developed countries claim to hold to one of the most basic Keynesian principles; that a country should only run deficits in troubling economic times and at all other times try to maintain a balanced budget (Keynes 1997). This paper will explore whether or not this basic principle is truly being upheld by examining a cross-section of countries during both times of “normal economic times” and “troubled economic times”. Since The Great Recession of 2008 there have been renewed calls within developed countries
cannot hastily adopt a Western model, Keynesian economics is still believed to receive embracement in China, as government intervention is wider and deeper than most of other economies of such large size. Therefore, the main issue this essay concerns with is the influence of Keynesian on China’s economy reflected by GDP. This work will discuss Keynesian economics and its effects on China’s economy in the following order. First of all, a brief background of the Keynesian economic model is introduced. Main
However, in a global free market that exploits cheap labour; market demand dwindles, resulting in excessive credit lending and debt crises (Li 295-6). In this way, capitalism’s efficiency and promotion of the common good is questionable. Since the resurgence of unregulated capitalism in the late 20th century, social inequalities have grown significantly, with one percent of the most powerful countries attaining more wealth than half the world (Dunklin 2). Canada’s income gap has also risen, exacerbating