#keynesianism

[racefortheironthrone]

What are your thoughts about Andrew Mellon and how much blame he has for the Great Depression?

Andrew Mellon was a bastard, and his policies hurt way more than they helped, but I don't hold with the monetarist explanation for the Great Depression. I think Keynes was right.

[tmarshconnors]

“When the facts change, I change my mind."

John Maynard Keynes (1883-1946) is one of the most influential economists of modern times. Educated at Cambridge University, he returned to teach at, and become a fellow of, Kings College, Cambridge. In 1915 Keynes joined the UK Treasury and acted as an advisor to government for many years.

The General Theory of Employment, Interest, and Money: John Maynard Keynes is best known for his seminal work, "The General Theory of Employment, Interest, and Money" (1936), which laid the foundation for modern macroeconomics and introduced concepts such as aggregate demand and the importance of government intervention in the economy.

Role in the Bretton Woods Conference: Keynes played a significant role in the Bretton Woods Conference in 1944, which led to the establishment of the International Monetary Fund (IMF) and the World Bank, aiming to stabilize the global economy post-World War II.

Keynesian Economics: Keynesian economics advocates for increased government expenditures and lower taxes to stimulate demand and pull the global economy out of depression. This theory became particularly influential during and after the Great Depression.

Advisor to the UK Government: Throughout his career, Keynes served as an economic advisor to the British government, especially during World War I and the Great Depression, helping to shape economic policy and wartime financing.

Cambridge Apostle: During his time at Cambridge University, Keynes was a member of the Cambridge Apostles, an intellectual secret society. This group included many prominent thinkers and had a significant influence on Keynes's intellectual development.

[tikhanovlibrary]

Wang Huning on the welfare state.

I'll never stop finding Wang Huning's contempt for taxes, Keynesian economics, and the welfare state hilarious.

Excerpt from America Against America, coming this summer to a bookstore near you!

[liberalsarecool]

Government stimulus works.

Democratic policies work.

Republican supply side economics, their tax cuts, and their trickle down are all MASASIVE FAILURES. We have the proof.

Never forget, all the Democratic recovery plans and policies had zero Republican support and they all saved America. Not only that, Republicans predicted the recovery plans would not work.

Three strikes! Republicans caused the economic crisis, Republicans predicted the stimulus would not work, then they voted against the stimulus.

[capitalism-and-analytics]

[i-am-dulaman]

Okay I'm riled up about this rn so time for a history of economics lesson (rant) from me, a stranger on the internet

I'm a communist, I hate capitlism, so lemme just put that out there. But capitlism had its moments. Even marx had some praise for parts of capitlism.

And by far the most successful form of capitlism was Keynesian economics, as evident by the enormous increase in living standards in those countries which adopted it between the 1930s and 1970s.

What's Keynesian economics? The idea that capitlism can't survive on its own, and must be supported by government spending at the poorest ends of society and taxes at the richest ends of society (essentially the opposite of trickle down economics) as well as strong regulations on certain industries like banking.

It basically started in 1936 with President Roosevelt who was a personal friend of John Keynes (who the theory is named after).

Roosevelt implemented Keynesian economics to great effect; he raised the top tax rate to 94% (he actually wanted a 100% tax rate on the highest incomes, essentially creating a maximum wage, but the senate negotiated down to 94%) and similarly high corporate tax rates, he created the first ever minimum wage, created the first ever unemployment benefit, created social security in America, pension funds, and increased public spending on things like public utilities and infrastructure, national parks, etc. Which created about 15 million public sector jobs.

This ended the great depression and eventually lead to America winning world War 2, after which many countries followed suit in implementing similar policies, including UK, Australia, and NZ (apologies for the anglosphere-centric list here but they're the countries I'm personally most familiar with so bare with me)

Over the next 40 years these countries had unprecedented growth in living standards and incomes, and either decreasing or stable wealth inequality, and housing prices increasing in line with inflation. Virtually every household bought a car and a TV, rates of higher education increased dramatically, america put a man on the moon, and so on.

Then it all abruptly ended in the 80s and the answer is plain and obvious. 1979 thatcher became UK prime minister. 1981 reagan became US president. 1983 the wage accords were signed in aus. 1984 was the start of rogernomics in NZ (Someone link that Twitter thread of the guy who posts graphs of economic trends and points out where reagan became president)

(Also worth noting those last two in NZ and Aus were both implemented by 'left' leaning governments, but they are both heavily associated with right wing policies.)

This marked the beginning of trickle down economics: tax cuts, privatization of publicly owned assets, reduction in public spending, and deregulation of the finance sector. The top tax rates are down to the low 30s in most of these countries, down from the 80s/90s it was prior. Now THATS a tax cut.

And what happened next?

Wages stagnated. Housing prices skyrocketed. Bankers got away with gambling on the economy. Public infrastruce and utilies degraded. And wealth inequality now exceeds France in 1791.

I don't know how anyone can deny the evidence if they see it, but there's so much propaganda and false information that a lot of people just don't see the evidence.

Literally all the evidence supports going back to Keynesian economics but now that the rich have accumulated so much wealth it's virtually impossible to democratically dethrone them when they have most of the politicians on both the right and the left in their pocket.

Unfortunately it was the great depression and ww2 that gave politicians the political power to implement these policies the first time around. Some thought the 2008 crash would spur movement back towards Keynesianism (which it actually did in Iceland, congrats to them), I hoped covid would force governments to now, but nope.

All these recent crises' seem to have just pushed politics further and further right, with more austerity and tax cuts.

I don't really have a message or statement to end on other than shits fucked yo.

[rigberts]

fujimoto regularly schedules yoshidas appearances in order to stimulate the chainsaw man yaoi economy whenever it stagnates

[kp777]

[madame-helen]

[rage-against-the-cistem]

feed your local feral rascal

hi >:)

im rimby and i have 14 euros on my bank account. that amount will not last more than a week given i have to spend it on food and bus fares to go to school.

i just need at least 100 euros to get by this month and hopefully next month i get paid and i will stop living under the poverty line. in school im the guy that doesn't eat that much bc well i cant.

oh and meds. i need those!

what do i do? yeah good question! its only something people that set up a crowdfunding do answer. well, im a experienced non published writer/poet that is writing a gay ass fanfic between two online bros here. i also have some poems on my ko-fi. and i stream stardew valley and DOOM (1993) and experimental stuff.

aight, well, that is it. if you can't donate have a pic of a possum, as per usual. take care, pals :]

jeff bezos money pile

coffee pile

[daisyachain]

Pratchett’s writing is often misunderstood politically because he comes from a sort of white background alien to a lot of North Americans tumblr readers, whose parents and/or grandparents would have been white whitecollar or adjacent workers trying to hitch a ride on the corporate 20thC boom. However thankfully I’m equipped to interpret it because Pratchett’s native ideological ground is Philosophy of My Dad

[probablyasocialecologist]

Economic statistics should be taken critically as the shaky constructions they are, but they do tell you something. Industrial policy has made its worldwide comeback within an equally worldwide exhaustion of the global economic system, the slow-motion expiration of the US-based configuration of capitalism inaugurated at the close of the Second World War. On the surface, Bidenomics seems to represent a decisive break with neoliberal dogma, and so it is in some respects; but more fundamentally, it is smoothly continuous with the deeper trend, starting in the 1940s, of fading growth prospects and rising state involvement in the private economy. If anything, it is an intensification of this trend. Its official adoption represents the belated recognition by “policymakers” that still greater state action is needed to sustain the already meager growth rates of the national economy, crushed beneath the dead weight of an expiring system.

[dibelonious]

Looks like Santa came earlier this year...

[girderednerve]

if i died in colbert county, would it make the evening news? they're too busy blowin rockets, puttin people on the moon

[capitalism-and-analytics]

[meli-r]