[Home]KeynesianEconomics

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Keynesian Economics, or Keynesianism, is a theory for stabilizing economic relations within a capitalist nation state by demanding the government take a more active role in governing and controlling monetary, fiscal and social relations. This ideology is occasionally misrepresented as proposing that governments deliberately run deficits during the down-swing part of the business cycle and running surpluses during the upswing part of the business cycle. Keynes's own ideas were of greater depth and breadth than this.

Keynesianism is seen as a failure because it was unable to characterize the problem (see MonthlyReviewSchool), never attained its goals and was never properly implemented by CorporateGovernment and the capitalist class. This lead to the phrase "Bastardized Keynesianism" as characterized by economists, arguing Keynes's ideas were never fully realized or accepted.

Considered a form of "third-way" or "lesser evil" politics and economics, Keynesianism is fundamentally an atempt to preserve capitalism.

The individual responsible for Keynesianism, John Maynard Keynes, is directly linked to developing New Deal Politics, the introduction of the Bretton Woods system, and the formation of the International Monetary Fund, World Bank, and Global Agreement on Tariffs and Trade (GATT).

See ImposedRationality, MixedEconomy?.

See also WikiPedia:Keynesianism and WikiPedia:Neo-Keynesian_Economics.


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