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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

Speech on “Ukraine: Tactical Nuclear Weapons”

17 hours ago

My Lords, I am grateful, as we all are, to the noble and right reverend Lord, Lord Harries, for initiating this debate and for drawing attention to the real danger of nuclear escalation.

I am in profound disagreement with the Government’s policy on Ukraine—I have said it before in this House and I shall say it again. This disagreement can be stated in one sentence: the Government’s policy is a war policy; I support a peace policy. I shall try to justify that.

The then Foreign Secretary, Liz Truss, stated on 27 April:

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

This policy has been repeatedly restated by government spokesmen. It is supported by the Opposition and echoed by the media.

In calling for peace, I may be an isolated voice

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Speech on the Autumn Statement 29 November 2022

3 days ago

My Lords, the Chancellor’s Autumn Statement is designed to reassure the markets of the sustainability of the public finances. That is, the Chancellor accepts as binding the views of the City of London, whether they are right or wrong. It is what the markets think that matters, not how matters really are—a nice intrusion of post-modernist thinking in what is supposed to be the hard science of economic policy-making.

It is pretty obvious why the Government should pay such attention to the financial markets. For decades, the financial sector has propped up the UK’s hollowed-out economy. Financial flows into the City of London allowed the country to neglect production and trade and artificially maintain a higher standard of living than its productive capacity warranted. Now we are

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Too Poor for War

24 days ago

Nov 8, 2022 ROBERT SKIDELSKY and PHILIP PILKINGTON

Decades of deindustrialization have hollowed out the UK economy and made it woefully ill-prepared for wartime disruptions. As the financial speculators who funded its current-account deficits turn against the pound, policymakers should consider Keynesian taxes and increasing public investment.

LONDON – A wartime economy is inherently a shortage economy: because the government needs to direct resources toward manufacturing guns, less butter is produced. Because butter must be rationed to make more guns, a war economy may lead to an inflationary surge that requires policymakers to cut civilian consumption to reduce excess demand.

In his 1940 pamphlet “How to Pay for the War,” John Maynard Keynes famously called for fiscal

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Reinstating fiscal policy for normal times: Public investment and Public Jobs Programmes

November 2, 2022

ROBERT SKIDELSKY and SIMONE GASPERIN (2021)

Abstract:

This paper upholds the classical Keynesian position that a laissez-faire market economy lacks a spontaneous tendency to full employment. Focusing on the UK case, it argues that monetary policy could not prevent the economic collapse of 2008-9 or achieve full recovery from the Great Recession that followed. The paper then outlines the case for fiscal policy to regain a permanent status of primacy in modern macroeconomic management, beyond the pandemic emergency. It distinguishes between public investment and automatic stabilisers, reducing discretionary actions to a minimum. It presents the case for re-empowering the State’s public investment function and for reforming the system of automatic counter-cyclical stabilisers by

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House of Lords Speech on the Public Order Bill

November 2, 2022

My Lords, it is very cold in this House; I wonder what has happened to the heating. It certainly has a chilling effect on debate.

I am not a lawyer like the noble Lord, Lord Sandhurst, nor a policeman like the noble Lord, Lord Paddick. I am driven to take part in the debate because I have become increasingly concerned at the wide powers of surveillance and control being claimed by Governments in the name of public order and national security—powers that, in their structure though not yet in the scale of their implementation, resemble those in countries such as Russia and China.

I recall that George Orwell wrote in 1939 about

“whether the ordinary people in countries like England grasp the difference between democracy and despotism well enough to want to defend their liberties.

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Gorbachev’s Tragic Legacy

October 21, 2022

Oct 19, 2022ROBERT SKIDELSKY

Admired in the West but loathed by his countrymen as a harbinger of Russia’s post-Cold War misfortune, Mikhail Gorbachev fully grasped the immense challenges of reforming the ailing Soviet Union. Today’s Russia largely reflects the anti-Western grievances stemming from his failure.

LONDON – Mikhail Gorbachev, the Soviet Union’s last leader, was buried last month at the Novodevichy Cemetery in Moscow next to his wife Raisa and near fellow Soviet leader Nikita Khrushchev. To no one’s surprise, Russian President Vladimir Putin did not attend the funeral. Novodevichy, after all, is where “unsuccessful” Soviet leaders had been consigned to their final rest.

Putin’s snub reminded me of a conversation I had two decades ago during a midnight stroll through

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Economy: The Growth Plan 2022

October 11, 2022

House of Lords Speech: 10 October 2022

My Lords, the twin problems to which the mini-Budget was addressed were near-zero growth and a relentless rise in prices. I doubt whether it will do very much for the first—certainly not in time to offset the second. In the short run, what we face is not a growth crisis but an inflationary crisis and that, of course, also means a currency crisis.

What was the growth strategy? I think it was based on Reaganomics—the idea that unfunded tax cuts, by incentivising the wealthy to work hard and invest more, would pay for themselves. That was a sort of Laffer curve idea, which was very popular in the 1980s. The British Treasury never bought it; it always thought that tax cuts to encourage the wealthy would need to be complemented by welfare cuts to

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Requiem for an Empire

September 12, 2022

Sep 12, 2022 ROBERT SKIDELSKY

Since World War II, Britain’s influence in the world has relied on its “special relationship” with the United States, its position as head of the Commonwealth (the British Empire’s successor), and its position in Europe. The Americans are still there, but Europe isn’t, and now the head of the Commonwealth isn’t, either.

LONDON – Amid the many, and deserved, tributes to Queen Elizabeth II, one aspect of her 70-year reign remained in the background: her role as monarch of 15 realms, including Australia, New Zealand, and Canada. She was also the head of the Commonwealth, a grouping of 56 countries, mainly republics.

This community of independent states, nearly all of them former territories of the British Empire, has been crucial in conserving a

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Mind the Policy Gaps

August 23, 2022

Aug 22, 2022 ROBERT SKIDELSKY

The widening gaps in policy formation nowadays reflect the division of labor and increasing specialization that has taken us from the sixteenth-century ideal of the Renaissance man. And today’s biggest policymaking gap has grown so large that it threatens global catastrophe.

LONDON – Just as the insistent demand for more “transparency” is a sure sign of increasing opacity, the current clamor for “joined-up thinking” indicates that the need for it far outstrips the supply. With its recent report on energy security, the UK House of Lords Economic Affairs Committee has added its voice to the chorus.

The report’s language is restrained, but its message is clear: Without a “joined-up” energy policy, the United Kingdom’s transition to net zero by 2050

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Boris Johnson’s Fall – and Ours

August 2, 2022

Jul 19, 2022 ROBERT SKIDELSKY

Although words like “unprincipled,” “amoral,” and “serial liar” seem to describe the outgoing British prime minister accurately, they accurately describe more successful political leaders as well. To explain Johnson’s fall, we need to consider two factors specific to our times.

LONDON – Nearly all political careers end in failure, but Boris Johnson is the first British prime minister to be toppled for scandalous behavior. That should worry us.

The three most notable downfalls of twentieth-century British leaders were caused by political factors. Neville Chamberlain was undone by his failed appeasement policy. The Suez fiasco forced Anthony Eden to resign in 1957. And Margaret Thatcher fell in 1990 because popular resistance to the poll

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Russia’s Path to Premodernity

June 15, 2022

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

June 9, 2022

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.

Contact: [email protected] 

Printers: CPI Antony Rowe Ltd. Registered Office: 110 Beddington Lane, Croydon, Surrey, CR0 4TD. Registered in England and Wales (number 2823354)

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

Read More »

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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