From Lenin to the present, Russo-Soviet interpretations of the works of John Maynard Keynes have provided a lens by which to understand Russian economic thought and policy. Examining the evolution of these interpretations, unfortunately, reveals that Keynesianism in Russia has helped convince economists and policy makers that market systems cannot be relied upon to function effectively without significant government intervention.

From the new issue of The Independent Review. Interesting idea to conceptualize the recent spike in Keynesianism as a consolation prize of sorts – the compromise between the mainstream economics and the Soviet political economy tradition.