From Keynes to Neo-Classical Synthesis: A Critical Analysis

Definite theoretical and practical interest attaches to the evolution of bourgeois political economy in the postwar period, its essential feature being an increasing adaptation to the needs of state-monopoly regulation of the capitalist economy. The adaptation was started by the works of John Maynard Keynes in the 1930s. In the process  bourgeois political economy proved to be flexible enough for a critical reworking of the Keynesian legacy and the formulation of a neo-Keynesian theory of growth and distribution, a refurbishing of old neoclassical conceptions for analyzing the factors of growth, and in seeking to blend these conceptions into a “neoclassical” synthesis to provide a more comprehensive back-up of the mechanism behind the functioning and practical regulation of state-monopoly capitalism.