starkillerfish [she/her]

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Joined 2 years ago
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Cake day: July 30th, 2023

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  • yeah its basically that. in brief: government intervenes in the economy to do welfare and to take an economy out of a crisis (which Keynes considers to be both periods of high unemployment but also when GDP growth is too high). it was the dominant form of economic theory in the west until stagflation (which is when unemployment and recession are so bad that even the government cant fix it with keynesian mechanisms) and oil crises hit in the 1970s-80s, so governments had to sell national monopolies and defund all their social programs to stay afloat, which is where neoliberalism comes from.