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In session four, participants look at the earth moving change in Capitalism with the development of a true, middle-class driven, consumer society. This early twentieth-century phenomenon changed economic thinking in ways that all economic systems are still trying to understand and to which they are still attempting to adjust. The centerpiece of this session is the work of John Maynard Keynes and his attempt to rescue Capitalism from its own problems and from the Marxist rebellion. In the work of Keynes and the conservative reactions to it, we see the playing out of the core debate in Western economic theory. Participants also see how the government’s role in stabilizing a nation’s economy has become a major area of controversy in the West.
