"There is a nice story which is rather revealing about the power of Keynes's arguments and their political content. It is about John Strachey, a Marxist. He was a cousin of Lytton Strachey ― they both had the same skill in writing. John Strachey wrote a book called The Coming Struggle for Power. In the 1930s this book was so influential in Cambridge, England, that, when I got there, every person had it on his bookshelf, prominently displayed. It was an exciting book, intellectually exciting to read. It was the Bible of Cambridge students. In my last year at Cambridge Strachey was invited by the Marshall Society, which was the general undergraduate society for economics student, to give a talk. In this talk he argued that Marx showed us the way to make the system work, an argument that met a very, very strong favorable response ― as his earlier writing had done. I had been asked in advance to move a vote of thanks at the end of the lecture; say a few words, if I could, about his lecture, but essentially to move a vote of thanks. I did, except I took the occasion to say that there would appear ― this was in November 1935 ― within a few months a book that would set out a superior method of analysis. It had been written by John Maynard Keynes. I didn't know whether Strachey would know the name. He motioned to me and said, "I'd like to thank you for your vote of thanks," and so on; "I'd like to find out more about the book by Keynes." And I told him, and he took down the name. At the time, I did not realize the connection between Keynes and Lytton Strachey and Lytton and John Strachey. A couple of years later I received a new book by John Strachey in the mail from the Left Book Club. I was astounded; it was absolutely Keynes. I mean, he was so much influenced by Keynes ― he had been so strongly influenced by Keynes that he became an instant, overnight, follower. Strachey really understood Keynes; it's a brilliant exposition and application to the British situation. It's rather more interesting than Keynes and deserves to be reprinted. It shows how Keynes had refuted Communism and how John Strachey, an extreme Marxist whose life up to then had been devoted to Marx and the Marxian course, had been completely changed by Keynes. Given that history, the later attacks on U.S. Keynesians, accusing them of being Communists, were incomprehensible to me."
January 1, 1970