Word: keynesism
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Philosophy. Time was when listening to Herbert Hoover was a role for the intellectuals and the economists. In his devastating The Economic Consequences of the Peace, Economist John Maynard Keynes had harsh judgments to make on most of the public men of the post-War days. But of Herbert Hoover...
Economist Keynes addressed to the semiofficial London Times two articles to which that august organ gave full space and a respectful editorial. His idea was that Britain should apply a forced loan scheme to all her income earners. As military production goes up in the Government-financed war cycle, production...
High war prices, caused by money being a lot more plentiful than goods, are already beginning to worry Great Britain. Economist Keynes's plan had a particular appeal as a price-keeper-downer since it would lock up money that would otherwise be spent. To keep down the price...
Mr. Keynes added that British soldiers' pay might be raised similarly, by "the reward of deferred consumption" instead of cash. Instead of more pay now, Tommies would receive savings certificates ("bonus") which, when war ends, would enable them to share in the increase of consumer goods which would then...
London's "City" viewed this Keynes Plan askance as "totalitarianism." The Times feared it would decrease production of consumer goods at a time when unemployment is still high, but said the plan "deserves the most serious examination." To Tommy in the trenches, it sounded fine.