Bortis discusses the principles underlying neoclassical and classical-Keynesian analyses, and singles out two important employment mechanisms which are inherent in the latter: the internal and the external employment mechanisms. The external mechanism is then used to analyse the presently existing situation at a global level, which is conflict-ridden, leads to growing inequalities, and stands in contradiction with the internal employment mechanism. In contradistinction, on the basis of the internal employment mechanism, sensible distribution and employment policy principles along classical-Keynesian lines may be formulated. However, to implement these principles successfully requires a new world economic and financial order grounded on Keynes’s Bancor.
John Neville Keynes started lecturing on formal logic and subsequently became a university lecturer in political economy, within the framework of the moral sciences. The return of Alfred Marshall as professor of political economy severely limited his possibilities in this field and he increasingly turned to academic administration where he was associated with the reform of the moral sciences tripos and the creation of an economics tripos 1897–1908 to finally occupy the top bureaucratic post, University Registrar, from 1910 to 1925. Neville Keynes opposed the creation of a purely economics tripos and wanted to maintain political economy within the moral sciences tripos. His activities and writings had a profound influence on the intellectual climate at Cambridge University and deeply shaped the way of thinking of his son Maynard who, as a convinced moral scientist, was to become the greatest political economist of the twentieth century.