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John Maynard Keynes
John Maynard Keynes was a British economist born on June 5, 1883 in Cambridge. He died April 21, 1946 in Firle, Sussex.
In 1934, as the United States were putting in place "New Deal" programs to counter the effects of the economic collapse that started in 1929, Keynes explained President Franklin D. Roosevelt how a major increase in deficit spending (meaning the country spending much more money than it could earn) could benefit the economy. Roosevelt never went as far as proposed by Keynes. However, Keynes' opinions about economics significantly influenced the New Deal, as well as post-World War II European governments well until the 1970s.
Background[edit | edit source]
Originally from a modest but intellectual family, he is first of three children. His father was an economics professor at the University of Cambridge and his mother, Florence Ada Keynes, was an author, historian and politician elected as mayor of the Cambridge City Council in 1932.
John Maynard Keynes first gained recognition with his thesis, The Economic Consequences of the Peace (1919) in which he predicts that the "diktat" imposed on Austria as per the Treaty of Versailles especially the economic sanctions would lead to economic nationalism. Known for hi