The End of Laissez-Faire, Then and Now — Uncertainty, Psychoanalysis, and Love of the Money

This article revisits The End of Laissez-Faire by John Maynard Keynes to highlight not only its economic implications but also its philosophical and moral dimensions, which are frequently overlooked in conventional interpretations. In particular, it analyzes the interweaving of the moral critique of the love of money — an evaluative foundation of capitalism — with the critique of the pseudo-neutrality of economics, often used to justify vested interests. The article explores three decisive points in Keynes's intellectual trajectory that led to his critique of neoclassical orthodoxy: (i) his theory of action under uncertainty developed in A Treatise on Probability; (ii) the impact of World War I; and (iii) the influence of Freudian thought on his conception of economics, man, and progress. It also shows how these intellectual developments culminated in a successful proposal for postwar capitalist reform, oriented by ethical, aesthetic, and intellectual values. The article emphasizes the central role attributed to the State as an indispensable agent in reducing uncertainty and promoting collective well-being. Finally, it addresses the renewed relevance of Keynes's critique of laissez-faire in light of the neoliberal counter-revolution, which reinstated unregulated competition, the love of money, and its ideological justification of capitalism.