The Two Santa Claus Theory of Economic Growth and the Prospects of Modern Monetary Theory (MMT)
Intentional deficit spending is not strictly a Democratic agenda. Republicans pushed related ideas with the Two Santa Claus Theory: deficit spending and tax cuts for the rich. Written in March 1976, by Wall Street Journal editorial writer, Jude Wanniski stressed that for economy to be healthy, US politics should have a division of labor between Democrats and Republicans.
HOW IT CAME TO RULE THE WORLD, 1.2
The New Deal had restructured the US policy environment and with the industrial stimulus of World War II, saved liberal capitalism in the United States. IBM for example had been clutched from the jaws of the Great Depression by the Social Security Act, which provided a major market for its new keypunch calculating machines.
Referencing this Material
About Me
Professor at State University of New York (SUNY) Korea since 2016. Moved to Austin, Texas in August 2012 to join the Digital Media Management program at St. Edwards University. Spent the previous decade on the faculty at New York University teaching and researching information systems, digital economics, and strategic communications.
You can reach me at:
apennings70@gmail.com
anthony.pennings@sunykorea.ac.kr
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