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Robert Skidelsky

Robert Skidelsky

Keynesian economist, crossbench peer in the House of Lords, author of Keynes: the Return of the Master and co-author of How Much Is Enough?

Articles by Robert Skidelsky

Russia’s Path to Premodernity

10 days ago

Jun 14, 2022 ROBERT SKIDELSKY

The Stalinist retreat from science and logic persisted following the Soviet Union’s collapse and is now the main tendency of Russian President Vladimir Putin’s rule. With his faith-based mythology, warping of history, and denial of facts, Putin’s withdrawal from contemporary Europe could not be starker.

LONDON – The Russian writer Pyotr Chaadayev said of his country that “we have never advanced along with other people; we are not related to any of the great human families; we belong neither to the West nor to the East, and we possess the traditions of neither. Placed, as it were, outside of the times,” he wrote, “we have not been affected by the universal education of mankind.”

That was in 1829. The “riddle, wrapped in a mystery, inside an

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The Guardian view on a four-day week: policies needed to make it a reality

16 days ago

After the first world war, workers wanted a peace dividend for their sacrifices. Within three years they got it. Almost every industrialised nation – with the exception of Japan – accepted the newly established International Labour Organization’s call to limit working hours to eight a day and 48 a week. While most developed countries enacted legislation to achieve these aims, Britain, along with the United States and Italy, did so through collective agreements.

Today, the triple crises of Covid, Russia’s war in Ukraine and Brexit will create job-altering shocks. Employers are already implementing remote working. Some workers, perhaps those with comfortable homes, prefer online messaging to water cooler chats and web conference calls to in-person ones. Others, meanwhile, are opting

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The Case for Nordic and NATO Realism

May 23, 2022

To be a realist in international relations is to accept that some states are more sovereign than others. “Strict realism” now requires that Sweden and Finland pause before rushing into NATO’s arms, and that the Alliance take a step back before accepting them.

LONDON – Finland and Sweden have announced that they will apply for NATO membership. But joining the Alliance is more likely to weaken than enhance their security and that of Europe.

Strategic neutrality has preserved Sweden’s independence and freedom from war for 200 years, and Finland’s independence since 1948. Has anything happened to justify ending it?

Swedish and Finnish officials point to two episodes. In December 2021, the Kremlin went from desiring Swedish and Finnish neutrality to, in essence, demanding it,

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The False Promise of Democratic Peace

May 23, 2022

Clinging to the assumption that only dictatorships start military conflicts, proponents of democratization believed that the global success of their project would usher in a world without war. But this theory lacks a sound foundation and has produced one disaster after another when put into practice.

LONDON – Through persuasion, exhortation, legal processes, economic pressure, and sometimes military force, American foreign policy asserts the United States’ view about how the world should be run. Only two countries in recent history have had such world-transforming ambitions: Britain and the US. In the last 150 years, these are the only two countries whose power – hard and soft, formal and informal – has extended to all parts of the world, allowing them plausibly to aspire to the

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Queen’s Speech on Foreign Affairs, Defence and Trade

May 19, 2022

My Lords, I find myself in profound disagreement with the Government’s war strategy in Ukraine and, in fact, with almost everything that has been said about Ukraine in this debate. I will try to explain why.

British policy aims for a Russian military defeat, which it will help to bring about by economic sanctions and supplying Ukraine with the necessary means of war. Liz Truss said on 27 April:

“We will keep going further and faster to push Russia out of the whole of Ukraine”.

Simon Jenkins has commented:

“She is clearly revelling in her imagined proxy war on the Russian bear and no one in Whitehall appears able to restrain her.”

I wish her proxy war was only imagined but it is actually happening.

It is an open secret that both France and Germany regard our

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Economic Sanctions: A Weapon out of Control?

May 19, 2022

Economic Sanctions: A Weapon out of Control?

By

Robert Skidelsky 

Centre For Global Studies, April 2022

Copyright: Centre for Global Studies. 

The Centre for Global Studies is a London-based think-tank that aims to improve public understanding of economics and global policy. The Centre is a registered charity and a company limited by guarantee. It is independent of any political party or group and is financed by voluntary donations and the sale of publications.

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Robert Skidelsky is chairman of the Centre for Global Studies. He is a member of the House of Lords. He was Professor of

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Times letters: The tough act of following Cressida Dick

March 31, 2022

UKRAINE DIPLOMACY

Sir, In discussing the possible “Finlandisation” of Ukraine, your leading article (“Kyiv’s Cause”, Feb 11) correctly states that it would unacceptable for great powers to enforce such a policy on Ukraine. In his brilliant book The Ambassadors, Sir Robert Cooper explains that Finland’s neutrality was not “enforced” by great powers but was decided by Finland itself, against the wishes of the Soviet Union, which wanted a military alliance. It was the ability of the two Finnish negotiators, Paasikivi and Mannerheim, plus the respect Finland had earned from Stalin by its brave resistance to the Soviet invasion of 1939, which secured more than “nominal” independence in 1948.

The moral of the tale is that it is up to Ukraine to determine the conditions of its

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Exchange of the week: Did the West create the monster?

March 28, 2022

To the Financial Times

Martin Wolf is right to say that Vladimir Putin has ignited an indefensible war against Ukraine. That it is worse than a crime is highlighted by your report on Kharkiv, described as “another Stalingrad”. You do not call Ukrainians your brothers then bomb them into submission. Whatever the war’s immediate results, Putin has ensured that Russia’s western borders become “ungovernable”. This is a dreadful legacy.

However, let’s not lose all sense of history. Russia’s desire to retain both Belarus and Ukraine as buffers between Russia and Nato is understandable: one has only to look at the map to understand why. I have never understood why the West – or Ukraine itself – has refused to give Russia the assurance that there would be no forward deployment of Nato

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The Future of Work: Is Artificial Intelligence a New Road to Serfdom?

March 28, 2022

Lecture and Discussion with Lord Robert Skidelsky

Lord Robert Skidelsky has given a lecture at the Institut für die Wissenschaften vom Menschen (IWM) on Tuesday, 15 March 2022, 18:00 CET in Vienna.

In contemporary discussions about the future of artificial intelligence we often lose our heads. While economists offer bleak predictions of mass job losses and a deepening of already widespread precarity, Silicon Valley utopians insist that new technologies are bringing us ever closer together and will one day deliver us from work, disease and poverty. But when human life is reduced to a set of rational processes waiting to be optimized, we risk losing sight of the irreducible quality of human experience. The talk shed new light on the dream of machinery and the entailed  dichotomy of

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Think Twice Before Sanctioning Russia Further

March 18, 2022

Despite massive Western economic sanctions against Russia, the chance that they will lead to President Vladimir Putin’s ouster, or even to a drastic change in Russian policy toward Ukraine, is much lower than most people suppose. It is far more likely that punishing will neither stop the war nor secure the peace.

LONDON – The West has imposed massive financial and economic sanctions on Russia in response to its invasion of Ukraine. But are the sanctions supposed to be a way to end the war? Are they a means of punishing Russia for its bad behavior? Or are they simply an expression of moral outrage?

This is the second time in less than a decade that Russia has been sanctioned for violating international law. Following Russia’s 2014 annexation of Crimea and incursion into eastern

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Ukraine: Refugees – House of Lords Questions

March 17, 2022

Lord Skidelsky:

My Lords, in addition to the help that the Government are giving to Ukrainians to come to this country, will they consider offering humanitarian visas to those brave Russians—members of the clergy, members of civil society, academics, journalists and ordinary citizens—who face long prison sentences for exercising their democratic right to oppose this war?

Baroness Williams of Trafford:

I am very glad that the noble Lord asked that question because, at this point, we all need to stop and remember all of those Russian people who are so against, or do not even know, what is happening in Ukraine. I do not have many details of that, but it is certainly heartbreaking when you see Russian soldiers fighting in Ukraine who appear not to know what they are doing and why

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Letter: Just look at the map to see Moscow’s point of view

March 14, 2022

Martin Wolf is right to say that Vladimir Putin has ignited an indefensible war against Ukraine (Opinion, March 2). That it is worse than a crime is a folly highlighted by your report about Kharkiv, described as “another Stalingrad” (March 3). You do not call Ukrainians your brothers, then bomb them into submission. Whatever the war’s immediate results, Putin has ensured that Russia’s western borders become “ungovernable”. Belarus will be next on the list for “brotherly” persuasion, once Alexander Lukashenko has gone. This is a dreadful legacy.

However, in our condemnation of Russia’s current actions, let’s not lose all sense of history. Russia’s desire to retain both Belarus and Ukraine as buffers between Russia and Nato’s military alliance is understandable and reasonable: one

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The Dream of Machinery: Liberation versus Control

March 10, 2022

Lord Robert Skidelsky will be holding a lecture on The Dream of Machinery: Liberation versus Control at the IWM (Institut für die Wissenschaften vom Menschen) in Vienna on Tuesday the 15th March.
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“Why Keynes?”

March 4, 2022

Lord Robert Skidelsky will be lecturing on “Why Keynes?” on Wednesday, June 15, 6 pm at Innsbruck University
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Letter: Just look at the map to see Moscow’s point of view

March 4, 2022

Martin Wolf is right to say that Vladimir Putin has ignited an indefensible war against Ukraine (Opinion, March 2). That it is worse than a crime is a folly highlighted by your report about Kharkiv, described as “another Stalingrad” (March 3). You do not call Ukrainians your brothers, then bomb them into submission. Whatever the war’s immediate results, Putin has ensured that Russia’s western borders become “ungovernable”. Belarus will be next on the list for “brotherly” persuasion, once Alexander Lukashenko has gone. This is a dreadful legacy.

However, in our condemnation of Russia’s current actions, let’s not lose all sense of history. Russia’s desire to retain both Belarus and Ukraine as buffers between Russia and Nato’s military alliance is understandable and reasonable: one

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Economic Recovery in the Age of COVID-19

March 3, 2022

The COVID-19 pandemic is an invitation to what the economist Joseph Schumpeter called creative destruction: a chance to liquidate obsolete investments and to create something new, better, and, in the jargon, more ‘resilient’ and ‘sustainable’. Schumpeter understood that humankind does not progress in a balanced way, rather it lurches from one extreme to another, each extreme producing its own reaction.

In political economy, the subject of this contribution, the excesses of the Keynesian social democracy in the 1970s brought about the extreme reaction of neo-liberalism. The hubris of neo-liberalism – its failure to guard against the ever present possibility of collapse, its inattention to social justice, its reckless embrace of globalisation, its Faustian pact with consumerism – has

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Keynes: die erneute Rückkehr des Meisters

March 3, 2022

In der aktuellen Corona-Krise wiederholen sich die Muster früherer Krisen. Vor dem Hintergrund sinkender Produktion und steigender Arbeitslosigkeit versuchen Notenbanken und Staaten weltweit ihre Ökonomien vor einem größeren Absturz zu bewahren. Die Rezeptur für diese Stabilisierungspolitik basiert auf der Lehre des britischen Ökonomen John Maynard Keynes, die dieser vor dem Hintergrund der Großen Depression im Jahr 1936 in seiner „Allgemeinen Theorie der Beschäftigung, des Zinses und des Geldes“ beschrieb. Doch nicht nur in der Krise, auch darüber hinaus empfehlen sich die wirtschaftspolitischen Ansätze von Keynes für das 21. Jahrhundert.

Mein Buch „Keynes: Die Rückkehr des Meisters“ erschien im Herbst 2009, ein Jahr nach dem globalen Bankenkollaps von 2008 und den massiven

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Joseph Schumpeter

March 3, 2022

The theorist of “creative destruction,” one of the greatest economists of the 20th century, was no stranger to violent disruption in his personal life, as a new biography reveals

Joseph Alois Schumpeter (1883-1950) was one of the greatest economists of the 20th century—commonly bracketed with such giants as Keynes, Hayek and Friedman. He is best known for his theory of “creative destruction”—the view that the capitalist system progresses by constantly revolutionising its economic structure. New firms, new products, new technologies continually replace old ones. Since innovation comes in fits and starts, the capitalist economy is naturally, and healthily, subject to cycles of boom and bust. The agent of this revolutionary process is the heroic entrepreneur: the individual owner in

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Letter: Remember Kissinger’s advice to the Ukrainians

March 3, 2022

Nato governments have rightly said they are willing to address Russia’s security concerns, but then say in the same breath that Russia has no legitimate security concerns because Nato is a purely defensive alliance. Whether we like it or not, a Nato that now borders Russia and could in future border even more of Russia is seen by Russia as a security concern.

In 2014 Henry Kissinger wrote in the Washington Post that “internationally [Ukraine] should pursue a posture comparable to that of Finland. That nation leaves no doubt about its fierce independence, co-operates with the west in most fields, but carefully avoids institutional hostility to Russia.”

A permanent “Finlandisation” of Ukraine would be unrealistic. But it should be possible for Nato, in close association with

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Macro Economics, End of Work Climate Change

June 16, 2021

Robert Skidelsky is emeritus professor of political economy at Warwick University. His numerous, award-winning books include Keynes: The Return of the Master (2010), a discussion of John Maynard Keynes and the urgent relevance of his ideas in the wake of the 2008 financial crisis, and How Much is Enough? The Love of Money and the Case for the Good Life (2012), co-written with his son Edward Skidelsky. A member of the House of Lords since 1991, Skidelsky was elected a Fellow of the British Academy in 1994. His most recent book is Money and Government (2018) in which he argues against the orthodoxy of small-state neoclassical economics in favour of Keynes’ “big idea”.

Interview by Masoud Golsorkhi

Masoud Golsorkhi You say in the preface to Money and Government that the whole of

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Britain’s Benefit Madness

April 16, 2021

Work is the ultimate escape from poverty. But the futile sort demanded by the United Kingdom’s income-support scheme puts many of society’s weakest members on a path to nowhere, because it reflects a welfare ideology that fails to distinguish fantasy from reality.

LONDON – Mahatma Gandhi probably never said, “The greatness of a nation can be judged by how it treats its weakest member.” But that doesn’t make it any less true. And nowadays, the United Kingdom is in danger of receiving a failing grade.

According to the Joseph Rowntree Foundation, 14.5 million people, or 22% of the UK’s population of 65 million, live below the “poverty line” (defined as less than 60% of median income). Of a working-age population of 42 million, some 5-6 million, or about 12%, are either unemployed or

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Sequencing the Post-COVID Recovery

March 16, 2021

As countries emerge from the COVID-19 pandemic, John Maynard Keynes’s emphasis on the need to implement post-crisis economic policies in the right order is highly relevant. But sustainability considerations mean that the distinction between recovery and reform is less clear cut than it seemed in the 1930s.

LONDON – John Maynard Keynes was a staunch champion of US President Franklin D. Roosevelt’s New Deal. The road to a civilized future, he wrote, went through Washington, not Moscow – a direct rejoinder to those idealists, including some of his students, who put their faith in communism.

But Keynes was not uncritical of FDR. Specifically, he faulted Roosevelt for mixing up recovery and reform. Recovery from the slump was the first priority; social reforms, “even wise and

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Why the West failed to contain COVID-19

November 26, 2020

The promise of a “final” end to lockdowns in the spring of 2021 is the kind of hyperbole we have come to expect about new products and policies. The Oxford University vaccine may work; it may even be delivered effectively. Meanwhile, Covid-19 is still around, the UK government is extending lockdown for large parts of the country and effective protections are still being ignored, at grave cost.

From the start of the pandemic, the policy choice in Europe has been presented as a trade-off between lives and livelihoods. Since priority was (rightly) attached to saving lives, the livelihoods of large sections of the population have been sacrificed, with income support for workers in the form of long paid holidays called furloughs, and loans and grants for business prevented from trading.

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Spending Review: Beyond Accountancy

November 26, 2020

The furlough and the business support schemes, started in March, would end in October to coincide with the reopening of the economy. This meant that the UK economy would be much the same -give and take some minor “scarring”- in 2021 as it was in 2019: a year’s growth lost, but that was the limit of the damage.

The expectation of a fourth quarter bounce-back was always unrealistic: severely damaged economies never “bounce back” unaided. The Chancellor’s response to the “second wave” of infections and lockdowns in October/ November was, in essence, to extend his March 2020 job retention measures until next March. The “V” was becoming more like a “U”, the scarring would be worse, but the assumption seems to have been that very little extra support for businesses and jobs would be

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Job Creation is the New Game in Town

November 13, 2020

November 13 2020Even if a successful rollout of a new COVID-19 vaccine causes the current health crisis to recede by next spring, the unemployment crisis will remain. That is especially true in the United Kingdom, where fiscal stimulus is urgently needed to avert a lost decade – if not a lost generation – of growth.

EDINBURGH/LONDON – In the wake of the COVID-19 pandemic, both the US and European economies are gearing up for large-scale job creation. US President-elect Joe Biden has pledged to invest $700 billion in manufacturing and innovation, plus $2 trillion in a “Biden Green Deal” to combat climate change and promote clean energy. Meanwhile, Germany has abandoned years of thrift by backing a €750 billion ($887 billion) European Union recovery fund and, like France, will

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