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초록· 키워드
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In 1929 the American stock market crashed. It was the beginning of 10 year long Great Depression. It was a unprecedently long and deep depression. In 80 years the second great depression broke out in America due to the excessive sub-prime mortgage loans and its default. The recent world wide financial crisis has made economists review the causes of the Great Depression and the process of recovery and get some lessons from it.
Economists differ in their opinions about the causes of the Great Depression. Their opinions can be classified into two categories, spending hypothesis and money hypothesis. The spending hypothesis is the Keynesian view that the cause of the Great Depression is the decrease in spending (consumption, investment, export), but the money hypothesis is the monetarist view that its cause is the decrease in money due to the bank panics. Some economists stress as a cause the importance of the regime of international finance such as the gold standard.
To recover from the Great Depression, the Federal Reserve System increased the quantity of money, and the Roosevelt administration implemented New Deal policy aiming at relief, recovery, and reform. But New Deal policy was not Keynesian policy. The Roosevelt administration kept the ‘sound finance’ principle, that is, the balanced budget. At that time the British government and the Roosevelt administration had the Treasury view that the increase in government spending crowds out the private spending(consumption and investment) via the increase in the interest rate. Therefore they rejected the fiscal policy proposed by Keynes, that is, the increase in government spending via the budget deficit.
Keynes’s economic thoughts evolved from the Classical thoughts such as Say’s Law and the quantity theory of money to the effective demand principle. He published The General Theory in 1936, whose theme is the principle of the effective demand. The book provoked serious discussions and criticisms. In the end Keynes could persuade some neoclassical economists that the increase in government spending could increase the national income and the employment.
From the end of the Second World War through the 1960s Keynesianism reigned as mainstream economics. But the Inflation and stagflation since 1970s made Keynesian economics lose its effectiveness. Moreover Thatcher government in U.K. and Reagan Administration adopted neoclassical policies based on monetarism. The neoclassical counterrevolution succeeded. and Keynesianism lost its influence.
In 2008 deep financial crisis around the world made Keynesianism revive. But now in many countries the huge national debt that has been accumulated before limit the size of fiscal policy. Only the sound finance can make countries troubled by the deep depression recover by means of budget deficit policy.
Economists differ in their opinions about the causes of the Great Depression. Their opinions can be classified into two categories, spending hypothesis and money hypothesis. The spending hypothesis is the Keynesian view that the cause of the Great Depression is the decrease in spending (consumption, investment, export), but the money hypothesis is the monetarist view that its cause is the decrease in money due to the bank panics. Some economists stress as a cause the importance of the regime of international finance such as the gold standard.
To recover from the Great Depression, the Federal Reserve System increased the quantity of money, and the Roosevelt administration implemented New Deal policy aiming at relief, recovery, and reform. But New Deal policy was not Keynesian policy. The Roosevelt administration kept the ‘sound finance’ principle, that is, the balanced budget. At that time the British government and the Roosevelt administration had the Treasury view that the increase in government spending crowds out the private spending(consumption and investment) via the increase in the interest rate. Therefore they rejected the fiscal policy proposed by Keynes, that is, the increase in government spending via the budget deficit.
Keynes’s economic thoughts evolved from the Classical thoughts such as Say’s Law and the quantity theory of money to the effective demand principle. He published The General Theory in 1936, whose theme is the principle of the effective demand. The book provoked serious discussions and criticisms. In the end Keynes could persuade some neoclassical economists that the increase in government spending could increase the national income and the employment.
From the end of the Second World War through the 1960s Keynesianism reigned as mainstream economics. But the Inflation and stagflation since 1970s made Keynesian economics lose its effectiveness. Moreover Thatcher government in U.K. and Reagan Administration adopted neoclassical policies based on monetarism. The neoclassical counterrevolution succeeded. and Keynesianism lost its influence.
In 2008 deep financial crisis around the world made Keynesianism revive. But now in many countries the huge national debt that has been accumulated before limit the size of fiscal policy. Only the sound finance can make countries troubled by the deep depression recover by means of budget deficit policy.
목차
Ⅰ. 서언
Ⅱ. 대공황의 발생과 그 원인
Ⅲ. 대공황에 대한 대응과 회복 원인
Ⅳ. 케인스 경제사상의 변화와 그 영향
Ⅴ. 결론
참고문헌
SUMMARY
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