John Maynard Keynes developed new economic theories in response to the

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John Maynard Keynes developed new economic theories in response to the Great Depression of the 1930s, First and second world wars. economic boom of the 1950s. Fiat money is currency which derives its value from government regulation or law.

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The correct answer would be: John Maynard Keynes developed new economic theories in response to the Great Depression of 1929. On October 29th of 1929, Wall Street market crashed, and with it begun the worst economic crisis that the world has seen. Consequences of the market crash were a declined in investments and spending which led to a huge loss of jobs and industrial growth. John Maynard Keynes, a British economist and financier, formulated an economic theory based on total spending and how by doing so the economy would start its engine again, battling inflation while creating new job opportunities. He advocated for a decrease in taxes and an increase in government spending, so that the masses would have more money to spend and that would create a higher demand for new job positions.