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The difficulty lies not so much in developing new ideas as in escaping from old ones.
John Maynard Keynes
John Maynard Keynes
John Maynard Keynes
- British Economist
- Government must spend their way out of Depression
- Deficit Financing
- Spending more money than is received as revenue
- The difference made up by borrowing
- and repay them after economy recovers
- Against Adam Smith's theories
- USA, Japan and Hiter's Germany all use this with success
Isolationism
- They still practiced isolationism
- Limited immigration especially from Asia
- High tariffs
- No League of Nations
- America feels she is a peace loving nation unlike Europe
- Does not guarantee any European agreements
- 1933 USA formall recognizes Stalin's Russia
Summary
Deficit financing was the idea of spending money to get its country out of Depression by borrowing money. USA practiced Isolationism here. They limited immigration from Asia. They put high tariffs and they didn't join the League of Nations.