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TERRA ECONOMICUS

Roosevelt, Keynes, and Great Depression

TERRA ECONOMICUS, , Vol. 11 (no. 4.1),
p. 36-43

The article is a try to analyze if there were any interconnection between the “New Deal” reforms and Keynes’ views. This interconnection was indeed, besides some essential contradictions between Keynes’ and Roosevelt’s interpretation of technics to implement reforms and methods of recovery. Special attention is paid to analysis of advice and recommendations regarding USA overcoming the depression, which Keynes provided in his letters to Roosevelt. These letters can be treated as guidelines to implement theoretical issues Keynes’ “The General Theory of Employment, Interest and Money”. And in spite of the fact that it has passed eighty years since Open letter from J.M. Keynes to Roosevelt and more than seventy years since his second (private) letter, problems analyzed in these letters and, what is really important, suggestions to solve for them are still up-to-date.


Keywords: F.D. Roosevelt; J.M. Keynes; «New Deal»; Great Depression; Keynesian revolution; «The General Theory of Employment, Interest and Money»; uncertainty; stabilization policy

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Publisher: Southern Federal University
Founder: Southern Federal University
ISSN: 2073-6606