The Old Welfare State in the New Age of Competition

The Old Welfare State in the New Age of Competition

In 1944, John Maynard Keynes suffered a heart attack as he ran up a flight of stairs on his way to yet another committee meeting in the New Hampshire resort called Bretton Woods. Meetings, especially those deciding the economic fate of the world, take their toll. In addition to battling health problems, Keynes wrangled over postwar international monetary, employment, and spending policies. He won only some of the disputes at the Bretton Woods conference. Less than two years later, he died without realizing that he had secured enough to pave the way for a growth-oriented world order and, on the national level, the Keynesian welfare state.

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