How do you asses the impact which British economic development and economic theories formulated by British economists had on global (worldwide) economic and social development in 19th and 20th century?

A nother British economist John Maynard Keynes (1883−1946) now is considered as financial genius investigated capitalism and his ideas has a great influence in the world. I n 1936 he published his work «General Theory of Employment, Interest, and Money». This work considers peoples' desires to spend or to save additional money as their incomes rise, and the effects of increases in spending on the economy as a whole. The larger significance of Keynes’s work lies in the view he put forth about the role of government in a capitalist economy. K.

eynes was writing during the Great Depression in the United States, when unemployment has reached about 25 percent and millions of people had lost their life savings as well as their jobs. H e was trying to find ways out of the situation of the depression. A t that time the question was is the depression worldwide collapse of economic activity and the end of capitalism? (O nline 3).Keynes believed that there was only one way out, and that was for the government to start spending in order to put money into private-sector pockets and get demand for goods and services up and running again. A.

s it turns out, President Franklin D. R oosevelt gave this remedy a try when he started a massive public works program to employ a portion of the idle workforce. H owever, the United States entry into World War II rendered this a less than pure experiment in government spending. The war effort boosted production to extremely high levels (to make guns, ammunition, planes, trucks, and other materiel) while simultaneously taking millions of men out of the civilian workforce and into uniform. Keynesian economics is an approach to economic policy that favors using the government’s power to spend, tax, and borrow to keep the economy stable and growing. T.

he validity and desirability of Keynes’s prescription for a sluggish economy—using government spending to prime the pump—are still debated today. A gain, we will look at the theory and practice of what came to be known as Keynesian economics later. Great Britain was also open to the ideas coming from all around the world. T hus, a good adoption was of the ideas of Henry Fayol that influenced greatly on both British management thought and practicebetween the 1920s and the 1960s/1970s and.

F ayols ideas were developed by Lyndall Fownes Urwick and the British neoclassical school (Smith I., Boyns, T., 2005: 1320).Now, we may draw a conclusion that British economic achievements and ideas of its economists influenced the world global development greatly. T here is no other country in the world that contributed so much to social and economic progress of nations. E ach British economist was a highly original thinker who developed economic theories that were put into practice and affected the world’s economies for generations. Bibliography:www. ru.wikipedia.orgwww.

textbooksonline.tn.nic.inwww. infoplease. comSmith, I., Boyns, T. (2005). B.

ritish management theory and practice: the impact of Fayol. — M anagement Decision. — V ol. 43. I ss.10, pp.

1317−1334.