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The journal was founded in 1977 by the Cambridge Political Economy Society with the aim of publishing articles that followed the economic traditions established by Karl Marx, J. M. Keynes, Michał Kalecki, Joan Robinson, and Nicholas Kaldor.
J.M. Keynes (1936) emphasized fundamental factors of a market economy that might result in prolonged periods away from full-employment.
Many prominent figures came to the Residencia for that purpose, people such as Albert Einstein, Paul Valéry, Marie Curie, Igor Stravinsky, John M. Keynes, Alexander Calder, Walter Gropius, Henri Bergson and Le Corbusier.