The late nineteenth century and early twentieth century saw the rise of New Liberalism, Keynesian economics, and socialism, which all viewed thrift unfavourably. The New Liberal economists J. A. Hobson and A. F. Mummery in their Physiology of Industry (1889), claimed that saving resulted in the underemployment of capital and labour during trade depressions. General Theory of Employment, Interest and Money (1936) by John Maynard Keynes, attempted to replace classical liberal economics.
The Late NInetEeNth cEnTurY And earLy tWentiEth cenTury SAw the rISe of New liBeRalISm, keyNesian econoMics, aND SOciAliSm, whicH alL VIeWed tHRift uNfaVourablY. the nEw LibERaL eCoNomiSts j. a. hobSOn And a. F. MuMmeRy iN Their PhYSiolOgy of industrY (1889), clAimed ThAt saving ResuLted in thE uNdeReMpLoyMENt Of capital anD laBour DuRiNg traDe dEpressIons. geneRal thEoRy oF EMPLoyMeNT, iNterEST and money (1936) bY John maYnaRd keyNeS, ATTeMPTEd to replace ClassICal lIBEral econOmIcs.