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Robert Skidelsky, the eminent economic historian and politician known for his deep exploration of John Maynard Keynes, has passed away at the age of 86. His life’s work not only shed light on Keynes’ theories but also passionately critiqued the prevailing economic doctrines, especially during times of financial turmoil. Skidelsky’s insights became particularly resonant during the 2008 financial crisis, when the world once again turned to Keynesian principles for guidance.
A Life Dedicated to Keynes
In the summer of 2008, Robert Skidelsky believed he had finished his extensive study of Keynes. After dedicating two decades to penning a detailed biography of the influential British economist, he intended to explore other academic pursuits. However, the onset of the financial crisis in September 2008 compelled him to reconsider. The collapse of Lehman Brothers triggered a global economic panic, and suddenly, Keynes’ ideas were back in demand.
Skidelsky had immersed himself in Keynes’ world, even relocating to Keynes’ Sussex home to capture the essence of his subject. His monumental three-volume biography, which he later condensed into an omnibus edition, initially received acclaim but had fallen out of favour as the free-market ideology dominated economic thought. The 2008 crisis, however, forced a re-evaluation of those ideas, and Skidelsky felt it was his responsibility to reintroduce Keynes as a crucial voice in the discourse.
Reviving Keynes in Crisis
As policymakers scrambled to avert a second Great Depression, Skidelsky’s expertise was invaluable. He observed how the entire economic establishment had failed to foresee the impending catastrophe, caught up in the prevailing free-market beliefs that deemed such a disaster impossible. In his 2009 book, *Keynes: The Return of the Master*, Skidelsky noted the public’s confusion and the desperate need for Keynesian solutions amid the chaos.
For a brief period, there was a global embrace of Keynesianism. Interest rates were slashed, money was printed, and public spending surged as governments sought to stimulate their economies. Skidelsky applauded these measures, believing they were essential to recovery. However, this renaissance was short-lived. With the 2010 UK elections leading to a Conservative-Liberal Democrat coalition, austerity measures were swiftly reintroduced, and Skidelsky emerged as a vocal critic of this retrenchment.
A Maverick in Politics and Academia
Born in Harbin, China, in April 1939, to British parents of Russian descent, Skidelsky’s early life was marked by the upheavals of war. After his family was interned by the Japanese during World War II, they returned to Britain, where his educational journey began at Jesus College, Oxford. His academic career took off at Nuffield College, where he published his first book, *Politicians and the Slump*, in 1967, showcasing his long-standing interest in economic crises.
Skidelsky’s political affiliations were as dynamic as his academic pursuits. Initially a member of the Labour Party, he became a founding member of the Social Democratic Party (SDP) and later accepted a life peerage from the Conservative Party. His tenure in party politics was fraught with challenges, leading him to eventually become a crossbench peer in the House of Lords, where he continued to advocate for progressive economic policies.
A maverick at heart, Skidelsky was unafraid to voice dissenting opinions. He supported Jeremy Corbyn during his Labour leadership bid and maintained that Marxist critiques of power structures were relevant. His later works, including *How Much Is Enough?*, co-authored with his son, reflected his concerns about sustainability and the pitfalls of relentless economic growth.
Remaining Relevant Until the End
Throughout his life, Skidelsky’s passion for education and clear communication remained paramount. He often lamented the jargon-laden language employed by economists, advocating for a more accessible approach to economics. He was actively engaged in discussions, arguing for a negotiated settlement in the ongoing conflict between Ukraine and Russia, and critiqued contemporary financial policies that he believed shackled political leaders.
His intellectual legacy will endure, as evidenced by his posthumous work, *Keynes for Our Times*, set to be published shortly. Skidelsky is survived by his wife, Augusta, three children, and six grandchildren, leaving behind a rich tapestry of scholarship and advocacy that will continue to inspire future generations.
Why it Matters
Robert Skidelsky’s life and work serve as a crucial reminder of the importance of revisiting and questioning economic orthodoxy, especially in times of crisis. His steadfast belief in Keynesian principles highlights the need for adaptable economic strategies that prioritise societal welfare over rigid ideologies. As we navigate the complexities of a post-pandemic world, Skidelsky’s insights remain vital, urging policymakers and citizens alike to consider the broader implications of economic decisions on our collective future.
