Keynes's ideas for a regulated economy: Inspiration for ecological transformation

Michael Heine and Hansjörg Herr

No 70, GLU Working Papers from Global Labour University (GLU)

Abstract: John Maynard Keynes clearly recognized the inherent crisis-proneness of capitalist economies and that, for the most part, they did not represent a meritocracy. The lion's share of non-labour income in the form of interest, dividends, or profit distributions is pocketed by households that do not contribute to any entrepreneurial activity. According to Keynes' idea, large corporations should be socialized to control investment. To guarantee sufficient consumer demand, a relatively equal distribution of income and wealth, as well as the elimination of income that is not backed by any performance in the form of work or entrepreneurial activity, is needed. Public utilities such as water supply and local public transportation should remain under the ownership of local authorities. Keynes saw balanced trade and current accounts as an element of fair globalization. International capital flows should be largely controlled. He provided important elements of an ecological transformation and the macroeconomic management of an ecologically and socially sustainable economy.

Date: 2026
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