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In September 1833 he ordered that no more government money be deposited in the bank, and that the money already in its custody be gradually withdrawn in the ordinary course of meeting the expenses of government. In reality, daily life in Lower Louisiana remained largely independent of Canadian oversight. The plan is largely based on the Keynesian theory that government spending should offset the fall in private spending during an economic downturn; otherwise the fall in private spending may perpetuate itself and productive resources, such as the labor hours of the unemployed, will be wasted.

Pages: 382

Publisher: Jackson Press (April 1, 2010)

ISBN: 1445557924

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