From Section V.2E of II.1 (“The Problem of Scale (Part I)”)
Considering “The General Theory” of Lord Keynes
³⁷⁶Having discussed the conflation of “the money multiplier” with “the investment multiplier,” let us now address another common accusation, that Keynes was a Socialist and/or a Marxist, which will return us to “the multiplier question” (which I think the views of Keynes on that subject are critical to grasp if we are to understand why he is ultimately a Capitalist). To this point, at the end of Chapter 12, Keynes says something of interest that can help illuminate why we shouldn’t use the term “Keynesianism” as a blank term for all government spending (though I myself am guilty of making this mistake). Keynes writes…
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