#23 - JOHN MAYNARD KEYNES

John Maynard Keynes (1883–1946) was a British economist whose ideas fundamentally changed modern macroeconomics and government policy. He is best known for his advocacy of government intervention to manage economic cycles, particularly during recessions. In his seminal work The General Theory of Employment, Interest and Money (1936), Keynes argued that during downturns, reduced demand could lead to prolonged unemployment, and only government spending could boost economic activity. His theories, known as Keynesian economics, influenced global economic policy, especially during the Great Depression and post-World War II recovery. Keynes also played a key role in designing the Bretton Woods system in 1944.