The General Theory of Employment Interest and Money.

London: Macmillan and Co., Limited,, 1936. Gifted by Einaudi, with two autograph letters First edition, first impression, of perhaps the most significant economics book of the 20th century. This copy was gifted by the politician, economist, Governor of the Bank of Italy and afterwards second President of the Italian Republic Luigi Einaudi to one of his secretaries, and is accompanied by two letters from Einaudi (dated 1943) inserted in the book, the letterhead of one ("Poderi del Senatore Luigi Einaudi - Dogliani") cut out and pasted on the front pastedown; along with an additional letter from writer, poet and MP Arnaldo Frateili to an unknown recipient. The General Theory was written in the aftermath of the Great Depression, when the old economic order was widely seen to have failed. Keynes argued that government must intervene in the economy, directing wages, investment, and demand, in order to achieve full employment and end the boom and bust cycle. In so doing, a middle way was found between the laissez-faire policy of classical political economy, as founded by Adam Smith in the 18th century, and the complete state control of socialist governments, derived from Marx's theories of the 19th century. Keynes's system of controlled capitalism defined much of the 20th century, as it was embraced by the political left and right alike across Western Europe and the United States. Keynes's theories became the near-undisputed economic orthodoxy of the decades following the war, until the counter-attack of the monetarist and neoliberal schools undermined his hegemony. Octavo. Original blue cloth, spine lettered and ruled in gilt, rules continuing to covers in blind. Spine lightly sunned with slight lean, minor rubbing and bumping at extremities, a few minor marks to cloth, contents clean. A very good copy. Moggridge A10.1; Printing and the Mind of Man 423.