Send a Tweet
Most Popular Choices
Share on Facebook 6 Share on Twitter 1 Share on LinkedIn Share on Reddit Tell A Friend Printer Friendly Page Save As Favorite View Favorites
Exclusive to OpEdNews:
OpEdNews Op Eds

Keynesianism vs. Reaganism: Professor Richard Wolff Summarizes the Decades-long Struggle & Explains Why It's Important

By   Follow Me on Twitter     Message Richard Clark       (Page 1 of 7 pages)     Permalink    (# of views)   16 comments

Related Topic(s): ; ; ; ; ; ; , Add Tags
Add to My Group(s)

Must Read 2   Well Said 2   Valuable 2  
View Ratings | Rate It Headlined to H2 12/9/15

Author 8235
Become a Fan
  (110 fans)
From John Maynard Keynes
John Maynard Keynes
(Image by
  Permission   Details   DMCA
- Advertisement -
When it comes to 20th century American history, there is a very clear-cut break right around 1980, when rightwing conservatism finally broke through to the mainstream and ended the liberal consensus of the New Deal, which had held sway from the 1930s to about 1980. Here was a break between two very different ways of organizing the US economy. Before 1980 our economy was by and large run according to the ideas of Keynesian economics. After 1980 (and also before 1930) it was run primarily according to the ideas of neoclassical economics, most recently known as Reaganism or Reaganomics.

Reaganism (neoclassical economics) is based on the central belief that capitalism is a very well-organized system which is, most of the time, in very good shape, and that when it does run into problems, . .

- Advertisement -

a) those problems are inherently temporary, and

b) the system will "self-correct."

- Advertisement -

Keynesian economics was born during the Great Depression of the 1930s, which made a big impression on John Maynard Keynes as he lived through it. To Keynes it was obvious, at that time, that the capitalist system was, to say the least, not working, AND that it would certainly not "self-correct" without an enormous amount of unnecessary destruction and pain. Many millions were unemployed and remained unemployed while huge portions of the country's productive apparatus were sitting idle, producing nothing, providing no jobs. Clearly something was fundamentally wrong and needed to be corrected (through major government intervention) ASAP.

Keynes concluded from all this, and from the recessions and depressions that historically preceded the one he lived through, that whenever you leave a capitalist system to its own devices, you inevitably get periodic downturns which, from time to time, will lead to catastrophic recessions and depressions, and that this inevitably brings:

a) human suffering on a massive scale that is wholly unnecessary,

- Advertisement -

b) loss of production and product, which also is wholly unnecessary, and

Next Page  1  |  2  |  3  |  4  |  5  |  6  |  7


- Advertisement -

Must Read 2   Well Said 2   Valuable 2  
View Ratings | Rate It

Several years after receiving my M.A. in social science (interdisciplinary studies) I was an instructor at S.F. State University for a year, but then went back to designing automated machinery, and then tech writing, in Silicon Valley. I've (more...)

Richard Clark Social Media Pages: Facebook page url on login Profile not filled in       Twitter page url on login Profile not filled in       Linkedin page url on login Profile not filled in       Instagram page url on login Profile not filled in

Go To Commenting
The views expressed herein are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.
Follow Me on Twitter     Writers Guidelines
Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
Support OpEdNews

OpEdNews depends upon can't survive without your help.

If you value this article and the work of OpEdNews, please either Donate or Purchase a premium membership.

If you've enjoyed this, sign up for our daily or weekly newsletter to get lots of great progressive content.
Daily Weekly     OpEdNews Newsletter
   (Opens new browser window)

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

Was Pat Tillman Murdered by an American Sharpshooter to Shut Him up?

New JFK assassination bombshells

Two U.S. presidents implicated by ex-CIA black-ops assassin

The cholesterol - heart disease scam: How the medical-industrial complex is raking in billions at our expense

Four Ticking Time Bombs That Will Soon Ignite a Revolution

The Ultimate Goal of the Bankster-led Political-economic Warfare Being Waged Against Us Is . . . ?