The General Theory of Employment, Interest, and Money

J. Keynes (1883-1946) was a prominent English economist who made a significant contribution to the development of economic thought in the 20th century, and one of the founders of macroeconomics as an independent science. Keynes's main work, 'The General Theory of Employment, Interest, and Money,' was created under the influence of the world economic crisis of the 1920s-1930s, which dealt a heavy blow to supporters of classical economic theory of the free market. Keynes declared that spontaneous market regulation of the capitalist economy is impossible, and therefore active government intervention is necessary. Such a proposal was voiced among economists for the first time, and it was adopted in practically all developed countries, having a huge impact on the subsequent development of the world economy.