[ noun ] the economic theories of John Maynard Keynes who advocated government monetary and fiscal programs intended to stimulate business activity and increase employment <noun.cognition>
Keynesianism \Keynesianism\ adj. the macroeconomic theories and politico-economic policies of British economist John Maynard Keynes (1883-1946) and his followers; -- used especially in reference to their advocacy of governmental action to maintain low unemployment through government spending. See {Keynes}. [WordNet 1.5 +PJC]
In practice their advice is not too different from that of the pockets of unreconstructed Keynesianism that remain in academia, and more instinctively among politicians and businessmen.
In fact, the only trace of Keynesianism in our book is the warm endorsement on the dust jacket by Nobel laureate James Tobin, a noted Keynesian.
It was - with hindsight probably unwisely - repealed in the interests of 'Keynesianism'.