This paper revisits Keynes's writings from Indian Currency and Finance (1913) to The General Theory (1936) with a focus on financial instability. The analysis reveals Keynes's astute concerns about the stability/fragility of the banking system, especially under deflationary conditions. Keynes's...

1. Introduction -- 2. Keynes’s Theory in the Making -- 3. How Did Keynes Transform His Theory from the Tract into the Treatise? -- 4. How, and for How Long Did Keynes Maintain The Treatise Theory? -- 5. The Turning Point in Keynes’s Theoretical Development -- 6. Keynes as a Planner and...