Do you think that the theories from Keynes to the present time still support the ideology of liberalism? Why or why not?

Classical economic liberalism is based entirely on the theory of free markets, of allowing the economy to adjust itself with no or minimal government intervention. It grounds itself in the work of Adam Smith, a Scottish Presbyterian minister, who thought an "invisible hand" (perhaps providence) regulated markets and was more effective than any mere human interventions which might interfere with its operations. Classic economic liberals believe that governments should not intervene to support wages and...

Classical economic liberalism is based entirely on the theory of free markets, of allowing the economy to adjust itself with no or minimal government intervention. It grounds itself in the work of Adam Smith, a Scottish Presbyterian minister, who thought an "invisible hand" (perhaps providence) regulated markets and was more effective than any mere human interventions which might interfere with its operations. Classic economic liberals believe that governments should not intervene to support wages and should let markets correct themselves.

Keynes was opposed to liberal economics, believing that wage supports and public works programs were needed to lift countries out of recessions. Both Britain and the United States implemented Keynesian policies to end the Great Depression. Economists still debate whether the end to this depression was caused by the public works programs or by World War II. Governments also responded to the recent world financial crisis with economic stimulus.

While public works programs focused on improving infrastructure seem to have a net positive effect on GDP, economic theorists still debate whether Keynesian or classic liberal economic policies are superior.