Indeed, rather than engaging Keynes and his ideas directly, Capitalism, Socialism and Democracy abrogates a robust defense of liberalism in favor of a lengthy discussion of Marx and a bureaucratic-cultural explanation as to why capitalism will inevitably be replaced by socialism. His argument is worth retelling since it shows the dead end that Anglo-American austerity thinking found itself in by the mid-1940s. Rather than engage, it retreated into moral commentary and "fin de siècle" certitudes.

Mark Blyth, Austerity, loc. 348