John Maynard Keynes’s macroeconomic theory was developed in the interwar period as a reaction to great imbalances in economic development, nationally and internationally. Up to and following the First World War, there were signifi cant variations in respect to infl ation, unemployment and the national budgets. The macroeconomic imbalances of this time were to a certain degree self amplifying in that they contributed to creating an atmosphere of uncertainty on all societal levels, particularly concerning what the future would bring, economically and politically. Lacking a macroeconomictheoretical basis, politicians were advised to re-establish the economic world order that had dominated in pre war times in the major economies of the UK, the USA, Franceand Germany. The aim was for the international economic system to function the way it did before ‘the world got off track’. [download]
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