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Did John Maynard Keynes Save Or Destroy Capitalism?

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Did John Maynard Keynes Save Or Destroy Capitalism?
Question 1: Did John Maynard Keynes save or destroy capitalism?
Refer to the Depression and to the resulting economic system: corporate consumerism, neo-liberalism and globalization
In response to the question, I agree that Keynes did not completely destroy capitalism systems. However, it is difficult to give a clear-cut answer in terms of negative effects of Neo-Liberalism. In fact, there is much scholarly debate on his contribution to “restructure” capitalism; Keynes destroyed capitalism due to government interference and eliminate competition in market to the right economists. On the other hand, the left economists regard his theory as “new form of capitalism”, known as neo-capitalism. Other scholars think that his idea of economic reform …show more content…
Rising unemployment and declining profits further depress demand. People became pessimistic thinkers, and tend to save their money. Keynes believed that there was only one way out. He put forth about the role of government in a capitalist economy, and that was for the government to start spending in order to put money into private-sector pockets and get demand for foods and services up and running again. This process is called “managed capitalism.” Keynes studied Marxism for finding out the hints to help the working class. Except applying Marxist theory of revolution and abolishment of private ownership, there are three characteristics he applied on his paradigm. Firstly, it urged that government intervention to solve a particular role in economic life is necessary. Secondly, wages should be kept above the subsistence level to provide quality life. This theory will help to create demand, maintain a high level of employment and above satisfactory wages. Last but not least, providing higher wages to workers lead to higher consumption and investments. Also it creates a sustainable and prosperous economy. Such economic ideas and solutions were agreed by President Roosevelt and many other economists. Thus, government appeared to be powerful and firmly entrenched on balancing
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