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In response to the McIlheran article:

Myths about Keynesian Economics
John Maynard Keynes was not responsible for developing or even for popularizing the policy that capitalist governments should increase their expenditures during an economic downturn, financing this through borrowing rather than increased taxation. This bourgeois reform measure has a long and respectable history going back to at least the 1890s.

Thus the minority report of the English Poor Law Commission of 1909 stated, "We think that the Government can do a great deal to regularize the aggregate demand for labour as between one year and another, by a deliberate arrangement of its work of a capital nature." In 1921 President Harding's Conference on Unemployment recommended expanded public works during the postwar downturn, a recommendation endorsed by such conservative organizations as the U.S. Chamber of Commerce.

Moreover, in 1930 a bill was introduced into the U.S. Senate (No. 3059) calling for "advanced planning and regulated construction of certain public works, for the stabilization of industry, and for the prevention of unemployment during periods of business depression." This principle was incorporated into the National Industrial Recovery Act of 1933, a half decade before the popularization of Keynesian economics.

Standard (Pre-Keynesian) Bourgeois Economics
According to the pre-Keynesian orthodoxy of bourgeois economics, a fall in the volume of investment that precipitated a slump would also free money capital, which in turn would enter the loan market and drive down the rate of interest. This fall in interest rates would then stimulate investment to the point that full employment of resources was restored. All the government had to do was to see that the crisis did not disorganize the banking system, i.e., to ensure that the mechanisms of credit expansion remained functioning.

McIlheran Gets it Backwards
Keynes accepted the theory that a sufficient fall of interest rates would restore a full-employment level of investment in a slump. His major work, The General Theory of Employment, Interest and Money, is an attempt to explain why such a sufficient fall of interest rates does not occur. Keynes asserted that rentiers held some notion of a normal rate of interest. If the rate falls much below this, lenders will expect it to rise again, thereby producing a capital loss on bonds purchased at the lower rates. In a general sense, Keynesianism holds that at some abnormally low rate of interest (termed the "liquidity trap") lenders will hoard money in anticipation of higher rates in the future

From these premises Keynes argued that government efforts to expand money and credit during a slump would be ineffective, producing simply money hoards and/or excess bank reserves. Therefore, he argued that increased state expenditures would have to substitute for inadequate capital investment. This, in a nutshell, was the "Keynesian Revolution."