John Maynard Keynes established his reputation in 1919 when he left the Versailles Conference and wrote The Economic Consequences of the Peace, furiously denouncing the reparations imposed on Germany as the impending cause of a second world war. The Western world knew Keynes and was ready to acknowledge The General Theory of Employment, Interest and Money, published in 1936, as a work that turned economics right side up. So you will think if you are a Keynesian. Keynes understood that the free market does not provide full employment; aggregate demand determines the level of employment. When private spending is inadequate, spending by the state must make up the difference.
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