Why John Maynard Keynes Supported the New Deal
Economist John Maynard Keynes endorsed the New Deal in an open letter to President Franklin D. Roosevelt in 1933.
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The economist John Maynard Keynes advocated real-world implementation of economic ideas. His predictions and policy recommendations would become increasingly relevant as government leaders struggled to revive their economies during the Great Depression.
Having skillfully managed the U.K.'s finances during World War I, Keynes became the Treasury's representative to the Paris Peace Conference in 1919. As the victors dictated a grossly punitive "Carthaginian Peace" to cripple Germany, Keynes resigned from the discussions and publicly denounced the Versailles Treaty.