Cambridge Economics in the Post-Keynesian Era

“I had the great pleasure to read early versions of this meticulously researched history of the rise and demise of Cambridge heterodox economics. I warmly congratulate Ashwani for his tour de force.” —Geoff Harcourt “This book is awesome in both its depth and range. It should be required reading. A notable addition to the history of economic thought and to the history of our times.”—Amiya Bagchi “The book is destined to become the definitive account in the history of economic thought of how neoclassical economists reinforced their hegemony over the academic discipline in the 20th Century”. —Terry Barker “Ashwani Saith’s book is monumental, enthralling, beautifully written with its occasional satirical tone, but as we are being warned, depressing … This was so far an untold story.” —Marc Lavoie “A fascinating investigation – fair, balanced, scholarly. Highly recommended.” —Maria Cristina Marcuzzo “The meticulous research in Saith’s brilliant book … is not just a great contribution to the history of economic thought, but also to the understanding of the intellectual obscurantism of our times.” —Jose Gabriel Palma “A meticulous and comprehensive discussion of … the capture of Cambridge by economic orthodoxy … a tour de force … it is written with remarkable scrupulousness and lucidity. An essential read.” —Prabhat Patnaik “Brilliantly contextualises the local happenings in Cambridge within the global rise of the ‘neoliberal thought-collective’ … An extraordinary piece of research, lovingly told and immensely worthwhile.” —Servaas Storm Using fresh archival materials, personal accounts and interviews, this meticulously researched book chronicles the untold story of the eclipse of diverse revolutionary heterodox and Keynesian intellectual traditions rooted and nurtured in Cambridge since the 1920s, and the rise to hegemony of orthodox, mainstream economics. It investigates both internal fault lines within the faculty, and the power of external ideological and political forces released by the global dominance of neoliberalism. Also expunged in the neoclassical counter-revolution were the structural and radical policy-oriented macroeconomic modelling teams of the iconic Department of Applied Economics, alongside the atrophy of sociology, development studies and economic history from the self-purifying faculty. This book addresses researchers in the history of economic thought, sociology of knowledge, political economy, especially heterodox and post-Keynesian economics, and anyone wishing to make economics fit for public purpose again for negotiating the multiple crises rampant at national and global levels. Ashwani Saith is an Emeritus Professor, International Institute of Social Studies, Erasmus University Rotterdam, and former Professor & Director, Development Studies Institute, London School of Economics.