![]() So too did the establishment of many of the institutions that form the basis of international trade and finance, such as the International Monetary Fund and the World Bank. The “Great Society” domestic social programs - including Medicare and education funding - reflected Keynesian thinking. While some Keynesian policies had mixed results, the overall picture seemed to confirm Keynes’s arguments, and until the 1970s, Keynesianism predominated American economics. Extensive government spending funding World War II coincided with the end of the Depression. Roosevelt were designed to stimulate the economy in the early 1930s, while cuts to the federal budget in the late ’30s caused an immediate economic downturn. ![]() The New Deal government relief programs of President Franklin D. This approach proved relevant in the 1930s and ’40s.
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