There was this huge Depression in the 1930s, worldwide, and at that point everyone understood that capitalism was dead. I mean, whatever lingering beliefs people had had about it, and they weren’t very much before, they were gone at that point—because the whole capitalist system had just gone into a tailspin: there was no way to save it the way it was going. Well, every one of the rich countries hit upon more or less the same method of getting out. They did it independently, but they more or less hit on the same method—namely, state spending, public spending of some kind, what’s called
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