John maynard keynes
- A british economist
- Thought governments should spend their way out of depression
- Borrow money to be repaid after economic recovery
- Deficit financing
- Projects should be of value to the country
- Went against Adam Smith's theories
- Had been used successfully in the USA, Japan and Germany
This philosophy was essentially the polar opposite of the Republican approach. The new projects meant that the nation would borrow and use the money to expand and create jobs and then repay.
"The difficulty lies not so much in developing new ideas as in escaping from old ones." -John M Keynes
What if the US had used this in attempts to recover from the 2008 crash? (to a further extent than what they did use)
What if the US had used this in attempts to recover from the 2008 crash? (to a further extent than what they did use)