The Great Depression shaped economic theory, social life, and people’s views of
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The Great Depression shaped economic theory, social life, and people’s views of a market economy in general.
A. What were some of the things Keynesian economists proposed doing to get society out of the depression? Explain them and, most importantly, the logic behind them.
B. Explain how the Keynesian approach to guide economic public policy constituted a ‘middle way’ or ‘centrist’ approach compared to the liberals and the radicals in the USA in the 1930s.
C. Explain how the new ‘consensus’ Keynesian perspective guided post WWII America, e.g., how the state managed the market system in this era, and also how it broke down in the 1970s, allowing a new, more ‘pro-business’ approach to economic public policy emerge in the 1980s.
D. Finally, what are some of the major differences between the post WWII era the neoliberal era and how can we explain them?