Keynes essays

Keynes essays Keynesian Economics vs. Supply Side Economics Two controversial economic policies are Keynesian economics and Supply Side economics. They represent opposite sides of the economic policy spectrum and were introduced at opposite ends of the 20th century, yet still are the most famous for their effects on the economy of the United States when they were used. The founder of Keynesian economic theory was John Maynard Keynes. He made many great accomplishments during his time and probably his greatest was what he did for America in its hour of need. During the 1920s, the U.S. experienced a stock market crash of enormous proportions which crippled the economy for years. Keynes knew that to recover as soon as possible, the government had to intervene and put a decrease on taxes along with an increase in spending. By putting more money into the economy and allowing more Americans to keep what they earned, the economy soon recovered and once again became prosperous. Keynes ideas were very radical at the time, and Keynes was called a socialist in disguise. Keynes was not a socialist, he just wanted to make sure that the people had enough money to invest and help the economy along. As far as stressing extremes, Keynesian economics pushed for a happy medium where output and prices are constant, and there is no surplus in supply, but also no deficit. Supply Side economics emphasized the supply of goods and services. Supply Side economics supports higher taxes and less government spending to help economy. Unfortunately, the Supply Side theory was applied in excess during a period in which it was not completely necessary. The Supply Side theory, also known as Reganomics, was initiated during the Regan administration. During the 1970s, the state and local governments increased sales and excise taxes. These taxes were passed from business to business and finally to the customer, resulting in higher p...

Battle of Cold Harbor - Civil War

Battle of Cold Harbor - Civil War Battle of Cold Harbor - Conflict Dates: The Battle of Cold Harbor was fought May 31-June 12, 1864, and was part of the American Civil War (1861-1865). Armies Commanders: Union Lieutenant General Ulysses S. GrantMajor General George G. Meade108,000 men Confederate General Robert E. Lee62,000 men Battle of Cold Harbor - Background: Pressing on with his Overland Campaign after confrontations at the Wilderness, Spotsylvania Court House, and North Anna, Lieutenant General Ulysses S. Grant again moved around Confederate General Robert E. Lees right in an effort to capture Richmond. Crossing the Pamunkey River, Grants men fought skirmishes at Haws Shop, Totopotomoy Creek, and Old Church. Pushing his cavalry forward towards the crossroads at Old Cold Harbor, Grant also ordered Major General William Baldy Smiths XVIII Corps to move from Bermuda Hundred to join the main army. Recently reinforced, Lee anticipated Grants designs on Old Cold Harbor and dispatched cavalry under Brigadier Generals Matthew Butler and Fitzhugh Lee to the scene. Arriving they encountered elements of Major General Philip H. Sheridans cavalry corps. As the two forces skirmished on May 31, Lee sent Major General Robert Hokes division as well as Major General Richard Andersons First Corps to Old Cold Harbor. Around 4:00 PM, Union cavalry under Brigadier General Alfred Torbert and David Gregg succeeded in driving the Confederates from the crossroads. Battle of Cold Harbor - Early Fighting: As the Confederate infantry began arrive late in the day, Sheridan, concerned about his advanced position, withdrew back towards Old Church. Wishing to exploit the advantage gained at Old Cold Harbor, Grant ordered Major General Horatio Wrights VI Corps to the area from Totopotomoy Creek and ordered Sheridan to hold the crossroads at all costs. Moving back to Old Cold Harbor around 1:00 AM on June 1, Sheridans horsemen were able to reoccupy their old position as the Confederates had failed to notice their early withdrawal. In an effort to re-take the crossroads, Lee ordered Anderson and Hoke to attack the Union lines early on June 1. Anderson failed to relay this order to Hoke and the resulting attack consisted only of First Corps troops. Moving forward, troops from Kershaws Brigade led the assault and were met with savage fire from Brigadier General Wesley Merritts entrenched cavalry. Using seven-shot Spencer carbines, Merritts men quickly beat back the Confederates. Around 9:00 AM, the lead elements of Wrights corps began arriving on the field and moved into the cavalrys lines. Battle of Cold Harbor - Union Movements: Though Grant had wished IV Corps to attack immediately, it was exhausted from marching most of the night and Wright elected to delay until Smiths men arrived. Reaching Old Cold Harbor in early afternoon, XVIII Corps began entrenching on Wrights right as the cavalry retired east. Around 6:30 PM, with minimal scouting of the Confederate lines, both corps moved to the attack. Storming forward over unfamiliar ground they were met by heavy fire from Anderson and Hokes men. Though a gap in the Confederate line was found, it was quickly closed by Anderson and the Union troops were forced to retire to their lines. While the assault had failed, Grants chief subordinate, Major General George G. Meade, commander of the Army of the Potomac, believed an attack the next day could be successful if enough force was brought against the Confederate line. To achieve this, Major General Winfield S. Hancocks II Corps was shifted from Totopotomoy and placed on Wrights left. Once Hancock was in position, Meade intended to move forward with three corps before Lee could prepare substancial defenses. Arriving early on June 2, II Corp was tired from their march and Grant agreed to delay the attack until 5:00 PM to allow them to rest. Battle of Cold Harobr - Regrettable Assaults: The assault was again delayed that afternoon until 4:30 AM on June 3. In planning for the attack, both Grant and Meade failed to issue specific instructions for the assaults target and trusted their corps commanders to reconnoiter the ground on their own. Though unhappy at the lack of direction from above, the Union corps commanders failed to take the initiative by scouting their lines of advance. For those in the ranks who had survived frontal assaults at Fredericksburg and Spotsylvania, a degree of fatalism took hold and many pinned paper containing their name to their uniforms to aid in identifying their body. While Union forces delayed on June 2, Lees engineers and troops were busy constructing an elaborate system of fortifications containing pre-ranged artillery, converging fields of fire, and various obstacles. To support the assault, Major General Ambrose Burnsides IX Corps and Major General Gouverneur K. Warrens V Corps were formed at the north end of the field with orders to attack Lieutenant General Jubal Earlys corps on Lees left. Moving forward through the early morning fog, XVIII, VI, and II Corps quickly encountered heavy fire from the Confederate lines. Attacking, Smiths men were channeled into two ravines where they were cut down in large numbers halting their advance. In the center, Wrights men, still bloodied from June 1, were quickly pinned down and made little effort to renew the attack. The only success came on Hancocks front where troops from Major General Francis Barlows division succeeded in breaking through the Confederate lines. Recognizing the danger, the breach was quickly sealed by the Confederates who then proceeded to throw back the Union attackers. In the north, Burnside launched a sizable attack on Early, but halted to regroup after mistakenly thinking he had shattered the enemy lines. As the assault was failing, Grant and Meade pressed their commanders to push forward with little success. By 12:30 PM, Grant conceded that the assault had failed and Union troops began digging in until they could withdraw under the cover of darkness. Battle of Cold Harbor - Aftermath: In the fighting, Grants army had sustained 1,844 killed, 9,077 wounded, and 1,816 captured/missing. For Lee, the losses were a relatively light 83 killed, 3,380 wounded, and 1,132 captured/missing. Lees final major victory, Cold Harbor led to an increase in anti-war sentiment in the North and criticisms of Grants leadership. With the failure of the assault, Grant remained in place at Cold Harbor until June 12 when he moved the army away and succeeded in crossing the James River. Of the battle, Grant stated in his memoirs: I have always regretted that the last assault at Cold Harbor was ever made. I might say the same thing of the assault of the 22d of May, 1863, at Vicksburg. At Cold Harbor no advantage whatever was gained to compensate for the heavy loss we sustained.