the British Army or Royal Marines , or air chief marshal in the Royal Air Force . KCBs must at least hold the rank of vice admiral , lieutenant general in the Army or Marines, or air marshal . CBs tend be of
19024-412: The political advantage of the party in power. Senior civil servants may be called to account to Parliament. In general use, the term civil servant in the United Kingdom does not include all public sector employees. Although there is no fixed legal definition, the term is usually defined as a " servant of the Crown working in a civil capacity who is not the holder of a political (or judicial ) office;
19188-470: The political world. The King was limited in that he had to choose Ministers who could command a majority in Parliament , but the choice remained his. The leader of an administration still had to command the King's personal confidence and approval. A strong following in Parliament depended on being able to supply places, pensions, and other marks of Royal favour to the government's supporters. The attraction of
19352-415: The position of technical and scientific experts needed to be rationalised and enhanced; and that the service was indeed too remote. His 158 recommendations included the introduction of a unified grading system for all categories of staff, a Civil Service College and a central policy planning unit. He also said that control of the service should be taken from the Treasury, and given to a new Department, and that
19516-450: The prestige of the Order. In 1847, Queen Victoria issued new statutes eliminating all references to an exclusively military Order. As well as removing the word 'Military' from the full name of the Order, this opened up the grades of Knight Commander and Companion to civil appointments, and the Military and Civil Divisions of the Order were established. New numerical limits were imposed, and
19680-456: The previous year, had also held that office. The second Dame Grand Cross, Sally Davies , was appointed in the 2020 New Year Honours . The British Sovereign is the Sovereign of the Order of the Bath. As with all honours, except those in the Sovereign's personal gift, the Sovereign makes all appointments to the Order on the advice of the Government . The next-most senior member of the Order
19844-755: The private sector was abandoned in February 1982. Meanwhile, Michael Heseltine was introducing a comprehensive system of corporate and business planning (known as MINIS) first in the Department of the Environment and then in the Ministry of Defence . This led to the Financial Management Initiative , launched in September 1982 ( Efficiency and Effectiveness in the Civil Service (Cmnd 8616)) as an umbrella for
20008-476: 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
20172-552: The rank of rear admiral , major general in the Army, Royal Navy or Royal Marines, or air vice marshal in the Royal Air Force, and in addition must have been Mentioned in Despatches for distinction in a command position in a combat situation, although the latter is no longer a requirement. Non-line officers (e.g. engineers , medics) may be appointed only for meritorious service in wartime. Commonwealth citizens not subjects of
20336-410: 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
20500-487: 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
20664-400: 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
20828-408: The size of the civil service, cutting numbers from 732,000 to 594,000 over her first seven years in office. Derek Rayner , the former chief executive of Marks & Spencer , was appointed as an efficiency expert with the Prime Minister's personal backing; he identified numerous problems with the Civil Service, arguing that only three billion of the eight billion pounds a year spent at that time by
20992-626: The statutes allow the Sovereign to exceed the limits in time of war or other exceptional circumstances. The office of Dean is held by the Dean of Westminster . The King of Arms, responsible for heraldry , is known as Bath King of Arms; he is not, however, a member of the College of Arms , like many heralds. The Order's Usher is known as the Gentleman Usher of the Scarlet Rod ; he does not, unlike his Order of
21156-405: The statutes set out the full medieval ceremony which was to be used for creating knights, this was not performed, and indeed, was possibly never intended to be, as the original statutes contained a provision allowing the Great Master to dispense Knights Companion from these requirements. The original knights were dispensed from all the medieval ceremonies with the exception of the Installation, which
21320-418: 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 was also cultural, in two senses: he
21484-504: 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
21648-540: 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
21812-423: 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 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
21976-515: The two positions had been held concurrently for the previous century. An Officer of Arms and a Secretary for the Knights Commander and Companions were established in 1815, but abolished in 1847. The office of Deputy Secretary was created in 1925. Under the Hanoverian kings, certain of the officers also held heraldic office. The office of Blanc Coursier Herald of Arms was attached to that of
22140-466: 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
22304-526: 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
22468-493: 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
22632-453: 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
22796-582: Was also to appoint eight officers for this body. However, the statute was never invoked. In January 1815, after the end of the Peninsular War , the Prince Regent (later George IV ) expanded the Order of the Bath to the end that those Officers who have had the opportunities of signalising themselves by eminent services during the late war may share in the honours of the said Order, and that their names may be delivered down to remote posterity, accompanied by
22960-519: Was believed with the Thatcher reforms that efficiency was improving. But there was still a perception of carelessness and lack of responsiveness in the quality of public services. The government of John Major sought to tackle this with a Citizen's Charter programme. This sought to empower the service user, by setting out rights to standards in each service area, and arrangements for compensation when these were not met. An Office of Public Service and Science
23124-573: 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 was the firstborn and was followed by two more children – Margaret Neville Keynes in 1885 and Geoffrey Keynes in 1887. Geoffrey became
23288-432: Was broadly endorsed by commissions chaired by Playfair (1874), Ridley (1886), MacDonnell (1914), Tomlin (1931) and Priestley (1955). The Northcote–Trevelyan model remained essentially stable for a hundred years. This was attributed to its success in removing corruption, delivering public services, even under stress of war, and responding effectively to political change. Patrick Diamond argues: The Northcote-Trevelyan model
23452-646: Was built on thereafter, and continues to this day, though the sums involved have always been small compared to the private sector, and the effectiveness of PRP as a genuine motivator has often been questioned. In February 1988 Robin Ibbs , who had been recruited from ICI in July 1983 to run the Efficiency Unit (now in No. 10), published his report Improving Management in Government: The Next Steps . This envisaged
23616-491: Was characterised by a hierarchical mode of Weberian bureaucracy; neutral, permanent and anonymous officials motivated by the public interest; and a willingness to administer policies ultimately determined by ministers. This bequeathed a set of theories, institutions and practices to subsequent generations of administrators in the central state. The Irish Civil Service was separate from the British Civil Service. Whilst
23780-423: 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
23944-573: 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 the president of the Cambridge Union Society and Cambridge University Liberal Club . He
24108-418: Was greeted with some derision, and it is true that the compensation sometimes hardly seemed worth the effort of claiming, and that the service standards were rarely set with much consumer input. But the initiative did have a significant effect in changing cultures, and paradoxically the spin-off Chartermark initiative may have had more impact on local organisations uncertain about what standards to aim for, than
24272-456: Was limited to 72 members, of which twelve could be appointed for civil or diplomatic services. The military members had to be of the rank of at least major-general or rear admiral . The Knights Commander were limited to 180, exclusive of foreign nationals holding British commissions, up to ten of whom could be appointed as honorary Knights Commander. They had to be of the rank of lieutenant-colonel or post-captain . The number of Companions
24436-517: Was not specified, but they had to have received a medal or been mentioned in despatches since the start of the war in 1803. A list of about 500 names was subsequently published. Two further officers were appointed, an 'Officer of arms attendant on the Knights Commanders and Companions', and a 'Secretary appertaining to the Knights Commanders and Companions'. The large increase in numbers caused some complaints that such an expansion would reduce
24600-427: Was not subject to any restrictions. Another statute, this one issued some 80 years earlier, had also added a military note to the Order. Each knight was required, under certain circumstances, to supply and support four men-at-arms for a period not exceeding 42 days in any year, to serve in any part of Great Britain. This company was to be captained by the Great Master, who had to supply four trumpeters , and
24764-403: 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
24928-634: 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
25092-481: 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
25256-464: Was performed in the Order's Chapel, the Henry VII Chapel in Westminster Abbey , on 17 June. This precedent was followed until 1812, after which the Installation was also dispensed with, until its revival in the twentieth century. The ceremonies however remained part of the Statutes until 1847. Although the initial appointments to the Order were largely political, from the 1770s, appointments to
25420-418: 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
25584-461: 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
25748-404: 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,"
25912-444: 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
26076-414: 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 a graduate student for one term, which constituted his only formal education in
26240-491: Was set up in 1992, to see that the Charter policy was implemented across government. By 1998, 42 Charters had been published, and they included services provided by public service industries such as the health service and the railways, as well as by the civil service. The programme was also expanded to apply to other organisations such as local government or housing associations, through a scheme of "Chartermark" awards. The programme
26404-511: 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
26568-434: Was the coronation of Charles II in 1661. From at least 1625, and possibly from the reign of James I , Knights of the Bath were using the motto Tria juncta in uno ( Latin for 'Three joined in one'), and wearing as a badge three crowns within a plain gold oval. These were both subsequently adopted by the Order of the Bath; a similar design of badge is still worn by members of the Civil Division. Their symbolism however
26732-424: Was then put to bed to dry. Clothed in a special robe, he was led with music to the chapel where he spent the night in a vigil . At dawn, he made confession and attended Mass , then retired to his bed to sleep until it was fully daylight. He was then brought before the King, who after instructing two senior knights to buckle the spurs to the knight-elect's heels, fastened a belt around his waist, then struck him on
26896-578: Was why the function should not be abolished or privatised. In November 1991 the private finance initiative was launched, and by November 1994 the Chancellor of the Exchequer had referred to it as 'the funding mechanism of choice for most public sector projects'. In 1995 the decision was taken to privatise the Chessington Computer Centre , HMSO , the Occupational Health & Safety Agency and Recruitment & Assessment Services. It
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