Английский для экономистов и менеджеров. Ульянова О.В - 16 стр.

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out of the depression, which led people to seriously question whether Smith's

invisible hand was still guiding things along. Was this worldwide collapse of

economic activity the end of capitalism?

Keynes believed that there was only one way out, and that was for the

government to start spending in order to put money into private-sector pock-

ets and get demand for goods and services up and running again. As it turns

out, President Franklin D. Roosevelt gave this remedy a try when he started a

massive public works program to employ a portion of the idle workforce.

However, the United States entry into World War II rendered this a less than

pure experiment in government spending. The war effort boosted production

to extremely high levels (to make guns, ammunition, planes, trucks, and other

materiel) while simultaneously taking millions of men out of the civilian

workforce and into uniform.

29 Give a talk to present the theory of one of the three econo-

mists. (Consult Appendix)