HST 210 Lecture 11: HST Lecture 11 (Week 6)
Document Summary
British economist john maynard keynes argues that during depressions, governments should pump money into the economy through public works projects, welfare, lower taxes, and lower interest rates. These (cid:373)easures (cid:449)ill sti(cid:373)ulate (cid:272)o(cid:374)su(cid:373)ptio(cid:374) (cid:894)(cid:862)pri(cid:373)i(cid:374)g the pu(cid:373)p(cid:863)(cid:895) a(cid:374)d get the e(cid:272)o(cid:374)o(cid:373)(cid:455) back on track. The government can pay off the debts it accumulates later when the economy has recovered. By the mid-1940s, keynesian economics will be widely adopted by most western economies, including the us. Both democratic and republican politicians will embrace keynesian economics after. By 1938, urgency of depression is gone and new deal reforms slow down. Programs did little for the most vulnerable in society (sharecroppers, african americans) Leftist scholars criticize fdr for failing to put limits on the profits of corporations and for failing to interfere with the fundamental character of corporate capitalism. Ne(cid:449) deal"s lega(cid:272)(cid:455) (cid:894)positi(cid:448)es, depe(cid:374)di(cid:374)g o(cid:374) (cid:455)our ideolog(cid:455)! (cid:895) Put millions to work; increased the regulatory functions of the government and softened the edges of capitalism.
