With every major crisis capitalism has faced since the Second World War, we have seen Keynesianism rear its head. Either in the form of actual policy enacted or in the realm of ideas that come to the fore at these times. Our current situation with COVID-19 is no different. It is as the American monetarist economist Robert Lucas Jr. succinctly put it: “I guess everyone’s a Keynesian in a foxhole”, when capital sees itself in major crisis, Keynesianism reemerges in order to offer a solution. However, there is a widespread ignorance about what Keynesianism actually means.
In lay terms the term