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Which economic theory has shaped the British Economy more: Keynesianism or Neo-liberalism - Assignment Example

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Which economic theory has shaped the British Economy more: Keynesianism or Neo-liberalism

Browsing and analyzing literature from history of British economy we can suggest that Neoliberal school sets bigger influence in modern Britain economical situation.
Keynesianism named after its inventor John Maynard Keynes, he “gave his name to a revolution in economic through, associated with his seminal work, The general theory of employment, interest and money. He also helped to bring about a revolution in economic policy as a critic of government between the wars and as an advisor to the Chancellor of the Exchequer from 1940 to 1946” (Peden, 2004). Keynes provided his theory in 1936.
“Most treatises of the theory of value and production are primarily concerned with distribution of given volume of employed resources between different users and with the conditions which, assuming the employment of this quality of resources, determine their relative rewards and the relative values of their products” (Keynes, 2008). This was the main basis and rule of his theory.
The basic Keynes model was static; he treated all economic processes within a short period. His basic model parameters were not changed in time, the size of production was foremost. This approach was due to the specific peculiarities of depressive economic of 30s. The problem of long-term economic growth and economic dynamics was not on the first place that time. Keynes wanted to find the answer to more pressing points.
The question of mass unemployment, overproduction of goods and under load capacity was essential for him. He thought of how to provide people with full-time jobs and stable salary. Keynes provided a ‘revolution’ structure of monetary economics, in his General Theory of Employment, Interest and Money. It refused three main fundamental truths of classical economics (Davidson, 2007).  Keynes stumbled doubted that these offers were appropriate to an economy in which most industries were privately ...Show more
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Only person who is sure in economical stability and high prospect of progress in his country can provide such deep-mouthed and perspective words. So it…
Which economic theory has shaped the British Economy more: Keynesianism or Neo-liberalism
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