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Adam Smith vs. John Keynes

  • Word Count: 589
  • Approx Pages: 2

             How can John Maynard Keynes version of capitalism be compared to
             Adam Smith's? Both are considered to be the molders and theorizers of the
             economic era. They are both very different in thinking, one complex the
             other basic, in there specific time history.
             John Maynard Keynes has had much of the worlds economic theories
             based on his beliefs in his most important work The General Theory of
             Employment, Interest, and Money. During the Great Depression, Keynes, to
             secure a stable economy, promoted the use of government intervention.
             However, the idea was said to be deranged be President Roosevelt, he was
             against spending tax payers money to allow the nation to get into a national
             deficit. Another theory of Keynes was that the inflation and unemployment
             were necessary to keep the economy balanced. It can be understood by the
             fact that too much inflation expresses signs of low unemployment for the
             nation. Even so, if the unemployment rate is too high then the inflation
             percentage will pull down the economy to a low percentage too. Because of
             President Roosevelt decline to use the theory of Keynes until it was too
             late, his theory was not really confirmed. In spite of that, while his theory
             was being applied the economy slowly, but surely started to rise. At last,
             when World War II came along it caused a mass production which boosted
             the economy from slipping down any future, and allowed companies to rise
             Adam Smith was one of the earliest of our economists that Robert L.
             Heibroner talks about. Its seems to me like he was the person that presented
             capitalism to the English government. Smith was alive during the time that
             Britain had a hold on the American colonies. It was Smith that directed the
             King and Queen, and recommended The Crown's abuse of the colonies
             would help the homeland and be successful and g
             ...

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Adam Smith vs. John Keynes. (1969, December 31). In MegaEssays.com. Retrieved 05:03, August 30, 2016, from http://www.megaessays.com/viewpaper/37032.html