Liberal Democrat

Liberal Democrat
Individual Freedom For Everyone

Monday, September 2, 2013

New Economic Thinking: Rob Johnson: Who is John Maynard Keynes

New Economic Thinking: Rob Johnson: Who is John Maynard Keynes

Just from this quote alone someone whose fairly familiar with Franklin Roosevelt at least, but perhaps not so much with Economist John Maynard Keynes, would have to assume that John Keynes was way to the Left of Franklin Roosevelt on economics. At least in President Roosevelt’s first term as President of the United States. President Roosevelt, did send an Economic Bill of Rights to Congress in 1944-45. Where he essentially made the case that no American should go without. Meaning what people need to live well and live a good life. Education, employment, health care, housing, health insurance, retirement, food, etc.

Franklin Roosevelt was a Progressive Capitalist. He believed that individuals needed economic freedom as well as organizations. But that it had to be balanced with a strong safety net for people who fall down. And need help up, as well as a strong regulatory system to protect innocent consumers and workers, as well as companies from predatory behavior. Along with a strong modern infrastructure system so more people benefit from Capitalism. He never believed that capitalism and private enterprise should disappear and be outlawed. But that it had to be regulated and you needed an insurance system for when capitalism fails and people need help.

As radical as the New Deal might have been in the 1930s, it was actually pretty moderate compared with what else was being offered to help deal with the Great Depression. From Communists way over as Far-Left as you can get who wanted to see American industries be nationalized and private property to be confiscated by the Federal Government. To Democratic Socialists, who didn’t want to see private enterprise ended, but that we should have a much more generous public social insurance system than we have. Which is where John Keynes was and where people like Democratic Socialist Senator Bernie Sanders is today. Private enterprise, with a generous welfare state and strong regulatory state. To balance out the private enterprise system.


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