Governments adopt Keynesian spending to come out of economic crisis as they abandon austerity
As governments around the world struggle to fight the economic fallout from the novel coronavirus, there’s an increasing interest in the life and works of the 20th-century economist John Maynard Keynes.
His argument was simple: Germany owed money to the UK, which owed money to the US, and so on. Too high a burden on one country would ultimately have an impact on another. “The old economics was still taught by day. But in the evening, and almost every evening from 1936 on, almost everyone discussed Keynes,” John Kenneth Galbraith wrote in his praise.
The International Monetary Fund , the global financial institution that Keynes helped conceive, says the global economy will contract by at least 3 percent as factories and markets remain shut and people lose jobs. The crisis at hand right now as a result of forced shutdowns could unfold similarly. In a matter of weeks, more than 26 million Americans, or more than 13 percent of the workforce, have filed for unemployment claims. It took three years for unemployment to reach 25 percent in the 1930s.
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