HIST 253 Lecture Notes - Lecture 4: William Lyon Mackenzie King, John Maynard Keynes, Statism
Document Summary
Economics was a relatively new discipline, in comparison to history and philosophy. Orthodox economic thought of the 1920"s called for balanced budgets, low spending, and. Absence of taxes would have meant the forfeiture of the freedom to pursue national. During this time any money that went to welfare would have been balanced with a cut in a strong currency. goals. spending elsewhere. Critiqued the outcome; he claimed that they were setting the seeds of a future war for punishing germany so severely. Wrote the general theory of employment, interest, and money . His were only put into full force by 1938 in sweden, and partly in usa and canada. Did not support the redistribution of wealth (socialism) or the prolonged deficit of governments. Knew how to read the stock market, he became very wealthy this way. His name is associated with the mass of public spending in the 50"s, 60"s, and 70"s.
