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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.
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.
With Keynes writing during the height of liberal capitalism and its collapse during the Great Depression, along with his background in mathematics, his macroeconomic methodology focused significantly on using models to explore demand-side economics and the useful yet volatile nature of liberal capitalism.
The Communist Party of the Philippines, which splintered from the PKP-1930 in 1968, upholds the Mao Zedong Thought as its theoretical basis. In its 2016 Constitution, it states that "The universal theory of Marxism-Leninism-Maoism is the guide to action of the Communist Party of the Philippines." [46]
Keynes's biographer Robert Skidelsky writes that the post-Keynesian school has remained closest to the spirit of Keynes's work in following his monetary theory and rejecting the neutrality of money. [ 100 ] [ 101 ] Today these ideas, regardless of provenance, are referred to in academia under the rubric of "Keynesian economics", due to Keynes's ...
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.
"Capitalism has triumphed all over the world, but this triumph is only the prelude to the triumph of labour over capital. Vladimir Lenin " Unity must be won, and only the workers, the class-conscious workers themselves can win it – by stubborn and persistent effort.
The act (or threat) of striking has historically been an organized action to withhold labor from capitalists, without fear of individual retaliation. [97] Some critics of capitalism, while acknowledging the necessity of trade unionism, believe that trade unions simply reform an already exploitative system, leaving the system of exploitation intact.