Keynes and the 1930s

Paper Summary:

This paper analyzes the economic situation of the 1930s and assesses the factors that were responsible for the rejection of Keynes ideas during this time period. It discusses how the Great Depression made people nervous about accepting new economic ideas, but that his economic policies might have been beneficial in the long run.

From the Paper:

"It is quite usual that people do not readily accept changes in their lives easily. A change in routine and economic patterns would certainly disrupt people's lives, which they would certainly not great warmly. This is because of the fact that it would mean readjusting themselves to almost everything that they do. A change in economic relationships too would mean that virtually everything in society would change. This is because of the fact that nearly everything in society is economic based (Begg, 2000). When there were problems visible in society, Keynes formulated economic policies that he believed would solve economic crises if a country adopted them. However, this was not to be, as his theory was not greatest with the greatest enthusiasm."

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