The Price of Peace
Money, Democracy, and the Life of John Maynard Keynes
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Narrated by:
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Robert Petkoff
About this listen
NEW YORK TIMES BESTSELLER • An “outstanding new intellectual biography of John Maynard Keynes [that moves] swiftly along currents of lucidity and wit” (The New York Times), illuminating the world of the influential economist and his transformative ideas
“A timely, lucid and compelling portrait of a man whose enduring relevance is always heightened when crisis strikes.”—The Wall Street Journal
WINNER: The Arthur Ross Book Award Gold Medal • The Hillman Prize for Book Journalism
FINALIST: The National Book Critics Circle Award • The Sabew Best in Business Book Award
NAMED ONE OF THE TEN BEST BOOKS OF THE YEAR BY PUBLISHERS WEEKLY AND ONE OF THE BEST BOOKS OF THE YEAR BY Jennifer Szalai, The New York Times • The Economist • Bloomberg • Mother Jones
At the dawn of World War I, a young academic named John Maynard Keynes hastily folded his long legs into the sidecar of his brother-in-law’s motorcycle for an odd, frantic journey that would change the course of history. Swept away from his placid home at Cambridge University by the currents of the conflict, Keynes found himself thrust into the halls of European treasuries to arrange emergency loans and packed off to America to negotiate the terms of economic combat. The terror and anxiety unleashed by the war would transform him from a comfortable obscurity into the most influential and controversial intellectual of his day—a man whose ideas still retain the power to shock in our own time.
Keynes was not only an economist but the preeminent anti-authoritarian thinker of the twentieth century, one who devoted his life to the belief that art and ideas could conquer war and deprivation. As a moral philosopher, political theorist, and statesman, Keynes led an extraordinary life that took him from intimate turn-of-the-century parties in London’s riotous Bloomsbury art scene to the fevered negotiations in Paris that shaped the Treaty of Versailles, from stock market crashes on two continents to diplomatic breakthroughs in the mountains of New Hampshire to wartime ballet openings at London’s extravagant Covent Garden.
Along the way, Keynes reinvented Enlightenment liberalism to meet the harrowing crises of the twentieth century. In the United States, his ideas became the foundation of a burgeoning economics profession, but they also became a flash point in the broader political struggle of the Cold War, as Keynesian acolytes faced off against conservatives in an intellectual battle for the future of the country—and the world. Though many Keynesian ideas survived the struggle, much of the project to which he devoted his life was lost.
In this riveting biography, veteran journalist Zachary D. Carter unearths the lost legacy of one of history’s most fascinating minds. The Price of Peace revives a forgotten set of ideas about democracy, money, and the good life with transformative implications for today’s debates over inequality and the power politics that shape the global order.
LONGLISTED FOR THE CUNDILL HISTORY PRIZE
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Critic reviews
“Zachary D. Carter has given us an important, resonant, and memorable portrait of one of the chief architects of the world we’ve known, and know still. As Richard Nixon observed, we’re all Keynesians now—even if we don’t realize it. Carter’s powerful book will surely fix that.”—Jon Meacham, Pulitzer Prize–winning author of The Hope of Glory
“A brilliantly wrought, beautifully written life of one of the most captivating intellects of the twentieth century.”—Liaquat Ahamed, author of Lords of Finance
“The Price of Peace is a towering achievement. Carter blends a nuanced and sophisticated financial history of the twentieth century with the intimate personal drama and political upheaval of an epic novel. . . . A masterful biography of a unique and complex social thinker.”—Stephanie Kelton, author of The Deficit Myth
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- Length: 9 hrs and 18 mins
- Unabridged
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In 1920-1921, Woodrow Wilson and Warren G. Harding met a deep economic slump by seeming to ignore it, implementing policies that most 21st-century economists would call backward. Confronted with plunging prices, wages, and employment, the government balanced the budget and, through the Federal Reserve, raised interest rates. No "stimulus" was administered, and a powerful, job-filled recovery was under way by late 1921. Yet by 1929, the economy spiraled downward as the Hoover administration adopted the policies that Wilson and Harding had declined to put in place.
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Best thinking-sharpener I know of
- By Philo on 03-11-20
By: James Grant
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Grand Pursuit
- The Story of Economic Genius
- By: Sylvia Nasar
- Narrated by: John Bedford Lloyd, Anne Twomey
- Length: 20 hrs and 14 mins
- Unabridged
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In a sweeping narrative, the author of the mega-bestseller A Beautiful Mind takes us on a journey through modern history with the men and women who changed the lives of every single person on the planet. It’s the epic story of the making of modern economics, and of how it rescued mankind from squalor and deprivation by placing its material fate in its own hands rather than in Fate. Nasar’s account begins with Charles Dickens and Henry Mayhew observing and publishing the condition of the poor majority in mid nineteenth-century London, the richest and most glittering place in the world.
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A Beautiful Grand Pursuit
- By Joshua Kim on 05-06-12
By: Sylvia Nasar
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1931
- Debt, Crisis, and the Rise of Hitler
- By: Tobias Straumann
- Narrated by: Nigel Patterson
- Length: 6 hrs and 15 mins
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Germany's financial collapse in the summer of 1931 was one of the biggest economic catastrophes of modern history. It led to a global panic, brought down the international monetary system, and turned a worldwide recession into a prolonged depression. Hitler managed to profit from the crisis, because he had been the most vocal critic of the reparation regime. As the financial system collapsed, his relentless attacks against foreign creditors and the alleged complicity of the German government resonated more than ever with the electorate.
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Emergency executive powers gone wild
- By Philo on 06-06-19
By: Tobias Straumann
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The Fourth Revolution
- The Global Race to Reinvent the State
- By: John Micklethwait, Adrian Wooldridge
- Narrated by: Chris Sorensen
- Length: 10 hrs and 5 mins
- Unabridged
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From the best-selling authors of The Right Nation, a visionary argument that our current crisis in government is nothing less than the fourth radical transition in the history of the nation-state. Dysfunctional government: It' s become a cliché, and most of us are resigned to the fact that nothing is ever going to change. As John Micklethwait and Adrian Wooldridge show us, that is a seriously limited view of things. In fact, there have been three great revolutions in government in the history of the modern world.
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A must read for everyone wondering whats going?
- By Truth-be-told on 03-30-15
By: John Micklethwait, and others
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On Corruption in America
- And What Is at Stake
- By: Sarah Chayes
- Narrated by: Sarah Chayes
- Length: 12 hrs and 49 mins
- Unabridged
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In this unflinching exploration of corruption in America, Chayes exposes how corruption has thrived within our borders - from the titans of America's Gilded Age (Andrew Carnegie, John D. Rockefeller, J.P. Morgan, et al.) to the collapse of the stock market in 1929, the Great Depression, and FDR's New Deal; from Joe Kennedy's years of banking, bootlegging, machine politics, and pursuit of infinite wealth to the deregulation of the Reagan Revolution - undermining this nation's proud middle class and union members.
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Profoundly ambitious and genuine yet...
- By Jerry A. Boriskin on 08-16-20
By: Sarah Chayes
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Great Society
- A New History
- By: Amity Shlaes
- Narrated by: Terence Aselford
- Length: 17 hrs and 45 mins
- Unabridged
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In Great Society, Shlaes offers a powerful companion to her legendary history of the 1930s, The Forgotten Man, and shows that in fact there was scant difference between two presidents we consider opposites: Johnson and Nixon. Just as technocratic military planning by "the Best and the Brightest" made failure in Vietnam inevitable, so planning by a team of the domestic best and brightest guaranteed fiasco at home. At once history and biography, Great Society sketches moving portraits of the characters in this transformative period.
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How have we forgotten how bad these ideas were?
- By Robert S. Allen on 02-09-20
By: Amity Shlaes
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An Extraordinary Time
- The End of the Postwar Boom and the Return of the Ordinary Economy
- By: Marc Levinson
- Narrated by: James Foster
- Length: 10 hrs and 55 mins
- Unabridged
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A sweeping reappraisal of the last sixty years of world history, An Extraordinary Time describes how the postwar economic boom dissipated, undermining faith in government, destabilizing the global financial system, and forcing us to come to terms with how tumultuous our economy really is.
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Good review of crucial turning point in history
- By Philo on 11-22-16
By: Marc Levinson
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Fantasy Island
- Colonialism, Exploitation, and the Betrayal of Puerto Rico
- By: Ed Morales
- Narrated by: Sean Duffy
- Length: 10 hrs and 57 mins
- Unabridged
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In Fantasy Island, Ed Morales traces how, over the years, Puerto Rico has served as a colonial satellite, a Cold War Caribbean showcase, a dumping ground for US manufactured goods, and a corporate tax shelter. He also shows how it has become a blank canvas for mercenary experiments in disaster capitalism on the frontlines of climate change, hamstrung by internal political corruption and the US federal government's prioritization of outside financial interests.
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Gringo Narrattion
- By shakira julia on 02-08-21
By: Ed Morales
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The World Turned Upside Down
- America, China, and the Struggle for Global Leadership
- By: Clyde Prestowitz
- Narrated by: Paul Heitsch
- Length: 13 hrs and 24 mins
- Unabridged
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When China joined the World Trade Organization in 2001, most experts expected the WTO rules and procedures would liberalize China and make it "a responsible stakeholder in the liberal world order". But the experts made the wrong bet. China today is liberalizing neither economically nor politically but, if anything, becoming more authoritarian and mercantilist. In this book, renowned globalization and Asia expert Clyde Prestowitz describes the key challenges posed by China and the strategies America and the Free World must adopt to meet them.
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Informative and engaging
- By Christopher P Pratt on 02-28-21
By: Clyde Prestowitz
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Forgotten Continent
- The Battle for Latin America’s Soul
- By: Michael Reid
- Narrated by: Gary Dikeos
- Length: 18 hrs and 31 mins
- Unabridged
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Performance
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Latin America has often been condemned to failure. Neither poor enough to evoke Africa’s moral crusade nor as explosively booming as India and China, it has largely been overlooked by the West. Yet this vast continent, home to half a billion people, the world’s largest reserves of arable land, and 8.5 percent of global oil, is busily transforming its political and economic landscape.
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Good Reporting / Disorganized Content
- By Steven Schuster on 02-11-12
By: Michael Reid
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A History of Money and Banking in the United States: The Colonial Era to World War II
- By: Murray N. Rothbard
- Narrated by: Matthew Mezinskis
- Length: 13 hrs and 48 mins
- Unabridged
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In what is sure to become the standard account, Rothbard traces inflations, banking panics, and money meltdowns from the colonial period through the mid-20th century to show how government's systematic war on sound money is the hidden force behind nearly all major economic calamities in American history. Never has the story of money and banking been told with such rhetorical power and theoretical vigor. You will treasure this volume.
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Great facts (if selective); ideological rigidity
- By Philo on 02-04-16
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Liberty Lost: American Big Government and the Erosion of the U.S. Constitution
- A Brief History
- By: Michael Dahlen
- Narrated by: Joe Nagle
- Length: 1 hr and 23 mins
- Unabridged
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Overall
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Performance
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Story
Nineteenth-century America was the closest thing to pure free-market capitalism that has ever existed. There was no welfare state, no central bank, no deficit spending to speak of, no fiat money, and no income tax for most of the century, and no antitrust laws or federal regulatory agencies until the end of the century. During the 20th century, by contrast, American liberty declined as the size, scope, and power of government exploded. Federal spending, taxes, deficits, and debt have spiraled out of control.
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US political/economic evolution explained
- By Jannie Meisberger on 06-25-16
By: Michael Dahlen
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No mention of Thomas Sowell Phd
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What listeners say about The Price of Peace
Average customer ratingsReviews - Please select the tabs below to change the source of reviews.
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- Bruce D. Black
- 09-29-20
Great history wrapped around biography
Carter does a masterful job of bringing the larger than life character of John Maynard Keyes to the page. This is cultural, intellectual and economic history at its best. Cast aside any view of economics as the dismal science and meet a Renaissance man of the 20th century.
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- D. Keith
- 07-31-20
Highly Relevant For A Season of Political and Economic Catastrophe
As a retired history teacher and a lifelong student of economic history, I thought I already knew a fair amount about John Maynard Keynes, but this superb biography greatly deepened my understanding of him as a person, a philosopher and, of course an economic thinker. With a wonderful performance by Robert Petkoff, this book for me was the audio version of a “page-turner.” As I write this in late July of 2020, Congress appears deadlocked over the roll that government spending can and should play to avert an economic collapse and it feels like we are in the midst of a tectonic historical shift. This history from 1914 through 1946 couldn’t be more relevant. The last section of the book explores what happened with Keynesianism, mostly in the US, after he died which moves it past being a biography into Intellectual/political history.
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- Peter Hildebrandt
- 04-24-22
Thorough and always interesting
There’s a lot here to digest and let soak in. But I am glad I stuck with this book. I feel I now know who Keynes was and why his life’s work is as important today as it ever was. I love the last words of the book, which I think was a direct quote from Keynes, something to the effect that yes, “in the end we are all dead. But looking ahead to the future, anything is still possible.” This gave me hope in the face of today’s threats to democracy and the fate of life on this planet.
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- CMcA
- 12-28-22
Must hear
So good I listen to it twice. This is why subscription to Audible is worthwhile.
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- sbrennan97
- 11-02-20
Phenomenal
One of the better boos that inhale listened to. Genuinely entertaining while also presenting Keynes’s life in an informative manner.
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- marwalk
- 12-16-20
Provides practical meaning for us today
In this book, Zachary D. Carter decodes the academic, political, and ideological conflicts that John Maynard Keynes lived through, contributed to, and participated in—and provides practical meaning for us today over 70 years after the end of Keynes' life. The author describes in documented detail how the straightforward logic of Keynes was never fully implemented (hint: a remarkably large amount of money, influence, and corruption conspired to keep neoliberal fallacies embedded in mainstream assumptions). Carter presents Keynesianism as focused on helping people to have better lives through the practical actions of governments and businesses—in this, practicality overrules ideology.
Also covered are the intimate details of Keynes' private life. Although he eventually married a woman, Keynes was gay (as openly as was practical in early 20th Century UK). Al tough he was concerned about the political oppression he saw in the Soviet Union when he visited there with his Russian wife, Keynes also had several Marxist friends. The Marxist connection to Keynes was leveraged by right wing groups in the United States in the 1940s and 1950s to scare away support of Keynesianism for reasons that had very little to do with Keynes himself or his theories—a typical line of propaganda that continues to be repeated in the US and elsewhere today.
In the period between the two world wars of the 20th Century, Keynes tried to convince world leaders to apply reason in how they treated defeated Germany. We know from history that they weren't reasonable with Germany, and the world paid a horrible price as a result. There are parallels to this today, as the same economic influences that led to fascism in the 1930s are very much at play in our own time. I'm convinced that taking Keynes seriously is an essential tool in preventing future disaster for ourselves.
In the second half of the book, Carter covers the approaches to Keynesianism in the US and elsewhere after Keynes' death. Both Democratic and Republican administrations are effectively skewered in this book for falling prey to neoliberalism, often due to well financed and coordinated influences. The context presents the policies actually implemented in contrast to what would have been had they adopted policies based on Keynes. The details presented provide a revealing sense of the personal interactions involved, and how they worked against the public interest.
Although Carter doesn't predict a return to Keynesianism in the near future, the book provides a context for more effective advocacy of people-oriented economic programs. There is much material to draw upon for encouraging governments at all levels to engage in public works and infrastructure projects. By illustrating where the resistance comes from and how it has been executed, Carter provides material from which one may better craft a persuasive campaign for Keynesian solutions. That by itself makes this book worth the read.
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- Terry623
- 04-05-22
Immersive and addictive
A fantastic history of modern economic history wrapped up in an emotionally affecting biography. Resonant scholarship and storytelling
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- Patrick M.
- 04-20-23
good
Here are 15 words to share the stars to say this recording was quite good.
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- Amazon Customer
- 06-02-20
A must read for post COVID-19 crisis
Keynes philosophy of solving economic challenges still applies to current crisis, choosing between tolerable and not intolerable, making the best decision for vast majority instead of saving the 0.1% most rich population.
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6 people found this helpful
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- Richard C.
- 09-09-20
So Important
It’s amazing what a life he lived.
This book is vital information and grounding for any progressive person.
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