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Download PDF by Mary Ellen Snodgrass: Worldly Philosophers Notes

By Mary Ellen Snodgrass

ISBN-10: 0764513311

ISBN-13: 9780764513312

Heilbroner's The Worldy Philosophers is an interesting textual content overlaying the improvement of contemporary financial philosophy, together with transitional sessions just like the clinical revolution, Renaissance, advertisement revolution, and the good melancholy. This accomplished advisor vitamins the textual content and covers the real options led to through Adam Smith, Parson Malthus, David Ricardo, Karl Marx, John Maynard Keynes, Joseph Schumpeter, and extra.

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However, capital expansion of any business is restricted by that business' market. So capital expansion does not move at an increasing rise, but in spurts. Understandably, Keynes' book proved as revolutionary as those of Adam Smith and Karl Marx. Keynes turned the classical view that depression is only temporary into the bleak conclusion that depression is inherent in the system itself and can be permanent. Of course, Keynes' vigorous mind did not halt on a dismal outlook for the future. He provided a cure-government needs to "prime the pump" by deliberately undertaking heavy government investment to stimulate the economy.

A new period of imperialism, referred to as new imperialism, or economic imperialism, took place from 1870-1914. This was Europe's golden age of imperialism, motivated by the effects of the Industrial Revolution and characterized by economic and political domination of underdeveloped nations. Western Europe, which controlled most of world finance, commerce, military might, and intellectual life, extended its power over the peoples of Asia and Africa. The entire continent of Africa was so partitioned that only two nations remained independent by 1944--Ethiopia and Liberia.

Keynes next attacked one of the chief problems of World War II with his simple, original book, How to Pay for the War. He proposed a compulsory savings plan for wage-earners for the purchase of government bonds during wartime, to be reduced at the war's end. In this way, inflation would be defeated by putting into savings the extra war income. Prosperity at the end of the war would be stimulated by the flow of money available for the purchase of consumer goods from the cashing in of bonds. Ironically, this cure was just the opposite of Keynes' cure for depression because a wartime situation is just the reverse of an economic low.

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Worldly Philosophers Notes by Mary Ellen Snodgrass


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