Keynes for Beginners
John Maynard Keynes is among the most brilliant and influential economists of the 20th century. His revolutionary treatise written during the Great Depression of the 1930s, The General Theory of Employment, Interest and Money, overturned the conventional free market wisdom of the time and proposed that a radical new way of creating a healthy economy and full employment depended on the total spending of consumers, business investors and governments. Frightened by mass unemployment, governments throughout the capitalist world pursued Keynesian policies until the 1970s when a new economic theory, monetarism, became fashionable. As monetarism failed to prevent the world entering another major recession, it is time to look at Keynesian remedies again.
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19th century accepted argued attempt bank became BEGINNERS BELIEVE Bretton Woods conference bring Britain British brought budget Cambridge capital capitalist caused classical commodity CONSEQUENCES consumer continued countries currencies cycle debt demand depression determined early economic economists effect Europe European Exchange Rate EXPECTATION EXPENDITURE exports fall fell followed forces FREE full employment Germany Gold Standard growth important INCOME increase industrial inflation interest investment John Keynes Keynesian Labour late later leading LOWER Lydia MARKET Maynard means measures million monetarist monetary MORAL Multiplier natural NEED Neville OUTPUT Peace political POUND POWER PRICES problem production profits QUANTITY recession recovery reduce RESTRICT result RIGHT rise rose savings seemed side SOCIETY solution stability strong supply Theory thought trade Treasury unemployment unions wages WANT