Word: keynesianism
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...economy is a war economy, Adalimat said. "The only way the United States can maintain conditions other than those similar to the Great Depression is to have a war." The national strategy is to "use the Keynesian approach" not for constructive domestic programs, but for war, he said...
...ECONOMY ESCAPES FROM ECONOMISTS. Adam Smith cautioned against tampering with the "invisible hand": the myriad acts of buying and selling that maintain the equilibrium of a free economy. In recent Keynesian years, economists have boldly tried to fine-tune the economy with their own hands. For a while in the 1960s, their experiments seemed to work wonders. Steady growth was achieved without intolerable inflation. Subsequently, their hands began to falter as they clearly lost control. With a modesty not previously associated with their profession, economists admit that, in the words of Federal Reserve Chairman Arthur Burns, "The rules of economics...
Both Nixon and Disraeli were capable of dazzling conversions. Almost overnight, Nixon changed from a budget balancer to a Keynesian. After helping to bring down his own Tory government in 1846 because it proposed abolishing the Corn Laws that protected Britain's landed interests, Disraeli switched to a free-trade position. He made another turnabout when, faced with Liberal plans to extend the franchise to the workingman, he steered his own election bill through Parliament. The liberalism of 19th century England was in many respects the exact opposite of 20th century American liberalism; it was essentially laissez-faire...
...country's governmental units follow their present course, they will respond partly by further raising some taxes, partly by rejecting some badly needed programs, and largely by plunging deeper into debt. That is a self-defeating course. Keynesian economists have oversold the idea that public debt does not hurt because "we owe it to ourselves." Interest on the debt?currently $12 billion a year for the Federal Government ?devours tax dollars that are urgently needed for other purposes...
...marketplace give way under the pressure of a depression to wide acceptance of New Deal intervention. Outright regulation of wages and prices remained a blasphemy to be endured only in wartime -until Richard Nixon abandoned one of his own political creeds and abruptly imposed controls. He even adopted Keynesian deficit budgets and seemed not at all appalled by the biggest deficit since World...