After his death in 1946, John Maynard Keynes left a legacy that changed the world and our understanding of the nature of rebalancing the global economy.
More than anyone, Keynes paved the way for activist government. He said we could and should make the world economy work better. The generation that rebuilt the global economy after the war really were children of Keynes.
At the time of the Great Depression, in the so-called New Deal, the Hoover Dam was the largest construction project on the planet. Hoover City was just one of the results.
Hoover Dam might have helped the local area, but it’s actually a myth that the New Deal ended the Great Depression. It took a world war and all the extra government spending that went with that, finally, to bring the economy out of the doldrums.
We’re ALL in this together would become the mantra of John Maynard Keynes, and he would return to it regularly. The Global market crash of 2008 forced unity of governments.
We now have a Prime Minister who, on one fundamental point, appears to disagree with John Maynard Keynes.
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