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How can John Maynard Keynes version of capitalism be compared to Adam Smiths Both are considered to be the molders and theorizers of the economic era They are both very different in thinking one complex the other basic in there specific time history John Maynard Keynes has had much of the worlds economic theories based on his beliefs in his most important work The General Theory of Employment Interest and Money During the Great Depression Keynes to secure a stable economy promoted the use of government intervention However the idea was said to be deranged be President Roosevelt he was against spending tax payers money to allow the nation to get into a national deficit Another theory of Keynes was that the inflation and unemployment were necessary to keep the economy balanced It can be understood by the fact that too much inflation expresses signs of low unemployment for the nation Even so if the unemployment rate is too high then the inflation percentage will pull down the economy to a low percentage too Because of President Roosevelt decline to use the theory of Keynes until it was too late his theory was not really confirmed In spite of that while his theory was being applied the economy slowly but surely started to rise At last when World War II came along it caused a mass production which boosted the economy from slipping down any future and allowed companies to rise up from bankruptcy Adam Smith was one of the earliest of our economists that Robert L Heibroner talks about Its seems to me like he was the person that presented capitalism to the English government Smith was alive during
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