Geography 3422A/B Study Guide - Quiz Guide: Redlining, Bank Of America Home Loans, Crispr
31 Jan 2017
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Government must step in during economic difficulties. Advised the british government on how to organize wartime economy. Market will eventually take care of itself. Trade, commerce, and private property were criminal acts. Followed the theories of karl marx and lead by lenin. Allies wanted germany to pay the cost of war. Keynes believed it has destructive social, political and economic consequences. He believed that it is not right that germany be kept impoverished and starved. Concerns for poor, fairness and equity will help to determine government. Hayek joined ludwig von mises who believes markets like people need to be policy free from government meddling. Von mises predicted soviet socialist economy would not work because government controls wages and prices: doesn"t have a functioning price system. Soviet union: socialism was failing, fixed wages and prices causes an economic disaster, people are haunted by cold, famine, hunger and death, lenin created the new economic policy.
