JM Keynes
Economist
English
Born 1883
Suggested solution / way of dealing with the aftermath of the Great Depression (caused by Wall Street Crash, 1929)
Regarded as the greatest economist of the 20th century
Was economic advisor to David Lloyd George (British PM) during Paris Peace Conferences after WWI
Strongly disagreed with the Allied demands for reparations from Germany after WWI, as it would make it difficult for the German economy to recover
Made his criticisms public in his book, The Economic Consequences of the Peace
1925 criticised Churchill’s decision to take Britain back on the gold standard
1936 published The General Theory of Employment, Interest and Money – his greatest work
Argued that governments should involve themselves in the economy
Argued that increased government spending was a better way to deal with a depression
Both these ideas went against general wisdom of the time
Keynes wanted governments to manage the economy, investing in the economy during times of depression, even if they had to borrow to do so.
During WWII, he worked on plans for a post-war economic system that would avoid the depression and misery which followed WWI
1944, led the British delegation to a conference which laid plans for a new economic order after the war
This was successful – there was prosperity in the 1950s (after WWII), rather than the depression that had followed WWI.
Died in 1946 before he could see the result of his ideas.
English
Born 1883
Suggested solution / way of dealing with the aftermath of the Great Depression (caused by Wall Street Crash, 1929)
Regarded as the greatest economist of the 20th century
Was economic advisor to David Lloyd George (British PM) during Paris Peace Conferences after WWI
Strongly disagreed with the Allied demands for reparations from Germany after WWI, as it would make it difficult for the German economy to recover
Made his criticisms public in his book, The Economic Consequences of the Peace
1925 criticised Churchill’s decision to take Britain back on the gold standard
1936 published The General Theory of Employment, Interest and Money – his greatest work
Argued that governments should involve themselves in the economy
Argued that increased government spending was a better way to deal with a depression
Both these ideas went against general wisdom of the time
Keynes wanted governments to manage the economy, investing in the economy during times of depression, even if they had to borrow to do so.
During WWII, he worked on plans for a post-war economic system that would avoid the depression and misery which followed WWI
1944, led the British delegation to a conference which laid plans for a new economic order after the war
This was successful – there was prosperity in the 1950s (after WWII), rather than the depression that had followed WWI.
Died in 1946 before he could see the result of his ideas.