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John Maynard Keynes, 1st Baron Keynes [3] CB, FBA (/ k eɪ n z / KAYNZ; 5 June 1883 – 21 April 1946), was an English economist and philosopher whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments.
Keynes viewed that capitalism's strengths could be utilized alongside the controlling of its volatile tendencies, with Keynes wanting to simultaneously assist the working class by rising their wages and the maintaining of full-employment while also allowing for the rise in profits for firms.
Interpreting Keynes's work is a contentious topic, and several schools of economic thought claim his legacy. Keynesian economics, as part of the neoclassical synthesis , served as the standard macroeconomic model in the developed nations during the later part of the Great Depression , World War II , and the post-war economic expansion (1945 ...
John Maynard Keynes (right) and Harry Dexter White at the Bretton Woods Conference in 1944. The post-war displacement of Keynesianism was a series of events which from mostly unobserved beginnings in the late 1940s, had by the early 1980s led to the replacement of Keynesian economics as the leading theoretical influence on economic life in the developed world.
Lastly, Keynes' economic theory was criticized by Marxian economists, who said that Keynes ideas, while good intentioned, cannot work in the long run due to the contradictions in capitalism. A couple of these contradictions to which Marxians point are the idea of full employment, which is seen as impossible under private capitalism; and the ...
Keynes had some influence on President Roosevelt's 1933–1936 New Deal, though this package was not as radical or as sustained as Keynes had wished. [18] After 1939 Keynes's ideas were adopted in the late 1940s, 1950s, and most of the 1960s, this period had been referred to as the Golden age of capitalism and the Age of Keynes, by others.
"The words Socialism and Communism have the same meaning. They indicate a condition of society in which the wealth of the community: the land and the means of production, distribution and transport are held in common, production being for use and not for profit.
John Maynard Keynes in the 1920s. The Economic Consequences of the Peace (1919) is a book written and published by the British economist John Maynard Keynes. [1] After the First World War, Keynes attended the Paris Peace Conference of 1919 as a delegate of the British Treasury.