Originally posted by Serial_Apologist
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As to Keynesianism, the influence of these ideas perhaps had much to do with the collapse of the free-market model with the Great Depression, and we cannot estimate the extent to which that Depression was due to the aftereffects of the war. Certainly it resulted in more collectivist and state-interventionist government programmes being followed, whether in democratic countries like the USA or fascist countries like Germany and Italy. And the second war enforced even greater state-interventionist policies in combatant countries, paving the way for the preference of policies such as nationalisation of key services and utilities over the discredited laissez-faire inter-war policies. Without the Great Depression and the Second World War, Keynes may have been far less influential. And this begs the question of whether the monetarist philosophy being devised by certain Vienna 1900 economists would have been implemented much earlier rather than waiting until Thatcher/Reagan came along.
Too many counterfactuals methinks And then we haven't started with the Middle East, the Balkans, the Ottoman Empire, the British Empire...
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