117-816: Bloomsbury Publishing plc is a British worldwide publishing house of fiction and non-fiction. Bloomsbury's head office is located on Bedford Square in Bloomsbury , an area of the London Borough of Camden . It has a US publishing office located in New York City , an India publishing office in New Delhi , an Australian sales office in Sydney CBD , and other publishing offices in the UK, including in Oxford . It
234-859: A cafe and a restaurant. Since 1998, the British Library has been located in a purpose-built building just outside the northern edge of Bloomsbury, in Euston Road. Also in Bloomsbury is the Foundling Museum, close to Brunswick Square, which tells the story of the Foundling Hospital opened by Thomas Coram for unwanted children in Georgian London. The hospital, now demolished except for the Georgian colonnade ,
351-421: A circus here but he died in 1771, leaving his wife to continue development of the area. She commissioned the construction of Bedford Square and of Gower Street . The major development of the squares that we see today started in about 1800 when Francis Russell, 5th Duke of Bedford , demolished Bedford House and developed the land to the north with Russell Square as its centrepiece. Much is still owned today by
468-578: 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
585-518: A consultant. Keynes had completed his A Treatise on Probability before the war but published it in 1921. The work was a notable contribution to the philosophical and mathematical underpinnings of probability theory , championing the important view that probabilities were no more or less than truth values intermediate between simple truth and falsity. Keynes developed the first upper-lower probabilistic interval approach to probability in chapters 15 and 17 of this book, as well as having developed
702-526: 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
819-463: A graduate student for one term, which constituted his only formal education in the subject. He took civil service exams in 1906. The economist Harry Johnson wrote that the optimism imparted by Keynes's early life is a key to understanding his later thinking. Keynes was always confident he could find a solution to whatever problem he turned his attention to and retained a lasting faith in the ability of government officials to do good. Keynes's optimism
936-748: A joint-partnership with Qatar Foundation . The partnership created a publishing house, Bloomsbury Qatar Foundation Publishing ; it worked mainly with English and Arabic literature. Bloomsbury Qatar Foundation Journals (BQFJ), an open access and peer reviewed academic publisher, was created in December 2010 as a joint venture with Qatar Foundation. Journal research articles were published through BQFJ's website QScience.com . The company's partnership with Qatar Foundation ended in December 2015 and all of Bloomsbury Qatar Foundation Publishing works were incorporated in Qatari-owned HBKU Press. At
1053-520: A level where employers could profitably offer them jobs. An innovation from Keynes was the concept of price stickiness – the recognition that in reality workers often refuse to lower their wage demands even in cases where a classical economist might argue that it is rational for them to do so. Due in part to price stickiness, it was established that the interaction of " aggregate demand " and " aggregate supply " may lead to stable unemployment equilibria – and in those cases, it
1170-412: A locally based conservation committee. Despite this, there is increasing concern about a trend towards larger and less sensitive development, and the associated demolition of Victorian and Georgian buildings. Bloomsbury (including the closely linked St Giles area) has a long association with neighbouring Holborn ; but is nearly always considered as distinct from Holborn. The area appears to have been
1287-537: 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
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#17328022742941404-497: 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
1521-626: 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
1638-458: A northern limit of Euston Road is often understood, though Coram's Fields and the land to the north, consisting mainly of blocks of flats, built as both private and social housing was traditionally associated as being north Bloomsbury with Judd Street and its surrounding squares being part of St Pancras, King's Cross. The eastern boundary is sometimes taken to be in the region of Southampton Row or further east on Grays Inn Road. The southern extent
1755-564: A part of the parish of Holborn when St Giles hospital was established in the early 1100s. The earliest record of the name, Bloomsbury, is as Blemondisberi in 1281. It is named after a member of the Blemund family who held the manor. There are older records relating to the family in London in 1201 and 1230. Their name, Blemund, derives from Blemont, a place in Vienne , in western France. At
1872-420: 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
1989-405: 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
2106-487: 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
2223-426: 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
2340-411: 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
2457-535: A vibrant area to visit, and a profitable place in which to do business". Several London railway stations serve Bloomsbury. There are three London Underground stations in Bloomsbury: King's Cross St. Pancras station offers step-free access to all lines, whilst Euston Square offers step-free access to the westbound platform. Other stations nearby include: Euston , Warren Street , Goodge Street , Tottenham Court Road , Holborn and Chancery Lane . There
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#17328022742942574-493: A year after conservation areas were promulgated in the Civic Amenities Act 1967. The Bloomsbury Conservation Area is almost unique in the UK in that it also has a conservation area advisory committee , an expert committee of architects, planners, lawyers, and other community members that also live and work in Bloomsbury. This group was founded in 1968 by the local authority and continues to serve Bloomsbury and
2691-807: Is a disused station in Bloomsbury on the Piccadilly line at the British Museum . There are also three National Rail stations to the north of Bloomsbury: Eurostar services to France , Brussels and the Netherlands begin in London at St Pancras. Several bus stops can be found in Bloomsbury. All buses passing through Bloomsbury call at bus stops on Russell Square , Gower Street or Tottenham Court Road . Several key London destinations can be reached from Bloomsbury directly, including: Camden Town , Greenwich , Hampstead Heath , Piccadilly Circus , Victoria , and Waterloo . Euston bus station
2808-700: Is also home to London Contemporary Dance School , Royal Academy of Dramatic Art , a branch of University of Law, Architectural Association School of Architecture , and the London campuses of several American colleges including Arcadia University , University of California , University of Delaware , Florida State University , Syracuse University , New York University , and Hult International Business School . The growing private tutoring sector in Bloomsbury includes various tutoring businesses such as Bloomsbury International (for English language), Bloomsbury Law Tutors (for law education), Skygate Tutors, and Topmark Tutors Centre. The British Museum , which first opened to
2925-591: Is an intellectual and literary hub for London, as home of world-known Bloomsbury Publishing , publishers of the Harry Potter series, and namesake of the Bloomsbury Group , a group of British intellectuals which included author Virginia Woolf , biographer Lytton Strachey , and economist John Maynard Keynes . Bloomsbury began to be developed in the 17th century under the Earls of Southampton , but it
3042-806: Is home of the British Museum , the largest museum in the United Kingdom, and several educational institutions, including University College London and a number of other colleges and institutes of the University of London as well as its central headquarters, the New College of the Humanities , the University of Law , the Royal Academy of Dramatic Art , the British Medical Association and many others. Bloomsbury
3159-651: Is home to the National Hospital for Neurology and Neurosurgery (formerly the National Hospital for Nervous Diseases). Bloomsbury is also the location of University College Hospital , which re-opened in 2005 in new buildings on Euston Road, built under the government's private finance initiative (PFI). The Eastman Dental Hospital is located on Gray's Inn Road close to the Royal National Throat, Nose and Ear Hospital administered by
3276-535: Is home to the federal University of London's central administrative centre and library, Senate House, as well as many of its independent members institutions including Birkbeck College, London School of Hygiene and Tropical Medicine, School of Oriental and African Studies, School of Advanced Study, Royal Veterinary College, and University College London (which has now absorbed the formerly separate School of Eastern European and Slavonic Studies, School of Pharmacy, and Institute of Education academic institutions). Bloomsbury
3393-476: Is known as the "father of macroeconomics". During the Great Depression of the 1930s, Keynes spearheaded a revolution in economic thinking , challenging the ideas of neoclassical economics that held that free markets would, in the short to medium term, automatically provide full employment, as long as workers were flexible in their wage demands. He argued that aggregate demand (total spending in
3510-556: Is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index . The company was founded in 1986 by Nigel Newton , who had previously been employed by other publishing companies. It was floated as a public registered company in 1994, raising £5.5 million, which was used to fund expansion of the company into paperback and children's books. A rights issue of shares in 1998 further raised £6.1 million, which
3627-473: Is now re-invested or spent, assuming lower interest rates appeal to consumers. To Keynes, however, this was not always the case, and it couldn't be assumed that lower interest rates would automatically encourage investment and spending again since there is no proven link between the two. The General Theory argues that demand, not supply, is the key variable governing the overall level of economic activity. Aggregate demand, which equals total un-hoarded income in
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3744-591: Is on 15-20 Phoenix Place. Bloomsbury contains several notable churches: Bloomsbury contains some of London's finest parks and buildings, and is particularly known for its formal squares. These include: Great Ormond Street Hospital for Children and the Royal London Hospital for Integrated Medicine (formerly the Royal London Homoeopathic Hospital) are both located on Great Ormond Street, off Queen Square, which itself
3861-407: 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
3978-592: 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
4095-457: Is taken to approximates to High Holborn or the thoroughfare formed by New Oxford Street , Bloomsbury Way and Theobalds Road. On the west side, the traditional and various informal definitions of the area are all based on the ancient Tottenham Court Road . The differences between the formal and more recent understandings of the area (to the north and south), seem to derive from Bloomsbury having been commonly misconceived as being coterminous with
4212-636: Is to the north of Bloomsbury. One of the 13 surviving taxi drivers' shelters in London, where drivers can stop for a meal and a drink, is in Russell Square. Bloomsbury's road network links the district to several destinations across London. Key routes nearby include: Gower Street , which runs through the area on a north–south axis, has been two-way since Sunday 28 February 2021. John Maynard Keynes Heterodox John Maynard Keynes, 1st Baron Keynes CB , FBA ( / k eɪ n z / KAYNZ ; 5 June 1883 – 21 April 1946),
4329-606: Is today a playground and outdoor sports field for children, called Coram's Fields . It is also home to a small number of sheep. The nearby Lamb's Conduit Street is a pleasant thoroughfare with shops, cafes and restaurants. The Dickens Museum is in Doughty Street . The Petrie Museum of Egyptian Archaeology and the Grant Museum of Zoology are at University College London in Gower Street. The Postal Museum
4446-570: The Bedford Estate in trust for the Russell family. John Russell, 6th Duke of Bedford , extended development on the north and east side of the estate, this area would then be frequented by writers, painters and musicians as well as lawyers due to the nearby Inns of Court . The area was enclosed by gates until these were abolished under a 1893 Act of Parliament. In the 19th century, the Bloomsbury area became less fashionable, now dominated by
4563-559: The Bedford Estate . In the early 1660s, the Earl of Southampton , who held the manors of St Giles and Bloomsbury, constructed what eventually became Bloomsbury Square . The Yorkshire Grey public house on the corner of Gray's Inn Road and Theobald's Road dates from 1676. The estate passed to the Russell family following the marriage of William Russell, Lord Russell (1639–1683) (third son of William Russell, 1st Duke of Bedford ) to Rachel Wriothesley , heiress of Bloomsbury, younger of
4680-612: The Royal Free Hampstead NHS Trust . One of the largest building in the area is the Brutalist Brunswick Centre a residential building with a shopping centre at ground floor. Bloomsbury is in the parliamentary constituency of Holborn and St Pancras . The western half of the district comprises Bloomsbury ward , which elects three councillors to Camden Borough Council . In February 2010, businesses were balloted on an expansion of
4797-459: 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
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4914-606: The University of London and the British Museum as well as numerous new hospitals. Modern development has destroyed several Georgian -era buildings, but some remain. The London Beer Flood (also known as the Great Beer Flood ) was a disaster that occurred in October 1814, when a large vat of porter at the Horse Shoe Brewery , just west of Dyott Street, burst open, releasing a 15-foot wave of beer onto
5031-557: 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
5148-460: The 1920s. The work, Treatise on Money , was published in 1930 in two volumes. A central idea of the work was that if the amount of money being saved exceeds the amount being invested – which can happen if interest rates are too high – then unemployment will rise. This is in part a result of people not wanting to spend too high a proportion of what employers pay out, making it difficult, in aggregate, for employers to make
5265-424: The 1929 crisis, Keynes also turned away from a fundamental pillar of neoclassical economics: free trade . He criticized Ricardian comparative advantage theory (the foundation of free trade), considering the theory's initial assumptions unrealistic, and became definitively protectionist. He detailed these ideas in his magnum opus, The General Theory of Employment, Interest and Money , published in early 1936. By
5382-438: The 1933 London Economic Conference opinions remained too diverse for a unified course of action to be agreed upon. Keynesian-like policies were adopted by Sweden and Germany, but Sweden was seen as too small to command much attention, and Keynes was deliberately silent about the successful efforts of Germany as he was dismayed by its imperialist ambitions and its treatment of Jews. Apart from Great Britain, Keynes's attention
5499-489: The 1970s, partly as a result of the stagflation that plagued the British and American economies during that decade, and partly because of criticism of Keynesian policies by Milton Friedman and other monetarists , who disputed the ability of government to favourably regulate the business cycle with fiscal policy . The 2007–2008 financial crisis sparked the 2008–2009 Keynesian resurgence . Keynesian economics provided
5616-532: 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
5733-486: 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
5850-540: 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
5967-697: The InHolborn Business Improvement District (BID) to include the southern part of Bloomsbury. Only businesses with a rateable value in excess of £60,000 could vote as only these would pay the BID levy. This expansion of the BID into Bloomsbury was supported by Camden Council. The proposal was passed and part of Bloomsbury was brought within the InHolborn BID. Controversy was raised during this BID renewal when InHolborn proposed collecting Bloomsbury, St Giles and Holborn under
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#17328022742946084-467: The Peace , published in 1919. This work has been described as Keynes's best book, where he was able to bring all his gifts to bear – his passion as well as his skill as an economist. In addition to economic analysis, the book contained appeals to the reader's sense of compassion : I cannot leave this subject as though its just treatment wholly depended either on our pledges or on economic facts. The policy of reducing Germany to servitude for
6201-555: The Poor Law in 1930; however it was not formally abolished until the creation of Greater London in 1965. In 1900 the area of the St Giles District (Metropolis) merged with Holborn District (Metropolis) (excluding those parts of Finsbury Division which had been temporarily attached to Holborn) to form a new Metropolitan Borough of Holborn . The traditional boundaries of St Giles and Bloomsbury were used for wards in
6318-541: 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
6435-473: The age of five and a half, Keynes started at the kindergarten of the Perse School for Girls for five mornings a week. He quickly showed a talent for arithmetic, but his health was poor leading to several long absences. He was tutored at home by a governess, Beatrice Mackintosh, and his mother. In January 1892, at eight and a half, he started as a day pupil at St Faith's preparatory school. By 1894, Keynes
6552-506: The church of St Giles in the Fields . Some sources indicate that the parish was in place before 1222 while others suggest 1547. From 1597 onwards, English parishes were obliged to take on a civil as well as ecclesiastical role, starting with the relief of the poor . In 1731 a small new independent parish of Bloomsbury was created, based on a small area round Bloomsbury Square . In 1774 these parishes recombined, for civil purposes, to form
6669-421: The circumstances of its publication were such that his suggestions shaped the course of the 1930s. In addition, Keynes introduced the world to a new interpretation of taxation: since the legal tender is now defined by the state, inflation becomes "taxation by currency depreciation". This hidden tax meant a) that the standard of value should be governed by deliberate decision; and (b) that it was possible to maintain
6786-531: 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,
6903-418: The combined parish of St Giles in the Fields and St George Bloomsbury (as adjusted in some places to reflect the modern street pattern) include Tottenham Court Road to the west, Torrington Place (formerly known, in part, as Francis Street) to the north, the borough boundary to the south and Marchmont Street and Southampton Row to the east. The western boundary of Tottenham Court Road is common to all and
7020-516: The conference was a treaty which disgusted Keynes both on moral and economic grounds and led to his resignation from the Treasury. In June 1919 he turned down an offer to become chairman of the British Bank of Northern Commerce , a job that promised a salary of £2,000 in return for a morning per week of work. Keynes's analysis on the predicted damaging effects of the treaty appeared in the highly influential book, The Economic Consequences of
7137-605: The construction of tall and harmful development. Between 2015 and 2020 the local authority recommended approval for a total of five major developments judged to be harmful by the BCAAC, with the Greater London Authority approving one. The BCAAC were only successful in defeating one of those developments. As a result, Victorian buildings and even some of Bloomsbury's famous Georgian terraces have been demolished in recent years. This has led to sharp criticism of
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#17328022742947254-510: 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
7371-527: The cost of allowing their currency to depreciate. Britain suffered from high unemployment through most of the 1920s, leading Keynes to recommend the depreciation of sterling to boost jobs by making British exports more affordable. From 1924 he was also advocating a fiscal response, where the government could create jobs by spending on public works. During the 1920s Keynes's pro-stimulus views had only limited effect on policymakers and mainstream academic opinion – according to Hyman Minsky one reason
7488-808: 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
7605-598: The early 1900s, and to the lesser known Bloomsbury Gang of Whigs formed in 1765 by John Russell, 4th Duke of Bedford . The publisher Faber & Faber used to be located in Queen Square , though at the time T. S. Eliot was editor the offices were in Tavistock Square. The Pre-Raphaelite Brotherhood was founded in John Millais's parents' house on Gower Street in 1848. The Bloomsbury Festival
7722-416: The economy) determined the overall level of economic activity, and that inadequate aggregate demand could lead to prolonged periods of high unemployment, and since wages and labour costs are rigid downwards the economy will not automatically rebound to full employment. Keynes advocated the use of fiscal and monetary policies to mitigate the adverse effects of economic recessions and depressions . After
7839-734: 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
7956-804: The end of the 14th century, Edward III acquired Blemond's manor, and passed it on to the Carthusian monks of the London Charterhouse . The area remained rural at this time. In the 16th century with the Dissolution of the Monasteries , Henry VIII took the land back into the possession of the Crown and granted it to Thomas Wriothesley, 1st Earl of Southampton . The area was part of the Ancient Parish of St Giles , served by
8073-471: The ethical system of G. E. Moore . Keynes was elected to the University Pitt Club and was an active member of the semi-secretive Cambridge Apostles society, a debating club largely reserved for the brightest students. Like many members, Keynes retained a bond to the club after graduating and continued to attend occasional meetings throughout his life. Before leaving Cambridge, Keynes became
8190-401: 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
8307-447: The gold standard and in 1925 they were able to convince the then Chancellor Winston Churchill to re-establish it, which had a depressing effect on British industry. Keynes responded by writing The Economic Consequences of Mr. Churchill and continued to argue against the gold standard until Britain finally abandoned it in 1931. Keynes had begun a theoretical work to examine the relationship between unemployment, money and prices back in
8424-407: 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
8541-431: 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
8658-451: The index understated the effects of changes in the costs of services and labour. Keynes was deeply critical of the British government's austerity measures during the Great Depression . He believed that budget deficits during recessions were a good thing and a natural product of an economic slump. He wrote, "For Government borrowing of one kind or another is nature's remedy, so to speak, for preventing business losses from being, in so severe
8775-518: 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
8892-526: The late 1930s, leading Western economies had begun adopting Keynes's policy recommendations. Almost all capitalist governments had done so by the end of the two decades following Keynes's death in 1946. As a leader of the British delegation, Keynes participated in the design of the international economic institutions established after the end of World War II but was overruled by the American delegation on several aspects. Keynes's influence started to wane in
9009-603: The local authority's approach to the conservation and preservation of Bloomsbury, with national heritage groups such as the Victorian Society and Georgian Group voicing concerns along with local groups. A local campaign associated with the BCAAC, Save Bloomsbury, has written and campaigned extensively to protect Bloomsbury's heritage. As of 2021 Camden Council has not adopted any strategy to ensure Bloomsbury's conservation, and harmful development proposals continue to come forward. Neighbouring areas include St Pancras to
9126-464: The local authority's constitution. Bloomsbury contains one of the highest proportions of listed buildings and monuments per square metre of any conservation area, including many of the UK's most iconic buildings, such as the British Museum. However its strategic location in the centre of London and associated high development pressures has seen a rise in the demolition of historic fabric, and
9243-426: The name of "Midtown", since it was seen as "too American". Businesses were informed about the BID proposals, but there was little consultation with residents or voluntary organisations. InHolborn produced a comprehensive business plan aimed at large businesses. Bloomsbury is now part of InMidtown BID with its 2010 to 2015 business plan and a stated aim to make the area "a quality environment in which to work and live,
9360-521: The new borough, though these were subject to minor rationalisations to reflect the modern street pattern rather than the historic basis of the older streets and pre-urban field boundaries. The combined civil parish continued to operate, in parallel, for a considerable time after. In 1965 the Metropolitan Borough of Holborn merged with St Pancras and Hampstead to form the new London Borough of Camden . The formal historic boundaries of
9477-401: The north and west, Fitzrovia to the west, Covent Garden and Holborn to the south, and Clerkenwell to the east. For street name etymologies see Street names of Bloomsbury . Historically, Bloomsbury is associated with the arts, education, and medicine. The area gives its name to the Bloomsbury Group of artists, among whom was Virginia Woolf , who met in private homes in the area in
9594-495: The parish of St Giles in the Fields and St George Bloomsbury – which had the same boundaries as the initial parish of St Giles . The area of the combined civil parish was used for the St Giles District (Metropolis) , established under the Metropolis Management Act 1855 . This body managed certain infrastructure functions, while the civil parish continued with its responsibilities until the abolishment of
9711-502: The president of the Cambridge Union Society and Cambridge University Liberal Club . He was said to be an atheist. In May 1904, he received a first-class BA in mathematics. Aside from a few months spent on holidays with family and friends, Keynes continued to involve himself with the university over the next two years. He took part in debates, further studied philosophy and attended economics lectures informally as
9828-563: The previous two decades was attributable to the Harry Potter series by J. K. Rowling . Among the companies, book lists and imprints that Bloomsbury has acquired are: Bloomsbury Bloomsbury is a district in the West End of London , part of the London Borough of Camden in England. It is considered a fashionable residential area, and is the location of numerous cultural , intellectual, and educational institutions . Bloomsbury
9945-545: The public in 1759 in Montagu House , is at the heart of Bloomsbury. At the centre of the museum the space around the former British Library Reading Room , which was filled with the concrete storage bunkers of the British Library, is today the Queen Elizabeth II Great Court , an indoor square with a glass roof designed by British architect Norman Foster . It houses displays, a cinema, a shop,
10062-480: 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
10179-410: 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
10296-497: 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
10413-401: The revolutionary formal achievement of the work. The book advocated activist economic policy by government to stimulate demand in times of high unemployment, for example by spending on public works . "Let us be up and doing, using our idle resources to increase our wealth," he wrote in 1928. "With men and plants unemployed, it is ridiculous to say that we cannot afford these new developments. It
10530-510: The same house throughout their lives, where the children were always welcome to return. Keynes received considerable support from his father, including expert coaching to help him pass his scholarship exams and financial help both as a young man and when his assets were nearly wiped out at the onset of Great Depression in 1929. Keynes's mother made her children's interests her own, and according to Skidelsky, "because she could grow up with her children, they never outgrew home". In January 1889, at
10647-548: The surrounding area. It is generally thought that the Bloomsbury Conservation Area Advisory Committee (BCAAC) has the most detailed knowledge of Bloomsbury's built heritage and social history due to its members having lived in the area for many decades. It is accordingly consulted with on all major and minor development proposals in the area, including traffic circulation changes, and its objections carry formal planning weight through
10764-493: The surrounding streets, killing eight people. All of the geographic area of Bloomsbury is covered by the Bloomsbury Conservation Area, an historic designation designed to limit new development, and ensure that changes to the built environment preserve and enhance its special character. This conservation area is one of the oldest and most significant in the UK, having been designated in 1968, less than
10881-515: 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
10998-542: The theoretical debates that followed the publication of the General Theory as he suffered a heart attack in 1937, requiring him to take long periods of rest. Among others, Hyman Minsky and Post-Keynesian economists have argued that as a result, Keynes's ideas were diluted by those keen to compromise with classical economists or to render his concepts with mathematical models like the IS–LM model (which, they argue, distort Keynes's ideas). Keynes began to recover in 1939, but for
11115-648: The theoretical underpinning for economic policies undertaken in response to the 2007–2008 financial crisis by President Barack Obama of the United States, Prime Minister Gordon Brown of the United Kingdom, and other heads of governments. When Time magazine included Keynes among its Most Important People of the Century in 1999, it reported that "his radical idea that governments should spend money they don't have may have saved capitalism". The Economist has described Keynes as "Britain's most famous 20th-century economist". In addition to being an economist, Keynes
11232-579: The time of BQFP's dissolution it had published over 200 books. BQFJ's works were also incorporated in HBKU Press. In 2012, Bloomsbury established a publishing office in India . In May 2023, an article in The Verge reported that the cover of the UK edition of House of Earth and Blood , published by Bloomsbury, uses an AI-generated image. In 2018, it was confirmed that much of the company's growth over
11349-627: The two daughters and co-heiresses of Thomas Wriothesley, 4th Earl of Southampton (1607–1667). Rachel's son and heir was Wriothesley Russell, 2nd Duke of Bedford (1680–1711), of Woburn Abbey in Bedfordshire, whose family also owned Covent Garden , south of Bloomsbury, acquired by them at the Dissolution of the Monasteries . The area was laid out mainly in the 18th century, largely by Wriothesley Russell, 3rd Duke of Bedford , who built Bloomsbury Market, which opened in 1730. His younger brother, John Russell, 4th Duke of Bedford , would have built
11466-473: 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
11583-599: 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
11700-453: 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
11817-627: Was also a civil servant , a director of the Bank of England , and a part of the Bloomsbury Group of intellectuals. John Maynard Keynes was born in Cambridge , England, in June 1883 to an upper-middle-class family. His father, John Neville Keynes , was an economist and a lecturer in moral sciences at the University of Cambridge and his mother, Florence Ada Keynes , a local social reformer. Keynes
11934-677: Was also cultural, in two senses: he was of the last generation raised by an empire still at the height of its power and was also of the last generation who felt entitled to govern by culture, rather than by expertise. According to Skidelsky , the sense of cultural unity current in Britain from the 19th century to the end of World War I provided a framework with which the well-educated could set various spheres of knowledge in relation to each other and life, enabling them to confidently draw from different fields when addressing practical problems. In October 1906 Keynes began his Civil Service career as
12051-568: 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 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
12168-653: Was awarded the Tomline Prize for mathematics. At Eton, Keynes experienced the first "love of his life" in Dan Macmillan, older brother of the future Prime Minister Harold Macmillan . Despite his middle-class background, Keynes mixed easily with upper-class pupils. In 1902, Keynes left Eton for King's College, Cambridge , after receiving a scholarship for this also, to read mathematics. Alfred Marshall begged Keynes to become an economist, although Keynes's own inclinations drew him towards philosophy, especially
12285-526: 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
12402-623: Was launched in 2006 when local resident Roma Backhouse was commissioned to mark the re-opening of the Brunswick Centre, a residential and shopping area. The free festival is a celebration of the local area, partnering with galleries, libraries and museums, and achieved charitable status at the end of 2012. As of 2013, the Duchess of Bedford is a festival patron and Festival Directors have included Cathy Maher (2013), Kate Anderson (2015–2019) and Rosemary Richards (2020–present). Bloomsbury
12519-403: 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
12636-484: 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
12753-420: Was persuaded by Felix Frankfurter to address President Roosevelt directly, which he did by letters and face-to-face in 1934, after which the two men spoke highly of each other. However, according to Skidelsky, the consensus is that Keynes's efforts began to have a more than marginal influence on US economic policy only after 1939. Keynes's magnum opus , The General Theory of Employment, Interest and Money
12870-469: 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
12987-464: Was primarily in the 19th century, under the Duke of Bedford , that the district was planned and built as an affluent Regency era residential area by famed developer James Burton . The district is known for its numerous garden squares , including Bloomsbury Square , Russell Square and Bedford Square . Bloomsbury's built heritage is currently protected by the designation of a conservation area and
13104-406: Was published in 1936. It was researched and indexed by one of Keynes's favourite students, and later economist, David Bensusan-Butt . The work served as a theoretical justification for the interventionist policies Keynes favoured for tackling a recession. Although Keynes stated in his preface that his General Theory was only secondarily concerned with the "applications of this theory to practice,"
13221-509: 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
13338-512: Was that at this time his theoretical justification was "muddled". The Tract had also called for an end to the gold standard. Keynes advised it was no longer a net benefit for countries such as Britain to participate in the gold standard , as it ran counter to the need for domestic policy autonomy. It could force countries to pursue deflationary policies at exactly the time when expansionary measures were called for to address rising unemployment. The Treasury and Bank of England were still in favour of
13455-484: Was the firstborn and was followed by two more children – Margaret Neville Keynes in 1885 and Geoffrey Keynes in 1887. Geoffrey became a surgeon and Margaret married the Nobel Prize-winning physiologist Archibald Hill . According to the economic historian and biographer Robert Skidelsky , Keynes's parents were loving and attentive. They attended a Congregational Church and remained in
13572-424: Was top of his class and excelling at mathematics. In 1896, St Faith's headmaster, Ralph Goodchild, wrote that Keynes was "head and shoulders above all the other boys in the school" and was confident that Keynes could get a scholarship to Eton. In 1897, Keynes won a King's Scholarship to Eton College , where he displayed talent in a wide range of subjects, particularly mathematics, classics and history: in 1901, he
13689-474: Was used to expand the company, in particular to found a U.S. branch. In 1998, Bloomsbury USA was established. Bloomsbury USA Books for Young Readers was established in 2002, and in 2005, Bloomsbury acquired Walker & Co, a small company dedicated to publishing nonfiction. The Walker brand was discontinued in 2015 and sold to Walker Publishing Company. In December 2008, Bloomsbury opened a branch in Doha, Qatar in
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