nee was that of John Maynard Keynes, an English economist who developed a way to gualyze and explain economic depressions. His influential work, “The General Theory of Employ™⁶¹¹¹’ Interest and Money” (1936), seemed for a time to revolutionize economic thinking in America. Keynes observed the interrelationships among income, savings, con­sumption, investment and interest rates; he believed that the amount of private invest­ment taking place in an economy dictates whether or not the system stagnates or expands. Keynes was one of the first to argue that it was the special duty of government to actively influence the economy through fiscal policies. He saw government spending or tax reduc­tion as the primary instrument for meeting the twin goals of expansion and stability.

Many of Keynes’s ideas were included in President Franklin D. Roosevelt’s New Deal program. After World War II, Keynes’s full-employment policies were accepted by the United States as well as many other nations.

Text 4

During the Great Depression of the 1930s, Keynes said that nations should ‘spend their way back to prosperity’. He believed the unemployed should be put to work and that incomes should be redistributed so the poor could have money to spend.

This perspective on how to deal with the economy proposed a much larger role for government than had been acceptable up to that time. Since the 1930s, the cleavage divid­ing American economists often has been related to the extent of validity they are willing to accord the Keynesian analysis. In the 1970s and 1980s Keynesian policies came under attack as allegedly responsible for contributing to the era of ‘stagflation’, which was an undesirable combination of high inflation and slow growth. In the anti-big-govemment reaction that resulted, Keynesianism did not disappear, but began to play a much less in­fluential role in formulation of economic policies, particularly in times when conservative administrations were in power.

Exercise 9. Translate the following texts into English. Work in pairs.

Text 5

З економічним зростанням пов’язане одне з найважливіших питань, що стоять ^перед американським суспільством на порозі третього тисячоліття. Економічне зрос­тання було й є основою успіхів Сполучених Штатів: попри всі депресії та спади, американська економіка загалом ніколи не зупиняла свого поступу. Тож економічний пиріг завжди лишався достатньо великим, щоб нове покоління іммігрантів могло ^В1Дкраяти й собі шматок.

І все ж останнім часом дедалі частіше можна чути, що високий рівень еконо­мічного зростання підтримувати неможливо, й чи не краще було б обмежити його вольовим рішенням’.

_у/^{К ніколи} раніше піддається сумніву система землекористування. У 90-х роках

’ ^{ХТо хоче} започаткувати нове підприємство, повинні подавати урядовим органі-

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