![]() ![]() However, with the expanding scale of government intervention, economic efficiency was constantly decreasing instead of steadily increasing, as was anticipated by the Keynesians. In light of the New Deal, the public increasingly began to accept government intervention. This started an unprecedented control over all aspects of economic life. ![]() During the Second World War, the government even set budgets. ![]() He advocated that the government should act as a ‘rational economic man’ in order to overcome market failure. In 1936, Keynes published his epoch-making book The General Theory of Employment, Interest, and Money. The deal included insurance plans for natural and man-made disasters, as well as temporary plans such as creating employment and providing relief directly to the poor through the federal government. In 1933, Franklin Roosevelt was sworn in as a President and carried out his famous New Deal programs. During the 1930s, after the Great Depression affected their confidence in the market economy, the American people held great concern for the future. In the 19th century, under the dominance of the market economic system, America experienced rapid economic development through market liberalism. Today, we will unlock the book Free To Choose. ![]()
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