Economic aliens

Classical economics -- the theories of the 18th and 19th centuries --were all products of a social system that prevailed in Britain. Even the 20th Century theories of John Maynard Keynes reflected his own British background. But to superimpose these theories and practices on American society and customs presupposes that the two nations are identical in culture and economics. This is not a valid assumption. There are similarities, of course; language being the least important -- but as Winston Churchill put it, we are "two nations separated by a common language."
American economist John Kenneth Galbraith called classical (British) economic theory "an alien doctrine," maintaining that transporting 19th Century British economic theory onto American capitalism is a mistake. Any system or perception of class in America is based on money or education, not on blood line or heritage.
Designing a program for economic analysis or recovery should take into account the customs and culture of a society, and should not inflict or superimpose the theories that apply to one culture onto another. The same can be said for economic theories propounded by German- or French-trained economists.
The so-called WASP (white, Anglo-Saxon Protestant) is and always has been a minority in America. Therefore, to base economic policy solely on WASP values is not only unfair to the rest of the nation, it is foolish.