Employment, Interest and Money: General Theory

Author: John Maynard
Publisher:
Publish Date: 2004-03-01
Features: In the 20th century, the development of monopolistic capitalism deepened the contradictions of capitalism, leading to multiple global economic crises. The Great Depression of 1929-1933, in particular, saw widespread business closures, mass unemployment, declining purchasing power, and an imbalance in market supply and demand. This severe reality caused both new and old classical economic theories (free competition, through price mechanisms, ultimately achieving a convergence of individual and social interests) to fall into an "economic crisis." Keynes's General Theory of Employment, Interest, and Money (hereinafter referred to as The General Theory), was called a "revolution" in traditional economics because it sought to rescue this "economic crisis." Its core issue was how to solve unemployment to alleviate the imbalance in market supply and demand. Compared to The General Theory, the following viewpoints, theories, and methods are proposed. First, in terms of equilibrium principles; second, in terms of analytical methods; third, in terms of interest theory; fourth, in terms of policy. This book discusses the capitalist market economy from the perspectives of ethics, law, and economics, at different historical periods, as the situation evolved. This offers valuable insights for the moral development, legal construction, and economic theoretical research during the process of establishing and improving the socialist market economy system in our country.