Did John Maynard Keynes Save Or Destroy Capitalism?

Question 1: Did John Maynard Keynes save or destroy capitalism?
Refer to the Depression and to the resulting economic system: corporate consumerism, neo-liberalism and globalization
In response to the question, I agree that Keynes did not completely destroy capitalism systems. However, it is difficult to give a clear-cut answer in terms of negative effects of Neo-Liberalism. In fact, there is much scholarly debate on his contribution to “restructure” capitalism; Keynes destroyed capitalism due to government interference and eliminate competition in market to the right economists. On the other hand, the left economists regard his theory as “new form of capitalism”, known as neo-capitalism. Other scholars think that his idea of economic reform
was a double-edged sword. The new system of capitalism that can be seen today called Keynesian changed to the system improves wages and employment rate, but making people more complacent and more materialistic through the media. In this essay, I will discuss about Keynes’ work and resulting to the neo-liberalism.
The classical capitalism believed in Laissez Faire policy, which means that there should be no government interference or regulation in the market. Classical capitalists believed that the balance between supply and demand would bring about full employment. However, during the US Great Depression, the unemployment reached about 25 percent and millions of people had lost their life saving as well as their jobs, there was no clear path out of the depression in the United States.
According to Keynes, the root cause of economic downturn is insufficient collective demand.
Rising unemployment and declining profits further depress demand. People became pessimistic thinkers, and tend to save their money. Keynes believed that there was only one way out. He put forth about the role of government in a capitalist economy, and that was for the government to start spending in order to put money into private-sector pockets and get demand for foods and services up and running again. This process is called “managed capitalism.” Keynes studied Marxism for finding out the hints to help the working class. Except applying Marxist theory of revolution and abolishment of private ownership, there are three characteristics he applied on his paradigm. Firstly, it urged that government intervention to solve a particular role in economic life is necessary. Secondly, wages should be kept above the subsistence level to provide quality life. This theory will help to create demand, maintain a high level of employment and above satisfactory wages. Last but not least, providing higher wages to workers lead to higher consumption and investments. Also it creates a sustainable and prosperous economy. Such economic ideas and solutions were agreed by President Roosevelt and many other economists. Thus, government appeared to be powerful and firmly entrenched on balancing
economy.
Keynes’s economic theories emerge in government involvement and provide monetary system within League of Nations, which later became IMF and World Bank. They are under a system of fixed change rate, which allow international loans and investment.