Keynes Rule - WWII

Keynes theory came into being in the middle of the two wars, between world war one and world war two, but it didn't get accepted until after World War II. According to Keynes the low aggregate demand leads to unemployment while high aggregate demand leads to inflation at full employment. Basically for about 25 years, from 1948 to 1973, Keynesian Theories were used by everybody and had a very good result. At the same time the Chicago school was arguing that Keynes was wrong but they were arguing because they wanted the freedom for the rich which was very much restricted due to Keynesian theory. The Chicago school was there and putting out these theories that the government interference always causes problems and the money supply should not be used as an instrumental policy as it causes problems. Things were changed a lot in the 70s and the 80s the Chicago school came to power and then the Chicago school became the dominant school and the Keynesian were on the run as they were defeated and were not considered as a respectable school for maybe about ten years.